VIRGINIA CREDIT UNION INC

EIN: 540578719

RICHMOND, VA

Total Revenue
$341,774,027
Total Expenses
$319,471,859
Total Assets
$5,324,355,565
Net Assets
$403,949,006
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Financial Trends

Organization Details

Formation Year
1928
Legal Domicile
VA
Principal Officer
CHRISTOPHER M SHOCKLEY
Phone
8043236000
Tax Period
2023-01-01 to 2023-12-31

VIRGINIA CREDIT UNION INC, founded in 1928, is a major nonprofit that reported $341.8M in total revenue in fiscal year 2023. Revenue surged 27% from the prior year, signaling strong growth momentum. Expenses of $319.5M left a modest 7% surplus.

Mission

TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS.

Program Service Accomplishments

Program 1

VIRGINIA CREDIT UNION (VACU) HAS BEEN A PILLAR OF SUPPORT FOR THE COMMUNITY FOR NEARLY A CENTURY. BASED ON MEMBER FEEDBACK, IN 2023 VACU CONTINUED TO FOCUS ITS CHARITABLE CONTRIBUTIONS IN THREE...

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VIRGINIA CREDIT UNION (VACU) HAS BEEN A PILLAR OF SUPPORT FOR THE COMMUNITY FOR NEARLY A CENTURY. BASED ON MEMBER FEEDBACK, IN 2023 VACU CONTINUED TO FOCUS ITS CHARITABLE CONTRIBUTIONS IN THREE AREAS: FINANCIAL EDUCATION, FOOD SECURITY, AND CHILDREN. ALTHOUGH THERE ARE MANY WORTHY CHARITIES ACROSS VIRGINIA, OUR HOPE IS THAT BY BEING FOCUSED AND INTENTIONAL WE CAN ACHIEVE GREATER IMPACT IN THESE THREE AREAS.IN THE PAST YEAR, VACU HAS MADE CHARITABLE CONTRIBUTIONS OF APPROXIMATELY $2 MILLION TO OVER 200 RECIPIENTS, ENCOMPASSING FINANCIAL, VOLUNTEER, AND IN-KIND DONATIONS. VOLUNTEERS FROM THE CREDIT UNION HAVE DEDICATED APPROXIMATELY 2,100 HOURS OF THEIR TIME THIS YEAR, PARTICIPATING IN VARIOUS COMMUNITY EVENTS, FROM MENTORING STUDENTS TO ORGANIZING DRIVES TO COLLECT ESSENTIAL SCHOOL SUPPLIES FOR LOCAL STUDENTS. OUR COMMITMENT TO THE LOCAL RICHMOND COMMUNITY IS FURTHER EVIDENT BY THE FIVE BRANCHES WE'VE OPENED SINCE JUNE 2022.RECOGNIZING THE POWER OF FINANCIAL LITERACY, VACU'S TEAM OF FINANCIAL SUCCESS EDUCATORS REACHED APPROXIMATELY 100,000 INDIVIDUALS IN 2023, WITH THEIR EFFORTS AMPLIFIED THROUGH THEIR LIBRARY OF FINANCIAL EDUCATION RESOURCES. THE TEAM'S VIDEOS, ARTICLES, AND EXPERTISE WERE FEATURED OVER 4,000 TIMES ACROSS THE U.S. REACHING MILLIONS OF VIEWERS.THE IMPACT OF VACU'S FINANCIAL EDUCATION INITIATIVES IS EVIDENT THROUGH VARIOUS PROGRAMS AND PARTNERSHIPS. FROM PROVIDING FINANCIAL EDUCATION CLASSES TO ORGANIZATIONS SUCH AS RICHMOND CITY'S OFFICE OF COMMUNITY WEALTH BUILDERS AND THE YMCA OF RICHMOND, TO SUPPORTING INITIATIVES LIKE RICHMOND PUBLIC SCHOOLS SAVES AND RVA READS, VACU IS DEDICATED TO EMPOWERING INDIVIDUALS WITH THE KNOWLEDGE AND SKILLS TO MAKE INFORMED FINANCIAL DECISIONS.VACU'S COMMITMENT TO COMMUNITY AND FINANCIAL EDUCATION HAS NOT GONE UNNOTICED. WE WERE HONORED WITH THE RICHMOND ECONOMIC DEVELOPMENT PARTNER OF THE YEAR AWARD FOR OUTSTANDING EDUCATIONAL AND CIVIC CONTRIBUTIONS. ADDITIONALLY, VACU WAS RANKED NUMBER ONE AND TWO IN THE COUNTRY FOR FINANCIAL EDUCATION FOR ADULTS AND YOUTH, RESPECTIVELY, BY BOTH STATE AND NATIONAL ASSOCIATIONS FOR CREDIT UNIONS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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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 $288,597,275
Investment Income $53,176,752
Other Revenue $0
TOTAL REVENUE $341,774,027

Expense Breakdown

Grants Paid $1,389,000
Salaries & Benefits $106,751,095
Fundraising Expenses $0
Other Expenses $211,331,764
TOTAL EXPENSES $319,471,859

Year-over-Year Comparison

2023 2022 Change
Revenue $341,774,027 $269,593,613 +0.3%
Expenses $319,471,859 $219,484,073 +0.5%
Net Income $22,302,168 $50,109,540 -0.6%
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
11
Independent Members
11
Employees
914
Volunteers
16

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
5
$2,328,838
Total Directors
11
$47,927
Key Employees
1
$1,294,081
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KIMBERLY BAINE DIRECTOR 5.00
Director
$0 $0 $0
ROBERT BOLLING DIRECTOR/SECRETARY TREASUR 5.00
Officer Director
$6,165 $0 $6,165
KENNETH E AMPY DIRECTOR/BOARD CHAIR 10.00
Officer Director
$6,165 $0 $6,165
ERIC B TOLBERT DIRECTOR 5.00
Director
$5,736 $0 $5,736
PAUL THOMPSON DIRECTOR 5.00
Director
$6,165 $0 $6,165
MELINA DAVIS DIRECTOR/BOARD VICE CHAIR 5.00
Officer Director
$6,165 $0 $6,165
ROBERT JONES DIRECTOR 5.00
Director
$5,618 $0 $5,618
BRIAN K JACKSON DIRECTOR 5.00
Director
$6,165 $0 $6,165
JOHN T GRIER DIRECTOR 5.00
Director
$1,488 $0 $1,488
PATRICIA GREEN DIRECTOR 5.00
Director
$4,260 $0 $4,260
TRACY MCCABE DIRECTOR 5.00
Director
$0 $0 $0
CHRISTOPHER SHOCKLEY PRESIDENT/CEO 60.00
Officer
$1,136,990 $316,800 $1,453,790
STEPHANIE VICK EVP/CFO 55.00
Officer
$768,990 $87,563 $856,553
CHRISTOPHER N SANEDA SEVP/COO 55.00
Key Emp
$1,085,363 $208,718 $1,294,081
DEBORAH WREDEN EVP PRODUCT AND STRATEGY 55.00
Highest
$469,262 $106,322 $575,584
LEE DRANOFF EVP LENDING 55.00
Highest
$471,048 $123,267 $594,315
MICHAEL NOBLE EVP CHIEF BUS BANKING OFFI 55.00
Highest
$487,201 $77,716 $564,917
MARYANN FATHEDDIN EVP HUMAN RESOURCES 55.00
Highest
$490,637 $76,148 $566,785
JOHN STONE EVP FIN SER/CUSO PRES 55.00
Highest
$516,705 $66,848 $583,553
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
2023 $341,774,027 $319,471,859 $5,324,355,565 $22,302,168
2022 $269,593,613 $219,484,073 $5,086,460,688 $50,109,540
2021 $263,088,979 $212,439,527 $4,993,101,039 $50,649,452
2020 $279,286,306 $249,381,398 $4,532,757,612 $29,904,908
2019 $246,247,063 $207,475,395 $3,729,406,291 $38,771,668
2018 $213,935,125 $178,335,094 $3,638,027,361 $35,600,031
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