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Nonprofiteer
← VALLEY CREDIT UNION

Form 990 for tax year 2023

Filed by VALLEY CREDIT UNION.

Totals

Total revenue
$6,561,737
Total expenses
$5,754,296
Contributions and grants received
$0
Grants paid
$26,127
Program service revenue
$6,196,782
Investment income
$364,955
Other revenue
$0
Total assets, end of year
$109,481,799
Total liabilities, end of year
$96,778,291
Net assets or fund balances, end of year
$12,703,508
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 $5,103,555 · related or exempt $5,116,202 · unrelated business -$12,647

  • 2b · Program service revenue: FEE INCOME

    total $893,336 · related or exempt $885,953 · unrelated business $7,383

  • 2c · Program service revenue: OTHER MEMBER FEES

    total $199,891 · related or exempt $179,714 · unrelated business $20,177

  • 3 · Investment income

    total $364,943 · unrelated business $24,024 · excluded $340,919

  • 7a · Gross sales of assets other than inventory

    other assets $12

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

    other assets $0

  • 7c · Gain or loss

    other assets $12

  • 7d · Net gain or loss

    total $12 · related or exempt $12

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $26,127

  • 4 · Benefits paid to or for members

    total $61,484

  • 5 · Compensation of officers, directors and key employees

    total $602,917

  • 7 · Other salaries and wages

    total $730,591

  • 9 · Other employee benefits

    total $367,412

  • 10 · Payroll taxes

    total $115,733

  • 11b · Fees: legal

    total $19,883

  • 11c · Fees: accounting

    total $26,500

  • 11g · Fees: other

    total $103,686

  • 12 · Advertising and promotion

    total $115,777

  • 13 · Office expenses

    total $961,539

  • 14 · Information technology

    total $68,250

  • 16 · Occupancy

    total $123,051

  • 17 · Travel

    total $73,873

  • 19 · Conferences, conventions and meetings

    total $6,995

  • 20 · Interest

    total $190,320

  • 22 · Depreciation, depletion and amortization

    total $49,926

  • 24a · Other expenses: DIVIDEND EXPENSE

    total $1,125,262

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $710,186

  • 24c · Other expenses: LOAN SERVICING

    total $182,929

  • 24d · Other expenses: MISCELLANEOUS EXPENSE

    total $83,104

  • 24e · All other expenses

    total $8,751

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,477,512 · end of year $3,232,613

  • 2 · Savings and temporary cash investments

    beginning of year $5,242,000 · end of year $4,494,000

  • 4 · Accounts receivable

    beginning of year $639,435 · end of year $659,278

  • 7 · Other notes and loans receivable

    beginning of year $78,783,905 · end of year $85,851,174

  • 9 · Prepaid expenses and deferred charges

    beginning of year $248,657 · end of year $294,541

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

    $3,124,697

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

    $1,323,178

  • 10c · Land, buildings and equipment, net

    beginning of year $1,818,638 · end of year $1,801,519

  • 12 · Investments: other securities

    beginning of year $11,406,411 · end of year $11,473,376

  • 13 · Investments: program-related

    beginning of year $763,053 · end of year $777,870

  • 15 · Other assets

    beginning of year $769,654 · end of year $897,428

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,164,917 · end of year $695,268

  • 23 · Secured mortgages and notes payable

    beginning of year $5,750,222 · end of year $3,545,067

  • 25 · Other liabilities

    beginning of year $82,499,943 · end of year $92,537,956

  • 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 $11,734,183 · end of year $12,703,508

Mission and programs · 2023

Mission

SERVING FOR YOUR SUCCESS

Activities or mission (Part I)

TO PROVIDE EXCEPTIONAL SERVICE AND PRODUCTS THAT INCLUDES GREAT RATES AND LOW FEES FOR OUR MEMBERS.

  • PROVIDE LOW COST LOANS TO MEMBERS USING FUNDS ON DEPOSIT.

As filed on the 2023 return.

Listed in Part VII

  • Rob Kansky

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Tyler Clark

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Denny Nielsen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Marilyn Bacon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patrick Vance

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Earlene Naylor

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Micky Frost

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Pat Force

    CEO

    Total calculated
    $259,758
    From this org
    $235,871
    From related orgs
    $0
    Other
    $23,887
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,353
    Bonus
    $29,518
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $23,887
    Filer's total
    $259,758

  • Justin Roberts

    VP OF LENDING

    Total calculated
    $185,305
    From this org
    $153,184
    From related orgs
    $0
    Other
    $32,121
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,320
    Bonus
    $14,864
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $32,121
    Filer's total
    $185,305

  • Jake Turpin

    VP OF MEMBER SERVICES

    Total calculated
    $146,373
    From this org
    $114,959
    From related orgs
    $0
    Other
    $31,414
    Hours/week
    40

  • Katie Clark

    SECRETARY

    Total calculated
    $117,624
    From this org
    $98,903
    From related orgs
    $0
    Other
    $18,721
    Hours/week
    40

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 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
23 October 2024
IRS schema version
2023v5.1
Source object
202432999349301653

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