Verve Credit Union
- Assets
- $1.5b
- Revenue
- $63.5m
- Investments
- $390.2k
- Employees
- 348
- Location
- Oshkosh, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-0711674
Organization Overview
Verve Credit Union is located in Oshkosh, WI. As of 12/2022, Verve Credit Union employed 348 individuals. Verve 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, Verve Credit Union generated $63.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $57.2m during the year ending 12/2022. While expenses have increased by 10.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
A NONPROFIT MEMBER-OWNED THRIFT INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS. OPERATIONS ARE PRIMARILY RELATED TO HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Victoria Beltran Chair | OfficerTrustee | 1 | $24,000 |
Bill Colclough Treasurer | OfficerTrustee | 1 | $21,000 |
Michael Pollack Vice Chair | OfficerTrustee | 1 | $21,000 |
Brian Borchardt Director | Trustee | 1 | $18,000 |
Kevin Bornemann Director | Trustee | 1 | $21,250 |
Robert Hernke Director | Trustee | 1 | $18,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Business Lending Group Llc Loan Servicing | 12/30/22 | $1,304,156 |
Engage Fi Llc Consulant/project Management | 12/30/22 | $258,351 |
Mortgage Cadence Llc Mortgage Software | 12/30/22 | $232,914 |
Wipfli Llp Auditor | 12/30/22 | $157,764 |
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 | $56,684,941 |
| Investment income | $5,718,442 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $61,500 |
| Net Gain/Loss on Asset Sales | $1,057,905 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $63,522,788 |
| 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. | $2,487,854 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,064,777 |
| Pension plan accruals and contributions | $566,774 |
| Other employee benefits | $2,492,321 |
| Payroll taxes | $1,163,534 |
| Fees for services: Management | $49,600 |
| Fees for services: Legal | $1,202,700 |
| Fees for services: Accounting | $258,186 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,394,013 |
| Office expenses | $6,582,894 |
| Information technology | $2,087,709 |
| Royalties | $0 |
| Occupancy | $2,976,350 |
| Travel | $376,058 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,236,348 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,358,786 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $57,220,605 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,673,378 |
| Savings and temporary cash investments | $48,200,847 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,899,924 |
| Loans from Officers, Directors, or Controlling Persons | $9,797,760 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,122,409,366 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,564,067 |
| Net Land, buildings, and equipment | $36,937,503 |
| Investments—publicly traded securities | $234,972,843 |
| Investments—other securities | $390,178 |
| Investments—program-related | $15,561,776 |
| Intangible assets | $22,023,387 |
| Other assets | $23,789,936 |
| Total assets | $1,533,220,965 |
| Accounts payable and accrued expenses | $16,255,790 |
| 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 | $201,153,795 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,214,848,256 |
| Total liabilities | $1,432,257,841 |
| 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 | $10,000,000 |
| Retained earnings, endowment, accumulated income, or other funds | $90,963,124 |
| Total liabilities and net assets/fund balances | $1,533,220,965 |