Overview
What is Valley First Credit Union?
Valley First Credit Union is a California-based financial institution, with its headquarters located at 1005 W Orangeburg Avenue in Modesto. As a state-chartered credit union, it offers loans to its members with reduced interest rates compared to competitors. The credit union's less stringent criteria, lower loan rates, and higher loan coverage make it an attractive choice for many. With more than 80,000 members and over $730 million in outstanding loan balances as of 2022, Valley First Credit Union has proved successful in generating economic growth and opportunity in economically disadvantaged communities. As a Community Development Financial Institution (CDFI), it injects new sources of capital into underserved neighborhoods, granting loans to businesses and individuals in areas where more than half of the households have incomes below 60% of the median income or the poverty rate stands at 25% or higher. Approximately 45% of their loan portfolio goes to support Hispanic borrowers. At their core, Valley First Credit Union is dedicated to delivering superior service to their members and the community.
Official website here: www.valleyfirstcu.org
What are the reviews and ratings of this charity?
Valley First Credit Union is not currently rated by Charity Navigator. The absence of a rating indicates that the organization has not been evaluated, primarily because it is not a 501(c)(3) IRS registered nonprofit. Charity Navigator's lack of data on Valley First's revenue, expenses, and key salaries further contributes to the absence of a formal evaluation.
The limitations in assessment stem from Valley First Credit Union's classification, as certain criteria used by Charity Navigator, such as Impact & Measurement and Leadership & Adaptability, are applicable mainly to 501(c)(3) organizations. Additionally, its subordinate status within a group ruling might affect its visibility and individual evaluation on financial transparency and accountability.
Despite the lack of direct evaluation or user feedback from GreatNonprofits, this does not inherently reflect on the organization's operational effectiveness or community impact. Stakeholders seeking detailed insights may need to rely on direct communications with the credit union or alternative resources for comprehensive information.
This AI summary has been generated from information found on Charity Navigator.
Is Valley First Credit Union legitimate?
Valley First Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Valley First 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: $1,535,412
Professional Fundraising Fees: $0
Other Salaries and Wages: $8,442,717
For more financial information, click here
Official website here: www.valleyfirstcu.org
What is the mission statement of Valley First Credit Union?
Valley First Credit Union is dedicated to delivering superior service to its members and the community. As a credit union, it offers loans to its members with reduced interest rates, less stringent credit criteria, and higher loan coverage than competitors. With over 80,000 members and $730.8 million in outstanding loan balances, the credit union prioritizes economic growth and opportunity in disadvantaged communities. In 2022, it received the Low-Income Designation, expanding access to capital for small businesses and underserved individuals in low-income communities. About 45% of its loan portfolio is extended to Hispanic borrowers. The credit union's mission is to provide outstanding service and inject new sources of capital into neighborhoods in need of financing.
Official website here: www.valleyfirstcu.org
Who is the CEO of Valley First Credit Union?
Kathryn Davis is the President And Chief Executive Officer of Valley First Credit Union. The CEO's salary of Valley First Credit Union is $592,931 and their total compensation is $635,888.
Official website here: www.valleyfirstcu.org
What is the revenue of Valley First Credit Union?
Valley First Credit Union's revenue in 2022 was $40,105,453.
Official website here: www.valleyfirstcu.org
Who are the executives of Valley First Credit Union and what are their salaries?
The average compensation at Valley First Credit Union during 2022 was $49,642. There are 201 employees and 12 volunteers at Valley First Credit Union.
Here are 16 key members and their salaries (Valley First Credit Union's CEO's salary is $592,931 and their total compensation is $635,888):
- Compensation: $0
- Related: $0
- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $592,931
- Related: $0
- Other: $42,957
- Compensation: $202,821
- Related: $0
- Other: $25,959
- Compensation: $193,667
- Related: $0
- Other: $33,025
- Compensation: $182,397
- Related: $0
- Other: $28,569
- Compensation: $194,134
- Related: $0
- Other: $38,954
- Compensation: $191,454
- Related: $0
- Other: $38,334
- Compensation: $193,158
- Related: $0
- Other: $36,128
- Compensation: $122,284
- Related: $0
- Other: $12,038
Official website here: www.valleyfirstcu.org
Where can I find the form 990 for Valley First Credit Union?
Valley First Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.valleyfirstcu.org
Learn more at the official website: www.valleyfirstcu.org
Mission Statement of Valley First Credit Union
Valley First Credit Union, a state-chartered financial institution, is dedicated to delivering superior service to its members and the community. By offering reduced interest rates compared to competitors and less stringent loan criteria, the credit union makes financing accessible to a wider population. With over 80,000 members and $730 million in outstanding loan balances as of December 31, 2022, Valley First Credit Union has successfully catered to the financial needs of its community.
In addition to providing essential financial services to its members, Valley First Credit Union functions as a Community Development Financial Institution (CDFI). This role mandates the generation of economic growth and opportunity in disadvantaged areas through innovative programs that inject new sources of capital into neighborhoods lacking access to financing. In recognition of this commitment, Valley First Credit Union received the low-income designation in 2022, expanding access to capital for small businesses and underserved individuals in low-income communities.
Forty-five percent of Valley First Credit Union's total loan portfolio is directed towards Hispanic borrowers. The credit union's significant presence in communities where more than half of households have incomes below 60% of the area median income or the poverty rate is at 25% or higher underscores its dedication to serving economically disadvantaged populations. By providing loans in these areas and promoting financial inclusion, Valley First Credit Union plays an essential role in empowering individuals and fostering economic development.
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Impact
October, 2024
Valley First Credit Union plays a vital role in enhancing the financial wellbeing of its members and the broader community. By offering loans at reduced interest rates and with less stringent credit criteria compared to traditional institutions, it ensures greater accessibility to financial resources. As of December 31, 2022, the credit union reported outstanding loan balances of approximately $730 million and served over 80,000 members, highlighting its significant presence and impact in the region.
As a Community Development Financial Institution, Valley First Credit Union is particularly focused on promoting economic growth in underserved, economically disadvantaged areas. In 2022, it received the low-income designation, enabling it to expand access to capital for small businesses and individuals in low-income communities. Over 60% of its loans are provided in neighborhoods where a substantial portion of households earns below 60% of the area income or where poverty rates exceed 25%. This targeted approach not only provides necessary financial support but also fosters economic development and stability in these communities.
Additionally, 45% of the credit union’s loan portfolio is directed toward Hispanic borrowers, reflecting a commitment to supporting diverse communities. Through its efforts, Valley First Credit Union is not just a financial institution; it is a catalyst for positive change and empowerment in Modesto, CA, and its surrounding areas.
This information is meant to be a general summary of Valley First 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: $3,051,516
- Program Service Revenue: $37,053,937
- Gross Receipts: $41,583,133
Assets and Liabilities:
- Total Assets: $964,187,226
- Total Liabilities: $888,224,752
- Net Assets: $75,962,474
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST FROM LOANS
Revenue
$25,394,325
FEES & CHARGES
Revenue
$6,137,949
MERCHANT CARD & OTHER NETWORK INC
Revenue
$3,922,355
OTHER NONINTEREST INCOME
Revenue
$1,599,308
Organization Details
Founding Year
1956
Phone
(209) 549-8500Principal Officer
Kathryn Davis
Main Address
1005 W ORANGEBURG AVENUE, MODESTO, CA, 95350
Website
www.valleyfirstcu.orgNTEE Category
Code: W60 - Public benefit
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