Valley Strong Credit Union
- Assets
- $4.0b
- Revenue
- $265.1m
- Investments
- $21.0m
- Employees
- 717
- Location
- Bakersfield, CA
- Founding
- 01/2016
- Data as of
- 12/2023
- EIN
- 95-1652797
Organization Overview
Valley Strong Credit Union is located in Bakersfield, CA. The organization was established in 2016. 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, Valley Strong Credit Union employed 717 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Valley Strong 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, Valley Strong Credit Union generated $265.1m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 27.7% each year . All expenses for the organization totaled $247.0m during the year ending 12/2023. While expenses have increased by 32.5% per year over the past 4 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.
Since 2020, Valley Strong Credit Union has awarded 89 individual grants totaling $4,582,412. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP EDUCATION CONFERENCES: WE HAVE EXTENSIVE WORKSHOP/ONLINE SEMINAR PROGRAMS WITH TOPICS WHICH TYPICALLY ARE HELD TWICE A QUARTER IN THE VARIOUS MARKETS. TOPICS COVERED ARE AUTO AND HOME BUYING, RETIREMENT AND WEALTH MANAGEMENT, BUSINESS BANKING, CYBER SECURITY AND MEDICARE ASSISTANCE. ADDITIONALLY, WE HOLD FINANCIAL LITERACY CLASSES AT LOCAL SCHOOLS (K-12) AS WELL AS AREA COLLEGES AND COMMUNITY PARTNER LOCATIONS TO HELP INTRODUCE OUR YOUNG COMMUNITY MEMBERS WITH FINANCIAL KNOWLEDGE.
ONGOING MARKETING STRATEGIES: WE HAVE FOCUSED OUR MARKETING EFFORTS ON BRANDING IN OUR EXPANSION MARKETS WHICH INCLUDE CHECKING OFFERS, MORTGAGE AND AUTO LOAN OPTIONS, BUSINESS BANKING OPPORTUNITIES, AND RETIREMENT AND WEALTH MANAGEMENT POSSIBILITIES.
COMMUNICATIONS/LEGISLATIVE/REGULATORY/COMPLIANCE: WE KEEP MEMBERS UPDATED, PROVIDING ALL RULES AND REGULATIONS GOVERNING THE CREDIT UNION AND COMPLIANCE ASSISTANCE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Drew Board Chairman | Trustee | 3 | $0 |
Dr Bryon Schaefer 1st Vice Chairman | Trustee | 3 | $2,876 |
Dr Dennis Scott 2nd Vice Chairman | Trustee | 3 | $1,366 |
Valencia Jones Secretary | Trustee | 3 | $2,797 |
Joanne Mills Treasurer | Trustee | 3 | $2,181 |
Dr S William Bruce Board Member | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Klassen And Smith Construction Inc Construction Contractor | 12/30/23 | $6,346,584 |
Alkami Technology Inc Online Banking Provider | 12/30/23 | $3,151,035 |
Alm First Group Llc Professional Financial Services & Advisi | 12/30/23 | $5,650,683 |
Cobra Equity Holdco Llc Dba Exeter Finan Franchise & Independent Dealership Finan | 12/30/23 | $2,798,849 |
Xpress Data Inc Statement Provider | 12/30/23 | $2,367,856 |
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 | $234,095,978 |
| Investment income | $15,757,453 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $238,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $265,074,915 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,782,117 |
| 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. | $16,714,981 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $36,704,362 |
| Pension plan accruals and contributions | $2,329,875 |
| Other employee benefits | $8,358,847 |
| Payroll taxes | $3,660,974 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,075,405 |
| Fees for services: Accounting | $171,949 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,972,591 |
| Advertising and promotion | $5,986,005 |
| Office expenses | $18,034,136 |
| Information technology | $9,647,368 |
| Royalties | $0 |
| Occupancy | $5,199,090 |
| Travel | $1,836,538 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $51,924,775 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,002,070 |
| Insurance | $1,035,191 |
| All other expenses | $387,913 |
| Total functional expenses | $246,997,316 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110,154,418 |
| Savings and temporary cash investments | $26,692,464 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $29,409,984 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,634,614 |
| Net Land, buildings, and equipment | $87,728,935 |
| Investments—publicly traded securities | $447,379,504 |
| Investments—other securities | $20,998,173 |
| Investments—program-related | $3,208,912,283 |
| Intangible assets | $11,287,740 |
| Other assets | $77,898,440 |
| Total assets | $4,028,096,555 |
| Accounts payable and accrued expenses | $87,641,074 |
| 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 | $3,658,155,628 |
| Total liabilities | $3,745,796,702 |
| 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 | $282,299,853 |
| Total liabilities and net assets/fund balances | $4,028,096,555 |
Grants Awarded
Over the last fiscal year, Valley Strong Credit Union has awarded $1,369,003 in support to 30 organizations.
| Grant Recipient | Amount |
|---|---|
BAKERSFIELD COLLEGE FOUNDATION INC PURPOSE: TO ASSIST IN EXPANDING OPPORTUNITIES FOR STUDENTS BY FUNDING SCHOLARSHIPS & ENHANCING COLLEGE FACILITIES. | $555,500 |
FCCU2 FOUNDATION PURPOSE: TO HELP SUPPORT CHARITABLE ORGANIZATIONS IN THE SAN JOAQUIN VALLEY COMMUNITY. | $250,000 |
CSUB FOUNDATION PURPOSE: TO ASSIST CSU BAKERSFIELD IN PROVIDING SCHOLARSHIPS & IMPROVING CAMPUS FACILITIES. | $55,000 |
CHILDREN'S MIRACLE NETWORK HOSPITALS PURPOSE: TO ASSIST IN PROVIDING FUNDS AND AWARENESS FOR CHILDREN'S HOSPITALS. | $63,600 |
KERN HIGH SCHOOL DISTRICT EDUCATIONAL FOUNDATION PURPOSE: TO SUPPORT THE EDUCATIONAL AND OTHER PROGRAMS OF THE KERN HIGH SCHOOL DISTRICT. | $40,000 |
AMERICAN HEART ASSOCIATION INC PURPOSE: TO ASSIST IN THE ADVANCEMENT OF CARDIOVASCULAR HEALTH FOR ALL. | $50,000 |