Virginia Coop Credit Union
- Assets
- $40.7m
- Revenue
- $1.9m
- Investments
- $5.9m
- Employees
- 9
- Location
- Virginia, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- EIN
- 41-0665606
Organization Overview
Virginia Coop Credit Union is located in Virginia, MN. The organization was established in 1944. 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 12/2023, Virginia Coop Credit Union employed 9 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Virginia Coop 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 12/2023, Virginia Coop Credit Union generated $1.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.0% each year. All expenses for the organization totaled $1.7m during the year ending 12/2023. While expenses have increased by 9.0% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE A MEMBER OWNED COOPERATIVE CREDIT UNION WHICH PROVIDES QUALITY AND COMPETITIVE FINANCIAL PRODUCTS AND SERVICES TO SATISFY OUR MEMBERS FINANCIAL NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVICING AND COLLECTIONS ON MEMBERS' HOME EQUITY LOANS, SECURED LOANS, UNSECURED LOANS, AND CREDIT CARDS.
PROVISION FOR LOAN LOSSES - RESERVE FOR UNCOLLECTABLE LOAN AMOUNTS.
INFORMATION TECHNOLOGY - RECORDED MEMBER TRANSACTION INFORMATION AND PROVIDED ACCESS TO FUNDS IN PERSON, VIA HOME BANKING, AND ATM MACHINES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald Rausch President/ceo | Officer | 40 | $104,867 |
Nicole Squires S. Committee | Trustee | 0 | $0 |
Steven Badanjak Board Member | Trustee | 1 | $0 |
Mark Madden S. Committee | Trustee | 1 | $0 |
Robert Henderson Chairman | Trustee | 1 | $0 |
Mark Snidarich Vice Chair | 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 | $1,815,952 |
| Investment income | $113,510 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $14,400 |
| 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 | $1,943,862 |
| 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 | $36,782 |
| Compensation of current officers, directors, key employees. | $104,867 |
| Compensation of current officers, directors, key employees. | $20,973 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $291,646 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $52,720 |
| Payroll taxes | $32,927 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,400 |
| Fees for services: Accounting | $35,723 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $13,725 |
| Office expenses | $59,031 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $8,783 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,699 |
| Interest | $1,626 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $72,551 |
| Insurance | $0 |
| All other expenses | $302,654 |
| Total functional expenses | $1,729,055 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $157,085 |
| Savings and temporary cash investments | $6,224,665 |
| 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 | $26,385,435 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $252,475 |
| Net Land, buildings, and equipment | $1,199,691 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,940,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $521,952 |
| Total assets | $40,681,303 |
| Accounts payable and accrued expenses | $165,532 |
| 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 | $37,089,044 |
| Total liabilities | $37,254,576 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $393,250 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $3,033,477 |
| Total liabilities and net assets/fund balances | $40,681,303 |