Dominion Energy Credit Union Fka Dominion Credit Union
- Assets
- $360.6m
- Revenue
- $14.4m
- Investments
- $281.8k
- Employees
- 0
- Location
- Richmond, VA
- Founding
- Data as of
- 12/2023
- EIN
- 54-6039972
Organization Overview
Dominion Energy Credit Union Fka Dominion Credit Union is located in Richmond, VA. Dominion Energy Credit Union Fka Dominion 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 12/2023, Dominion Energy Credit Union Fka Dominion Credit Union generated $14.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $14.5m during the year ending 12/2023. While expenses have increased by 7.3% per year over the past 9 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
TO PROVIDE FINANCIAL SERVICES TO IMPROVE THE FINANCIAL WELL-BEING OF THE CREDIT UNION MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES A LOW COST SOURCE OF CREDIT BY OFFERING LOAN PRODUCTS SUCH AS VEHICLE LOANS, 1ST AND 2ND MORTGAGE LOANS, VISA AND OTHER LOANS.
THE CREDIT UNION PROMOTES THRIFT BY OFFERING SAVINGS PRODUCTS PAYING ATTRACTIVE RATES OF INTEREST AVAILABLE TO LARGE AND SMALL SAVERS ALIKE IN PRODUCTS SUCH AS SHARE SAVINGS ACCOUNTS, MONEY MARKET ACCOUNTS, CHRISTMAS CLUB ACCOUNTS, AND SHARE CERTIFICATES.
THE CREDIT UNION EMPHASIZES ACCESSIBILITY AND CONVENIENCE TO A MEMBER'S OWN MONEY BY OFFERING DELIVERY CHANNELS SUCH AS OWNED AND SHARED BRANCHES, NETWORKED ATMS, 1-800 CALL CENTER, ONLINE BANKING, CHECKING ACCOUNTS, ELECTRONIC AND OTHER MEDIUMS OF MONEY TRANSFER AND ACCESS AND VISA DEBIT AND CREDIT CARDS. THESE SERVICES ARE OFFERED AT LITTLE TO NO CHARGES, A COMMITMENT EVIDENCED BY THE FACT THAT OUR PERCENTAGE OF FEE INCOME TO TOTAL INCOME IS AMONG THE LOWEST IN THE FINANCIAL SEVICES INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael C Swalley President/ceo | OfficerTrustee | 50 | $0 |
Edward Baine Chairman | OfficerTrustee | 5 | $0 |
Kenneth Barker Vice Chairman | OfficerTrustee | 5 | $0 |
Keith Windle Board Member | Trustee | 5 | $0 |
Charlene Whitfield Board Member | Trustee | 5 | $0 |
Steve Wooten Board Member | Trustee | 5 | $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 | $11,693,504 |
| Investment income | $2,671,034 |
| 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 | $14,364,538 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $114,431 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,516,015 |
| Advertising and promotion | $313,533 |
| Office expenses | $628,692 |
| Information technology | $785,959 |
| Royalties | $0 |
| Occupancy | $310,798 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $76,255 |
| Interest | $6,083,265 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $417,191 |
| Insurance | $84,935 |
| All other expenses | $0 |
| Total functional expenses | $14,517,079 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $311,782 |
| Savings and temporary cash investments | $16,531,695 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,207 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $194,752,221 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $263,258 |
| Net Land, buildings, and equipment | $710,504 |
| Investments—publicly traded securities | $139,684,481 |
| Investments—other securities | $281,753 |
| Investments—program-related | $0 |
| Intangible assets | $1,882,648 |
| Other assets | $6,163,645 |
| Total assets | $360,605,194 |
| Accounts payable and accrued expenses | $1,633,562 |
| 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 | $321,716,187 |
| Total liabilities | $323,349,749 |
| 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 | $37,255,445 |
| Total liabilities and net assets/fund balances | $360,605,194 |