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Nonprofiteer
← VERIDIAN CREDIT UNION

Form 990 for tax year 2024

Filed by VERIDIAN CREDIT UNION.

Totals

Total revenue
$459,755,519
Total expenses
$366,394,437
Contributions and grants received
$0
Grants paid
$985,368
Program service revenue
$386,960,773
Investment income
$24,287,603
Other revenue
$48,507,143
Total assets, end of year
$7,964,809,440
Total liabilities, end of year
$7,107,021,669
Net assets or fund balances, end of year
$857,787,771
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: INTEREST INCOME - LOANS TO MEMBER

    total $352,836,957 · related or exempt $352,836,957

  • 2b · Program service revenue: FEES AND CHARGES

    total $13,281,274 · related or exempt $13,281,274

  • 2c · Program service revenue: INTEREST INCOME - MEMBER INVESTME

    total $10,735,175 · related or exempt $10,735,175

  • 2d · Program service revenue: SALE OF SERVICES

    total $5,933,648 · related or exempt $5,185,282 · unrelated business $748,366

  • 2e · Program service revenue: ATM - POINT OF SALE

    total $4,173,719 · related or exempt $3,883,535 · unrelated business $290,184

  • 3 · Investment income

    total $24,122,522 · excluded $24,122,522

  • 6a · Gross rents

    real property $314,341

  • 6b · Less rental expenses

    real property $502,776

  • 6c · Rental income or loss

    real property -$188,435

  • 6d · Net rental income or loss

    total -$188,435 · excluded -$188,435

  • 7a · Gross sales of assets other than inventory

    securities $108,308,048 · other assets $1,390,934

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

    securities $109,182,423 · other assets $351,478

  • 7c · Gain or loss

    securities -$874,375 · other assets $1,039,456

  • 7d · Net gain or loss

    total $165,081 · excluded $165,081

  • 11a · Other revenue: VISA INTERCHANGE

    total $35,008,423 · related or exempt $35,008,423

  • 11b · Other revenue: OVERDRAFT/NSF FEES

    total $11,823,624 · related or exempt $11,823,624

  • 11c · Other revenue: MISCELLANEOUS INCOME

    total $1,863,531 · related or exempt $1,863,531

  • 11e · Other revenue, total

    $48,695,578

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $985,368

  • 5 · Compensation of officers, directors and key employees

    total $4,942,683

  • 6 · Compensation of disqualified persons

    total $42,147

  • 7 · Other salaries and wages

    total $61,063,469

  • 8 · Pension plan contributions

    total $8,818,893

  • 9 · Other employee benefits

    total $13,009,401

  • 10 · Payroll taxes

    total $4,507,011

  • 11b · Fees: legal

    total $315,962

  • 11c · Fees: accounting

    total $458,226

  • 11f · Fees: investment management

    total $118,282

  • 11g · Fees: other

    total $981,582

  • 12 · Advertising and promotion

    total $5,637,491

  • 13 · Office expenses

    total $8,945,838

  • 14 · Information technology

    total $5,843,798

  • 16 · Occupancy

    total $7,294,855

  • 17 · Travel

    total $288,639

  • 19 · Conferences, conventions and meetings

    total $643,232

  • 20 · Interest

    total $184,622,138

  • 22 · Depreciation, depletion and amortization

    total $5,600,483

  • 24a · Other expenses: UNRELATED BUSINESS TAXE

    total $310,395

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $16,585,696

  • 24c · Other expenses: LOAN SERVICING

    total $15,581,963

  • 24d · Other expenses: PAYMENT SYSTEMS

    total $9,457,397

  • 24e · All other expenses

    total $10,339,488

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $29,427,460 · end of year $33,844,493

  • 2 · Savings and temporary cash investments

    beginning of year $480,981,963 · end of year $358,488,529

  • 4 · Accounts receivable

    beginning of year $49,131,569 · end of year $100,813,415

  • 5 · Loans and receivables from officers and key people

    beginning of year $16,123,182 · end of year $16,160,108

  • 7 · Other notes and loans receivable

    beginning of year $6,251,403,836 · end of year $6,811,227,230

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,769,918 · end of year $12,588,316

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

    $140,893,891

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

    $50,562,458

  • 10c · Land, buildings and equipment, net

    beginning of year $88,493,852 · end of year $90,331,433

  • 13 · Investments: program-related

    beginning of year $450,460,960 · end of year $460,408,164

  • 14 · Intangible assets

    beginning of year $14,510,789 · end of year $14,104,623

  • 15 · Other assets

    beginning of year $61,799,949 · end of year $66,843,129

  • 17 · Accounts payable and accrued expenses

    beginning of year $94,457,350 · end of year $86,108,490

  • 19 · Deferred revenue

    beginning of year $8,602,181 · end of year $7,215,972

  • 21 · Escrow or custodial account liability

    beginning of year $15,597,812 · end of year $17,652,213

  • 23 · Secured mortgages and notes payable

    beginning of year $410,083,005 · end of year $419,051,065

  • 25 · Other liabilities

    beginning of year $6,175,088,174 · end of year $6,576,993,929

  • 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 $748,274,956 · end of year $857,787,771

Mission and programs · 2024

Mission

THE MISSION OF VERIDIAN CREDIT UNION IS TO PARTNER WITH MEMBERS TO CREATE SUCCESSFUL FINANCIAL FUTURES.

Activities or mission (Part I)

TO PROVIDE A VARIETY OF LOW OR NO COST SERVICES, LOW LOAN RATES, AND HIGHER SAVINGS RATES TO OUR MEMBERS, AND TO FULFILL OUR PHILOSOPHY OF "PEOPLE HELPING PEOPLE" BY PARTNERING WITH OUR MEMBERS TO CREATE SUCCESSFUL FINANCIAL FUTURES. OUR CURRENT FIELD OF MEMBERSHIP IS THE STATE OF IOWA, 6 COUNTIES IN EASTERN NEBRASKA, AND 8 COUNTIES AROUND THE MINNEAPOLIS-ST PAUL METRO IN MINNESOTA.

  • VERIDIAN CREDIT UNION SERVED APPROXIMATELY 349,551 MEMBERS AT OUR CONVENIENT BRANCH LOCATIONS. VERIDIAN CREDIT UNION ADDED 42,572 NEW MEMBERSHIPS IN 2024. TOTAL LOANS AND DEPOSITS AT 12/31/2024 WERE 6,858,140,556 AND 6,582,483,785, RESPECTIVELY.

As filed on the 2024 return.

Listed in Part VII

  • Stephanie Atkin

    CHAIRPERSON

    Total calculated
    $782
    From this org
    $782
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Pamela Ayres

    FORMER BOARD OF DIRECTOR

    Total calculated
    $98
    From this org
    $98
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Emsad Begic

    BOARD OF DIRECTOR

    Total calculated
    $485
    From this org
    $485
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • William Boevers

    SECRETARY

    Total calculated
    $1,885
    From this org
    $1,885
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Cynthia Buettner

    BOARD OF DIRECTOR

    Total calculated
    $135
    From this org
    $135
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • James Kacher

    BOARD OF DIRECTOR

    Total calculated
    $0
    Hours/week
    6

  • Bob Kressig

    BOARD OF DIRECTOR

    Total calculated
    $0
    Hours/week
    6

  • Larry Loss

    BOARD OF DIRECTOR

    Total calculated
    $1,721
    From this org
    $1,721
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Traci McBee

    CHAIRPERSON ELECT

    Total calculated
    $2,468
    From this org
    $2,468
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Will Montgomery

    BOARD OF DIRECTOR

    Total calculated
    $2,110
    From this org
    $2,110
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Cindy Sprole

    BOARD OF DIRECTOR

    Total calculated
    $798
    From this org
    $798
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Justine Teut

    BOARD OF DIRECTOR

    Total calculated
    $24,356
    From this org
    $24,356
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Aubrey Ward

    BOARD OF DIRECTOR

    Total calculated
    $4,534
    From this org
    $4,534
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Nick Waters

    TREASURER

    Total calculated
    $0
    Hours/week
    6

  • Renee Christoffer

    PRESIDENT/CEO

    Total calculated
    $1,507,539
    From this org
    $1,206,516
    From related orgs
    $0
    Other
    $301,023
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $776,269
    Bonus
    $207,044
    Other
    $223,203
    Deferred
    $278,433
    Nontaxable benefits
    $22,590
    Filer's total
    $1,507,539

  • Keith Mesch

    CHIEF FINANCIAL OFFICER

    Total calculated
    $724,131
    From this org
    $535,227
    From related orgs
    $0
    Other
    $188,904
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $346,398
    Bonus
    $86,131
    Other
    $102,698
    Deferred
    $163,075
    Nontaxable benefits
    $25,829
    Filer's total
    $724,131

  • Brett Engstrom

    CHIEF INFORMATION OFFICER

    Total calculated
    $553,780
    From this org
    $405,967
    From related orgs
    $0
    Other
    $147,813
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $270,709
    Bonus
    $64,121
    Other
    $71,137
    Deferred
    $123,692
    Nontaxable benefits
    $24,121
    Filer's total
    $553,780

  • Mark Koppedryer

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $548,709
    From this org
    $383,968
    From related orgs
    $0
    Other
    $164,741
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $290,490
    Bonus
    $64,014
    Other
    $29,464
    Deferred
    $131,558
    Nontaxable benefits
    $33,183
    Filer's total
    $548,709

  • Shawna Matz

    CHIEF PEOPLE OFFICER

    Total calculated
    $497,493
    From this org
    $373,685
    From related orgs
    $0
    Other
    $123,808
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $238,719
    Bonus
    $56,541
    Other
    $78,425
    Deferred
    $108,254
    Nontaxable benefits
    $15,554
    Filer's total
    $497,493

  • Kara Vanwert

    CHIEF LENDING OFFICER

    Total calculated
    $521,425
    From this org
    $374,342
    From related orgs
    $0
    Other
    $147,083
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $267,350
    Bonus
    $61,440
    Other
    $45,552
    Deferred
    $126,923
    Nontaxable benefits
    $20,160
    Filer's total
    $521,425

  • Christi Hulme

    VP OF MEMBER CONTACT CENTER

    Total calculated
    $338,013
    From this org
    $250,036
    From related orgs
    $0
    Other
    $87,977
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $192,253
    Bonus
    $24,957
    Other
    $32,826
    Deferred
    $61,049
    Nontaxable benefits
    $26,928
    Filer's total
    $338,013

  • Emily L Kuntz

    VP - CONTROLLER

    Total calculated
    $351,968
    From this org
    $266,451
    From related orgs
    $0
    Other
    $85,517
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $188,782
    Bonus
    $28,053
    Other
    $49,616
    Deferred
    $59,705
    Nontaxable benefits
    $25,812
    Filer's total
    $351,968

  • Gregory Slessor

    SENIOR VP OF LEGAL

    Total calculated
    $489,194
    From this org
    $367,523
    From related orgs
    $0
    Other
    $121,671
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $261,772
    Bonus
    $49,077
    Other
    $56,674
    Deferred
    $88,836
    Nontaxable benefits
    $32,835
    Filer's total
    $489,194

  • Steven Lindaman

    VP OF COMMERCIAL AND MORTGAGE

    Total calculated
    $335,399
    From this org
    $247,201
    From related orgs
    $0
    Other
    $88,198
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $221,940
    Bonus
    $24,296
    Other
    $965
    Deferred
    $64,999
    Nontaxable benefits
    $23,199
    Filer's total
    $335,399

  • Molly Schmidt

    VP OF INFORMATION TECHNOLOGY

    Total calculated
    $313,378
    From this org
    $224,450
    From related orgs
    $0
    Other
    $88,928
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $177,795
    Bonus
    $24,421
    Other
    $22,234
    Deferred
    $56,011
    Nontaxable benefits
    $32,917
    Filer's total
    $313,378

  • Douglas Gilbertson

    FORMER CHIEF OPERATIONS OFFICER

    Total calculated
    $589,605
    From this org
    $563,602
    From related orgs
    $0
    Other
    $26,003
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $447,547
    Bonus
    $115,659
    Other
    $396
    Deferred
    $17,874
    Nontaxable benefits
    $8,129
    Filer's total
    $589,605

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 · Independent compensation consultant
  • 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)

PART I, LINE 1A
IN TAX YEAR 2024, VERIDIAN CREDIT UNION REIMBURSED TRAVEL EXPENSES INCURRED RELATED TO INDUSTRY CONFERENCES FOR THE COMPANIONS OF WILLIAM BOEVERS, TRACI MCBEE, JUSTINE TEUT, AUBREY WARD, LARRY LOSS, STEPHANIE ATKIN, PAMELA AYRES, EMSAD BEGIC, CYNTHIA BUETTNER, CINDY SPROLE, AND WILL MONTGOMERY. THE AMOUNTS ARE INCLUDED IN REPORTABLE COMPENSATION IN PART VII AND SCHEDULE J.
PART I, LINE 4B
THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NONQUALIFIED DEFERRED COMPENSATION PLAN IN 2024: RENEE CHRISTOFFER - $235,041 KEITH MESCH - $110,348 BRETT ENGSTROM - $81,283 MARK KOPPEDRYER - $87,066 KARA VANWERT - $83,564 GREGORY SLESSOR - $43,565 SHAWNA MATZ - $72,438 EMILY L KUNTZ - $31,155 STEVEN LINDAMAN - $29,337 CHRISTI HULME - $30,489 MOLLY SCHMIDT - $27,395 THE DOLLAR AMOUNT REPRESENTS THE CURRENT YEAR CONTRIBUTION CREDITS MADE BY VERIDIAN CREDIT UNION ON BEHALF OF THE INDIVIDUALS TO THE PLAN IN 2024. THIS INFORMATION IS INCLUDED IN DEFERRED COMPENSATION ON THE FORM 990, PART VII AND SCHEDULE J, PART II.

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

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • THE VERIDIAN GROUP

    C · INSURANCE AND PAYROLL PROCESSING · IA · 100% owned · share of income $7,845,296 · share of assets $9,060,916 · controlled entity

    Directly controlled by VERIDIAN CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
23 September 2025
IRS schema version
2024v5.2
Source object
202502879349301935

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