Hampton Roads Educators' Credit Union Inc
- Assets
- $42.7m
- Revenue
- $2.1m
- Investments
- $40.0k
- Employees
- 16
- Location
- Hampton, VA
- Founding
- Data as of
- 09/2023
- EIN
- 54-0623257
Organization Overview
Hampton Roads Educators' Credit Union Inc is located in Hampton, VA. As of 09/2023, Hampton Roads Educators' Credit Union Inc employed 16 individuals. Hampton Roads Educators' 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 09/2023, Hampton Roads Educators' Credit Union Inc generated $2.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $1.9m during the year ending 09/2023. While expenses have increased by 1.7% per year over the past 8 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNIONS ARE ORGANIZED TO PROVIDE FINANCIAL SERVICES TO MEMBERS. CREDIT UNIONS ARE EXEMPT BY FEDERAL TAX.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FINANCIAL SERVICES TO ITS MEMBERS.
TO PROVIDE FINANCIAL SERVICES TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Orie Manager/ceo | Officer | 40 | $96,782 |
Lynda Burke Director | Trustee | 1 | $0 |
Cornelious Chambliss Board Chairm | Trustee | 1 | $0 |
Anita R Holley Director | Trustee | 1 | $0 |
Keisha Samuels Director | Trustee | 1 | $0 |
Donald Sandridge Board Treasu | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv- Atm & Debit Card Card Services | 9/29/23 | $227,822 |
Cbs Core Processor | 9/29/23 | $110,359 |
Fis - Credit Card Card Services | 9/29/23 | $156,875 |
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 | $1,614,739 |
| Investment income | $363,750 |
| 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 | $2,070,345 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,214 |
| Grants and other assistance to domestic individuals. | $3,949 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $104,338 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $527,352 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $82,808 |
| Payroll taxes | $46,435 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,616 |
| Fees for services: Accounting | $23,231 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $117,340 |
| Advertising and promotion | $46,903 |
| Office expenses | $114,262 |
| Information technology | $17,576 |
| Royalties | $0 |
| Occupancy | $32,556 |
| Travel | $677 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,345 |
| Interest | $85,586 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,679 |
| Insurance | $30,549 |
| All other expenses | $30,424 |
| Total functional expenses | $1,941,823 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $776,405 |
| Savings and temporary cash investments | $21,106,226 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,384 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $17,131,607 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $74,784 |
| Net Land, buildings, and equipment | $140,732 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $40,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,475,145 |
| Total assets | $42,749,283 |
| Accounts payable and accrued expenses | $710,562 |
| 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 | $39,183,236 |
| Total liabilities | $39,893,798 |
| 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 | $2,855,485 |
| Total liabilities and net assets/fund balances | $42,749,283 |