Velocity Credit Union

Organization Overview

Velocity Credit Union is located in Austin, TX. The organization was established in 1960. 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, Velocity Credit Union employed 261 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Velocity 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, Velocity Credit Union generated $55.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $53.9m during the year ending 12/2023. While expenses have increased by 6.8% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

VELOCITY CREDIT UNION PROVIDES LOANS TO MEMBERS AT LOWER INTEREST RATES, ACCEPTS DEPOSITS, AND PAYS HIGHER DIVIDEND RATES.2023: 1) 34,883 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $615MM 2) ORIGINATED 7,818 LOANS IN 2023 WITH A BALANCE OF $268MM, AND 3) SERVICED 81,298 MEMBERS WITH DEPOSITS OF $862MM.


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)Compensation
Deborah Mitchell
President/ceo
$1,000,973
Lisa Back
Evp/cfo (left 4/25/23)
$515,938
James Brown
Evp/clo
$375,132
Daniel Penberg
Cio
$262,736
Cheri Hall
Sr. VP Of Human Resources
$226,968
Barbara Carol Cain
Sr. VP Of Marketing
$227,771

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Pscu Incorporated
Card Services Processing
$2,671,937
Mastercard
Card Issuer
$1,201,103
Q2 Software
Online Banking Services
$989,999
Fiserv Inc
Core Processor
$899,358
Ineapple Corp
Technology Services
$460,030
View All Vendors

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$44,116,110
Investment income $11,625,999
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income -$1,007,760
Net Gain/Loss on Asset Sales $100,930
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $55,312,889

Peer Organizations

Organization NameAssets
Credit Union Of Texas
Allen, TX
$136,553,125
Ttcu Federal Credit Union
Tulsa, OK
$133,134,876
First Community Credit Union
Houston, TX
$98,421,005
State Chartered Credit Unions In Louisiana
Baton Rouge, LA
$78,349,133
First Service Credit Union
Houston, TX
$85,450,936
Texas Trust Credit Union
Arlington, TX
$83,493,624
Intouch Credit Union
Plano, TX
$57,946,260
Neighborhood Credit Union
Dallas, TX
$68,073,576
Resource One Credit Union
Dallas, TX
$50,911,209
Fort Worth Community Credit Union
Bedford, TX
$61,144,057
Firstmark Credit Union
San Antonio, TX
$60,165,832
Texas Bay Credit Union
Houston, TX
$59,286,481
Velocity Credit Union
Austin, TX
$55,312,889
Texans Credit Union
Richardson, TX
$76,501,082
United Heritage Credit Union
Austin, TX
$66,954,834
Brazos Valley Schools Credit Union
Katy, TX
$45,539,811
Credit Unions In The State Of New Mexico
Albuquerque, NM
$50,914,383
True Sky Federal Credit Union
Oklahoma City, OK
$47,281,663
Community Resource Credit Union
Baytown, TX
$47,539,964
Weokie Federal Credit Union
Oklahoma City, OK
$42,986,888
Del Norte Credit Union
Los Alamos, NM
$45,843,178
Credit Unions In The State Of New Mexico
Santa Fe, NM
$48,283,901
City Credit Union
Dallas, TX
$36,546,040
Associated Credit Union Of Texas
League City, TX
$33,960,014
Credit Unions In The State Of New Mexico
Albuquerque, NM
$35,859,928

Create an account to unlock the data you need.

or