Velocity Credit Union

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 12/2019, Velocity Credit Union employed 253 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 12/2019, Velocity Credit Union generated $51.5m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $43.3m during the year ending 12/2019. While expenses have increased by 7.7% per year over the past 5 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2019

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.2019: 1) 37,173 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $599MM 2) ORIGINATED 8,969 LOANS IN 2019 WITH A BALANCE OF $237MM, AND 3) SERVICED 87,339 MEMBERS WITH DEPOSITS OF $723MM.


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Board, Officers & Key Employees

Name (title)Compensation
Debbie Mitchell
President/ceo
$1,047,311
Jack Jordan
COO
$357,000
Lisa Back
CFO
$355,042
Felix Gonzalez
Sr. VP Lending
$224,935
Daniel Penberg
Sr. VP It
$217,077
Carol Cain
Sr. Vice-Pres. Marketing
$206,472

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Austin Canyon Corporation
General Contractor
$2,890,449
Fis
Card Services Vendor
$2,751,991
Mastercard
Card Issuer
$1,379,732
General Datatech Lp Dept D8014
Information Technology
$1,339,690
Q2 Software
Software Services
$928,199
View All Vendors

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$47,682,219
Investment income $3,011,837
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $818,022
Net Gain/Loss on Asset Sales $25,021
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $51,540,286

Peer Organizations

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$107,654,707
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$92,923,025
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$78,841,838
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$71,525,575
Firstmark Credit Union
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First Service Credit Union
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$51,399,270
State Chartered Credit Unions In Louisiana
Baton Rouge, LA
$48,572,194
Neighborhood Credit Union
Dallas, TX
$51,652,385
Fort Worth Community Credit Union
Bedford, TX
$47,287,563
Velocity Credit Union
Austin, TX
$51,540,286
United Heritage Credit Union
Austin, TX
$48,829,880
Intouch Credit Union
Plano, TX
$42,962,924

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