Verve Credit Union
- Assets
- $1.5b
- Revenue
- $59.9m
- Investments
- $569.5k
- Employees
- 397
- Location
- Oshkosh, WI
- Founding
- Data as of
- 12/2021
- EIN
- 39-0711674
Organization Overview
Verve Credit Union is located in Oshkosh, WI. As of 12/2021, Verve Credit Union employed 397 individuals. Verve 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, Verve Credit Union generated $59.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.9% each year. All expenses for the organization totaled $51.2m during the year ending 12/2021. While expenses have increased by 10.4% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
A NONPROFIT MEMBER-OWNED THRIFT INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS. OPERATIONS ARE PRIMARILY RELATED TO HOLDING DEPOSIT FOR AND MAKING LOANS TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Ralofsky President/ceo | Officer | 55 | $783,548 |
Scott Willmott CFO | Officer | 55 | $367,361 |
Karrie Drobnick Chief Marketing Officer | Officer | 55 | $342,646 |
John Hill VP Of Business Lending | 50 | $310,278 | |
Lawrence Mrockowski Wealth Advisor | 55 | $309,629 | |
Chris Butler Regional President | Officer | 55 | $276,691 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Business Lending Group Loan Servicing | 12/30/21 | $1,355,610 |
Mortgage Cadence Mortgage Origination Services | 12/30/21 | $310,412 |
Marco Technologies Telecom Services | 12/30/21 | $154,001 |
Me Wentworth Lease Co For Wentwoth Property | 12/30/21 | $114,380 |
Howard & Howard Law Legal Services | 12/30/21 | $115,351 |
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 | $54,919,172 |
| Investment income | $4,686,661 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $38,453 |
| Net Gain/Loss on Asset Sales | $80,525 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $59,889,219 |
| 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. | $3,572,038 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,821,311 |
| Pension plan accruals and contributions | $652,903 |
| Other employee benefits | $2,068,619 |
| Payroll taxes | $1,154,513 |
| Fees for services: Management | $127,900 |
| Fees for services: Legal | $1,171,388 |
| Fees for services: Accounting | $490,898 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,076,702 |
| Office expenses | $5,838,484 |
| Information technology | $1,434,811 |
| Royalties | $0 |
| Occupancy | $2,656,044 |
| Travel | $321,803 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,084,775 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,147,254 |
| Insurance | $0 |
| All other expenses | $659,473 |
| Total functional expenses | $51,157,036 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,287,222 |
| Savings and temporary cash investments | $55,811,657 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,219,304 |
| Loans from Officers, Directors, or Controlling Persons | $10,204,860 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $976,545,858 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,092,481 |
| Net Land, buildings, and equipment | $38,053,934 |
| Investments—publicly traded securities | $325,580,949 |
| Investments—other securities | $569,450 |
| Investments—program-related | $14,717,369 |
| Intangible assets | $23,133,803 |
| Other assets | $21,196,446 |
| Total assets | $1,476,413,333 |
| Accounts payable and accrued expenses | $10,600,521 |
| 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 | $117,099,323 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,212,027,760 |
| Total liabilities | $1,339,727,604 |
| 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 | $10,000,000 |
| Retained earnings, endowment, accumulated income, or other funds | $126,685,729 |
| Total liabilities and net assets/fund balances | $1,476,413,333 |
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