Virginia Credit Union League Inc
- Assets
- $13.7m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 14
- Location
- Richmond, VA
- Founding
- 12/1957
- Data as of
- 12/2023
- EIN
- 54-0554860
Organization Overview
Virginia Credit Union League Inc is located in Richmond, 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 12/2023, Virginia Credit Union League Inc employed 14 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 12/2023, Virginia Credit Union League Inc generated $2.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $1.6m 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
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 |
|---|---|---|---|
Joe Thomas Chairman | OfficerTrustee | 1 | $0 |
Jeff Bentley Vice Chairman | OfficerTrustee | 1 | $0 |
Paul Muse Treasurer | OfficerTrustee | 1 | $0 |
Janine Williams Secretary | OfficerTrustee | 1 | $0 |
Michael Huff Director | Trustee | 1 | $0 |
Debra Vollmer Director | Trustee | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,874,958 |
| Investment income | $83,170 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $78,395 |
| Net Gain/Loss on Asset Sales | $6,000 |
| Net Income from Fundraising Events | $3,067 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,161,730 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $747 |
| 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. | $301,888 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $978,553 |
| Pension plan accruals and contributions | $110,792 |
| Other employee benefits | $255,895 |
| Payroll taxes | $74,886 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $412,581 |
| Fees for services: Accounting | $16,670 |
| 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 | $47,405 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $112,053 |
| Travel | $50,066 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $49,185 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $88,281 |
| Insurance | $19,267 |
| All other expenses | $0 |
| Total functional expenses | $1,572,890 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,606,800 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $13,808 |
| Accounts receivable, net | $2,113,395 |
| 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 | $84,782 |
| Net Land, buildings, and equipment | $3,269,252 |
| Investments—publicly traded securities | $517,915 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,056,743 |
| Total assets | $13,662,695 |
| Accounts payable and accrued expenses | $219,760 |
| Grants payable | $0 |
| Deferred revenue | $3,099,612 |
| 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 | $226,879 |
| Total liabilities | $3,546,251 |
| Net assets without donor restrictions | $9,888,884 |
| Net assets with donor restrictions | $227,560 |
| 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 | $13,662,695 |