Hudson Valley Federal Credit Union
- Assets
- $7.1b
- Revenue
- $314.7m
- Investments
- $0.0
- Employees
- 1,159
- Location
- Poughkeepsie, NY
- Founding
- Data as of
- 12/2023
- EIN
- 14-1471439
Organization Overview
Hudson Valley Federal Credit Union is located in Poughkeepsie, NY. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Hudson Valley Federal Credit Union employed 1,159 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hudson Valley Federal Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CU THAT PROVIDES FINANCIAL, INSURANCE AND BANKING SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HVCU PROVIDES CONSUMER AND BUSINESS DEPOSIT AND LOAN PRODUCTS, A VARIETY OF PERSONAL AND BUSINESS INSURANCE PRODUCTS AND WEALTH MANAGEMENT SERVICES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jay Pantaleo Chairman Of The Board | OfficerTrustee | 1 | $0 |
Keith Baskett Vice Chairman | OfficerTrustee | 1 | $0 |
Nancy Kappler-Foster Treasurer | OfficerTrustee | 1 | $0 |
Benjamin Smith Secretary | OfficerTrustee | 1 | $0 |
Henrietta Akpata Director | Trustee | 1 | $0 |
Janine S Daughtry Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fis Technology Services | 12/30/23 | $5,265,313 |
Cula Vehicle Leasing Servicing Fees | 12/30/23 | $5,667,521 |
Alkami Technology Internet Banking | 12/30/23 | $3,032,168 |
Lanvera Marketing Services | 12/30/23 | $2,250,471 |
Jack Henry & Associates Core System Provider | 12/30/23 | $1,998,160 |
View All Vendors
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $267,908,667 |
| Investment income | $84,263,208 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$9,987 |
| Net Gain/Loss on Asset Sales | -$37,500,918 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $314,660,970 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $93,310,522 |
| Compensation of current officers, directors, key employees. | $7,741,307 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $62,055,966 |
| Pension plan accruals and contributions | $435,000 |
| Other employee benefits | $16,974,478 |
| Payroll taxes | $5,319,015 |
| Fees for services: Management | $619,755 |
| Fees for services: Legal | $83,498 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,417,654 |
| Office expenses | $25,021,024 |
| Information technology | $10,214,863 |
| Royalties | $0 |
| Occupancy | $5,203,957 |
| Travel | $189,825 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $438,975 |
| Interest | $18,492,249 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,135,376 |
| Insurance | $963,514 |
| All other expenses | $0 |
| Total functional expenses | $311,868,141 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $772,823,073 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $22,405,638 |
| Loans from Officers, Directors, or Controlling Persons | $19,052,496 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,230,506,939 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $83,778,566 |
| Investments—publicly traded securities | $1,821,128,681 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $113,102,833 |
| Total assets | $7,062,798,226 |
| Accounts payable and accrued expenses | $64,958,490 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $16,237,140 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,549,191,228 |
| Total liabilities | $6,630,386,858 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $432,411,368 |
| Total liabilities and net assets/fund balances | $7,062,798,226 |