Veridian Credit Union
- Assets
- $5.9b
- Revenue
- $284.9m
- Investments
- $0.0
- Employees
- 1,093
- Location
- Waterloo, IA
- Founding
- 06/2007
- Data as of
- 12/2021
- EIN
- 42-1132695
Organization Overview
Veridian Credit Union is located in Waterloo, IA. The organization was established in 2007. 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, Veridian Credit Union employed 1,093 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Veridian 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, Veridian Credit Union generated $284.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.1% each year . All expenses for the organization totaled $165.9m during the year ending 12/2021. While expenses have increased by 7.5% 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.
Since 2015, Veridian Credit Union has awarded 109 individual grants totaling $2,068,797. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A VARIETY OF LOW OR NO COST SERVICES, LOW LOAN RATES, AND HIGHER SAVINGS RATES TO OUR MEMBERS, AND TO FULFILL OUR PHILOSOPHY OF "PEOPLE HELPING PEOPLE" BY PARTNERING WITH OUR MEMBERS TO CREATE SUCCESSFUL FINANCIAL FUTURES. OUR CURRENT FIELD OF MEMBERSHIP IS THE STATE OF IOWA, AS WELL AS 6 COUNTIES IN EASTERN NEBRASKA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VERIDIAN CREDIT UNION SERVED APPROXIMATELY 277,538 MEMBERS AT OUR CONVENIENT BRANCH LOCATIONS. VERIDIAN CREDIT UNION ADDED 46,848 NEW MEMBERSHIPS IN 2021. TOTAL LOANS AND DEPOSITS AT 12/31/2021 WERE 4,598,431,489 AND 5,022,510,763 RESPECTIVELY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Renee Christoffer President/ceo | Officer | 50 | $891,446 |
Douglas Gilbertson Chief Operations Officer | Officer | 50 | $498,692 |
Keith Mesch Chief Financial Officer | Officer | 50 | $391,974 |
Gabriel Wilcox Mortgage Loan Originator | 50 | $347,754 | |
Christopher Mcgovern Manager Of Mortgage Lending | Officer | 50 | $331,798 |
Brett Engstrom Chief Information Officer | Officer | 50 | $328,761 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Data Processing | 12/30/21 | $5,988,144 |
Alkami Technology Inc Data Processing | 12/30/21 | $2,950,933 |
Lanvera Ltd Document Outsourcing | 12/30/21 | $2,217,949 |
Redmond Co Design Services | 12/30/21 | $1,727,270 |
Flynn Wright Advertising Agency | 12/30/21 | $2,624,521 |
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 | $228,720,580 |
| Investment income | $1,016,542 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$108,266 |
| Net Gain/Loss on Asset Sales | $10,720,603 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $284,905,474 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $514,033 |
| 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. | $4,564,452 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $50,339,543 |
| Pension plan accruals and contributions | $6,972,402 |
| Other employee benefits | $10,286,992 |
| Payroll taxes | $3,703,355 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $205,402 |
| Fees for services: Accounting | $332,741 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $54,717 |
| Fees for services: Other | $783,945 |
| Advertising and promotion | $3,952,097 |
| Office expenses | $5,459,725 |
| Information technology | $4,449,550 |
| Royalties | $0 |
| Occupancy | $5,107,830 |
| Travel | $132,850 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $266,135 |
| Interest | $35,764,291 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,976,887 |
| Insurance | $0 |
| All other expenses | $3,064,216 |
| Total functional expenses | $165,949,826 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,120,067 |
| Savings and temporary cash investments | $616,014,329 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,462,856 |
| Loans from Officers, Directors, or Controlling Persons | $321,419 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,573,938,504 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,635,559 |
| Net Land, buildings, and equipment | $73,948,698 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $478,916,908 |
| Intangible assets | $0 |
| Other assets | $53,907,422 |
| Total assets | $5,861,265,762 |
| Accounts payable and accrued expenses | $76,513,820 |
| Grants payable | $0 |
| Deferred revenue | $1,008,438 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $12,373,510 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $129,344,380 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,010,137,254 |
| Total liabilities | $5,229,377,402 |
| 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 | $631,888,360 |
| Total liabilities and net assets/fund balances | $5,861,265,762 |
Grants Awarded
Over the last fiscal year, Veridian Credit Union has awarded $410,309 in support to 21 organizations.
| Grant Recipient | Amount |
|---|---|
Cedar Falls, IA PURPOSE: GRANTS | $80,000 |
Waterloo, IA PURPOSE: IDA FUNDING | $60,000 |
Waterloo, IA PURPOSE: ECONOMIC DEVELOPMENT | $37,500 |
Des Moines, IA PURPOSE: GENERAL SUPPORT | $32,000 |
Waterloo, IA PURPOSE: GENERAL SUPPORT | $29,000 |
Cedar Falls, IA PURPOSE: FORWARD BOUND, COMMUNITY ENGAGEMENT, AFRICAN AMERICAN READ-IN | $17,109 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Veridian Credit Union has recieved totaling $0.
| Awarding Organization | Amount |
|---|---|
Cedar Valley United Way Waterloo, IA PURPOSE: GRANT FOR SPECIFIC PROGRAM SUPPORT. | $0 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Baxter Credit Union Vernon Hills, IL | $5,751,484,149 | $350,442,030 |
Alliant Credit Union Chicago, IL | $15,151,012,308 | $528,339,563 |
Citizens Equity First Credit Union Peoria, IL | $7,718,286,706 | $271,033,514 |
GreenState Credit Union UNION North Liberty, IA | $9,006,590,517 | $418,753,010 |
Veridian Credit Union Waterloo, IA | $5,861,265,762 | $284,905,474 |
Consumers Cooperative Credit Union Gurnee, IL | $2,946,745,312 | $132,618,570 |
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |
Deere Employees Credit Union Moline, IL | $1,799,657,083 | $82,112,773 |
Magnifi Financial Credit Union Melrose, MN | $1,639,292,297 | $78,975,601 |
Credit Union 1 Rantoul, IL | $1,226,789,437 | $72,991,911 |
Vibrant Credit Union Moline, IL | $1,061,532,656 | $50,336,419 |