Virginia Credit Union Inc
- Assets
- $5.1b
- Revenue
- $269.6m
- Investments
- $11.2m
- Employees
- 912
- Location
- Richmond, VA
- Founding
- Data as of
- 12/2022
- EIN
- 54-0578719
Organization Overview
Virginia Credit Union Inc is located in Richmond, VA. As of 12/2022, Virginia Credit Union Inc employed 912 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 12/2022, Virginia Credit Union Inc generated $269.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $219.5m during the year ending 12/2022. While expenses have increased by 8.3% per year over the past 7 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 50 individual grants totaling $3,641,531. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOR THIS YEAR'S ANNUAL REPORT, WE ARE HIGHLIGHTING HOW THE CREDIT UNION PROVES ITS COMMITMENT THROUGH THE WIDE RANGE OF FINANCIAL EDUCATION SERVICES AND COMMUNITY PARTNERSHIPS. THOSE EDUCATIONAL EFFORTS IN 2022 REACHED MORE THAN 90,000 INDIVIDUALS OF ALL AGES, A 50 PERCENT INCREASE OVER 2021. THE CREDIT UNION STRIVES TO IMPROVE FINANCIAL WELLNESS AND RESILIENCE FOR MEMBERS AND THE COMMUNITY. A FEW HIGHLIGHTS FROM 2022 ARE YOUTUBE, VCU, FINANCIAL SUCCESS FOR WOMEN AND NBC12. CHILDREN'S MONEY HABITS AND ATTITUDES ARE FORMED BY AGE SEVEN, SO EARLY FINANCIAL LITERACY IS ESSENTIAL. IN 2022, THE CREDIT UNION CREATED A YOUTUBE CHANNEL CATERED TO YOUNG VIEWERS. AFTER JUST A FEW MONTHS 4-10 PLATFORMS HAD REACHED 18,500 VIEWS. DESIGNED FOR AGES 4-10, THE VIDEOS AND THE ACCOMPANYING LESSONS CAN BE VIEWED AT VACU.ORG/KIDS. THE CREDIT UNION'S PARTNERSHIP WITH VIRGINIA COMMONWEALTH UNIVERSITY IS REACHING NEW HEIGHTS. THE VIRGINIA CREDIT UNION FINANCIAL SUCCESS CENTER AT VCU HAD MORE THAN 10,000 STUDENTS, FACULTY OR STAFF TAKE AN ONLINE CLASS OR PARTICIPATE IN FINANCIAL COACHING LAST YEAR. THE CENTER IS HELPING STUDENTS CHART A PATH TO FINANCIAL SUCCESS BEYOND GRADUATION. IN OCTOBER, VACU ORGANIZED ITS SECOND ONLINE SERIES OF WEBINARS SPECIFICALLY FOR WOMEN. THE KEYNOTE SPEAKER WAS PROFESSIONAL COMMUNICATOR LIZA MICKENS, THE GREAT-GREAT GRANDDAUGHTER OF MAGGIE L. WALKER. THE SERIES WAS FILLED WITH PRACTICAL ADVICE, AND ATTENDEES COULD ASSESS THEIR FINANCIAL KNOWLEDGE BOTH BEFORE AND AFTER THE MONTH-LONG PROGRAM TO TRACK PROGRESS AND IDENTIFY AREAS FOR GROWTH. THE VICE PRESIDENT FOR FINANCIAL EDUCATION, CHERRY DALE, WAS FEATURED IN 35 SEGMENTS ON NBC12 DURING 2022, OFFERING HELPFUL ADVICE ON MANAGING CREDIT, SAVING FOR THE FUTURE, BORROWING WISELY AND GUIDING YOUNG PEOPLE IN LEARNING TO MANAGE MONEY. AS MEMBERS OF VACU, ALL OF US CAN BE JUSTIFIABLY PROUD OF THESE IMPORTANT EFFORTS TO BOOST FINANCIAL KNOWLEDGE AND HEALTH.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melina Davis Director/board Vice Chair | OfficerTrustee | 5 | $2,425 |
John T Grier Director | Trustee | 5 | $665 |
Patricia Green Director | Trustee | 5 | $2,318 |
Brian K Jackson Director | Trustee | 5 | $2,610 |
Tracy Mccabe Director | Trustee | 5 | $665 |
Kimberly Baine Director | Trustee | 5 | $1,149 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fis Information Technology | 12/30/22 | $3,657,642 |
Elevation Llc Advertising | 12/30/22 | $1,881,277 |
Adrenaline Llc Architecture/engineering | 12/30/22 | $1,802,567 |
Sycom Technologies Llc Information Technology | 12/30/22 | $1,741,707 |
Eplus Technology Information Technology | 12/30/22 | $1,564,764 |
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 | $238,703,973 |
| Investment income | $29,054,649 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,834,991 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $269,593,613 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,267,500 |
| 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. | $4,704,071 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $82,700,052 |
| Pension plan accruals and contributions | $9,462,671 |
| Other employee benefits | $8,881,332 |
| Payroll taxes | $4,594,398 |
| Fees for services: Management | $1,252,074 |
| Fees for services: Legal | $451,973 |
| Fees for services: Accounting | $105,828 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,758,329 |
| Office expenses | $11,462,163 |
| Information technology | $9,031,110 |
| Royalties | $0 |
| Occupancy | $5,529,294 |
| Travel | $571,618 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $296,318 |
| Interest | $28,491,040 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,009,390 |
| Insurance | $482,289 |
| All other expenses | $0 |
| Total functional expenses | $219,484,073 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $148,163,882 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,191,416 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,234,250,478 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,169,075 |
| Net Land, buildings, and equipment | $71,410,411 |
| Investments—publicly traded securities | $1,440,547,665 |
| Investments—other securities | $11,151,550 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $157,576,211 |
| Total assets | $5,086,460,688 |
| Accounts payable and accrued expenses | $63,907,214 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,986,547 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $192,666,911 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,473,108,802 |
| Total liabilities | $4,734,669,474 |
| 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 | $351,791,214 |
| Total liabilities and net assets/fund balances | $5,086,460,688 |
Grants Awarded
Over the last fiscal year, Virginia Credit Union Inc has awarded $1,224,583 in support to 18 organizations.
| Grant Recipient | Amount |
|---|---|
JR ACHIEVEMENT PURPOSE: JA FINANCE PARK VOLUNTEER ROOM SPONSORSHIP | $22,800 |
YMCA GREATER RICHMOND PURPOSE: ANNUAL CAMPAIGN | $20,875 |
VCU SCHOOL OF BUSINESS FOUNDATION PURPOSE: VACU FINANCIAL SUCCESS CENTER AT VCU | $1,000,000 |
NEXT UP CONTRIBUTION PURPOSE: GENERAL SUPPORT | $8,500 |
GREATER RICHMOND PARTNERSHIP PURPOSE: 2022 -2023 SPONSOR | $10,000 |
FEEDMORE PURPOSE: STRIKE OUT HUNGER | $11,603 |