Selco Community Credit Union
- Assets
- $2.6b
- Revenue
- $90.6m
- Investments
- $5.0m
- Employees
- 639
- Location
- Springfield, OR
- Founding
- 10/1944
- Data as of
- 12/2021
- EIN
- 93-0163693
Organization Overview
Selco Community Credit Union is located in Springfield, OR. The organization was established in 1944. 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, Selco Community Credit Union employed 639 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Selco Community 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, Selco Community Credit Union generated $90.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $68.4m during the year ending 12/2021. While expenses have increased by 6.8% 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
SELCO STRIVES TO PROVIDE FINANCIAL SERVICES THAT IMPROVE OUR MEMBERS' SOCIAL AND ECONOMIC CONDITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PAID OVER $6.9 MILLION IN DIVIDENDS TO MEMBERS. DEPOSIT ACCOUNTS INCLUDE SAVINGS, CHECKING, MONEY MARKET ACCOUNTS AND CERTIFICATES OF DEPOSIT. AS OF DECEMBER 31, 2021, DEPOSITS TOTALED $2.29 BILLION.
THE CREDIT UNION DISBURSED OVER $583 MILLION IN NEW LOANS TO MEMBERS. LOANS INCLUDE AUTO, HOME MORTGAGE, HOME EQUITY, CREDIT CARD, AND BUSINESS LOANS. AT DECEMBER 31, 2021, LOANS OUTSTANDING TOTALED $1.425 BILLION.
DURING 2021, THE CREDIT UNION PROVIDED FINANCIAL PLANNING SERVICES TO APPROXIMATELY 3,400 MEMBERS WITH ASSETS UNDER MANAGEMENT OF $369 MILLION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Robert Newcomb CEO And Secretary | Officer | 60 | $2,871,504 |
Scott Hirschhorn Mortage Loan Officer | 45 | $386,861 | |
Tiffany Washington Evp Finance & Operations And Treasurer | Officer | 50 | $364,213 |
Faye Ballester Mortage Loan Officer | 45 | $342,541 | |
Timothy Booher Mortage Loan Officer | 45 | $340,651 | |
Steven Mcintire SVP Enterprise Risk & General Counsel | 50 | $337,107 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Diebold Inc Atm Equipment And Servicing | 12/30/21 | $614,899 |
Mckenzie Commercial Contractors Inc General Construction Contractor | 12/30/21 | $2,144,505 |
Day Vengley Associates Advertising | 12/30/21 | $1,458,827 |
Insight Direct Computer Technology Solutions | 12/30/21 | $566,703 |
Jack Henry & Associates Software And Programming Services | 12/30/21 | $972,676 |
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 | $69,127,371 |
| Investment income | $5,272,380 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $16,969 |
| Net Gain/Loss on Asset Sales | $371,032 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $90,564,912 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $53,922 |
| Grants and other assistance to domestic individuals. | $52,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,670,310 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $25,366,982 |
| Pension plan accruals and contributions | $3,923,096 |
| Other employee benefits | $3,933,436 |
| Payroll taxes | $2,391,994 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,259 |
| Fees for services: Accounting | $156,546 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $437,882 |
| Advertising and promotion | $1,797,612 |
| Office expenses | $3,596,698 |
| Information technology | $2,639,493 |
| Royalties | $0 |
| Occupancy | $3,415,276 |
| Travel | $33,926 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,992,917 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $238,739 |
| All other expenses | $3,192,866 |
| Total functional expenses | $68,389,797 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,832,054 |
| Savings and temporary cash investments | $574,747,010 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $4,582,741 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,409,183,279 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $40,525,785 |
| Investments—publicly traded securities | $468,115,096 |
| Investments—other securities | $5,007,818 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $34,605,069 |
| Total assets | $2,557,598,852 |
| Accounts payable and accrued expenses | $13,585,062 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $960,218 |
| 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 | $2,297,371,362 |
| Total liabilities | $2,311,916,642 |
| 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 | $245,682,210 |
| Total liabilities and net assets/fund balances | $2,557,598,852 |
Grants Awarded
Over the last fiscal year, Selco Community Credit Union has awarded $13,767 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BEND LAPINE SCHOOL DISTRICT PURPOSE: CLASSROOM SUPPORT | $7,028 |
ALBANY SCHOOL DISTRICT PURPOSE: CLASSROOM SUPPORT | $6,739 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
California Credit Union Glendale, CA | $4,290,889,688 | $164,391,792 |
Credit Unions In The State Of California Sunnyvale, CA | $11,067,829,708 | $197,844,755 |
Educational Employees Credit Union Fresno, CA | $4,681,848,243 | $140,033,802 |
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |
Provident Credit Union Redwood City, CA | $3,536,838,918 | $114,626,988 |
Valley Strong Credit Union Bakersfield, CA | $3,451,789,893 | $131,789,936 |
Technology Credit Union San Jose, CA | $4,123,158,923 | $173,209,130 |
Credit Unions In The State Of California San Diego, CA | $3,476,522,108 | $114,723,458 |
Premier America Credit Union Chatsworth, CA | $3,406,612,540 | $107,505,968 |
Altura Credit Union Riverside, CA | $2,322,631,067 | $106,884,732 |
Credit Unions In The State Of Washington Olympia, WA | $2,172,440,238 | $102,241,429 |
Credit Unions In The State Of Washington Tacoma, WA | $2,549,084,611 | $105,611,575 |