Overview
What is Velocity Credit Union?
Velocity Credit Union is a member-owned financial institution based in Austin, Texas. Established with a common bond, it is run by a group of people pooling their assets to provide loans and financial services to each other. With a workforce of 267 employees, Velocity Credit Union offered 32,869 loans to members and member businesses for a total of $581 million in 2022. In the same year, they originated 7,835 new loans worth $278 million and served 83,093 members with deposits of $916 million. The credit union's mission is to offer the best financial programs to meet the needs of its members, allowing them to pay dividends and offer lower loan rates, higher savings rates, and fewer fees.
Official website here: www.velocitycu.com
Is Velocity Credit Union legitimate?
Velocity Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Velocity Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are not tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $1,541,508
Professional Fundraising Fees: $0
Other Salaries and Wages: $13,648,430
For more financial information, click here
What is the mission statement of Velocity Credit Union?
Velocity Credit Union is a financial institution established by a group of individuals sharing a common bond. By pooling their assets, the members enable the credit union to offer loans and various financial services to one another. This cooperative structure allows Velocity Credit Union to distribute dividends to its members and provide them with lower loan rates, higher savings rates, and fewer service fees compared to traditional financial institutions. The credit union's primary goal is to cater to the financial needs of its members effectively.
Official website here: www.velocitycu.com
Who is the CEO of Velocity Credit Union?
Debbie Mitchell is the Director of Velocity Credit Union. The CEO's salary of Velocity Credit Union is $887,424 and their total compensation is $907,414.
Official website here: www.velocitycu.com
What is the revenue of Velocity Credit Union?
Who are the executives of Velocity Credit Union and what are their salaries?
The average compensation at Velocity Credit Union during 2022 was $56,891. There are 267 employees and 8 volunteers at Velocity Credit Union.
Here are 17 key members and their salaries (Velocity Credit Union's CEO's salary is $887,424 and their total compensation is $907,414):
- Deborah Mitchell (President/Ceo)
- Lisa Back (Evp/Cfo)
- Daniel Penberg (Cio)
- Barbara Carol Cain (Sr. Vice-Pres. Marketing)
- Cheri Hall (Sr. Vice-Pres. Human Resources)
- Robert Cole (Sr. Vice-Pres. Digital & Remote Strat.)
- Lindsey Record (Vp Mortgage Lending)
- James Brown (Evp/Clo)
- James Chapman (Director)
- John Chomout (Vice Chairperson) [Trustee/Director]
- Kasha Bartholomew (Chairperson) [Trustee/Director]
- Lindsey J Putman (Secretary/Treasurer) [Trustee/Director]
- Mary Paredes (Director)
- Thomas Matthews (Director)
- John Ross (Director (Until 10/22))
- Xavier Zarate (Director (Until 3/22))
- Eric Wise (Director)
Official website here: www.velocitycu.com
Where can I find the form 990 for Velocity Credit Union?
The Velocity Credit Union’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.velocitycu.com
Learn more at the official website: www.velocitycu.com
Mission Statement of Velocity Credit Union
Velocity Credit Union, a financial institution established by a cohesive group of individuals, is dedicated to offering the finest programs catering to the financial requirements of its members. The members of this credit union combine their assets to fund loans and various financial services for one another. This cooperative structure allows Velocity Credit Union to distribute dividends among its members and provide them with lower loan rates, higher savings rates, and fewer service fees.
By pooling their resources, Velocity Credit Union members benefit from a unique financial ecosystem that prioritizes their needs and fosters financial growth. The organization's primary objective is to create a thriving financial community where members can access essential services and build a solid financial foundation. This collaborative approach empowers each member to contribute to and reap the rewards of the credit union's collective success.
Velocity Credit Union's mission is rooted in the belief that financial stability and growth are essential for individuals and their families. By harnessing the power of collective resources, the credit union is able to extend financial support to its members, ensuring they can navigate financial challenges and seize opportunities. The organization's member-driven approach fosters a sense of unity and mutual support, paving the way for a financially secure future.
Impact
This information is meant to be a general summary of Velocity Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Velocity Credit Union's impact can be seen through its significant contributions to the financial well-being of its members and the community. By providing loans at lower interest rates, accepting deposits, and offering higher dividend rates, Velocity Credit Union has facilitated financial opportunities for its members. In 2022 alone, the credit union issued over 32,000 loans totaling $581 million, originated nearly 8,000 loans with a balance of $278 million, and serviced over 83,000 members with deposits totaling $916 million.
Through its mission of pooling assets to provide financial services to its members, Velocity Credit Union has been able to pay dividends to its members, offer lower loan rates, higher savings rates, and fewer service fees. This approach not only benefits individual members but also creates a positive impact on the community as a whole by promoting financial stability and empowerment. Velocity Credit Union's commitment to serving its members and fulfilling their financial needs demonstrates a dedication to improving the financial well-being of individuals and contributing to a more prosperous society.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$26,102,507
FEE INCOME
Revenue
$5,977,265
INTERCHANGE INCOME
Revenue
$5,860,663
OTHER OPERATING INCOME
Revenue
$920,401
NON MEMBER ATM FEE INCOME
Revenue
$54,135
Organization Details
Founding Year
1947
Phone
(512) 469-7000
Principal Officer
Debbie Mitchell
Main Address
POST OFFICE BOX 1089, AUSTIN, TX, 787671089
Website
www.velocitycu.com
NTEE Category
Code: W60 - Public benefit
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