Lehigh Valley Educators Credit Union

Not tax-deductible

Allentown, PAMutual-benefit / member-servingSince 1934Mutual / membership EIN 23-0338105Revenue $19.0M in FY2024

On file with the IRSlvecu.org3720 Hamilton Blvd, 18103-4503 · Allentown, PATax-exempt since Sep 1945

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Maintain financial soundness while empowering members to work toward financial success

Run by 10 volunteers and 33 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $2.3M a year · 18% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$467K
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
40 mo
of spending, in cash
Plus $255.7M in investments, Pt X · Ln 11–13
Looks good: 39.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$386.0M
88% of total assets
Concern: liabilities are 88% of assets; over 80%.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$19.0M
+54% vs prior year
Spent
$16.0M
Net assets
$51.7M
By yearFY2020–FY2024
Revenue
$19.0M
FY2024▲ +54%
Tap a bar for its year
Revenue by fiscal year
FY2020$10.3M
FY2021$9.7M
FY2022$11.0M
FY2023$12.3M
FY2024$19.0M
Expenses
$16.0M
FY2024▲ +38%
Tap a bar for its year
Expenses by fiscal year
FY2020$8.1M
FY2021$7.4M
FY2022$7.9M
FY2023$11.6M
FY2024$16.0M
Net assets
$51.7M
FY2024▲ +10%
Tap a bar for its year
Net assets by fiscal year
FY2020$60.6M
FY2021$59.3M
FY2022$39.4M
FY2023$47.1M
FY2024$51.7M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1945.

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; $467K paid to officers and key staff.

Part VII, Section A · reportable compensation
$207,377Pt VII · Sec A
$135,866Pt VII · Sec A
$113,468Pt VII · Sec A
Board Chairperson
$2,000Pt VII · Sec A
Board Vice Chair
$1,500Pt VII · Sec A
Secretary/Treasurer
$1,500Pt VII · Sec A
$750Pt VII · Sec A
$750Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Rosemarie E Krantz$207,377$242,598$171,692$170,975$150,342
Marie a Rhoda$135,866$124,075$109,973$98,828$90,803
Ann Hoff$113,468$103,879$98,835——
Ronald W Houck———$101,206$103,870
Ronald Houck——$54,200——
William Ayers$2,000$1,500$1,000$1,000$1,000
Gary Fedorcha$1,500$1,000$750$750$750
Eugenia Emert$1,500$750$750$550$550

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Helps members achieve financial success and maintain financial soundness.

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Provided by the organization

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2 programs · in their own filed words · FY2024
01

Provide more than 8,300 loans to over 15,000 members.

Pt IX · col B
02

Provide financial services to over 15,000 members

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 9 grants · $90K · 2022–2022
Whitehall-Coplay School DistrictFY2022$10,000
Salisbury School INCCT · FY2022$10,000
Northwestern UniversityIL · FY2022$10,000
Northern Lehigh School DistrictFY2022$10,000
Catasauqua School DistrictFY2022$10,000
Allentown School DistrictFY2022$10,000

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$19.0M
Ln 12
Investment incomeLn 3$10.0M
Fees for servicesLn 2g$9.0M
Other incomeLn 4–11$49K
Money outPt IX
$16.0M
Ln 25
Owns and owesPt X
$51.7M
net assets · Ln 32
Cash and savingsLn 1–2$52.6M
Total assetsLn 16$437.6M
LiabilitiesLn 26$386.0M
PeoplePt VI, VII
14
listed · VII A
PaidVII A13
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$9.0M
Investment incomeLn 3$10.0M
Other incomeLn 4–11$49K
Gains on assetsLn 7$30K
Total revenueLn 12$19.0M
Assets in detailPt X, end of year
CashLn 1$1.2M
SavingsLn 2$51.4M
Cash and savings togetherLn 1–2$52.6M
InvestmentsLn 11–13$255.7M
Land, buildings, equipmentLn 10c$4.3M
Other assetsLn 15$5.3M
Total assetsLn 16$437.6M
LiabilitiesLn 26$386.0M
Net assetsLn 32$51.7M
OperationsPt I, VI
EmployeesI 533
VolunteersI 610
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$40.9M$52.6M
InvestmentsLn 11–13$243.0M$255.7M
Land, buildings, equipmentLn 10c$4.5M$4.3M
Total assetsLn 16$412.0M$437.6M
LiabilitiesLn 26$364.9M$386.0M
Net assetsLn 32$47.1M$51.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$90K
Pay of current officers, directors and key staffLn 5$802K
Other salaries and wagesLn 7$1.4M
Pension plan contributionsLn 8−$109K
Other employee benefitsLn 9$411K
Payroll taxesLn 10$138K
Legal feesLn 11b$45K
Accounting feesLn 11c$3K
Other fees for servicesLn 11g$238K
Advertising and promotionLn 12$324K
Office expensesLn 13$1.2M
Information technologyLn 14$945K
OccupancyLn 16$417K
TravelLn 17$2K
Conferences, conventions and meetingsLn 19$28K
InterestLn 20$7.8M
Depreciation, depletion and amortizationLn 22$253K
InsuranceLn 23$85K
Other expenses (24a–d)Ln 24$1.9M
Total functional expensesLn 25$16.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $19.0M$16.0M$3.0M$51.7M 990 PDF
FY2023 $12.3M$11.6M$724K$47.1M 990 PDF
FY2022 $11.0M$7.9M$3.1M$39.4M 990 PDF
FY2021 $9.7M$7.4M$2.3M$59.3M 990 PDF
FY2020 $10.3M$8.1M$2.2M$60.6M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $18,987,821 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $8,106,213$8,963,890
I-10 Investment incomePrior year $4,194,253$9,975,125
I-11 Other revenuePrior year $11,417$48,806
I-12 Total revenuePrior year $12,311,883$18,987,821
I-13 Grants and similar amounts paidPrior year $90,000$90,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,731,526$2,659,402
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $8,766,026$13,213,258
I-18 Total expensesPrior year $11,587,552$15,962,660
I-19 Revenue less expensesPrior year $724,331$3,025,161
Part VI · Governance 10 of 10 board members independent, 2 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $18,987,821 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $8,962,024 · Unrelated business $1,866$8,963,890
VIII-3 Investment incomeExcluded from tax $9,945,384$9,945,384
VIII-7 Net gain or loss on sales of assetsExcluded from tax $29,741$29,741
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $48,806$48,806
VIII-12 Total revenueRelated to mission $9,010,830 · Unrelated business $1,866 · Excluded from tax $9,975,125$18,987,821
Part IX · Statement of functional expenses $15,962,660 across 19 lines filed
IX-1 Grants to domestic organizations$90,000
IX-5 Pay of current officers, directors and key staff$801,597
IX-7 Other salaries and wages$1,417,597
IX-8 Pension plan contributions−$108,860
IX-9 Other employee benefits$410,937
IX-10 Payroll taxes$138,131
IX-11b Legal fees$44,672
IX-11c Accounting fees$2,548
IX-11g Other fees for services$238,187
IX-12 Advertising and promotion$324,160
IX-13 Office expenses$1,169,116
IX-14 Information technology$945,278
IX-16 Occupancy$416,979
IX-17 Travel$2,292
IX-19 Conferences, conventions and meetings$27,961
IX-20 Interest$7,762,092
IX-22 Depreciation, depletion and amortization$252,742
IX-23 Insurance$85,430
IX-24 Other expenses (24a–d)$1,941,801
IX-25 Total functional expenses$15,962,660
Part X · Balance sheet $437,645,185 assets, 14 lines filed
Asset lines not itemized here account for $116,863,217; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $950,204$1,172,950
X-2 Savings and temporary cash investmentsStart of year $39,992,151$51,393,673
X-4 Accounts receivableStart of year $1,353,775$1,631,839
X-9 Prepaid expenses and deferred chargesStart of year $580,405$1,288,576
X-10c Land, buildings and equipment, netStart of year $4,455,633$4,302,198
X-11 Publicly traded securitiesStart of year $242,816,697$255,482,366
X-12 Other securitiesStart of year $217,900$210,700
X-15 Other assetsStart of year $5,163,610$5,299,666
X-16 Total assetsStart of year $412,042,275$437,645,185
X-17 Accounts payable and accrued expensesStart of year $676,703$526,637
X-25 Other liabilitiesStart of year $364,220,865$385,456,434
X-26 Total liabilitiesStart of year $364,897,568$385,983,071
X-32 Total net assets or fund balancesStart of year $47,144,707$51,662,114
X-33 Total liabilities and net assetsStart of year $412,042,275$437,645,185
Part XI · Reconciliation of net assets $51,662,114 net assets at year end
XI-1 Total revenue$18,987,821
XI-2 Total expenses$15,962,660
XI-3 Revenue less expenses$3,025,161
XI-4 Net assets at start of year$47,144,707
XI-5 Net unrealized gains (losses) on investments$1,381,196
XI-9 Other changes in net assets$111,050
XI-10 Net assets at end of year$51,662,114

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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