Velocity Credit Union

Organization Overview

Velocity Credit Union is located in Austin, TX. The organization was established in 1960. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Velocity Credit Union employed 270 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Velocity Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Velocity Credit Union generated $65.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $41.0m during the year ending 12/2021. While expenses have increased by 4.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

VELOCITY CREDIT UNION PROVIDES LOANS TO MEMBERS AT LOWER INTEREST RATES, ACCEPTS DEPOSITS, AND PAYS HIGHER DIVIDEND RATES.2021: 1) 32,840 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $564MM 2) ORIGINATED 8,150 LOANS IN 2021 WITH A BALANCE OF $295MM, AND 3) SERVICED 84,696 MEMBERS WITH DEPOSITS OF $918MM.


Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.

Board, Officers & Key Employees

Name (title)Compensation
Debbie Mitchell
President/ceo
$925,375
Jack Jordan
Evp/coo
$423,373
Lisa Back
Evp/cfo
$350,071
Daniel Penberg
Cio
$241,075
Greg Shaver
Clo
$221,034
Barbara Carol Cain
Sr. Vice-Pres. Marketing
$200,164

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Mastercard
Card Issuer
$1,304,316
Pscu
Card Services Processing
$1,775,221
Fiserv
Technology Services
$1,267,437
Austin Canyon Corporation
Construction Services
$1,152,395
Q2 Software
Online Banking Services
$835,602
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$39,416,309
Investment income $2,627,507
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income -$240,053
Net Gain/Loss on Asset Sales $22,756,750
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $65,298,866

Peer Organizations

Organization NameAssets
Ttcu Federal Credit Union
Tulsa, OK
$123,227,030
Credit Union Of Texas
Allen, TX
$114,589,686
First Community Credit Union Of Houston
Houston, TX
$83,936,302
Texas Trust Credit Union
Arlington, TX
$77,667,084
Intouch Credit Union
Plano, TX
$47,406,759
State Chartered Credit Unions In Louisiana
Baton Rouge, LA
$59,950,337
Firstmark Credit Union
San Antonio, TX
$50,715,745
True Sky Credit Union
Oklahoma City, OK
$47,281,663
United Heritage Credit Union
Austin, TX
$55,051,200
First Service Credit Union
Houston, TX
$54,328,304
Neighborhood Credit Union
Dallas, TX
$52,511,237
Velocity Credit Union
Austin, TX
$65,298,866

Create an account to unlock the data you need.

or