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
What are the reviews and ratings of this charity?
Velocity Credit Union is not currently rated by Charity Navigator, as it does not fall under the category of 501(c)(3) organizations. This designation is essential for many nonprofit evaluations on Charity Navigator, and in this case, prevents the organization from being assessed on typical metrics such as Accountability & Finance or Impact & Measurement. The absence of a rating is not an indicator of its organizational standing but rather a reflection of its non-eligibility for Charity Navigator's standard review process.
Without a Charity Navigator rating, there is limited insight into Velocity Credit Union's operational effectiveness or its financial transparency. Such metrics often provide donors with a sense of confidence about how well a nonprofit manages its resources. The lack of data also implies that potential patrons might need to seek other sources of information for a comprehensive understanding of the credit union's functioning.
There are no user reviews available on GreatNonprofits for Velocity Credit Union, which limits the depth of personal experience-based feedback usually helpful in assessing public perception and member satisfaction. In the absence of such input, it remains challenging to gauge how it meets its members' needs or its impact within the community from a qualitative standpoint.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Velocity Credit Union?
78% of 335 reviewers on Facebook recommend Velocity Credit Union. Here's a summary of their experiences:
Many users appreciate the credit union's services and highlight its accessibility and helpful staff. While there are positive mentions about the responsiveness and support from the customer service team, some individuals have expressed frustration with specific policies regarding loan management and account handling.
In contrast, a notable review criticizes the institution for its inability to accommodate changes to payment plans, leading to dissatisfaction. The experience shared reflects significant waiting times and challenges in adapting to unexpected financial situations. Overall, there are mixed sentiments surrounding the organization, with some customers having positive encounters while others faced considerable challenges that impacted their banking experience.
This AI summary has been generated from reviews found on Facebook.
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 tax deductible.
Heare 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
Official website here: www.velocitycu.com
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?
Velocity Credit Union's revenue in 2022 was $46,253,683.
Official website here: www.velocitycu.com
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):
- Compensation: $16,689
- Related: $0
- Other: $0
- Compensation: $14,704
- Related: $0
- Other: $0
- Compensation: $12,452
- Related: $0
- Other: $0
- Compensation: $14,816
- Related: $0
- Other: $0
- Compensation: $12,778
- Related: $0
- Other: $0
- Compensation: $3,849
- Related: $0
- Other: $0
- Compensation: $13,115
- Related: $0
- Other: $0
- Compensation: $7,505
- Related: $0
- Other: $0
- Compensation: $2,516
- Related: $0
- Other: $0
- Compensation: $887,424
- Related: $0
- Other: $19,990
- Compensation: $151,119
- Related: $0
- Other: $8,798
- Compensation: $348,935
- Related: $0
- Other: $26,818
- Compensation: $233,602
- Related: $0
- Other: $32,539
- Compensation: $201,812
- Related: $0
- Other: $14,816
- Compensation: $200,012
- Related: $0
- Other: $15,443
- Compensation: $193,417
- Related: $0
- Other: $2,303
- Compensation: $185,062
- Related: $0
- Other: $20,311
Official website here: www.velocitycu.com
Where can I find the form 990 for Velocity Credit Union?
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.
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Impact
October, 2024
Velocity Credit Union plays a significant role in enhancing the financial well-being of its members and the broader Austin community. By providing loans at lower interest rates and accepting deposits with higher dividend payouts, it ensures that its members can achieve their financial goals more effectively. In 2022 alone, the credit union issued 32,869 loans totaling $581 million to individuals and local businesses, demonstrating a strong commitment to supporting economic development in the area.
With a total of $916 million in member deposits and a membership base of 83,093, Velocity Credit Union fosters a sense of community among its members. This pooling of resources allows the credit union to operate in a member-centric manner, offering lower loan rates and fewer service fees compared to traditional financial institutions. Such practices not only empower members to make strides in their personal finances but also contribute to the overall economic vitality of Austin, Texas.
By prioritizing the needs of its members, Velocity Credit Union promotes financial literacy and stability, creating an environment where individuals can thrive economically and socially.
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.
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.
- Investment Income: $6,699,530
- Program Service Revenue: $38,914,971
- Gross Receipts: $48,685,702
Assets and Liabilities:
- Total Assets: $1,044,010,333
- Total Liabilities: $928,285,949
- Net Assets: $115,724,384
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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) 469-7000Principal Officer
Debbie Mitchell
Main Address
POST OFFICE BOX 1089, AUSTIN, TX, 787671089
Website
www.velocitycu.comNTEE Category
Code: W60 - Public benefit
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