Civic Intelligence

Hudson Valley Credit Union

EIN 14-1471439 • 501(c)14 • Poughkeepsie, NY

Profile

To create successful futures for members, employees, and communities, one relationship at a time.

137 Boardman RoadPoughkeepsie, NY 12603

www.hvfcu.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

97th percentile

0.94x

Higher debt load relative to assets than 97% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

67th percentile

16.55x

Higher debt load relative to revenue than 67% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Net Margin

23rd percentile

5.2%

Higher net margin than 23% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

69th percentile

5.5%

Faster asset growth than 69% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

93rd percentile

35%

Faster revenue growth than 93% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$7,450,776,209

Up $387,977,983 (+5.5%) from 2023

Liabilities

Up

$7,017,779,789

Up $387,392,931 (+5.8%) from 2023

Net Assets

Up

$432,996,420

Up $585,052 (+0.1%) from 2023

Revenue

Up

$424,102,190

Up $109,441,220 (+35%) from 2023

Expenses

Up

$402,019,294

Up $90,151,153 (+29%) from 2023

Net Income

Up

$22,082,896

Up $19,290,067 (+691%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0B$6.0B$4.0B$2.0B$0Assets 2021: $6,466,636,410Liabilities 2021: $5,761,286,535Net Assets 2021: $705,349,8752021Assets 2023: $7,062,798,226Liabilities 2023: $6,630,386,858Net Assets 2023: $432,411,3682023Assets 2024: $7,450,776,209Liabilities 2024: $7,017,779,789Net Assets 2024: $432,996,4202024

Highlighted filing

2024

Assets$7,450,776,209
Liabilities$7,017,779,789
Net Assets$432,996,420

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$600M$400M$200M$0Revenue 2021: $255,447,397Expenses 2021: $158,776,334Net Income 2021: $96,671,0632021Revenue 2023: $314,660,970Expenses 2023: $311,868,141Net Income 2023: $2,792,8292023Revenue 2024: $424,102,190Expenses 2024: $402,019,294Net Income 2024: $22,082,8962024

Highlighted filing

2024

Revenue$424,102,190
Expenses$402,019,294
Net Income$22,082,896

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 15, 2025
Return Version
2024v5.2
Gross Receipts
$424,748,800
Mission and Program Overview

Mission

To partner in building successful futures for individual members, employees, and our entire community.

State chartered cu that provides financial, insurance and banking services to its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$4,230,506,939$4,365,311,394▲ $134,804,455
Investments in Publicly Traded Securities$1,821,128,681$2,068,966,980▲ $247,838,299
Cash and Non-Interest-Bearing Accounts$772,823,073$663,900,595▼ $108,922,478
Rtn Earn Endowment Incm Other Fnds$432,411,368$432,996,420▲ $585,052
Land, Buildings, and Equipment, Net$83,778,566$86,263,911▲ $2,485,345
Receivables From Officers Etc$19,052,496$58,387,500▲ $39,335,004
Investments Other Securities-$45,112,125-
Accounts Receivable$22,405,638$17,503,791▼ $4,901,847
Savings and Temporary Cash Investments-$8,345,000-
Prepaid Expenses and Deferred Charges-$8,057,868-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$7,062,798,226$7,450,776,209▲ $387,977,983
Other Assets Total$113,102,833$128,927,045▲ $15,824,212
Liabilities
Other Liabilities$6,549,191,228$6,941,464,500▲ $392,273,272
Accounts Payable and Accrued Expenses$64,958,490$60,326,578▼ $4,631,912
Escrow Account Liability$16,237,140$15,988,711▼ $248,429
Total Liabilities$6,630,386,858$7,017,779,789▲ $387,392,931
Net Assets / Fund Balance
Total Net Assets Fund Balance$432,411,368$432,996,420▲ $585,052
Total Liabilities and Net Assets / Fund Balance$7,062,798,226$7,450,776,209▲ $387,977,983

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$40,185,557$25,558,368$65,743,925
Equipment$11,426,824$41,176,662$52,603,486
Land$25,702,553-$25,702,553
Leasehold Improvements$8,870,180$4,216,998$13,087,178
Other Land Buildings$78,797$108,093$186,890
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jonathan RobertsPresident Chief ExecutiveFT$950,882$2,902,679$3,853,561
Mark TimmermanEvp/CROFT$364,570$908,251$1,272,821
Scott Van ZandtEvp/chief Financial OfficerFT$457,485$769,811$1,227,296
Richard LionhoodEvp/CBOFT$528,446$667,320$1,195,766
Diane AllenbaughFormer Evp/CPOFT$584,320$602,316$1,186,636
John FedeEvp/CIOFT$405,263$361,427$766,690
Christopher KiefferEvp/CSOFT$360,477$290,873$651,350
Amy JakobeitEvp/CMOFT$345,414$246,011$591,425
Matthew GiorgiFinancial Consultant IiFT$35,450$550,866$586,316
Anton RohrmeierFormer Evp/COOFT$21,343$531,037$552,380
Gregory AntonakosFinancial Consultant IiFT$38,574$488,020$526,594
Christopher CanteleAvp Wealth ManagementFT$108,156$415,986$524,142
Lynda BeisnerFinancial Consultant IiFT$46,538$460,702$507,240
Desiree WolfeEvp/CXOFT$353,696$146,741$500,437
Troy Del ValleVP/data Platform ArchitectFT$258,356$168,752$427,108

Board Members and Trustees

NameTitle
Jay PantaleoChairman of the Board
Keith BaskettVice Chairman
Juhi SahaAssociate Board Member
Alisa SwireDirector
Henrietta AkpataDirector
Karen McfarlaneDirector
Nancy K BoehmDirector
Wesley J LeeDirector
Nancy Kappler-fosterDirector Emeritus
Benjamin SmithSecretary
Janine S DaughtryTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
CulaVehicle Leasing Servicing Fee9665 GRANITE RIDGE DR SUITE 400, San Diego, CA 92123$5,753,469
Alkami Technology INCInternet BankingPO BOX 122223 DEPT 2223, Dallas, TX 75312$3,714,665
Teracai INCIt Solutions ProviderDEPT 116004 PO BOX 5211, Binghamton, NY 13902$2,851,346
Looney Advertising & BrandingAdvertising7 NORTH MOUNTAIN AVE, Montclair, NJ 07042$1,939,515
Reliastar Life Insurance Company Of NyInsurance4691 PAYSPHERE CIRCLE, Chicago, IL 60674$1,893,988
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$325,489,261
Investment Income
$98,611,173
Other Revenue
$1,756
Change in Net Assets
$22,082,896
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$150,773,360
Salaries, Compensation, and Employee Benefits$109,072,739
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$142,173,195
Other Salaries and Wages---$75,328,087
Office Expenses---$51,856,839
Other Expenses---$25,010,672
Interest---$17,321,517
Current Officers, Directors, Trustees, and Key Employees---$11,798,362
Other Employee Benefits---$11,411,827
Advertising---$8,050,061
Depreciation Depletion---$6,526,014
Payroll Taxes---$6,160,802
Occupancy---$5,539,438
Pension Plan Contributions---$4,373,661
Fees for Services Other---$4,062,221
Fees for Services Legal---$677,951
Conferences and Meetings---$466,236
Fees for Services Accounting---$360,000
Travel---$341,675
Total Functional Expenses$0$0$0$402,019,294
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
Yes
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$0

Section 527 Organizations

OrganizationLocationAmount
14-1728119Albany, NY$5,000
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$19,052,496$58,387,500▲ $39,335,004
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$6,541,464,500
Borrowing$400,000,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 4

A private, non-operating type of charitable foundation was formed in 2024 named the hvcu charitable foundation.

Form 990, Part VI, Section A, Line 6

Those who live, work, worship or attend school in a 12-county area in new york state.

Form 990, Part VI, Section A, Line 7A

Members in good standing are permitted to vote for board members during general election. Board candidates are determined by the nominating committee.

Form 990, Part VI, Section A, Line 7B

Certain mergers are subject to approval by members.

Form 990, Part VI, Section B, Line 11B

Management review and preparation by independent authority.

Form 990, Part VI, Section B, Line 12C

All hvcu employees, including officers and key employees, are required to sign an annual acknowledgement of policies which includes the conflict of interest policy. The president/ceo will be advised of any and all such conflicts of interest regarding the staff and, as appropriate, inform the board of directors of any significant situations. Any doubt or question concerning a possibility of potential conflict of interest must also be reported. Furthermore, any employee or officer who is aware of another's actual or potential conflict of interest is required to immediately report such belief, in writing, to the appropriate authority. It may be determined that no action is necessary, or the individual with the conflict may be required to resolve the conflict in a prescribed manner. If the conflict cannot be resolved; if the individual with the conflict chooses not to abide by the prescribed course of action; or if there has been bad faith on the part of the individual with the conflict, the appropriate authority may immediately terminate the individual with the conflict. Perceived or actual conflicts of interest by the president/ceo are reported and resolved by the board. Board members and other volunteers are required to annually sign a volunteer performance policy that outlines the fiduciary responsibilities of all volunteers and outlines that all activities performed on behalf of the credit union will be conducted according to the highest level of ethics and integrity.

Form 990, Part VI, Section B, Line 15

The compensation and benefits committee presents a recommendation to the board based on ceo performance and market data provided by an independent executive compensation consultant. Documentation is contained on the board portal. Deliberation and decision making is memorialized in the compensation & benefits committee meeting minutes as well as through a board resolution memorialized in the board meeting minutes. The ceo and compensation and benefits committee are provided market data by an independent executive compensation consultant. Based on performance and market data, the ceo presents his recommendations to the compensation and benefits committee. The committee's role is to provide oversight. Documentation is contained on the board portal and deliberation is memorialized in the compensation & benefits committee meeting minutes. Committee minutes are contained in the board package. The process described here was last completed in 2023.

Form 990, Part VI, Section C, Line 19

Financial statements are made available to the public in each branch and online.

Filing and Contact Details

Filer

Filer Name
Hudson Valley Credit Union
EIN
14-1471439
Phone
8004683011
Address
137 BOARDMAN ROAD, POUGHKEEPSIE, NY 12603

Signing Officer

Name
Scott Van Zandt
Title
Evp/chief Financial Officer
Phone
8454633011
Signed
2025-10-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Scott Van Zandt
Formed
1963
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
9
Employees
1,195
Volunteers
20

Preparer

Firm
Cliftonlarsonallen Llp
Address
109 N MAIN STREET SUITE 200, AUSTIN, MN 55912
Preparer
Tanya Medgaarden
Phone
5074347000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Benefit plans -290,408. Cuso equity -539,439.

FORM 990, PART XII, LINE 2C:

The process has not changed.

Financial Statement Notes

PART IV, LINE 2B:

The organization holds funds for members in escrow accounts related to mortgage loans.

PART X, LINE 2:

The credit union is exempt, under irc 501 (c) (14), from federal and state income taxes. The taxing authorities have the ability to assess taxes, penalties and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the credit union's exempt purpose is not expected to have a material effect on the credit union's financial position or results of operations. The credit union evaluated its tax positions and determined no uncertain tax positions exist as of december 31, 2024 and 2023. The credit union's wholly owned subsidiary, cuserve inc., is subject to federal and state income taxes. The credit union's 2021 through 2023 tax years are open for examination by federal and state taxing authorities.

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