Virginia Credit Union League Inc
- Assets
- $12.1m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 15
- Location
- Lynchburg, VA
- Founding
- 12/1957
- Data as of
- 12/2021
- EIN
- 54-0554860
Organization Overview
Virginia Credit Union League Inc is located in Lynchburg, VA. The organization was established in 1957. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Virginia Credit Union League Inc employed 15 individuals. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Virginia Credit Union League Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Virginia Credit Union League Inc generated $1.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $1.9m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.6%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION INCLUDES REGULATORY AND POLITICAL ADVOCACY FOR CREDIT UNIONS, EDUCATION AND TRAINING
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR SERVICES INCLUDE STATE CREDIT UNION ACTIVITIES SUCH AS REGULATORY AND POLITICAL ADVOCACY, AND A WIDE RANGE OF INFORMATIONAL AND OPERATIONAL RESOURCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Pillow President (thru 6/30/21) | Officer | 40 | $152,410 |
David Miles Senior Vice President | Officer | 40 | $134,611 |
Carrie Hunt President | Officer | 40 | $89,758 |
Robert B Martin Jr VP Of Finance | Officer | 40 | $63,550 |
Terry Childress Executive Vice President | Officer | 40 | $10,667 |
Patsy Stuard Chairman | OfficerTrustee | 1 | $0 |
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 | $26,343 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,343 |
| Total Program Service Revenue | $1,634,394 |
| Investment income | $2,175 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $81,165 |
| Net Gain/Loss on Asset Sales | $27,426 |
| Net Income from Fundraising Events | $20,425 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,868,332 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,108 |
| 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. | $450,996 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $393,640 |
| Pension plan accruals and contributions | $69,165 |
| Other employee benefits | $152,357 |
| Payroll taxes | $58,210 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $252,955 |
| Fees for services: Accounting | $6,495 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $54,588 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $107,716 |
| Travel | $27,195 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $76,519 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $120,026 |
| Insurance | $11,652 |
| All other expenses | $0 |
| Total functional expenses | $1,878,672 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,012,476 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $49,605 |
| Accounts receivable, net | $2,380,376 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $57,718 |
| Net Land, buildings, and equipment | $3,447,880 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,193,729 |
| Total assets | $12,141,784 |
| Accounts payable and accrued expenses | $64,500 |
| Grants payable | $0 |
| Deferred revenue | $2,550,587 |
| 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 | $337,999 |
| Total liabilities | $2,953,086 |
| Net assets without donor restrictions | $9,028,638 |
| Net assets with donor restrictions | $160,060 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $12,141,784 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Memphis City Employees Credit Union Memphis, TN | $441,662,639 | $21,190,840 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $450,735,683 | $18,534,745 |
State Chartered Credit Unions In Canton, NC | $412,728,875 | $18,530,317 |
Cornerstone Financial Credit Union Nashville, TN | $522,943,459 | $21,028,853 |
State Chartered Credit Unions In North Carolina Greensboro, NC | $337,571,406 | $18,300,511 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $454,901,827 | $18,489,124 |
U S Community Credit Union Nashville, TN | $215,456,515 | $14,802,772 |
The Tennessee Credit Union Nashville, TN | $408,777,901 | $12,031,552 |
Ashland Credit Union Ashland, KY | $339,651,427 | $16,258,598 |
State Chartered Credit Unions In North Carolina Waynesville, NC | $320,707,218 | $13,383,027 |
Old Hickory Credit Union Old Hickory, TN | $313,316,175 | $12,481,869 |
Telco Community Credit Union Candler, NC | $337,573,645 | $13,700,591 |