Valley State Employees Credit Union
- Assets
- $19.8m
- Revenue
- $865.0k
- Investments
- $2.5m
- Employees
- 8
- Location
- Saginaw, MI
- Founding
- Data as of
- 12/2016
- EIN
- 38-1538668
Organization Overview
Valley State Employees Credit Union is located in Saginaw, MI. As of 12/2016, Valley State Employees Credit Union employed 8 individuals. Valley State Employees 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 12/2016, Valley State Employees Credit Union generated $865.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (8.6%) each year. All expenses for the organization totaled $2.9m during the year ending 12/2016. 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS. VALLEY STATE CREDIT UNION (VSCU) WAS PLACED INTO CONSERVATORSHIP BY THE STATE OF MICHIGAN, DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES ON AUGUST 17, 2016 DUE TO UNSAFE AND UNSOUND PRACTICES. THE STATE OF MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES SUBSEQUENTLY APPOINTED THE NATIONAL CREDIT UNION ADMINISTRATION AS CONSERVATOR ON NOVEMBER 9, 2016. AS CONSERVATOR, NCUA IS WORKING TO RESOLVE UNSAFE AND UNSOUND OPERATING CONDITIONS AT THE CREDIT UNION. THE VSCU BOARD OF DIRECTORS AND THE CEO, STANLEY HAYES, WAS DISMISSED ON AUGUST 17, 2016 AFTER THE MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES CONSERVED VSCU.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2016 2,715.
THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2016 WAS 1,602.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stanley D Hayes President/ceo | Officer | 40 | $48,671 |
Andrew Healy Ncua Conservator | Officer | 40 | $0 |
Victor Lord Director | Trustee | 1 | $0 |
Sidney Diggs IV Chairman | Trustee | 1 | $0 |
Renee Raney V. Chairman | Trustee | 1 | $0 |
Joseph Caudy III Treasurer | Trustee | 1 | $0 |
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 | $850,976 |
| Investment income | $72,984 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$58,967 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $864,993 |
| 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. | $53,253 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $128,241 |
| Pension plan accruals and contributions | $13,050 |
| Other employee benefits | $28,851 |
| Payroll taxes | $18,994 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $51,190 |
| Fees for services: Accounting | $17,771 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $106,402 |
| Advertising and promotion | $25,050 |
| Office expenses | $45,673 |
| Information technology | $110,815 |
| Royalties | $0 |
| Occupancy | $21,177 |
| Travel | $1,959 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,249 |
| Interest | $108,099 |
| Payments to affiliates | $2,501 |
| Depreciation, depletion, and amortization | $31,703 |
| Insurance | $15,501 |
| All other expenses | $29,272 |
| Total functional expenses | $2,927,064 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $270,952 |
| Savings and temporary cash investments | $3,422,398 |
| 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 | $11,417,563 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $104,435 |
| Net Land, buildings, and equipment | $543,783 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,503,165 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,555,665 |
| Total assets | $19,817,961 |
| Accounts payable and accrued expenses | $41,351 |
| 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 | $19,199,925 |
| Total liabilities | $19,241,276 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $576,685 |
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