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Nonprofiteer
← LEHIGH VALLEY EDUCATORS CREDIT UNION

Form 990 for tax year 2023

Filed by LEHIGH VALLEY EDUCATORS CREDIT UNION.

Totals

Total revenue
$12,311,883
Total expenses
$11,587,552
Contributions and grants received
$0
Grants paid
$90,000
Program service revenue
$8,106,213
Investment income
$4,194,253
Other revenue
$11,417
Total assets, end of year
$412,042,275
Total liabilities, end of year
$364,897,568
Net assets or fund balances, end of year
$47,144,707
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 INCOME

    total $6,299,099 · related or exempt $6,299,099

  • 2b · Program service revenue: PLASTIC CARD INCOME

    total $1,365,400 · related or exempt $1,365,400

  • 2c · Program service revenue: FEE INCOME

    total $438,651 · related or exempt $438,651

  • 2d · Program service revenue: NON MEMBER ATM INCOME

    total $3,063 · unrelated business $3,063

  • 3 · Investment income

    total $7,768,700 · excluded $7,768,700

  • 7a · Gross sales of assets other than inventory

    securities $12,901,000 · other assets $44,980,642

  • 7b · Less cost or other basis and sales expenses

    securities $16,478,541 · other assets $44,977,548

  • 7c · Gain or loss

    securities -$3,577,541 · other assets $3,094

  • 7d · Net gain or loss

    total -$3,574,447 · excluded -$3,574,447

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $11,417 · related or exempt $11,417

  • 11e · Other revenue, total

    $11,417

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $90,000

  • 5 · Compensation of officers, directors and key employees

    total $724,227

  • 7 · Other salaries and wages

    total $1,388,307

  • 8 · Pension plan contributions

    total $40,826

  • 9 · Other employee benefits

    total $441,289

  • 10 · Payroll taxes

    total $136,877

  • 11b · Fees: legal

    total $58,770

  • 11c · Fees: accounting

    total $39,673

  • 11g · Fees: other

    total $216,874

  • 12 · Advertising and promotion

    total $222,359

  • 13 · Office expenses

    total $1,095,815

  • 14 · Information technology

    total $638,825

  • 16 · Occupancy

    total $342,598

  • 17 · Travel

    total $5,774

  • 19 · Conferences, conventions and meetings

    total $35,121

  • 20 · Interest

    total $4,374,785

  • 22 · Depreciation, depletion and amortization

    total $345,145

  • 23 · Insurance

    total $59,582

  • 24a · Other expenses: LENDING EXPENSES

    total $941,680

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $241,156

  • 24c · Other expenses: OTHER

    total $147,869

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $871,950 · end of year $950,204

  • 2 · Savings and temporary cash investments

    beginning of year $18,917,005 · end of year $39,992,151

  • 4 · Accounts receivable

    beginning of year $1,126,575 · end of year $1,353,775

  • 7 · Other notes and loans receivable

    beginning of year $111,005,867 · end of year $116,511,900

  • 9 · Prepaid expenses and deferred charges

    beginning of year $263,760 · end of year $580,405

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

    $9,235,930

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

    $4,780,297

  • 10c · Land, buildings and equipment, net

    beginning of year $4,764,938 · end of year $4,455,633

  • 11 · Investments: publicly traded securities

    beginning of year $258,739,952 · end of year $242,816,697

  • 12 · Investments: other securities

    beginning of year $235,400 · end of year $217,900

  • 15 · Other assets

    beginning of year $4,898,315 · end of year $5,163,610

  • 17 · Accounts payable and accrued expenses

    beginning of year $274,090 · end of year $676,703

  • 25 · Other liabilities

    beginning of year $361,137,110 · end of year $364,220,865

  • 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 $0 · end of year $0

Mission and programs · 2023

Mission

MAINTAIN FINANCIAL SOUNDNESS WHILE EMPOWERING MEMBERS TO WORK TOWARD FINANCIAL SUCCESS.

Activities or mission (Part I)

MAINTAIN FINANCIAL SOUNDNESS WHILE EMPOWERING MEMBERS TO WORK TOWARD FINANCIAL SUCCESS

  • PROVIDE MORE THAN 8,300 LOANS TO OVER 15,000 MEMBERS.

  • PROVIDE FINANCIAL SERVICES TO OVER 15,000 MEMBERS

As filed on the 2023 return.

Listed in Part VII

  • William Ayers

    BOARD CHAIRPERSON

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gary Fedorcha

    BOARD VICE CHAIR

    Total calculated
    $1,000
    From this org
    $1,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Eugenia Emert

    SECRETARY/TREASURER

    Total calculated
    $750
    From this org
    $750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jillian Emert

    MEMBERSHIP OFFICER

    Total calculated
    $350
    From this org
    $350
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Daniel Joseph

    DIRECTOR

    Total calculated
    $600
    From this org
    $600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sherri Molitoris

    DIRECTOR

    Total calculated
    $600
    From this org
    $600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dennis Nemes

    DIRECTOR

    Total calculated
    $600
    From this org
    $600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ryan Van Norman

    DIRECTOR

    Total calculated
    $600
    From this org
    $600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gary Phillips

    DIRECTOR

    Total calculated
    $600
    From this org
    $600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Daniel Weaver

    DIRECTOR

    Total calculated
    $600
    From this org
    $600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Rosemarie E Krantz

    CEO

    Total calculated
    $364,958
    From this org
    $242,598
    From related orgs
    $0
    Other
    $122,360
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $242,598
    Bonus
    $0
    Other
    $0
    Deferred
    $95,320
    Nontaxable benefits
    $27,040
    Filer's total
    $364,958

  • Ann Hoff

    CFO

    Total calculated
    $161,735
    From this org
    $103,879
    From related orgs
    $0
    Other
    $57,856
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $103,879
    Bonus
    $0
    Other
    $0
    Deferred
    $29,881
    Nontaxable benefits
    $27,975
    Filer's total
    $161,735

  • Marie A Rhoda

    CLO

    Total calculated
    $172,977
    From this org
    $124,075
    From related orgs
    $0
    Other
    $48,902
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,075
    Bonus
    $0
    Other
    $0
    Deferred
    $42,478
    Nontaxable benefits
    $6,424
    Filer's total
    $172,977

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 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202423209349315287

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