Baylands Family Credit Union
- Assets
- $92.8m
- Revenue
- $3.7m
- Investments
- $15.1m
- Employees
- 28
- Location
- West Point, VA
- Founding
- Data as of
- 12/2022
- EIN
- 54-6038172
Organization Overview
Baylands Family Credit Union is located in West Point, VA. As of 12/2022, Baylands Family Credit Union employed 28 individuals. Baylands Family 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, Baylands Family Credit Union generated $3.7m in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $3.4m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (2.8%) per year over the past 5 years. 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
BAYLANDS FAMILY CREDIT UNION IS COMMITTED TO SERVING THE FINANCIAL NEEDS OF OUR MEMBERSHIP. IT IS OUR RESPONSIBILITY TO MAXIMIZE THE BENEFITS TO OUR MEMBERS WHILE MAINTAINING FINANCIAL STABILITY.WE WILL PROVIDE A CLIMATE IN WHICH OUR EMPLOYEES ARE STIMULATED TO ACHIEVE OUTSTANDING PERFORMANCE AND PROFESSIONALISM.WE ARE A MEMBER-OWNED INSTITUTION THAT EXISTS NOT FOR PROFIT, BUT FOR SERVICE."
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICE ACCOMPLISHMENTS INCLUDE LESS EXPENSIVE LOAN PRODUCTS RELATIVE TO OTHER FINANCIAL INSTITUTIONS, COMPARATIVE DEPOSIT ACCOUNT RATES, AND STRONG COMMUNITY INVOLVEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martha E Hart Director | Trustee | 1 | $0 |
David Dupuis Supervisory Committee | Trustee | 1 | $0 |
Michael Bellanca Supervisory Committee | Trustee | 1 | $0 |
Todd C Welch Director | Trustee | 1 | $0 |
Troy E Foster Director | Trustee | 1 | $0 |
Terry A Reed 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 | $2,333,843 |
| Investment income | $369,316 |
| 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 | $3,730,943 |
| 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. | $106,636 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,174,139 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $280,529 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,316 |
| Fees for services: Accounting | $57,708 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $79,237 |
| Office expenses | $42,229 |
| Information technology | $97,519 |
| Royalties | $0 |
| Occupancy | $146,212 |
| Travel | $12,714 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,548 |
| Interest | $183,980 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $164,121 |
| Insurance | $0 |
| All other expenses | $493,710 |
| Total functional expenses | $3,441,001 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,496,277 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $46,262,326 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,420,786 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $15,054,898 |
| Investments—program-related | $20,101,725 |
| Intangible assets | $0 |
| Other assets | $5,421,787 |
| Total assets | $92,757,799 |
| Accounts payable and accrued expenses | $312,370 |
| 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 | $88,670,948 |
| Total liabilities | $88,983,318 |
| 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 | $3,774,481 |
| Total liabilities and net assets/fund balances | $92,757,799 |