A multifunctional organic spintronic device is demonstrated using tris(8-hydroxyquinolinato) aluminium (Alq(3))-based vertical spin valves with manganite and cobalt electrodes. The device shows a nonvolatile electrical switching with dramatic effects on the spin transport behavior. The interplay of electrical and magnetic bistabilities enables the electrical control of the spin valve magnetoresistance. This multi-functionality is illustrated together with a phenomenological model that establishes a connection between the electrical and magnetic bistabilities.