River Valley Credit Union
- Assets
- $0.0
- Revenue
- $7.0m
- Investments
- $0.0
- Employees
- 63
- Location
- Brattleboro, VT
- Founding
- 01/1987
- Data as of
- 10/2020
- EIN
- 03-0196668
Organization Overview
River Valley Credit Union is located in Brattleboro, VT. The organization was established in 1987. 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 10/2020, River Valley Credit Union employed 63 individuals. River Valley 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 10/2020, River Valley Credit Union generated $7.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $6.5m during the year ending 10/2020. While expenses have increased by 2.8% per year over the past 6 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
OPERATE A STATE CHARTERED CREDIT UNION FOR THE BENEFIT OF MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICES RELATE TO DAILY OPERATIONS OF A LOCALLY CONTROLLED, FULL SERVICE CREDIT UNION. WE MAKE LOANS, ACCEPT DEPOSIT ACCOUNTS, AND CONTINUALLY AND EFFICIENTLY PROVIDE OTHER RELEVANT FINANCIAL SERVICES TO A MEMBER BASE OF APPROXIMATELY 18,550 MEMBERS.
PROGRAM SERVICES RELATE TO DAILY OPERATIONS OF A LOCALLY CONTROLLED, FULL SERVICE CREDIT UNION. WE MAKE LOANS, ACCEPT DEPOSIT ACCOUNTS, AND CONTINUALLY AND EFFICIENTLY PROVIDE OTHER RELEVANT FINANCIAL SERVICES TO A MEMBER BASE OF APPROXIMATELY 18,550 MEMBERS.
PROGRAM SERVICES RELATE TO DAILY OPERATIONS OF A LOCALLY CONTROLLED, FULL SERVICE CREDIT UNION. WE MAKE LOANS, ACCEPT DEPOSIT ACCOUNTS, AND CONTINUALLY AND EFFICIENTLY PROVIDE OTHER RELEVANT FINANCIAL SERVICES TO A MEMBER BASE OF APPROXIMATELY 18,550 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Morse Ceo/president | Officer | 40 | $168,077 |
Jill Fortier CFO | Officer | 50 | $91,354 |
Ethan Grimes VP Mortgage Lending | Officer | 50 | $73,368 |
Laura Paice VP Consumer Lending | Officer | 50 | $56,567 |
Deborah Carpenter Vice Chair | Trustee | 1 | $0 |
Richard Carroll Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ims Inc Statement Service | 10/30/20 | $122,718 |
Gpi Constuction Inc Construction | 10/30/20 | $661,686 |
Gpi Constuction Inc Construction | 10/30/20 | $661,686 |
Ims Inc Statement Service | 10/30/20 | $122,718 |
Ims Inc Statement Service | 10/30/20 | $122,718 |
Gpi Constuction Inc Construction | 10/30/20 | $661,686 |
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 | $5,164,880 |
| Investment income | $42,055 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$16,916 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,994,166 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $397,264 |
| Compensation of current officers, directors, key employees. | $389,365 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,608,113 |
| Pension plan accruals and contributions | $272,850 |
| Other employee benefits | $566,381 |
| Payroll taxes | $162,824 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $931 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $50,962 |
| Office expenses | $372,500 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $285,069 |
| Travel | $28,242 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | -$6,894 |
| Interest | $2,794 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $168,993 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $6,514,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $0 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bellwether Community Credit Union Manchester, NH | $557,690,894 | $21,955,180 |
Sharon & Cresent United Credit Union Brockton, MA | $438,601,837 | $18,630,554 |
Quincy Credit Union Quincy, MA | $736,275,717 | $20,097,786 |
Holy Rosary Regional Credit Union Rochester, NH | $399,129,935 | $15,434,385 |
Alltrust Credit Union Fairhaven, MA | $299,264,971 | $13,016,630 |
Members Plus Credit Union Medford, MA | $342,620,781 | $10,885,310 |
St Jeans Credit Union Salem, MA | $315,403,428 | $11,808,191 |
Mass Bay Credit Union South Boston, MA | $300,728,924 | $12,109,797 |
Holyoke Credit Union Holyoke, MA | $242,121,845 | $10,425,579 |
Members First Credit Union Of Nh Manchester, NH | $244,669,595 | $9,857,819 |
Southbridge Credit Union Southbridge, MA | $204,683,991 | $8,395,141 |
Community Credit Union Of Lynn Lynn, MA | $151,832,457 | $6,481,422 |