THE CREDIT UNION OF RICHMOND INC

EIN: 540357460

RICHMOND, VA

Total Revenue
$3,461,408
Total Expenses
$3,530,283
Total Assets
$65,753,095
Net Assets
$10,963,639
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
1923
Legal Domicile
VA
Principal Officer
ARTHUR HART
Phone
8043559684
Tax Period
2023-01-01 to 2023-12-31

THE CREDIT UNION OF RICHMOND INC, founded in 1923, is a community nonprofit that reported $3.9M in total revenue in fiscal year 2018. Expenses of $3.6M left a modest 7% surplus.

Mission

CREDIT UNION IS A COOPERATIVE ORGANZIED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR PROVIDENT OR PRODUCTIVE PURPOSES.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $2,539,349
Investment Income $922,059
Other Revenue $0
TOTAL REVENUE $3,461,408

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,467,293
Fundraising Expenses $0
Other Expenses $2,062,990
TOTAL EXPENSES $3,530,283

Year-over-Year Comparison

2023 2022 Change
Revenue $3,461,408 $3,275,980 +0.1%
Expenses $3,530,283 $3,099,327 +0.1%
Net Income $-68,875 $176,653 -1.4%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
14
Independent Members
14
Employees
18
Volunteers
N/A

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
2
$152,933
Total Directors
13
$32,025
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JANICE MCMOORE BOARD MEMBER 1.00
Director
$2,325 $0 $2,325
DONALD HALL BOARD MEMBER 1.00
Director
$2,325 $0 $2,325
BRANDIZE CAREY BRAXTON BOARD MEMBER 1.00
Director
$2,325 $0 $2,325
ELMER SIMS BOARD MEMBER 1.00
Director
$2,325 $0 $2,325
SAMEATRIA MORTON BOARD MEMBER 1.00
Director
$2,325 $0 $2,325
LARRY LINDSEY BOARD MEMBER 1.00
Director
$2,325 $0 $2,325
GARY V SHELTON SR BOARD MEMBER 1.00
Director
$2,925 $0 $2,925
WILLIAM W LAUTERBACH BOARD MEMBER 1.00
Director
$2,125 $0 $2,125
KAREN W LIPSCOMB BOARD MEMBER 1.00
Director
$2,125 $0 $2,125
BETTY T STROTHER BOARD MEMBER 1.00
Director
$2,125 $0 $2,125
JAMES DAVIDSON DIRECTOR 1.00
Director
$2,325 $0 $2,325
YVONNE BAYLOR DIRECTOR 1.00
Director
$2,925 $0 $2,925
ALVIN STROTHER CHAIRMAN 1.00
Director
$3,525 $0 $3,525
ARTHUR HART PRESIDENT/CEO 40.00
Officer
$78,622 $2,748 $81,370
SHIRLEY COOPER PAST PRESIDENT 40.00
Officer
$71,563 $0 $71,563
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $3,461,408 $3,530,283 $65,753,095 $-68,875
2022 $3,275,980 $3,099,327 $69,624,312 $176,653
2021 $3,345,186 $2,804,660 $72,244,114 $540,526
2020 $3,387,543 $3,450,841 $72,383,123 $-63,298
2019 $4,122,751 $4,001,400 $68,527,552 $121,351
2018 $3,891,448 $3,638,263 $71,606,097 $253,185
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