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Nonprofiteer
← RAVE FINANCIAL CREDIT UNION

Form 990 for tax year 2024

Filed by RAVE FINANCIAL CREDIT UNION.

Totals

Total revenue
$68,821,965
Total expenses
$64,381,342
Contributions and grants received
$0
Grants paid
$139,755
Program service revenue
$62,796,215
Investment income
$5,680,727
Other revenue
$345,023
Total assets, end of year
$1,080,320,770
Total liabilities, end of year
$934,286,739
Net assets or fund balances, end of year
$146,034,031
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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 $44,508,650 · related or exempt $44,508,650

  • 2b · Program service revenue: FEES, CHARGES, OTHER

    total $18,287,565 · related or exempt $18,287,565

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $5,680,727 · related or exempt $5,680,727

  • 6a · Gross rents

    real property $265,850

  • 6b · Less rental expenses

    real property $73,337

  • 6c · Rental income or loss

    real property $192,513 · personal property $0

  • 6d · Net rental income or loss

    total $192,513 · excluded $192,513

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: NON-MEMBER ATM INCOME

    total $152,510 · unrelated business $152,510

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $152,510

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $115,755

  • 2 · Grants to domestic individuals

    total $24,000

  • 5 · Compensation of officers, directors and key employees

    total $3,021,068

  • 7 · Other salaries and wages

    total $16,545,779

  • 8 · Pension plan contributions

    total $956,860

  • 9 · Other employee benefits

    total $3,605,947

  • 10 · Payroll taxes

    total $1,410,518

  • 11b · Fees: legal

    total $54,974

  • 11c · Fees: accounting

    total $61,884

  • 11g · Fees: other

    total $98,629

  • 12 · Advertising and promotion

    total $1,228,180

  • 13 · Office expenses

    total $12,313,885

  • 16 · Occupancy

    total $1,900,306

  • 17 · Travel

    total $116,741

  • 19 · Conferences, conventions and meetings

    total $45,478

  • 20 · Interest

    total $16,835,035

  • 22 · Depreciation, depletion and amortization

    total $2,080,281

  • 23 · Insurance

    total $335,139

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $3,040,321

  • 24b · Other expenses: LOAN SERVICING

    total $484,030

  • 24c · Other expenses: FEDERAL OPERATING FEE

    total $106,532

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $17,950,114 · end of year $22,301,395

  • 2 · Savings and temporary cash investments

    beginning of year $101,311,413 · end of year $57,321,198

  • 4 · Accounts receivable

    beginning of year $219,587 · end of year $433,480

  • 5 · Loans and receivables from officers and key people

    beginning of year $3,847,757 · end of year $4,062,600

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $805,458,499 · end of year $826,239,558

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,997,168 · end of year $2,012,625

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

    $68,589,551

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

    $23,540,868

  • 10c · Land, buildings and equipment, net

    beginning of year $44,666,495 · end of year $45,048,683

  • 11 · Investments: publicly traded securities

    beginning of year $94,361,649 · end of year $87,208,055

  • 12 · Investments: other securities

    beginning of year $9,952,100 · end of year $9,732,800

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $27,332,983 · end of year $25,960,376

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,765,707 · end of year $10,857,758

  • 19 · Deferred revenue

    beginning of year $458,303 · end of year $568,960

  • 21 · Escrow or custodial account liability

    end of year $962,703

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $953,280,347 · end of year $921,897,318

  • 31 · Retained earnings, endowment or other funds

    beginning of year $141,593,408 · end of year $146,034,031

Mission and programs · 2024

Mission

To enrich people's lives one experience at a time.

  • MEETS THE FINANCIAL NEEDS OF ITS MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL PRODUCTS.

  • OFFERS AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, CHECK CASHING, TRAVELERS CHECKS, OVERDRAFT PROTECTION/COURTESY PAY, BILL PAY, AND VARIOUS INSURANCE AND INVESTMENT PROGRAMS.

  • PROVIDES FINANCIAL EDUCATION BY OFFERING FINANCIAL HEALTH SEMINARS AND SERVICES SUCH AS CREDIT SCORE ANALYSIS, CAR BUYING 101, BUDGET PLANNING AND MORE.

As filed on the 2024 return.

Listed in Part VII

  • GARY WALDROP

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • PAUL WHEELINGTON

    1ST VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • RAUL LITO MORALES

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • RICHARD D NEWTON

    AUDIT COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • TONY LUCENTI

    2ND VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Brandon Rascoe

    DIRECTOR - PART YEAR

    Total calculated
    $0
    Hours/week
    1

  • BRANDON ROSE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BRIAN ALLEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CODY BURRELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • FLOYD PRICE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RAYMOND NALLIE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CODY BUCHHOLZ

    CHIEF MARKETING OFFICER

    Total calculated
    $298,120
    From this org
    $255,711
    From related orgs
    $0
    Other
    $42,409
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $234,554
    Bonus
    $21,157
    Other
    $0
    Deferred
    $21,997
    Nontaxable benefits
    $20,412
    Filer's total
    $298,120

  • JOHN DOUCET

    PRESIDENT/CEO

    Total calculated
    $509,868
    From this org
    $431,443
    From related orgs
    $0
    Other
    $78,425
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $414,144
    Bonus
    $17,299
    Other
    $0
    Deferred
    $63,377
    Nontaxable benefits
    $15,048
    Filer's total
    $509,868

  • JONATHAN E HASKETT JR

    CHIEF FINANCIAL OFFICER

    Total calculated
    $321,192
    From this org
    $265,393
    From related orgs
    $0
    Other
    $55,799
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $243,458
    Bonus
    $21,935
    Other
    $0
    Deferred
    $42,131
    Nontaxable benefits
    $13,668
    Filer's total
    $321,192

  • KEISHA SMITH

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $308,867
    From this org
    $268,018
    From related orgs
    $0
    Other
    $40,849
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,084
    Bonus
    $21,934
    Other
    $0
    Deferred
    $31,597
    Nontaxable benefits
    $9,252
    Filer's total
    $308,867

  • LADEDRA JONES

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $309,960
    From this org
    $266,746
    From related orgs
    $0
    Other
    $43,214
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,787
    Bonus
    $21,959
    Other
    $0
    Deferred
    $42,176
    Nontaxable benefits
    $1,038
    Filer's total
    $309,960

  • PHILLIP BRENT

    CHIEF LEGAL COUNSEL

    Total calculated
    $300,097
    From this org
    $268,737
    From related orgs
    $0
    Other
    $31,360
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,806
    Bonus
    $21,931
    Other
    $0
    Deferred
    $21,952
    Nontaxable benefits
    $9,408
    Filer's total
    $300,097

  • ALLISON DEYOUNG

    VP OF HUMAN RESOURCES

    Total calculated
    $209,650
    From this org
    $172,829
    From related orgs
    $0
    Other
    $36,821
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,657
    Bonus
    $14,172
    Other
    $0
    Deferred
    $22,925
    Nontaxable benefits
    $13,896
    Filer's total
    $209,650

  • AMANDA LEBLANC

    VP OF EXPERIENCE CENTERS

    Total calculated
    $178,824
    From this org
    $157,684
    From related orgs
    $0
    Other
    $21,140
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,528
    Bonus
    $13,156
    Other
    $0
    Deferred
    $11,792
    Nontaxable benefits
    $9,348
    Filer's total
    $178,824

  • DUSTIN WILLIAMS

    VP OF FINANCE & ANALYTICS

    Total calculated
    $200,024
    From this org
    $172,651
    From related orgs
    $0
    Other
    $27,373
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,498
    Bonus
    $14,153
    Other
    $0
    Deferred
    $18,565
    Nontaxable benefits
    $8,808
    Filer's total
    $200,024

  • LANA FLOYD

    VP OF CONSUMER LENDING

    Total calculated
    $173,625
    From this org
    $145,988
    From related orgs
    $0
    Other
    $27,637
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,131
    Bonus
    $13,857
    Other
    $0
    Deferred
    $26,617
    Nontaxable benefits
    $1,020
    Filer's total
    $173,625

  • PIERCE HARRINGTON

    AVP SR. COMMERCIAL LENDER

    Total calculated
    $210,841
    From this org
    $179,906
    From related orgs
    $0
    Other
    $30,935
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,596
    Bonus
    $15,310
    Other
    $0
    Deferred
    $15,455
    Nontaxable benefits
    $15,480
    Filer's total
    $210,841

  • BROOKE COLLINS

    VP OF VIRUTAL SERVICES

    Total calculated
    $176,068
    From this org
    $140,259
    From related orgs
    $0
    Other
    $35,809
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,644
    Bonus
    $11,615
    Other
    $0
    Deferred
    $15,757
    Nontaxable benefits
    $20,052
    Filer's total
    $176,068

  • CARI RIZZATO

    AVP OF SUPPORT SERVICES

    Total calculated
    $152,939
    From this org
    $115,122
    From related orgs
    $0
    Other
    $37,817
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,234
    Bonus
    $9,888
    Other
    $0
    Deferred
    $22,817
    Nontaxable benefits
    $15,000
    Filer's total
    $152,939

  • JEFF KELLUM

    SR. SYSTEMS & NETWORK MANAGER

    Total calculated
    $142,495
    From this org
    $118,531
    From related orgs
    $0
    Other
    $23,964
    Hours/week
    40

  • JENNIFER WILLETT

    COMMERCIAL LENDING & SERVICES MANAGER

    Total calculated
    $148,266
    From this org
    $114,984
    From related orgs
    $0
    Other
    $33,282
    Hours/week
    40

  • LATISHA ADKINS

    VP OF PROJECTS AND INNOVATION

    Total calculated
    $154,851
    From this org
    $137,824
    From related orgs
    $0
    Other
    $17,027
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,949
    Bonus
    $10,875
    Other
    $0
    Deferred
    $14,699
    Nontaxable benefits
    $2,328
    Filer's total
    $154,851

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions
BOARD OF DIRECTORS ARE ALLOWED TO BRING THEIR PARTNER WITH THEM. THE CREDIT UNION PAYS FOR AIRLINE TRAVEL IF IT REQUIRES FLYING AND THEY GET A DAILY PER DIEM. THIS IS NOT INCLUDED IN TAXABLE WAGES.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
THE FOLLOWING INDIVIDUALS PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION PLAN BUT DID NOT RECEIVE A DISTRIBUTION OR HAVE AN AMOUNT VEST IN THE PLAN. UNDER THE PLAN, AMOUNTS ARE SUBJECT TO CLIFF VESTING. JONATHAN E HASKETT JR KEISHA SMITH LADEDRA JONES IN ADDITION, JOHN DOUCET PARTICIPATED IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPEMENTAL RETIREMENT PLAN - THE LOAN RELATED TO THIS PLAN IS SHOWN ON SCHEDULE L.

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

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.1
Source object
202533219349304778

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