River Valley Credit Union
- Assets
- $87.2m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 14
- Location
- Ames, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-6061323
Organization Overview
River Valley Credit Union is located in Ames, IA. As of 12/2021, River Valley Credit Union employed 14 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 12/2021, River Valley Credit Union generated $2.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $2.1m during the year ending 12/2021. While expenses have increased by 4.2% 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
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 5,864 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Goodwin CEO | Officer | 40 | $134,615 |
Deb Boetel VP Of Lending | Officer | 40 | $89,249 |
Joseph Webb VP Of Operations | Officer | 40 | $74,290 |
Brian Greff Secretary | OfficerTrustee | 1 | $0 |
Carol Belzer Credit Committee | OfficerTrustee | 1 | $0 |
Joel Halverson CFO | OfficerTrustee | 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 | $2,022,745 |
| Investment income | $234,180 |
| 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 | $2,682,849 |
| 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. | $334,675 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $537,844 |
| Pension plan accruals and contributions | $23,260 |
| Other employee benefits | $72,690 |
| Payroll taxes | $64,519 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,460 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $59,466 |
| Office expenses | $108,666 |
| Information technology | $145,097 |
| Royalties | $0 |
| Occupancy | $90,525 |
| Travel | $8,237 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,625 |
| Interest | $275,560 |
| Payments to affiliates | $7,174 |
| Depreciation, depletion, and amortization | $59,462 |
| Insurance | $23,507 |
| All other expenses | $160,845 |
| Total functional expenses | $2,128,505 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $613,996 |
| Savings and temporary cash investments | $11,348,323 |
| 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 | $53,559,834 |
| Inventories for sale or use | $386,800 |
| Prepaid expenses and deferred charges | $333,574 |
| Net Land, buildings, and equipment | $764,203 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $19,263,840 |
| Intangible assets | $0 |
| Other assets | $924,020 |
| Total assets | $87,194,590 |
| Accounts payable and accrued expenses | $145,331 |
| 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 | $77,288,109 |
| Total liabilities | $77,433,440 |
| 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 | $2,494,422 |
| Retained earnings, endowment, accumulated income, or other funds | $7,266,728 |
| Total liabilities and net assets/fund balances | $87,194,590 |
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