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Nonprofiteer
← ROCK VALLEY FEDERAL CREDIT UNION

Form 990 for tax year 2023

Filed by ROCK VALLEY FEDERAL CREDIT UNION.

Totals

Total revenue
$10,281,588
Total expenses
$9,636,877
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$9,756,971
Investment income
$524,617
Other revenue
$0
Total assets, end of year
$155,845,592
Total liabilities, end of year
$139,341,471
Net assets or fund balances, end of year
$16,504,121
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INTEREST

    total $5,797,431 · related or exempt $5,797,431

  • 2b · Program service revenue: OTHER INCOME

    total $2,491,707 · related or exempt $2,491,707

  • 2c · Program service revenue: FEES AND CHARGES

    total $1,467,833 · related or exempt $1,467,833

  • 3 · Investment income

    total $524,617 · excluded $524,617

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $393,595

  • 7 · Other salaries and wages

    total $2,445,328

  • 8 · Pension plan contributions

    total $149,599

  • 9 · Other employee benefits

    total $465,003

  • 10 · Payroll taxes

    total $264,071

  • 11b · Fees: legal

    total $155,098

  • 11c · Fees: accounting

    total $46,350

  • 11g · Fees: other

    total $317,777

  • 12 · Advertising and promotion

    total $342,402

  • 13 · Office expenses

    total $1,922,176

  • 14 · Information technology

    total $822,159

  • 16 · Occupancy

    total $261,538

  • 17 · Travel

    total $2,214

  • 20 · Interest

    total $82,212

  • 22 · Depreciation, depletion and amortization

    total $373,983

  • 24a · Other expenses: INTEREST ON MEMBERS' AC

    total $1,041,335

  • 24b · Other expenses: MISCELLANEOUS

    total $380,574

  • 24c · Other expenses: PROVISION FOR CREDIT LO

    total $171,463

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,157,500 · end of year $2,005,020

  • 2 · Savings and temporary cash investments

    beginning of year $5,069,935 · end of year $5,397,741

  • 7 · Other notes and loans receivable

    beginning of year $115,735,869 · end of year $119,912,686

  • 9 · Prepaid expenses and deferred charges

    beginning of year $358,825 · end of year $763,987

  • 10a · Land, buildings and equipment: cost or other basis

    $7,926,247

  • 10b · Land, buildings and equipment: accumulated depreciation

    $4,131,105

  • 10c · Land, buildings and equipment, net

    beginning of year $3,892,070 · end of year $3,795,142

  • 11 · Investments: publicly traded securities

    beginning of year $15,403,131 · end of year $17,452,172

  • 12 · Investments: other securities

    beginning of year $996,000 · end of year $1,239,000

  • 13 · Investments: program-related

    beginning of year $3,125,281 · end of year $3,209,369

  • 15 · Other assets

    beginning of year $1,518,077 · end of year $2,070,475

  • 17 · Accounts payable and accrued expenses

    beginning of year $812,417 · end of year $2,049,591

  • 23 · Secured mortgages and notes payable

    beginning of year $2,000,000 · end of year $3,500,000

  • 25 · Other liabilities

    beginning of year $130,084,593 · end of year $133,791,880

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $15,359,678 · end of year $16,504,121

Mission and programs · 2023

Mission

ROCK VALLEY CREDIT UNION IS A COOPERATIVE NON-PROFIT ASSOCIATION, ORGANIZED UNDER THE NATIONAL CREDIT UNION ACT FOR THE PURPOSES OF ENCOURAGING THRIFT AMONG ITS MEMBERS, AND PROVIDING A SOURCE OF CREDIT AT REASONABLE RATES OF INTEREST.

  • PROVIDED 5,262 CONSUMER LOANS TO MEMBERS

  • PROVIDED 671 MORTGAGE AND HOME EQUITY LOANS TO MEMBERS

  • PROVIDED CHECKING SERVICE TO 10,525 MEMBER ACCOUNTS;PROVIDED SAVINGS SERVICES TO 20,834 MEMBER ACCOUNTS

As filed on the 2023 return.

Listed in Part VII

  • David Gill

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Lynne Kowalczyk

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Stuart Meyerson

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Kylar Hayes

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Bob Toews

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Burden

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Eileen Caver

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Melissa McCormick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tanya Peterson

    EVP

    Total calculated
    $160,075
    From this org
    $151,054
    From related orgs
    $0
    Other
    $9,021
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,054
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,021
    Filer's total
    $160,075

  • Darlyne Keller

    CEO

    Total calculated
    $233,520
    From this org
    $224,205
    From related orgs
    $0
    Other
    $9,315
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,205
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $9,315
    Filer's total
    $233,520

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
12 April 2024
IRS schema version
2023v5.0
Source object
202431149349301508

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