Valley Credit Union
- Assets
- $95.9m
- Revenue
- $4.5m
- Investments
- $10.5m
- Employees
- 21
- Location
- Salem, OR
- Founding
- 10/1944
- Data as of
- 12/2021
- EIN
- 93-6027729
Organization Overview
Valley Credit Union is located in Salem, 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 12/2021, Valley Credit Union employed 21 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 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 12/2021, Valley Credit Union generated $4.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $3.6m during the year ending 12/2021. While expenses have increased by 2.8% 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
TO PROVIDE EXCEPTIONAL SERVICE AND PRODUCTS THAT INCLUDES GREAT RATES AND LOW FEES FOR OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOW COST LOANS TO MEMBERS USING FUNDS ON DEPOSIT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pat Force CEO | Officer | 40 | $218,539 |
Justin Roberts Vice President | Officer | 40 | $127,216 |
Jake Turpin Vice President | Officer | 40 | $86,826 |
Katie Clark Secretary | Officer | 40 | $85,237 |
Rob Kansky Chairman | OfficerTrustee | 1 | $0 |
Tyler Clark Vice Chairman | OfficerTrustee | 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 | $3,966,949 |
| Investment income | $316,738 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $4,536,004 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,725 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $642,875 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $546,916 |
| Pension plan accruals and contributions | $27,218 |
| Other employee benefits | $272,284 |
| Payroll taxes | $94,039 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,745 |
| Fees for services: Accounting | $20,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $83,435 |
| Advertising and promotion | $74,553 |
| Office expenses | $284,908 |
| Information technology | $64,656 |
| Royalties | $0 |
| Occupancy | $85,474 |
| Travel | $29,165 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,368 |
| Interest | $71,647 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $123,289 |
| Insurance | $35,479 |
| All other expenses | $125,360 |
| Total functional expenses | $3,629,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $819,117 |
| Savings and temporary cash investments | $13,982,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $858,604 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $66,169,248 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $245,739 |
| Net Land, buildings, and equipment | $1,908,906 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,480,048 |
| Investments—program-related | $737,872 |
| Intangible assets | $0 |
| Other assets | $735,019 |
| Total assets | $95,936,553 |
| Accounts payable and accrued expenses | $648,946 |
| 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 | $2,752,182 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $80,131,660 |
| Total liabilities | $83,532,788 |
| Net assets without donor restrictions | $12,403,765 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $95,936,553 |
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