Lehigh Valley Educators Credit Union is located in Allentown, PA. The organization was established in 1945. 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, Lehigh Valley Educators Credit Union employed 33 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lehigh Valley Educators 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, Lehigh Valley Educators Credit Union generated $9.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $7.4m during the year ending 12/2021. While expenses have increased by 3.2% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
MAINTAIN FINANCIAL SOUNDNESS WHILE EMPOWERING MEMBERS TO WORK TOWARD FINANCIAL SUCCESS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE MORE THAN 8,300 LOANS TO OVER 16,000 MEMBERS.
PROVIDE FINANCIAL SERVICES TO OVER 16,000 MEMBERS
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Rosemarie E Krantz CEO | Officer | 40 | $170,975 |
Ronald W Houck CFO | Officer | 40 | $101,206 |
Marie A Rhoda Clo | Officer | 40 | $98,828 |
William Ayers Board Chairperson | Trustee | 1 | $1,000 |
Gary Fedorcha Board Vice Chair | Trustee | 1 | $750 |
Eugenia Emert Secretary/treasurer | Trustee | 1 | $550 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Fidelity Information Services Plastic Card Services | 12/30/21 | $295,796 |
Fiserv Debit Card Processing | 12/30/21 | $354,254 |
Corelation Inc Software Maintenance | 12/30/21 | $105,115 |
Alkami Technology Digital Banking Services | 12/30/21 | $225,791 |
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 | $6,041,318 |
Investment income | $3,324,973 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $97,940 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $9,686,113 |
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 | $0 |
Compensation of current officers, directors, key employees. | $542,394 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,132,969 |
Pension plan accruals and contributions | $149,752 |
Other employee benefits | $435,789 |
Payroll taxes | $108,400 |
Fees for services: Management | $0 |
Fees for services: Legal | $28,510 |
Fees for services: Accounting | $24,318 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $183,422 |
Advertising and promotion | $192,380 |
Office expenses | $961,524 |
Information technology | $577,089 |
Royalties | $0 |
Occupancy | $280,697 |
Travel | $54 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $18,043 |
Interest | $1,313,703 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $368,121 |
Insurance | $68,057 |
All other expenses | $0 |
Total functional expenses | $7,367,598 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,067,747 |
Savings and temporary cash investments | $33,559,316 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $1,068,484 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $96,506,978 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $317,658 |
Net Land, buildings, and equipment | $5,109,842 |
Investments—publicly traded securities | $266,633,533 |
Investments—other securities | $191,200 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $4,244,504 |
Total assets | $408,699,262 |
Accounts payable and accrued expenses | $434,846 |
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 | $349,013,143 |
Total liabilities | $349,447,989 |
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 | $408,699,262 |
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Lehigh Valley Educators Credit Union Allentown, PA | $408,699,262 | $9,686,113 |