Rio Grande Valley Credit Union
- Assets
- $152.3m
- Revenue
- $4.9m
- Investments
- $48.6m
- Employees
- 52
- Location
- Harlingen, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-1367995
Organization Overview
Rio Grande Valley Credit Union, operating under the name Rgv Credit Union, is located in Harlingen, TX. The organization was established in 1976. 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 12/2021, Rgv Credit Union employed 52 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Rgv 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, Rgv Credit Union generated $4.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $4.4m during the year ending 12/2021. While expenses have increased by 3.4% 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
THE MISSION OF RIO GRANDE VALLEY (RGV) CREDIT UNION IS "YOUR FINANCIAL HELPING HAND".
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHECKING ACCOUNTS: RGV CREDIT UNION PROVIDES MEMBERS WITH A VARIETY OF CHECKING ACCOUNT TYPES DESIGNED TO FIT THE MEMBERS' NEEDS. FEATURES CAN VARY ANYWHERE FROM FREE CHECKING TO THOSE THAT ARE INTEREST BEARING. DIVIDENDS ARE PAID MONTHLY AND ALL COME WITH FREE INTERNET ACCESS, AND BILL PAY SERVICES. MEMBERS ALSO HAVE FREE ACCESS TO ANY ONE OF THE CREDIT UNION'S ATMS AND CAN FIND A SURCHARGE FREE ATM THROUGH ALLPOINT ON OUR WEBSITE.
LOANS: RGV CREDIT UNION PROVIDES MEMBERS WITH AFFORDABLE LOANS FOR THE PURCHASE OF A VEHICLE OR A RECREATIONAL VEHICLE, SUCH AS MOTORCYCLES, BOATS, ETC. CREDIT LIFE AND DISABILITY, GAP AND EXTENDED WARRANTIES ARE ALSO AVAILABLE ON ANY OF THESE PRODUCTS. ALSO MORTGAGE LOANS ARE AVAILABLE THROUGH A 3RD PARTY PROCESSOR.
SAVINGS ACCOUNTS: RGV CREDIT UNION SAVINGS ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 17,041 MEMBER-OWNED SAVINGS ACCOUNTS AS OF DECEMBER 31, 2021. DIVIDENDS ARE PAID OUT QUARTERLY AND MEMBERS CAN ACCESS THEIR ACCOUNTS VIA THE INTERNET, ATM, BY PHONE, OR THROUGH HOME BANKING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allyson Morrow Ceo/cfo | Officer | 40 | $163,000 |
David Jones Chair | OfficerTrustee | 1 | $0 |
Joe Montemayor Vice Chair | OfficerTrustee | 1 | $0 |
Emma Mccall Treasurer | OfficerTrustee | 1 | $0 |
Jim Coffman Secretary | OfficerTrustee | 1 | $0 |
Chad E Bender Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cu Answers Data Processing | 12/30/21 | $257,474 |
Ics It | 12/30/21 | $104,018 |
Fiserv Oncu Data Processing | 12/30/21 | $209,386 |
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 | $4,181,588 |
| Investment income | $683,831 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,865,424 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,625 |
| Grants and other assistance to domestic individuals. | $1,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $116,372 |
| Compensation of current officers, directors, key employees. | $190,953 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,752,452 |
| Pension plan accruals and contributions | $60,751 |
| Other employee benefits | $217,951 |
| Payroll taxes | $139,307 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,519 |
| Fees for services: Accounting | $19,410 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $173,859 |
| Advertising and promotion | $40,820 |
| Office expenses | $461,758 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $341,333 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,187 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $235,565 |
| Insurance | $0 |
| All other expenses | $43,540 |
| Total functional expenses | $4,386,631 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $27,541,359 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $556,418 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $68,816,411 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $206,304 |
| Net Land, buildings, and equipment | $5,028,730 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $48,645,973 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,547,426 |
| Total assets | $152,342,621 |
| Accounts payable and accrued expenses | $2,426,750 |
| 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 | $138,787,959 |
| Total liabilities | $141,214,709 |
| 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 | $11,127,912 |
| Total liabilities and net assets/fund balances | $152,342,621 |
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