Lehigh Valley Educators Credit Union
- Assets
- $400.8m
- Revenue
- $11.0m
- Investments
- $235.4k
- Employees
- 35
- Location
- Allentown, PA
- Founding
- 09/1945
- Data as of
- 12/2022
- EIN
- 23-0338105
Organization Overview
Lehigh Valley Educators Credit Union is located in Allentown, PA. The organization was established in 1945. 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 12/2022, Lehigh Valley Educators Credit Union employed 35 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lehigh Valley Educators Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Lehigh Valley Educators Credit Union generated $11.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $7.9m during the year ending 12/2022. While expenses have increased by 3.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
MAINTAIN FINANCIAL SOUNDNESS WHILE EMPOWERING MEMBERS TO WORK TOWARD FINANCIAL SUCCESS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE MORE THAN 8,300 LOANS TO OVER 16,000 MEMBERS.
PROVIDE FINANCIAL SERVICES TO OVER 16,000 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Ayers Board Chairperson | Trustee | 1 | $1,000 |
Gary Fedorcha Board Vice Chair | Trustee | 1 | $750 |
Eugenia Emert Secretary/treasurer | Trustee | 1 | $750 |
Jillian Emert Membership Officer | Trustee | 1 | $350 |
Daniel Joseph Director | Trustee | 1 | $600 |
Sherri Molitoris Director | Trustee | 1 | $600 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Debit Card Processing | 12/30/22 | $436,520 |
Fidelity Information Services Plastic Card Services | 12/30/22 | $364,506 |
Corelation Inc Software Maintenance | 12/30/22 | $107,568 |
Alkami Technology Digital Banking Services | 12/30/22 | $235,330 |
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 | $6,489,861 |
| Investment income | $4,621,193 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$226,377 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,017,714 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $95,200 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $673,383 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,161,965 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $362,126 |
| Payroll taxes | $113,806 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,557 |
| Fees for services: Accounting | $34,363 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $219,673 |
| Advertising and promotion | $138,414 |
| Office expenses | $1,013,444 |
| Information technology | $608,451 |
| Royalties | $0 |
| Occupancy | $346,365 |
| Travel | $7 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,493 |
| Interest | $1,398,339 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $358,733 |
| Insurance | $72,805 |
| All other expenses | $0 |
| Total functional expenses | $7,914,560 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $871,950 |
| Savings and temporary cash investments | $18,917,005 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,126,575 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $111,005,867 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $263,760 |
| Net Land, buildings, and equipment | $4,764,938 |
| Investments—publicly traded securities | $258,739,952 |
| Investments—other securities | $235,400 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,898,315 |
| Total assets | $400,823,762 |
| Accounts payable and accrued expenses | $274,090 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $361,137,110 |
| Total liabilities | $361,411,200 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $400,823,762 |
Grants Awarded
Over the last fiscal year, Lehigh Valley Educators Credit Union has awarded $90,000 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
ALLENTOWN SCHOOL DISTRICT PURPOSE: BACKPACK PROGRAM | $10,000 |
EAST PENN SCHOOL DISTRICT PURPOSE: BACKPACK PROGRAM | $10,000 |
CATASAUQUA SCHOOL DISTRICT PURPOSE: BACKPACK PROGRAM | $10,000 |
NORTHERN LEHIGH SCHOOL DISTRICT PURPOSE: BACKPACK PROGRAM | $10,000 |
NORTHWESTERN LEHIGH SCHOOL DISTRICT PURPOSE: BACKPACK PROGRAM | $10,000 |
PARKLAND SCHOOL DISTRICT PURPOSE: BACKPACK PROGRAM | $10,000 |