Virginia United Methodist Credit Union
- Assets
- $17.8m
- Revenue
- $896.4k
- Investments
- $0.0
- Employees
- 7
- Location
- Richmond, VA
- Founding
- Data as of
- 12/2022
- EIN
- 54-0575188
Organization Overview
Virginia United Methodist Credit Union is located in Richmond, VA. As of 12/2022, Virginia United Methodist Credit Union employed 7 individuals. Virginia United Methodist Credit Union 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 12/2022, Virginia United Methodist Credit Union generated $896.4k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $848.2k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION IS A COOPERATIVE ORGANIZED 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
PRIMARY INCOME IS FROM LOANS TO MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alvin Horton Board Chairperson | Officer | 1 | $0 |
William James Board Vice-Chairperson | Officer | 1 | $0 |
Joel Pollard Board Secretary | Officer | 1 | $0 |
Thomas Rachele Treasurer | Officer | 1 | $0 |
Chris Burgess Board Member | Officer | 1 | $0 |
Jeff Peterson Board Member | Officer | 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 | $781,120 |
| Investment income | $115,320 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $896,440 |
| 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. | $18,619 |
| Compensation of current officers, directors, key employees. | $18,619 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $190,803 |
| Pension plan accruals and contributions | $4,713 |
| Other employee benefits | $43,998 |
| Payroll taxes | $15,457 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $761 |
| Fees for services: Accounting | $67 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,144 |
| Advertising and promotion | $9,524 |
| Office expenses | $116,747 |
| Information technology | $96,201 |
| Royalties | $0 |
| Occupancy | $20,166 |
| Travel | $8,397 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,440 |
| Insurance | $16,432 |
| All other expenses | $17,533 |
| Total functional expenses | $848,201 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $34,923 |
| Savings and temporary cash investments | $250,284 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $75,561 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,881,344 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $66,783 |
| Net Land, buildings, and equipment | $445,082 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,254,592 |
| Intangible assets | $0 |
| Other assets | $776,046 |
| Total assets | $17,784,615 |
| Accounts payable and accrued expenses | -$8,817 |
| 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 | $16,331,765 |
| Total liabilities | $16,322,948 |
| 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 | $1,461,667 |
| Total liabilities and net assets/fund balances | $17,784,615 |