Velocity Credit Union
- Assets
- $1.1b
- Revenue
- $65.3m
- Investments
- $1.6m
- Employees
- 270
- Location
- Austin, TX
- Founding
- 01/1960
- Data as of
- 12/2021
- EIN
- 74-1200165
Organization Overview
Velocity Credit Union is located in Austin, TX. The organization was established in 1960. 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, Velocity Credit Union employed 270 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Velocity 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, Velocity Credit Union generated $65.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $41.0m during the year ending 12/2021. While expenses have increased by 4.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VELOCITY CREDIT UNION PROVIDES LOANS TO MEMBERS AT LOWER INTEREST RATES, ACCEPTS DEPOSITS, AND PAYS HIGHER DIVIDEND RATES.2021: 1) 32,840 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $564MM 2) ORIGINATED 8,150 LOANS IN 2021 WITH A BALANCE OF $295MM, AND 3) SERVICED 84,696 MEMBERS WITH DEPOSITS OF $918MM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Debbie Mitchell President/ceo | Officer | 40 | $925,375 |
Jack Jordan Evp/coo | Officer | 40 | $423,373 |
Lisa Back Evp/cfo | Officer | 40 | $350,071 |
Daniel Penberg Cio | 40 | $241,075 | |
Greg Shaver Clo | 40 | $221,034 | |
Barbara Carol Cain Sr. Vice-Pres. Marketing | 40 | $200,164 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Card Services Processing | 12/30/21 | $1,775,221 |
Austin Canyon Corporation Construction Services | 12/30/21 | $1,152,395 |
Q2 Software Online Banking Services | 12/30/21 | $835,602 |
Mastercard Card Issuer | 12/30/21 | $1,304,316 |
Fiserv Technology Services | 12/30/21 | $1,267,437 |
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 | $39,416,309 |
| Investment income | $2,627,507 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$240,053 |
| Net Gain/Loss on Asset Sales | $22,756,750 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $65,298,866 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $47,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,784,258 |
| Compensation of current officers, directors, key employees. | $1,865,498 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,110,570 |
| Pension plan accruals and contributions | $2,862,075 |
| Other employee benefits | $1,569,010 |
| Payroll taxes | $1,059,555 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $289,032 |
| Fees for services: Accounting | $128,245 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,327,295 |
| Advertising and promotion | $787,859 |
| Office expenses | $2,505,405 |
| Information technology | $2,160,568 |
| Royalties | $0 |
| Occupancy | $1,422,102 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $71,780 |
| Interest | $88,280 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,657,032 |
| Insurance | $100,853 |
| All other expenses | $151,991 |
| Total functional expenses | $40,972,813 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,825,719 |
| Savings and temporary cash investments | $106,318,960 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $894,434 |
| Loans from Officers, Directors, or Controlling Persons | $3,502,210 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $554,246,343 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,241,550 |
| Net Land, buildings, and equipment | $54,926,416 |
| Investments—publicly traded securities | $310,627,446 |
| Investments—other securities | $1,593,200 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $28,751,239 |
| Total assets | $1,067,927,517 |
| Accounts payable and accrued expenses | $9,444,357 |
| Grants payable | $0 |
| Deferred revenue | $1,734,707 |
| 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 | $918,759,812 |
| Total liabilities | $929,938,876 |
| 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 | $137,988,641 |
| Total liabilities and net assets/fund balances | $1,067,927,517 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ttcu Federal Credit Union Tulsa, OK | $2,611,508,582 | $123,227,030 |
Credit Union Of Texas Allen, TX | $1,777,913,030 | $114,589,686 |
First Community Credit Union Of Houston Houston, TX | $1,964,514,771 | $83,936,302 |
Texas Trust Credit Union Arlington, TX | $1,797,827,251 | $77,667,084 |
Intouch Credit Union Plano, TX | $1,046,983,946 | $47,406,759 |
State Chartered Credit Unions In Louisiana Baton Rouge, LA | $599,377,066 | $59,950,337 |
Firstmark Credit Union San Antonio, TX | $1,229,967,544 | $50,715,745 |
True Sky Credit Union Oklahoma City, OK | $831,301,668 | $47,281,663 |
United Heritage Credit Union Austin, TX | $1,405,950,790 | $55,051,200 |
First Service Credit Union Houston, TX | $855,098,387 | $54,328,304 |
Neighborhood Credit Union Dallas, TX | $1,066,752,639 | $52,511,237 |
Velocity Credit Union Austin, TX | $1,067,927,517 | $65,298,866 |