1. Update for Slow Money maine
March 8, gardiner
Scott Budde, CFA
Project Director
Sam May
Advisory Board Chair

2. Credit Union Basics – Maine harvest Structure
Maine Harvest will be a “multiple common bond” field of membership for MOFGA and MFT members
Membership in Maine Harvest CU starts with $5 deposit.
1 member = 1 vote
Members elect Board
Board appoints management
Maine Harvest profits are either
(1) retained for growth or
(2) used to reduce rates to borrowers or
(3) used to increase rates to depositors
Maine Harvest members collectively “own” Maine Harvest CU
Deposits = Shares
Financial
Cooperative
Not for Profit
501 (c) 14
Members with a
Common Bond
Member
Governed

3. Credit Union Basics – Maine Harvest Business Model
1 office in central Maine
Extensive use of web-based services
Extensive use of shared branching and ATM;s
President & CEO
Chief Lending Officer
Operations Officer
Maine Harvest profits are either
(1) Land Loans to $400k)
(2) Business Loans to$125k
(3) Equipment Loans to $25k
Regular Savings Accts
Certificates of Deposit
(no checking)
Deposits
Loans
Service
Delivery
Management

4. Key People in chartering
Our Oversight Board & Organizer Group
Brian Gately = CU Chartering Consultant
Ex NCUA, Ex Nat. Fed. Of Community Dev. CU’s
Gene Ardito
CEO of cPort CU (our mentor CU)
John Murphy
President, Maine Credit Union League
Mike High
Attorney at Drummond Woodsum

5. What we need: Fundraising status

6. Disclosure: Maine Harvest must submit an application for a credit union charter to the Maine Bureau of Financial Institutions and apply for share insurance from the National Credit Union Administration before commencing operations. Approval of these applications is not assured at this time.