Nanoscale multifunctional perpendicular organic spin valves have been fabricated. The devices based on an La0.7Sr0.3MnO3/Alq3/Co trilayer show resistive switching of up to 4-5 orders of magnitude and magnetoresistance as high as -70% the latter even changing sign when voltage pulses are applied. This combination of phenomena is typically observed in multiferroic tunnel junctions where it is attributed to magnetoelectric coupling between a ferromagnet and a ferroelectric material. Modeling indicates that here the switching originates from a modification of the La0.7Sr0.3MnO3 surface. This modification influences the tunneling of charge carriers and thus both the electrical resistance and the tunnelingmagnetoresistance which occurs at pinholes in the organic layer.