River Valley Credit Union
- Assets
- $103.4m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 18
- Location
- Ames, IA
- Founding
- Data as of
- 12/2023
- EIN
- 42-6061323
Organization Overview
River Valley Credit Union is located in Ames, IA. As of 12/2023, River Valley Credit Union employed 18 individuals. River Valley 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, River Valley Credit Union generated $4.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $3.2m during the year ending 12/2023. While expenses have increased by 8.0% 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
RIVER VALLEY CREDIT UNION OPERATES FOR THE PRIMARY PURPOSE OF PROMOTING THRIFT, PROVIDING CREDIT AT A REASONABLE RATE AND PROVIDING OTHER FINANCIAL SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RIVER VALLEY CREDIT UNION SERVES 6,623 MEMBERS BY OFFERING AFFORDABLE FINANCIAL SERVICES TO IMPROVE THEIR FINANCIAL LIVES. OUR MAIN FINANCIAL SERVICES INCLUDE: MEMBER LOANS AT COMPETITIVE INTEREST RATES, SAVINGS AND CHECKING ACCOUNTS WITH LOW OR NO FEES, AND ELECTRONIC FINANCIAL SERVICES SUCH AS CREDIT/DEBIT CARDS, ONLINE BANKING AND ONLINE BILL PAY.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Starnes Board Chairperson | OfficerTrustee | 1 | $0 |
Kevin Anderson Vice Chairperson | OfficerTrustee | 1 | $0 |
Joel Halverson Cfo/credit Committee | OfficerTrustee | 1 | $0 |
Cheryl Pearson Board Secretary | OfficerTrustee | 1 | $0 |
Warren Mueller Audit Committee Chair | Trustee | 1 | $0 |
Steven Hennager Audit Committee | 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 | $2,911,480 |
| Investment income | $819,785 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $4,053,420 |
| 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. | $376,028 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $589,353 |
| Pension plan accruals and contributions | $27,118 |
| Other employee benefits | $65,558 |
| Payroll taxes | $74,744 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $46,980 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $73,671 |
| Office expenses | $145,697 |
| Information technology | $168,278 |
| Royalties | $0 |
| Occupancy | $136,604 |
| Travel | $13,564 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,102 |
| Interest | $1,033,166 |
| Payments to affiliates | $6,528 |
| Depreciation, depletion, and amortization | $59,574 |
| Insurance | $25,398 |
| All other expenses | $154,667 |
| Total functional expenses | $3,190,013 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $858,170 |
| Savings and temporary cash investments | $7,452,664 |
| 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 | $73,275,916 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $594,057 |
| Net Land, buildings, and equipment | $921,646 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $19,151,622 |
| Intangible assets | $0 |
| Other assets | $1,131,995 |
| Total assets | $103,386,070 |
| Accounts payable and accrued expenses | $1,017,332 |
| 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 | $91,118,191 |
| Total liabilities | $92,135,523 |
| 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 | $2,875,327 |
| Retained earnings, endowment, accumulated income, or other funds | $8,375,220 |
| Total liabilities and net assets/fund balances | $103,386,070 |