Lehigh Valley Educators Credit Union
- Assets
- $408.7m
- Revenue
- $9.7m
- Investments
- $191.2k
- Employees
- 33
- Location
- Allentown, PA
- Founding
- 09/1945
- Data as of
- 12/2021
- 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 12/2021, Lehigh Valley Educators Credit Union employed 33 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 12/2021, Lehigh Valley Educators Credit Union generated $9.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $7.4m during the year ending 12/2021. While expenses have increased by 3.2% per year over the past 7 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
2021
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 |
|---|---|---|---|
Rosemarie E Krantz CEO | Officer | 40 | $170,975 |
Ronald W Houck CFO | Officer | 40 | $101,206 |
Marie A Rhoda Clo | Officer | 40 | $98,828 |
William Ayers Board Chairperson | Trustee | 1 | $1,000 |
Gary Fedorcha Board Vice Chair | Trustee | 1 | $750 |
Eugenia Emert Secretary/treasurer | Trustee | 1 | $550 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Corelation Inc Software Maintenance | 12/30/21 | $105,115 |
Fiserv Debit Card Processing | 12/30/21 | $354,254 |
Alkami Technology Digital Banking Services | 12/30/21 | $225,791 |
Fidelity Information Services Plastic Card Services | 12/30/21 | $295,796 |
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 | $6,041,318 |
| Investment income | $3,324,973 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $97,940 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,686,113 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $542,394 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,132,969 |
| Pension plan accruals and contributions | $149,752 |
| Other employee benefits | $435,789 |
| Payroll taxes | $108,400 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,510 |
| Fees for services: Accounting | $24,318 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $183,422 |
| Advertising and promotion | $192,380 |
| Office expenses | $961,524 |
| Information technology | $577,089 |
| Royalties | $0 |
| Occupancy | $280,697 |
| Travel | $54 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,043 |
| Interest | $1,313,703 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $368,121 |
| Insurance | $68,057 |
| All other expenses | $0 |
| Total functional expenses | $7,367,598 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,067,747 |
| Savings and temporary cash investments | $33,559,316 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,068,484 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $96,506,978 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $317,658 |
| Net Land, buildings, and equipment | $5,109,842 |
| Investments—publicly traded securities | $266,633,533 |
| Investments—other securities | $191,200 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,244,504 |
| Total assets | $408,699,262 |
| Accounts payable and accrued expenses | $434,846 |
| 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 | $349,013,143 |
| Total liabilities | $349,447,989 |
| 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 | $408,699,262 |
Peer Organizations
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|---|---|---|
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0197 Universal 1 Credit Union Inc Dayton, OH | $475,826,892 | $18,974,323 |
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0022 Homeland Credit Union Inc Chillicothe, OH | $544,770,601 | $15,031,134 |
1388 Genfed Financial Credit Union Akron, OH | $303,431,659 | $12,548,115 |
568 Cardinal Credit Union Inc Mentor, OH | $282,642,743 | $13,219,321 |
Myusa Credit Union Inc Middletown, OH | $349,265,766 | $12,884,021 |
Aurgroup Financial Credit Union Fairfield, OH | $202,850,587 | $8,772,438 |
1134 Credit Union Of Ohio Inc Hilliard, OH | $200,863,666 | $8,147,622 |
1371 Impact Credit Union Inc Clyde, OH | $184,776,564 | $7,906,870 |
27 Buckeye State Credit Union Inc Akron, OH | $103,090,579 | $8,727,303 |
Lehigh Valley Educators Credit Union Allentown, PA | $408,699,262 | $9,686,113 |