Selco Community Credit Union
- Assets
- $2.7b
- Revenue
- $139.8m
- Investments
- $4.4m
- Employees
- 537
- Location
- Springfield, OR
- Founding
- 10/1944
- Data as of
- 12/2023
- EIN
- 93-0163693
Organization Overview
Selco Community Credit Union is located in Springfield, OR. The organization was established in 1944. 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, Selco Community Credit Union employed 537 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Selco Community 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, Selco Community Credit Union generated $139.8m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $121.7m during the year ending 12/2023. While expenses have increased by 12.2% 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
SELCO STRIVES TO PROVIDE FINANCIAL SERVICES THAT IMPROVE OUR MEMBERS' SOCIAL AND ECONOMIC CONDITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PAID OVER $39.5 MILLION IN DIVIDENDS TO MEMBERS. DEPOSIT ACCOUNTS INCLUDE SAVINGS, CHECKING, MONEY MARKET ACCOUNTS AND CERTIFICATES OF DEPOSIT. AS OF DECEMBER 31, 2023, DEPOSITS TOTALED $2.44 BILLION.
THE CREDIT UNION DISBURSED $420 MILLION IN NEW LOANS TO MEMBERS. LOANS INCLUDE AUTO, HOME MORTGAGE, HOME EQUITY, CREDIT CARD, AND BUSINESS LOANS. AT DECEMBER 31, 2023, LOANS OUTSTANDING TOTALED $1.9 BILLION.
DURING 2023, THE CREDIT UNION PROVIDED FINANCIAL PLANNING SERVICES TO APPROXIMATELY 3,310 MEMBERS WITH ASSETS UNDER MANAGEMENT OF $374 MILLION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed President/chairperson | OfficerTrustee | 3 | $0 |
Name Not Listed Vp/vice Chair Thru January 2023 | OfficerTrustee | 2 | $0 |
Name Not Listed Vice President/vice Chairperson | OfficerTrustee | 2 | $0 |
Name Not Listed Director | Trustee | 2 | $0 |
Name Not Listed Director | Trustee | 2 | $0 |
Name Not Listed Director Thru January 2023 | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mckenzie Commercial Contractors Inc General Construction Contractor | 12/30/23 | $1,216,662 |
Day Vengley & Associates Advertising Consultant | 12/30/23 | $1,633,603 |
Diebold Inc Atm Equipment And Servicing | 12/30/23 | $1,032,182 |
Jack Henry & Associates Inc Software And Support Services | 12/30/23 | $1,021,178 |
Infoimage Statement Printing | 12/30/23 | $924,699 |
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 | $98,582,132 |
| Investment income | $25,999,181 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $14,406 |
| Net Gain/Loss on Asset Sales | $1,678,579 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $139,819,159 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $53,506 |
| Grants and other assistance to domestic individuals. | $52,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,002,254 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $33,093,227 |
| Pension plan accruals and contributions | $3,444,605 |
| Other employee benefits | $4,904,342 |
| Payroll taxes | $3,070,482 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $97,007 |
| Fees for services: Accounting | $677,119 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $565,843 |
| Advertising and promotion | $2,210,580 |
| Office expenses | $4,976,719 |
| Information technology | $3,804,207 |
| Royalties | $0 |
| Occupancy | $3,539,408 |
| Travel | $141,349 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $39,884,065 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $248,030 |
| All other expenses | $4,127,175 |
| Total functional expenses | $121,694,355 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,282,832 |
| Savings and temporary cash investments | $292,168,073 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $4,599,490 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,866,921,135 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $41,843,093 |
| Investments—publicly traded securities | $472,617,973 |
| Investments—other securities | $4,352,396 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $35,462,568 |
| Total assets | $2,727,247,560 |
| Accounts payable and accrued expenses | $22,631,617 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,137,012 |
| 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 | $2,449,336,377 |
| Total liabilities | $2,473,105,006 |
| 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 | $254,142,554 |
| Total liabilities and net assets/fund balances | $2,727,247,560 |
Grants Awarded
Over the last fiscal year, Selco Community Credit Union has awarded $13,767 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BEND LAPINE SCHOOL DISTRICT PURPOSE: CLASSROOM SUPPORT | $7,028 |
ALBANY SCHOOL DISTRICT PURPOSE: CLASSROOM SUPPORT | $6,739 |