Civic Intelligence

Verity Credit Union

990 • Fiscal year 2011 • EIN 91-0219005

Jan 01, 2011 to Dec 31, 2011 • Filed on Oct 22, 2012

Organization ProfileWWW.VERITYCU.COM

View Organization Page

11027 Meridian Avenue North98133
Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

92nd percentile

0.93x

Higher debt load relative to assets than 92% of similar nonprofits.

2011 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2011

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2011

Net Margin

Score unavailable

No value available

Net margin requires both revenue and expenses on this filing.

Source year 2011

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2011

Asset Growth

42nd percentile

4.6%

Faster asset growth than 42% of similar nonprofits.

2011 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2010 to 2011

Revenue Growth

Score unavailable

No value available

No valid filing value is available for this score.

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$383,448,460

Up $16,721,769 (+4.6%) from 2010

Net Assets

Down

$27,817,418

Down $2,303,174 (-7.6%) from 2010

Liabilities

Up

$355,631,042

Up $19,024,943 (+5.7%) from 2010

Revenue And Expenses
Liabilities / RevenueScore unavailableNet MarginScore unavailable

Revenue

-

No earlier filing loaded for comparison.

Expenses

Up

$26,715,001

Up $2,456,267 (+10%) from 2010

Net Income

-

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth42nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0B$500M$0Assets 2010: $366,726,691Liabilities 2010: $336,606,099Net Assets 2010: $30,120,5922010Assets 2011: $383,448,460Liabilities 2011: $355,631,042Net Assets 2011: $27,817,4182011Assets 2012: $396,732,179Liabilities 2012: $362,738,225Net Assets 2012: $33,993,9542012Assets 2013: $427,238,627Liabilities 2013: $390,598,762Net Assets 2013: $36,639,8652013Assets 2014: $444,186,282Liabilities 2014: $403,214,185Net Assets 2014: $40,972,0972014Assets 2015: $480,799,813Liabilities 2015: $437,223,089Net Assets 2015: $43,576,7242015Assets 2016: $505,269,501Liabilities 2016: $460,801,657Net Assets 2016: $44,467,8442016Assets 2017: $530,157,055Liabilities 2017: $483,146,996Net Assets 2017: $47,010,0592017Assets 2018: $586,322,977Liabilities 2018: $535,916,101Net Assets 2018: $50,406,8762018Assets 2019: $632,831,218Liabilities 2019: $576,822,353Net Assets 2019: $56,008,8652019Assets 2020: $692,415,165Liabilities 2020: $632,921,587Net Assets 2020: $59,493,5782020Assets 2021: $786,265,441Liabilities 2021: $720,037,204Net Assets 2021: $66,228,2372021Assets 2022: $865,179,017Liabilities 2022: $793,586,208Net Assets 2022: $71,592,8092022Assets 2023: $840,507,603Liabilities 2023: $761,932,770Net Assets 2023: $78,574,8332023Assets 2024: $771,402,594Liabilities 2024: $699,545,795Net Assets 2024: $71,856,7992024

Highlighted filing

2011

Assets$383,448,460
Liabilities$355,631,042
Net Assets$27,817,418
Open 2011 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0Expenses 2010: $24,258,7342010Expenses 2011: $26,715,0012011Expenses 2012: $22,811,7872012Revenue 2013: $27,535,849Expenses 2013: $22,200,594Net Income 2013: $5,335,2552013Revenue 2014: $22,946,556Expenses 2014: $19,855,502Net Income 2014: $3,091,0542014Revenue 2015: $23,211,269Expenses 2015: $20,252,523Net Income 2015: $2,958,7462015Revenue 2016: $24,864,769Expenses 2016: $23,502,904Net Income 2016: $1,361,8652016Revenue 2017: $26,237,468Expenses 2017: $23,698,398Net Income 2017: $2,539,0702017Revenue 2018: $30,676,718Expenses 2018: $26,867,176Net Income 2018: $3,809,5422018Revenue 2019: $35,340,037Expenses 2019: $31,432,617Net Income 2019: $3,907,4202019Revenue 2020: $32,916,475Expenses 2020: $31,338,323Net Income 2020: $1,578,1522020Revenue 2021: $35,849,734Expenses 2021: $28,147,812Net Income 2021: $7,701,9222021Revenue 2022: $38,343,946Expenses 2022: $30,623,047Net Income 2022: $7,720,8992022Revenue 2023: $45,304,618Expenses 2023: $45,018,854Net Income 2023: $285,7642023Revenue 2024: $48,232,886Expenses 2024: $47,200,102Net Income 2024: $1,032,7842024

Highlighted filing

2011

Revenue-
Expenses$26,715,001
Net Income-
Open 2011 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2011 to Dec 31, 2011
Signed
Oct 22, 2012
Return Version
2011v1.2
Gross Receipts
$27,317,261
Mission and Program Overview

Mission

A cooperative, organized for the purpose of promoting thrift and savings among its members, creating a source of credit for them at rates of interest set by the board of directors, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social conditions. As a cooperative, verity credit union conducts its business for the mutual benefit and general welfare of its members with the earnings, savings, benefits, or services of the credit union being distributed to its members as patrons.

Major Activities

Activity 2
Verity credit union offers a full-service investment program with two registered investment representatives and a licensed support representative. As of december 31, 2011, verity's investment services program had 867 members who have 1,878 accounts and $58,512,264 in assets under management.
Activity 3
Verity credit union offers free financial counseling to its members. Specific services offered include financial planning, debt modification on verity loans and other creditors and direct assistance in utilizing the government sponsored mortgage relief programs.
Filing and Contact Details

Filer

EIN
91-0219005
Raw XML AppendixShowing 400 of 595 raw XML fields

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IRS990/MissionDescription0A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, VERITY CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS.
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IRS990/OtherAssetsTotal/EOY07133896
IRS990/OtherEmployeeBenefits/Total0769283
IRS990/OtherExpensePriorYear017365889
IRS990/OtherExpensesCurrentYear019629386
IRS990/OtherExpenses/Description0PROV. LOAN/LEASE LOSS
IRS990/OtherExpenses/Description1NCUSIF STABIL. EXP
IRS990/OtherExpenses/Total06439165
IRS990/OtherExpenses/Total1778849
IRS990/OtherLiabilities/BOY0330681655
IRS990/OtherLiabilities/EOY0349232122
IRS990/OtherRevenueCurrentYear01655578
IRS990/OtherRevenueMisc/BusinessCode0522100
IRS990/OtherRevenueMisc/Description0SALE OF LOANS
IRS990/OtherRevenueMisc/RelatedOrExemptFunctionIncome01307741
IRS990/OtherRevenueMisc/TotalRevenueColumn01307741
IRS990/OtherRevenuePriorYear02198162
IRS990/OtherSalariesAndWages/Total04154926
IRS990/PaidInCapSrplsLandBldgEqpFund/BOY00
IRS990/PaidInCapSrplsLandBldgEqpFund/EOY00
IRS990/PartialLiquidation00
IRS990/PayrollTaxes/Total0559594
IRS990/PensionPlanContributions/Total0233342
IRS990/PoliciesReferenceChapters01
IRS990/PoliticalActivities00
IRS990/PrepaidExpensesDeferredCharges/BOY0294090
IRS990/PrepaidExpensesDeferredCharges/EOY0463254
IRS990/ProfessionalFundraising00
IRS990/ProgramServiceRevenue/BusinessCode0522100
IRS990/ProgramServiceRevenue/BusinessCode1522100
IRS990/ProgramServiceRevenue/BusinessCode2522100
IRS990/ProgramServiceRevenueCY020720569
IRS990/ProgramServiceRevenue/Description0INTEREST ON LOANS
IRS990/ProgramServiceRevenue/Description1FEE INCOME
IRS990/ProgramServiceRevenue/Description2OTHER
IRS990/ProgramServiceRevenuePriorYear021980639
IRS990/ProgramServiceRevenue/RelatedOrExemptFunctionIncome016025359
IRS990/ProgramServiceRevenue/RelatedOrExemptFunctionIncome13589333
IRS990/ProgramServiceRevenue/RelatedOrExemptFunctionIncome2522026
IRS990/ProgramServiceRevenue/TotalRevenueColumn016025359
IRS990/ProgramServiceRevenue/TotalRevenueColumn13589333
IRS990/ProgramServiceRevenue/TotalRevenueColumn21105877
IRS990/ProgramServiceRevenue/UnrelatedBusinessRevenue0583851
IRS990/ProhibitedTaxShelterTrans00
IRS990/QuidProQuoContributions00
IRS990/ReconcilationOtherChanges0292965
IRS990/ReconcilationRevenueExpenses0-2596139
IRS990/RegularMonitoringEnforcement01
IRS990/RelatedEntity00
IRS990/RelatedOrgControlledEntity00
IRS990/RentalIncomeOrLoss/Real0347837
IRS990/ReportFin48Footnote01
IRS990/ReportInvestOthSecurities00
IRS990/ReportLandBldgEquip01
IRS990/ReportOtherAssets00
IRS990/ReportOtherLiabilities01
IRS990/ReportProgRelInvest01
IRS990/RetainedEarningsEndowmentEtc/BOY030120592
IRS990/RetainedEarningsEndowmentEtc/EOY027817418
IRS990/RevenuesLessExpensesCY0-2596139
IRS990/RevenuesLessExpensesPriorYear01903852
IRS990/SalariesEtcCurrentYear07085615
IRS990/SalariesEtcPriorYear06892845
IRS990/SavingsAndTempCashInvestments/BOY07659581
IRS990/SavingsAndTempCashInvestments/EOY020118591
IRS990/ScheduleBRequired00
IRS990ScheduleD/Buildings/BookValue04926178
IRS990ScheduleD/Buildings/Depreciation02632004
IRS990ScheduleD/Buildings/OtherCostOrOtherBasis07558182
IRS990ScheduleD/Equipment/BookValue0938544
IRS990ScheduleD/Equipment/Depreciation06018685
IRS990ScheduleD/Equipment/OtherCostOrOtherBasis06957229
IRS990ScheduleD/Form990ScheduleDPartXIV/Explanation0FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED" OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED DECEMBER 31, 2011, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. THE CREDIT UNION IS GENERALLY NOT SUBJECT TO EXAMINATION BY U.S. FEDERAL AUTHORITIES FOR TAX YEARS BEFORE 2008 AND BY STATE TAX AUTHORITIES BEFORE 2007.
IRS990ScheduleD/Form990ScheduleDPartXIV/Identifier0DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:
IRS990ScheduleD/Form990ScheduleDPartXIV/ReturnReference0PART X:
IRS990ScheduleD/InvestmentsProgramRelated/BookValue04378506
IRS990ScheduleD/InvestmentsProgramRelated/BookValue1280219201
IRS990ScheduleD/InvestmentsProgramRelated/BookValue23115395
IRS990ScheduleD/InvestmentsProgramRelated/Description0INVESTMENTS - OTHER
IRS990ScheduleD/InvestmentsProgramRelated/Description1LOANS TO MEMBERS
IRS990ScheduleD/InvestmentsProgramRelated/Description2SHARE INSURANCE DEPOSITS
IRS990ScheduleD/InvestmentsProgramRelated/MethodOfValuation0F
IRS990ScheduleD/InvestmentsProgramRelated/MethodOfValuation1F
IRS990ScheduleD/InvestmentsProgramRelated/MethodOfValuation2F
IRS990ScheduleD/Land/BookValue01620348

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Filings

Displayed year

2011 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$383,448,460
Liabilities
$355,631,042
Net assets
$27,817,418
Revenue
-
Expenses
$26,715,001
Net income
-
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$771$700$71.9$48.2$47.2$1.03
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$841$762$78.6$45.3$45.0$0.29
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$865$794$71.6$38.3$30.6$7.72
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$786$720$66.2$35.8$28.1$7.70
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$692$633$59.5$32.9$31.3$1.58
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$633$577$56.0$35.3$31.4$3.91
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$586$536$50.4$30.7$26.9$3.81
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$530$483$47.0$26.2$23.7$2.54
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$505$461$44.5$24.9$23.5$1.36
2015Detailed filing. Detailed filing data is available for this year.$481$437$43.6$23.2$20.3$2.96
2014Detailed filing. Detailed filing data is available for this year.$444$403$41.0$22.9$19.9$3.09
2013Detailed filing. Detailed filing data is available for this year.$427$391$36.6$27.5$22.2$5.34
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$397$363$34.0$22.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$383$356$27.8$26.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$367$337$30.1$24.3