Granite State Credit Union
Granite State Credit Union shows consistent financial growth and asset expansion over the past decade.
EIN: 20227484 · Manchester, NH · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Expenses | $36.9M |
| Program Spending | 85% |
| CEO/Top Officer Pay | $700 |
| Net Assets | $57.3M |
| Transparency Score | 70/100 |
Is Granite State Credit Union Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Granite State Credit Union directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Granite State Credit Union
Granite State Credit Union (EIN: 20227484) is a nonprofit organization based in Manchester, NH. The organization reported total revenue of $0 and total assets of $0 according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Granite State Credit Union's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Granite State Credit Union is a large nonprofit that has been operating for 50 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of 8.2%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $43.4M |
| Total Expenses | $36.9M |
| Surplus / Deficit | +$6.5M |
| Total Assets | $697.0M |
| Total Liabilities | $639.7M |
| Net Assets | $57.3M |
| Operating Margin | 15.0% |
| Debt-to-Asset Ratio | 91.8% |
| Months of Reserves | 226.6 months |
Financial Health Grade: A
In 2023, Granite State Credit Union reported a surplus of $6.5M with revenue exceeding expenses, holds 226.6 months of operating reserves (strong position), has a debt-to-asset ratio of 91.8% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Granite State Credit Union's revenue has grown at a compound annual growth rate (CAGR) of 8.2%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +26.9% | +25.5% | +9.9% |
| 2022 | +7.6% | +12.6% | +5.4% |
| 2021 | +8.5% | +2.0% | +13.5% |
| 2020 | +2.8% | +5.1% | +22.4% |
| 2019 | +12.1% | +10.3% | +4.6% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1976 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Granite State Credit Union with a Mission Score of 70 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, Granite State Credit Union allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $6.5M, with revenue exceeding expenses.
- Debt-to-asset ratio: 91.8%.
Executive Compensation Analysis
The provided data consistently reports 0% for 'Officer Comp' across all filings, which is highly unusual for an organization with assets nearing $700 million and over $43 million in annual revenue in 2023. This suggests executive compensation is either reported under a different category within the 990 or is structured in a way that doesn't appear in this specific field, potentially impacting transparency.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Granite State Credit Union's IRS 990 filings:
- Lack of transparent executive compensation reporting in the provided 'Officer Comp' field, consistently showing 0% for an organization of this size.
Strengths
The following positive indicators were identified for Granite State Credit Union:
- Consistent and significant growth in revenue, increasing from $18.5M in 2014 to $43.4M in 2023.
- Strong asset growth, nearly doubling from $333.6M in 2014 to $697M in 2023.
- Consistent positive net income, indicating financial stability and effective management.
- Stable and growing financial operations over a decade, demonstrating resilience and expansion.
Frequently Asked Questions about Granite State Credit Union
Is Granite State Credit Union a legitimate charity?
Granite State Credit Union (EIN: 20227484) is a registered tax-exempt nonprofit based in New Hampshire. Our AI analysis gives it a Mission Score of 70/100. It has 13 years of IRS 990 filings on record. 1 red flag identified. 4 strengths noted. Financial health grade: A.
How does Granite State Credit Union spend its money?
Granite State Credit Union directs 85% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Granite State Credit Union tax-deductible?
Granite State Credit Union is registered as a tax-exempt nonprofit (EIN: 20227484). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
How much does the Granite State Credit Union CEO make?
Granite State Credit Union's highest-compensated officer earns $700 annually. Executive compensation data is disclosed in IRS 990 filings.
What percentage of Granite State Credit Union's spending goes to programs?
Granite State Credit Union directs 85% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
Where is Granite State Credit Union located?
Granite State Credit Union is headquartered in Manchester, New Hampshire and files with the IRS under EIN 20227484.
How many years of IRS 990 filings does Granite State Credit Union have?
Granite State Credit Union has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends.
How does Granite State Credit Union define and report its 'program' expenses, given its credit union structure?
As a credit union, its 'programs' are the financial services provided to its members. Expenses would primarily relate to operating these services, such as interest paid on deposits, operational costs, and member service initiatives. The provided data does not offer a detailed breakdown of these expenses.
Where is executive compensation reported if 'Officer Comp' is consistently 0%?
It is highly probable that executive compensation for Granite State Credit Union is reported in other sections of the IRS Form 990, such as 'Salaries, other compensation, employee benefits' or within specific program service expenses, rather than the 'Officer Comp' field provided in this summary data. This is a common reporting nuance for credit unions.
What is the organization's net income trend?
Granite State Credit Union has consistently reported positive net income (Revenue - Expenses) over the past decade. For example, in 2023, net income was $43,417,675 - $36,911,263 = $6,506,412. This indicates strong financial health and the ability to reinvest in its operations and member services.
How has the organization's asset base grown over time?
The organization's assets have shown significant and consistent growth, increasing from $333,620,974 in 2014 to $697,041,831 in 2023, nearly doubling in a decade. This indicates substantial expansion and financial strength.
Is Granite State Credit Union considered a 'good charity' in the traditional sense?
Granite State Credit Union is not a charity in the traditional sense; it is a member-owned financial cooperative. Its 'goodness' should be evaluated based on its service to members, financial stability, and responsible management, rather than charitable program spending ratios. Its consistent growth and positive net income suggest strong operational performance for its members.
Filing History
IRS 990 filing history for Granite State Credit Union showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Granite State Credit Union's revenue has grown by 156.3%, moving from $16.9M to $43.4M. Total assets increased by 140.4% over the same period, from $289.9M to $697.0M. Total functional expenses rose by 128.2%, from $16.2M to $36.9M. In its most recent filing year (2023), Granite State Credit Union reported a surplus of $6.5M, with revenue exceeding expenses. The organization holds $639.7M in liabilities against $697.0M in assets (debt-to-asset ratio: 91.8%), resulting in net assets of $57.3M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $43.4M | $36.9M | $697.0M | $639.7M | — | View 990 |
| 2022 | $34.2M | $29.4M | $634.2M | $583.5M | — | View 990 |
| 2021 | $31.8M | $26.1M | $601.5M | $553.2M | — | — |
| 2020 | $29.3M | $25.6M | $530.2M | $487.0M | — | — |
| 2019 | $28.5M | $24.4M | $433.0M | $393.9M | — | View 990 |
| 2018 | $25.4M | $22.1M | $414.1M | $379.6M | — | View 990 |
| 2017 | $22.2M | $20.3M | $388.8M | $357.4M | — | View 990 |
| 2016 | $20.6M | $19.1M | $372.2M | $342.7M | — | View 990 |
| 2015 | $19.4M | $19.0M | $362.9M | $334.9M | — | View 990 |
| 2014 | $18.5M | $16.5M | $333.6M | $305.8M | — | View 990 |
| 2013 | $17.8M | $16.1M | $325.6M | $300.0M | — | View 990 |
| 2012 | $17.7M | $16.0M | $306.8M | $282.5M | — | View 990 |
| 2011 | $16.9M | $16.2M | $289.9M | $267.3M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $43.4M, expenses of $36.9M, and assets of $697.0M (revenue +26.9% year-over-year).
- 2022: Revenue of $34.2M, expenses of $29.4M, and assets of $634.2M (revenue +7.6% year-over-year).
- 2021: Revenue of $31.8M, expenses of $26.1M, and assets of $601.5M (revenue +8.5% year-over-year).
- 2020: Revenue of $29.3M, expenses of $25.6M, and assets of $530.2M (revenue +2.8% year-over-year).
- 2019: Revenue of $28.5M, expenses of $24.4M, and assets of $433.0M (revenue +12.1% year-over-year).
- 2018: Revenue of $25.4M, expenses of $22.1M, and assets of $414.1M (revenue +14.4% year-over-year).
- 2017: Revenue of $22.2M, expenses of $20.3M, and assets of $388.8M (revenue +8.0% year-over-year).
- 2016: Revenue of $20.6M, expenses of $19.1M, and assets of $372.2M (revenue +5.9% year-over-year).
- 2015: Revenue of $19.4M, expenses of $19.0M, and assets of $362.9M (revenue +4.8% year-over-year).
- 2014: Revenue of $18.5M, expenses of $16.5M, and assets of $333.6M (revenue +4.5% year-over-year).
- 2013: Revenue of $17.8M, expenses of $16.1M, and assets of $325.6M (revenue +0.4% year-over-year).
- 2012: Revenue of $17.7M, expenses of $16.0M, and assets of $306.8M (revenue +4.3% year-over-year).
- 2011: Revenue of $16.9M, expenses of $16.2M, and assets of $289.9M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Granite State Credit Union:
Data Sources and Methodology
This transparency report for Granite State Credit Union is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.