Volt Credit Union
- Assets
- $89.7m
- Revenue
- $3.9m
- Investments
- $3.8m
- Employees
- 34
- Location
- Springfield, MO
- Founding
- Data as of
- 12/2021
- EIN
- 44-0444090
Organization Overview
Volt Credit Union is located in Springfield, MO. As of 12/2021, Volt Credit Union employed 34 individuals. Volt 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, Volt Credit Union generated $3.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $3.7m during the year ending 12/2021. While expenses have increased by 5.7% per year over the past 6 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
THE CREDIT UNION EXISTS TO HELP MEMBERS BUILD LONG-TERM FINANCIAL SECURITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 7,437 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2021, LOANS OUTSTANDING TOTALED $56,366,002.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $289,048 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Loretta Roney President/ceo | Officer | 40 | $158,245 |
Darrell Decker Treasurer | Trustee | 1 | $0 |
Lisa Alexander Director | Trustee | 1 | $0 |
Laurie Peeters Secretary | Trustee | 1 | $0 |
Randy Tucker Vice Chairman | Trustee | 1 | $0 |
Bill Jameson Chairman | Trustee | 1 | $0 |
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 | $2,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,500 |
| Total Program Service Revenue | $3,650,851 |
| Investment income | $242,605 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $21,765 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,246 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,925,967 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,541 |
| Grants and other assistance to domestic individuals. | $3,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $182,950 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,073,852 |
| Pension plan accruals and contributions | $54,431 |
| Other employee benefits | $130,672 |
| Payroll taxes | $97,804 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,780 |
| Fees for services: Accounting | $41,810 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $487,536 |
| Advertising and promotion | $221,606 |
| Office expenses | $179,380 |
| Information technology | $297,330 |
| Royalties | $0 |
| Occupancy | $159,887 |
| Travel | $6,334 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,734 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $177,122 |
| Insurance | $31,087 |
| All other expenses | $17,985 |
| Total functional expenses | $3,728,016 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $824,692 |
| Savings and temporary cash investments | $20,118,784 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $56,169,442 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $219,512 |
| Net Land, buildings, and equipment | $5,575,737 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,837,052 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,975,204 |
| Total assets | $89,720,423 |
| Accounts payable and accrued expenses | $558,843 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $10,318 |
| 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 | $82,035,013 |
| Total liabilities | $82,604,174 |
| 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 | $7,116,249 |
| Total liabilities and net assets/fund balances | $89,720,423 |
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