Virginia Credit Union Inc
- Assets
- $5.0b
- Revenue
- $263.1m
- Investments
- $9.6m
- Employees
- 907
- Location
- Richmond, VA
- Founding
- Data as of
- 12/2021
- EIN
- 54-0578719
Organization Overview
Virginia Credit Union Inc is located in Richmond, VA. As of 12/2021, Virginia Credit Union Inc employed 907 individuals. Virginia Credit Union 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 12/2021, Virginia Credit Union Inc generated $263.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $212.4m during the year ending 12/2021. While expenses have increased by 9.1% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Virginia Credit Union Inc has awarded 32 individual grants totaling $2,416,948. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
THERE'S NEVER BEEN A BETTER TIME TO BE A MEMBER OF VIRGINIA CREDIT UNION. AS THE CORONAVIRUS PANDEMIC STRETCHED INTO ITS SECOND YEAR, VIRGINIA CREDIT UNION PROVED AGAIN AND AGAIN ITS VALUE TO MEMBERS. DESPITE AREAS OF CONTINUED UNCERTAINTY IN THE ECONOMY, THE CREDIT UNION'S STRONG FINANCIAL POSITION ENABLED VACU TO RETURN REAL VALUE TO ITS MEMBERS. THE BENEFITS OF MEMBERSHIP WERE SPREAD ACROSS MANY PRODUCTS AND SERVICES, HELPING ALL TYPES OF MEMBERS. VACU MADE OVER $800 MILLION IN HOME LOANS TO MEMBERS, A NEAR RECORD. MEMBERS RECEIVED 90,000 NEW CREDIT CARDS AND 200,000 NEW DEBIT CARDS WITH CONTACTLESS FEATURES, OFFERING ENHANCED SECURITY AND CONVENIENCE. VACU CREDIT CARD HOLDERS WERE REWARDED WITH APPROXIMATELY $4.5 MILLION IN STATEMENT CREDITS BASED ON THEIR SPENDING OR TRANSFERRING A BALANCE FROM ANOTHER CARD TO VACU IN THE FINAL TWO MONTHS OF 2021. MEMBERS EARNED MORE THE $17.7 MILLION IN DIVIDENDS ON SAVINGS ACCOUNTS, CHECKING ACCOUNTS, CERTIFICATES, AND OTHER DEPOSITS. VACU PROVIDED MORE THAT 1,100 LOAN EXTENSIONS TO MEMBERS AFFECTED BY THE PANDEMIC-CAUSED BY JOB LOSS, FAMILY INCOME LOSS, ILLNESS OR OTHER FACTORS. THE FINANCIAL SUCCESS CENTER OF VACU HAD OVER 7,300 STUDENTS, FACULTY, AND STAFF TAKE ONLINE CLASS OR PARTICIPATE IN FINANCIAL COACHING. THAT IS A 229% INCREASE OVER THE PREVIOUS SCHOOL YEAR. AN IMPORTANT CONSTANT OF VIRGINIA CREDIT UNION IS HELPING MEMBERS BECOME EMPOWERED THROUGH DEEPER FINANCIAL KNOWLEDGE. THIS YEAR VACU HOSTED ITS FIRST-EVER FINANCIAL SUCCESS FOR WOMEN SERIES, AN ONLINE EDUCATIONAL EXPERIENCE THAT BROKE NEW GROUND WITH ITS FORMAT AND DELIVERY, AND SHOWED MEASURABLE GAINS IN KNOWLEDGE AMONG ITS PARTICIPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher N Saneda Sevp/coo | Officer | 55 | $1,059,452 |
Christopher Shockley President/ceo | Officer | 60 | $1,028,992 |
Laura Stevens Mortgage Loan Officer | 70 | $928,095 | |
Stephanie Vick Evp/cfo | Officer | 55 | $575,911 |
Michael Noble Evp Chief Bus Banking Officer | 55 | $523,501 | |
Lee Dranoff Evp Lending | 55 | $493,330 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Elevation Llc Advertising | 12/30/21 | $1,976,382 |
Sycom Technologies Llc Information Technology | 12/30/21 | $1,511,440 |
Eplus Technology Information Technology | 12/30/21 | $1,312,487 |
Presido Networked Solutions Information Technology | 12/30/21 | $1,107,922 |
Fis Information Technology | 12/30/21 | $725,527 |
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 | $228,504,977 |
| Investment income | $15,594,283 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $18,989,719 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $263,088,979 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,177,898 |
| 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. | $3,509,354 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $88,853,489 |
| Pension plan accruals and contributions | $9,495,807 |
| Other employee benefits | $9,073,597 |
| Payroll taxes | $4,304,953 |
| Fees for services: Management | $1,069,573 |
| Fees for services: Legal | $676,194 |
| Fees for services: Accounting | $113,317 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,416,084 |
| Office expenses | $10,083,767 |
| Information technology | $8,639,883 |
| Royalties | $0 |
| Occupancy | $4,425,799 |
| Travel | $347,791 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $223,095 |
| Interest | $23,151,973 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,464,552 |
| Insurance | $357,687 |
| All other expenses | $0 |
| Total functional expenses | $212,439,527 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $266,824,337 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,074,032 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,741,199,716 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,958,766 |
| Net Land, buildings, and equipment | $68,442,749 |
| Investments—publicly traded securities | $1,743,933,376 |
| Investments—other securities | $9,586,350 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $148,081,713 |
| Total assets | $4,993,101,039 |
| Accounts payable and accrued expenses | $59,532,763 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,930,108 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $182,503,132 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,293,812,040 |
| Total liabilities | $4,540,778,043 |
| 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 | $452,322,996 |
| Total liabilities and net assets/fund balances | $4,993,101,039 |
Grants Awarded
Over the last fiscal year, Virginia Credit Union Inc has awarded $1,140,434 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
VCU SCHOOL OF BUSINESS FOUNDATION PURPOSE: VACU FINANCIAL SUCCESS CENTER AT VCU | $1,000,000 |
Richmond, VA PURPOSE: GENERAL SUPPORT | $40,500 |
CHILDRENS HOSPITAL PURPOSE: GENERAL SUPPORT | $25,000 |
VCU ATHLETICS FUND PURPOSE: GENERAL SUPPORT | $19,444 |
Richmond, VA PURPOSE: ANNUAL CAMPAIGN | $12,500 |
Richmond, VA PURPOSE: JA FINANCE PARK VOLUNTEER ROOM SPONSORSHIP | $7,500 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Virginia Credit Union Inc has recieved totaling $18,000.
| Awarding Organization | Amount |
|---|---|
National Credit Union Foundation Inc Madison, WI PURPOSE: FINANCIAL HEALTH SEGMENTATION GRANTS | $18,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Howard Hughes Medical Institute Chevy Chase, MD | $25,877,392,654 | $2,117,477,557 |
National Rural Utilities Cooperative Finance Corp Dulles, VA | $31,221,814,594 | $1,254,440,999 |
Delta Account Based Medical Tr Atlanta, GA | $64,420,451 | $922,711,944 |
St Lukes Hospital Of Kansas City Kansas City, MO | $1,771,100,748 | $1,070,641,998 |
Saint Thomas West Hospital St Louis, MO | $949,679,305 | $1,081,181,844 |
Howard University Washington, DC | $1,667,010,000 | $1,025,632,000 |
Caresource Indiana Inc Dayton, OH | $434,368,652 | $990,208,142 |
Global Health Solutions Inc Decatur, GA | $0 | $961,202,345 |
Presbyterian Medical Center Of The University Of Pennsylvania Health Philadelphia, PA | $864,132,692 | $1,007,924,819 |
Baptist Health Little Rock, AR | $1,838,433,342 | $1,059,132,631 |
Mercy Hospital Springfield Springfield, MO | $547,925,906 | $1,115,699,805 |
Ssm Health Care Corporation St Louis, MO | $4,485,127,106 | $1,033,534,741 |