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River Valley Credit Union

IRS exemption revoked

Brattleboro, VTUnknown exempt organizationSince 1946 EIN 03-0196668Revenue $7.0M in FY2020

On file with the IRSrivercu.comPo Box 8366 · Brattleboro, VT

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Operate a State Chartered Credit Union for the benefit of members.

$389K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2020
latest Form 990
Concern: the latest return is for FY2020, 6 tax years back; more than 4 tax years.
IRS e-file · Filing history
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$389K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Liabilities
$0
total owed
No data yet: the filing does not give total assets.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7.0M
Spent
$6.5M
To programs
0%
Net assets
$0

From the FY2020 Form 990 (year ending October 2020) · see the original

990 PDF Claim
IRS revoked this organization's tax-exempt status on May 15, 2023

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2020.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

14 people listed on the 990; $389K paid to officers and key staff.

Part VII, Section A · reportable compensation
Jeffrey Morse
CEO/President
$168,077Pt VII · Sec A
$91,354Pt VII · Sec A
Ethan Grimes
VP Mortgage Lending
$73,368Pt VII · Sec A
Laura Paice
VP Consumer Lending
$56,567Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See River Valley Credit Union executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides financial services and loans to its members through a state-chartered credit union.

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Provided by the organization

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1 program · $6.5M · in their own filed words · FY2020
01

Program services relate to daily operations of a locally controlled, full service credit union. We make loans, accept deposit accounts, and continually and efficiently provide other relevant financial services to a member base of approximately 18,550 members.

$6.5Mprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$7.0M
Ln 12
Fees for servicesLn 2g$5.2M
Other incomeLn 4–11$1.8M
Investment incomeLn 3$42K
Money outPt IX
$6.5M
Ln 25
Owns and owesPt X
$0
net assets · Ln 32
Total assetsLn 16$0
LiabilitiesLn 26$0
PeoplePt VI, VII
14
listed · VII A
PaidVII A4
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$5.2M
Investment incomeLn 3$42K
Other incomeLn 4–11$1.8M
Total revenueLn 12$7.0M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$0
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$0
LiabilitiesLn 26$0
Net assetsLn 32$0
OperationsPt I, VI
EmployeesI 563
VolunteersI 60
Fiscal year endsHeaderOctober
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$9.7M$0
Land, buildings, equipmentLn 10c$3.8M$0
Total assetsLn 16$123.9M$0
LiabilitiesLn 26$112.6M$0
Net assetsLn 32$11.3M$0
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$397K
Pay of current officers, directors and key staffLn 5$389K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$2.6M
Pension plan contributionsLn 8$273K
Other employee benefitsLn 9$566K
Payroll taxesLn 10$163K
Management feesLn 11a$0
Legal feesLn 11b$931
Accounting feesLn 11c$0
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$51K
Office expensesLn 13$372K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$285K
TravelLn 17$28K
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19−$7K
InterestLn 20$3K
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$169K
InsuranceLn 23$0
Other expenses (24a–d)Ln 24$1.2M
All other expensesLn 24e$0
Total functional expensesLn 25$6.5M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 Latest Viewing $7.0M$6.5M$479K$0 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants J · Pay O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $6,994,166 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $6,578,472$5,164,880
I-10 Investment incomePrior year $103,110$42,055
I-11 Other revenuePrior year $2,494,184$1,787,231
I-12 Total revenuePrior year $9,175,766$6,994,166
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $383,790$397,264
I-15 Salaries and benefitsPrior year $3,814,570$3,999,533
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,450,238$2,117,926
I-18 Total expensesPrior year $7,648,598$6,514,723
I-19 Revenue less expensesPrior year $1,527,168$479,443
Part VI · Governance 8 of 8 board members independent, no flags
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $6,994,166 across 7 lines filed
Lines not itemized here account for $277,520 of total revenue; see the IRS return.
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $5,164,880 · Unrelated business $0 · Excluded from tax $0$5,164,880
VIII-3 Investment incomeRelated to mission $42,055 · Unrelated business $0 · Excluded from tax $0$42,055
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business −$16,916 · Excluded from tax $0−$16,916
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,526,627 · Unrelated business $0 · Excluded from tax $0$1,526,627
VIII-12 Total revenueRelated to mission $6,949,615 · Unrelated business $44,551 · Excluded from tax $0$6,994,166
Part IX · Statement of functional expenses $6,514,723 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$397,264
IX-5 Pay of current officers, directors and key staff$389,365
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$2,608,113
IX-8 Pension plan contributions$272,850
IX-9 Other employee benefits$566,381
IX-10 Payroll taxes$162,824
IX-11a Management fees$0
IX-11b Legal fees$931
IX-11c Accounting fees$0
IX-11d Lobbying fees$0
IX-11f Investment management fees$0
IX-12 Advertising and promotion$50,962
IX-13 Office expenses$372,500
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 Occupancy$285,069
IX-17 Travel$28,242
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings−$6,894
IX-20 Interest$2,794
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$168,993
IX-23 Insurance$0
IX-24 Other expenses (24a–d)$1,215,329
IX-24e All other expenses$0
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$6,514,723
Part X · Balance sheet $0 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $4,241,289$0
X-2 Savings and temporary cash investmentsStart of year $5,429,698$0
X-4 Accounts receivableStart of year $15,344$0
X-9 Prepaid expenses and deferred chargesStart of year $343,598$0
X-10c Land, buildings and equipment, netStart of year $3,816,738$0
X-15 Other assetsStart of year $1,534,597$0
X-16 Total assetsStart of year $123,946,235$0
X-17 Accounts payable and accrued expensesStart of year $402,933$0
X-26 Total liabilitiesStart of year $112,644,789$0
X-32 Total net assets or fund balancesStart of year $11,301,446$0
X-33 Total liabilities and net assetsStart of year $123,946,235$0
Part XI · Reconciliation of net assets $0 net assets at year end
XI-1 Total revenue$6,994,166
XI-2 Total expenses$6,514,723
XI-3 Revenue less expenses$479,443
XI-4 Net assets at start of year$11,301,446
XI-5 Net unrealized gains (losses) on investments−$11,780,889
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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