Virginia Educators Credit Union
- Assets
- $79.0m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 12
- Location
- Newport News, VA
- Founding
- Data as of
- 12/2021
- EIN
- 54-6038710
Organization Overview
Virginia Educators Credit Union is located in Newport News, VA. As of 12/2021, Virginia Educators Credit Union employed 12 individuals. Virginia Educators 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 12/2021, Virginia Educators Credit Union generated $1.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.5%) each year. All expenses for the organization totaled $1.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (6.9%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION PROVIDED AFFORDABLE LOANS TO 1,762 INDIVIDUALS DURING THE YEAR. MANY OF THE INDIVIDUALS WOULD NOT HAVE BEEN ABLE TO OBTAIN SUCH LOANS FROM OTHER FINANCIAL INSTITUTIONS. IN ADDITION, THE CREDIT UNION PROVIDED DEPOSITORY AND SAVING SERVICES TO MEMBERS. THE CREDIT UNION'S MEMBERSHIP CONSISTS PRIMARILY OF STUDENTS, EDUCATORS, ALUMNI, AND RETIREES IN THE CITIES OF NEWPORT NEWS, WILLIAMSBURG, AND THE COUNTIES OF ISLE OF WIGHT, JAMES CITY, GLOUCESTER AND MATTHEWS, AND THEIR FAMILIES, AND INCLUDES MANY INDIVIDUALS NOT RECRUITED FOR SERVICES AT LARGER FINANCIAL INSTITUTIONS. IN 2012, THE CREDIT UNION WAS APPROVED BY THE NCUA AS "LOW INCOME," INCLUDING STUDENTS. VECU PROVIDED FREE FINANCIAL LITERACY TO STUDENTS (534), PTA MEMBERS, AND EDUCATORS WITHIN OUR FIELD OF MEMBERSHIP DURING THE YEAR.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDED AFFORDABLE LOANS TO 441 INDIVIDUALS DURING THE YEAR. MANY OF THESE INDIVIDUALS WOULD NOT HAVE BEEN ABLE TO OBTAIN SUCH LOANS FROM OTHER FINANCIAL INSTITUTIONS. IN ADDITION, THE CREDIT UNION PROVIDED DEPOSITORY SERVICES TO MEMBERS. THE CREDIT UNION PROVIDED FREE FINANCIAL LITERACY PRESENTATIONS AND SERVICES WITHIN VARIOUS SCHOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Cline Chairperson | OfficerTrustee | 0 | $0 |
Steven Kanehl Secretary | OfficerTrustee | 0 | $0 |
Dr Anne Edison Vice Chairpersn | OfficerTrustee | 0 | $0 |
Dennis Jarrett Treasurer | OfficerTrustee | 0 | $0 |
Dr Thomasena Wright Director | Trustee | 0 | $0 |
Reginald Fox Director | Trustee | 0 | $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 | $1,461,422 |
| Investment income | $127,670 |
| 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 | $1,589,092 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $403,146 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $39,604 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $201,770 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $162,357 |
| Travel | $2,722 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $7,257 |
| Total functional expenses | $1,392,060 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,141,121 |
| Savings and temporary cash investments | $43,267,583 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $488,548 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,014 |
| Net Land, buildings, and equipment | $815,509 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,260,211 |
| Total assets | $78,982,986 |
| Accounts payable and accrued expenses | $261,099 |
| 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 | $69,248,900 |
| Total liabilities | $69,509,999 |
| 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 | $9,472,987 |
| Total liabilities and net assets/fund balances | $78,982,986 |
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