Virginia Coop Credit Union
- Assets
- $39.6m
- Revenue
- $1.4m
- Investments
- $6.8m
- Employees
- 9
- Location
- Virginia, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Virginia Coop Credit Union generated $1.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 6.2% 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
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 MEMBERS DEPOSITS, LOANS, AND MEMBER ACCOUNTS.
SERVICING AND COLLECTIONS ON MEMBERS' HOME EQUITY LOANS, SECURED LOANS, UNSECURED LOANS, AND CREDIT CARDS.
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 | $86,152 |
Hannah Wells Vice President | 40 | $24,138 | |
Nicole Squires S. Committee | Trustee | 0 | $0 |
Steven Badanjak Board Member | Trustee | 1 | $0 |
Mark Madden S. Committee | 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 | $1,190,868 |
| Investment income | $196,184 |
| 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 | $1,401,452 |
| 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 | $4,661 |
| Compensation of current officers, directors, key employees. | $86,152 |
| Compensation of current officers, directors, key employees. | $17,230 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $230,270 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $74,438 |
| Payroll taxes | $111,078 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,600 |
| Fees for services: Accounting | $26,953 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $140 |
| Fees for services: Other | $0 |
| Advertising and promotion | $20,364 |
| Office expenses | $51,052 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,440 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,787 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $93,036 |
| Insurance | $0 |
| All other expenses | $154,350 |
| Total functional expenses | $1,213,020 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $258,559 |
| Savings and temporary cash investments | $10,496,525 |
| 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 | $20,078,532 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $186,518 |
| Net Land, buildings, and equipment | $1,349,758 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,770,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $430,927 |
| Total assets | $39,570,819 |
| Accounts payable and accrued expenses | $188,960 |
| 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 | $36,556,097 |
| Total liabilities | $36,745,057 |
| 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 | $2,432,512 |
| Total liabilities and net assets/fund balances | $39,570,819 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |
Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |
Minnco Credit Union Cambridge, MN | $474,930,178 | $17,267,094 |
Co-Op Credit Union Of Montevideo Montevideo, MN | $328,823,847 | $13,808,277 |
Anoka Hennepin Credit Union Coon Rapids, MN | $278,464,977 | $10,634,973 |
Northwoods Credit Union Cloquet, MN | $158,800,321 | $10,013,963 |
Dakota West Credit Union Watford City, ND | $299,186,425 | $10,075,740 |
Financial One Credit Union Columbia Heights, MN | $196,661,798 | $11,270,296 |