Valley Strong Credit Union
- Assets
- $3.5b
- Revenue
- $131.8m
- Investments
- $870.6k
- Employees
- 700
- Location
- Bakersfield, CA
- Founding
- 01/2016
- Data as of
- 12/2021
- EIN
- 95-1652797
Organization Overview
Valley Strong Credit Union is located in Bakersfield, CA. The organization was established in 2016. 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, Valley Strong Credit Union employed 700 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Valley Strong 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, Valley Strong Credit Union generated $131.8m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 14.9% each year . All expenses for the organization totaled $101.0m during the year ending 12/2021. While expenses have increased by 12.2% per year over the past 2 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.
Since 2020, Valley Strong Credit Union has awarded 30 individual grants totaling $2,063,709. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP EDUCATION CONFERENCES: WE HAVE EXTENSIVE WORKSHOP/ONLINE SEMINAR PROGRAMS WITH TOPICS WHICH TYPICALLY ARE HELD TWICE A MONTH. TOPICS COVERED ARE AUTO AND HOME BUYING, RETIREMENT AND WEALTH MANAGEMENT, BUSINESS BANKING, CYBER SECURITY AND MEDICARE ASSISTANCE. ADDITIONALLY, WE HOLD FINANCIAL LITERACY CLASSES OFF SITE AT LOCAL SCHOOLS K-12 AS WELL AS AREA COLLEGES TO HELP INTRODUCE OUR YOUNG COMMUNITY MEMBERS WITH FINANCIAL KNOWLEDGE.
ONGOING MARKETING STRATEGIES: WE HAVE FOCUSED OUR MARKETING EFFORTS ON BRANDING IN OUR EXPANSION MARKETS WHICH INCLUDE CHECKING OFFERS, MORTGAGE AND AUTO LOAN OPTIONS, BUSINESS BANKING OPPORTUNITIES, AND RETIREMENT AND WEALTH MANAGEMENT POSSIBILITIES.
COMMUNICATIONS/LEGISLATIVE/REGULATORY/COMPLIANCE: WE KEEP MEMBERS UPDATED, PROVIDING ALL RULES AND REGULATIONS GOVERNING THE CREDIT UNION AS WELL AS COMPLIANCE ASSISTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen P Renock IV Former President/ceo | 40 | $3,246,433 | |
Nicholas Ambrosini President/ceo | Officer | 40 | $1,297,309 |
Steven Matejka Evp/coo | Officer | 40 | $753,849 |
Charles Allen Smith Svp/chief Lending Officer | Officer | 40 | $467,085 |
Mark Manns Svp/chief Human Resources Officer | Officer | 40 | $418,518 |
Stephen Roach Svp/chief Digital Officer | Officer | 40 | $415,878 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mcdermott & Bull Executive Search Executive Search & Recruiting Services | 12/30/21 | $805,451 |
Dell Marketing Lp Computer Equipment | 12/30/21 | $544,366 |
Connect Financial Software Solutions Digital Platform Software | 12/30/21 | $465,507 |
Alm First Financial Advisors Financial Advisory Services | 12/30/21 | $473,511 |
Carroll & Associates Llp Consulting/advisory Services | 12/30/21 | $464,242 |
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 | $106,240,457 |
| Investment income | $8,246,933 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $14,610,887 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $131,789,936 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,291,795 |
| 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. | $12,718,314 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,045,841 |
| Pension plan accruals and contributions | $1,207,246 |
| Other employee benefits | $4,208,408 |
| Payroll taxes | $2,245,769 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $652,848 |
| Fees for services: Accounting | $50,271 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,156,189 |
| Advertising and promotion | $2,522,116 |
| Office expenses | $11,340,218 |
| Information technology | $4,840,399 |
| Royalties | $0 |
| Occupancy | $3,936,137 |
| Travel | $982,671 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,932,755 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,827,645 |
| Insurance | $359,063 |
| All other expenses | $20,443 |
| Total functional expenses | $100,994,405 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $68,977,722 |
| Savings and temporary cash investments | $333,271,193 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $21,998,665 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,100,887 |
| Net Land, buildings, and equipment | $68,851,637 |
| Investments—publicly traded securities | $615,596,029 |
| Investments—other securities | $870,611 |
| Investments—program-related | $2,254,448,829 |
| Intangible assets | $0 |
| Other assets | $84,674,320 |
| Total assets | $3,451,789,893 |
| Accounts payable and accrued expenses | $62,509,246 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,053,167,446 |
| Total liabilities | $3,115,676,692 |
| 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 | $336,113,201 |
| Total liabilities and net assets/fund balances | $3,451,789,893 |
Grants Awarded
Over the last fiscal year, Valley Strong Credit Union has awarded $1,219,215 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
Bakersfield, CA PURPOSE: EXPAND OPPORTUNITIES FOR STUDENTS BY FUNDING SCHOLARSHIPS & ENHANCING COLLEGE FACILITIES. | $593,500 |
Bakersfield, CA PURPOSE: ASSISTING CSU BAKERSFIELD IN PROVIDING SCHOLARSHIPS & IMPROVING CAMPUS FACILITIES. | $547,605 |
Bakersfield, CA PURPOSE: PROVIDE EDUCATION & NETWORKING TO THE BUSINESS COMMUNITY OF BAKERSFIELD/KERN COUNTY. | $35,000 |
Bakersfield, CA PURPOSE: TO ASSIST IN PROVIDING COMPASSIONATE END-OF-LIFE CARE. | $15,000 |
Vacaville, CA PURPOSE: PROVIDE LEADERSHIP & EDUCATION TO IMPROVE THE SUCCESS OF THE VACAVILLE BUSINESS COMMUNITY. | $10,610 |
Penryn, CA PURPOSE: TO SUPPORT & SPONSOR THE GIANT PUMPKIN WEIGH-OFF. | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Golden 1 Credit Union Sacramento, CA | $18,331,687,285 | $525,382,897 |
Patelco Credit Union Dublin, CA | $9,047,982,000 | $276,202,116 |
Onpoint Community Credit Union Portland, OR | $9,040,369,064 | $300,691,175 |
San Diego County Credit Union San Diego, CA | $10,817,931,463 | $305,241,036 |
Credit Unions In The State Of California Pasadena, CA | $5,170,841,754 | $207,665,347 |
Credit Unions In The State Of California Santa Rosa, CA | $7,428,683,362 | $248,972,690 |
Travis Credit Union Vacaville, CA | $4,695,813,134 | $194,928,518 |
Safe Credit Union Folsom, CA | $4,443,372,826 | $162,136,670 |
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 |