The Credit Union Of Richmond Inc
- Assets
- $65.8m
- Revenue
- $3.5m
- Investments
- $34.7m
- Employees
- 18
- Location
- Richmond, VA
- Founding
- Data as of
- 12/2023
- EIN
- 54-0357460
Organization Overview
The Credit Union Of Richmond Inc is located in Richmond, VA. As of 12/2023, Credit Union Of Richmond Inc employed 18 individuals. Credit Union Of Richmond Inc is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2023, Credit Union Of Richmond Inc generated $3.5m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $3.5m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION IS A COOPERATIVE ORGANZIED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR PROVIDENT OR PRODUCTIVE PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION IS A COOPERATIVE ORGANZIED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR PROVIDENT OR PRODUCTIVE PURPOSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janice Mcmoore Board Member | Trustee | 1 | $2,325 |
Donald Hall Board Member | Trustee | 1 | $2,325 |
Brandize Carey Braxton Board Member | Trustee | 1 | $2,325 |
Elmer Sims Board Member | Trustee | 1 | $2,325 |
Sameatria Morton Board Member | Trustee | 1 | $2,325 |
Larry Lindsey Board Member | Trustee | 1 | $2,325 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Portico Data Processor | 12/30/18 | $482,852 |
Pscu Card Processor | 12/30/18 | $274,110 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,539,349 |
| Investment income | $957,424 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$35,365 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,461,408 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $147,585 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $730,724 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $523,948 |
| Payroll taxes | $65,036 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,150 |
| Fees for services: Accounting | $29,793 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $164,217 |
| Advertising and promotion | $62,593 |
| Office expenses | $56,887 |
| Information technology | $756,011 |
| Royalties | $0 |
| Occupancy | $167,789 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,157 |
| Interest | $289,165 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $62,629 |
| Insurance | $15,909 |
| All other expenses | $67,944 |
| Total functional expenses | $3,530,283 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,429,273 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $47,845 |
| Loans from Officers, Directors, or Controlling Persons | $113,129 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,725,484 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,469,787 |
| Net Land, buildings, and equipment | $1,483,255 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $34,713,506 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $770,816 |
| Total assets | $65,753,095 |
| Accounts payable and accrued expenses | -$1,162,250 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $55,951,706 |
| Total liabilities | $54,789,456 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $10,963,639 |
| Total liabilities and net assets/fund balances | $65,753,095 |