Ark Valley Credit Union
- Assets
- $55.6m
- Revenue
- $2.7m
- Investments
- $841.4k
- Employees
- 22
- Location
- Arkansas City, KS
- Founding
- 09/1955
- Data as of
- 12/2023
- EIN
- 48-0668113
Organization Overview
Ark Valley Credit Union is located in Arkansas City, KS. The organization was established in 1955. 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, Ark Valley Credit Union employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ark 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, Ark Valley Credit Union generated $2.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $2.1m during the year ending 12/2023. While expenses have increased by 2.1% 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
TO PROVIDE HIGH QUALITY FINANCIAL SERVICES FOR OUR MEMBERS/OWNERS, ENHANCING THEIR FINANCIAL WELL-BEING WHILE MAINTAINING THE FINANCIAL STRENGTH OF THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 9,881 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2023, THERE WERE 3,364 LOANS OUTSTANDING TOTALING $35,333,323.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $160,459 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mitch Reichle Chairman | Trustee | 1 | $0 |
Steve Bower Vice Chairman | Trustee | 1 | $0 |
Barry Thompson Secretary | Trustee | 1 | $0 |
Sheri Quick Treasurer | Trustee | 1 | $0 |
Mark Mccaslin Director | Trustee | 1 | $0 |
Walter Sanders Director | 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 | $2,321,393 |
| Investment income | $357,930 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $15,586 |
| 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 | $2,694,909 |
| 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 | $1,224 |
| Compensation of current officers, directors, key employees. | $146,014 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $517,411 |
| Pension plan accruals and contributions | $4,652 |
| Other employee benefits | $59,450 |
| Payroll taxes | $50,041 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $127,212 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $527,517 |
| Advertising and promotion | $26,956 |
| Office expenses | $112,933 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $79,625 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,998 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $132,195 |
| Insurance | $37,508 |
| All other expenses | $31,685 |
| Total functional expenses | $2,124,288 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,386,583 |
| Savings and temporary cash investments | $15,008,630 |
| 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 | $35,181,812 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $97,470 |
| Net Land, buildings, and equipment | $2,433,491 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $841,390 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $665,848 |
| Total assets | $55,615,224 |
| Accounts payable and accrued expenses | $244,011 |
| 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 | $48,448,684 |
| Total liabilities | $48,692,695 |
| 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 | $6,922,529 |
| Total liabilities and net assets/fund balances | $55,615,224 |