Velocity Credit Union
- Assets
- $1.0b
- Revenue
- $55.3m
- Investments
- $3.6m
- Employees
- 261
- Location
- Austin, TX
- Founding
- 01/1960
- Data as of
- 12/2023
- EIN
- 74-1200165
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.
Form
990
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deborah Mitchell President/ceo | Officer | 40 | $1,000,973 |
Lisa Back Evp/cfo (left 4/25/23) | Officer | 40 | $515,938 |
James Brown Evp/clo | Officer | 40 | $375,132 |
Daniel Penberg Cio | Officer | 40 | $262,736 |
Cheri Hall Sr. VP Of Human Resources | 40 | $226,968 | |
Barbara Carol Cain Sr. VP Of Marketing | 40 | $227,771 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Incorporated Card Services Processing | 12/30/23 | $2,671,937 |
Mastercard Card Issuer | 12/30/23 | $1,201,103 |
Q2 Software Online Banking Services | 12/30/23 | $989,999 |
Fiserv Inc Core Processor | 12/30/23 | $899,358 |
Ineapple Corp Technology Services | 12/30/23 | $460,030 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $36,239 |
| Grants and other assistance to domestic individuals. | $38,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $5,956,945 |
| Compensation of current officers, directors, key employees. | $2,327,459 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,481,876 |
| Pension plan accruals and contributions | $1,669,617 |
| Other employee benefits | $1,584,419 |
| Payroll taxes | $1,218,375 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $167,940 |
| Fees for services: Accounting | $143,674 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,191,256 |
| Advertising and promotion | $669,206 |
| Office expenses | $2,326,478 |
| Information technology | $2,568,032 |
| Royalties | $0 |
| Occupancy | $1,227,040 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $96,047 |
| Interest | $2,104,945 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,599,595 |
| Insurance | $133,699 |
| All other expenses | $72,787 |
| Total functional expenses | $53,854,155 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,226,618 |
| Savings and temporary cash investments | $81,189,850 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,224,321 |
| Loans from Officers, Directors, or Controlling Persons | $3,660,867 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $597,405,257 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,753,031 |
| Net Land, buildings, and equipment | $49,310,000 |
| Investments—publicly traded securities | $257,277,340 |
| Investments—other securities | $3,602,700 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $35,425,440 |
| Total assets | $1,039,075,424 |
| Accounts payable and accrued expenses | $8,784,545 |
| Grants payable | $0 |
| Deferred revenue | $1,011,086 |
| 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 | $50,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $861,779,116 |
| Total liabilities | $921,574,747 |
| 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 | $117,500,677 |
| Total liabilities and net assets/fund balances | $1,039,075,424 |