VIRGINIA EDUCATORS CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1954

Legal Domicile

Phone

7579302425

Tax Period

2023-01-01 to 2023-12-31

VIRGINIA EDUCATORS CREDIT UNION, founded in 1954, is a community nonprofit that reported $4.2M in total revenue in fiscal year 2023. Revenue surged 79% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.8M, a strong 67% operating margin.

Mission

TO PROVIDE AFFORDABLE FINANCIAL SERVICES TO ITS MEMBERS, INCLUDING LOAN RELATIONSHIPS, DEPOSITORY SERVICES, CREDIT CARDS AND INTERNET BANKING AT CONVENIENT LOCATIONS BY PROFESSIONALS WHO PROVIDE EXCELLENT SERVICE.

Program Service Accomplishments

Program 1

THE CREDIT UNION PROVIDED AFFORDABLE LOANS TO 287 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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Trantor Score

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

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $1,053,856

Investment Income $3,117,645

Other Revenue $-1,296

TOTAL REVENUE $4,170,205

Expense Breakdown

Grants Paid $0

Salaries & Benefits $378,177

Fundraising Expenses $0

Other Expenses $979,594

TOTAL EXPENSES $1,357,771

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,170,205	$2,332,693	+0.8%
Expenses	$1,357,771	$1,400,734	0.0%
Net Income	$2,812,434	$931,959	+2.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Role	Reportable Comp	Other Comp	Total
THOMAS FISHER JR	Director	Director	$0	$0	$0
DR THOMASENA WOODS	Director	Director	$0	$0	$0
STEVEN KANEHL	Secretary	Officer Director	$0	$0	$0
LISA BOONE	Director	Director	$0	$0	$0
DR ANNE EDISON	Chairperson	Officer Director	$0	$0	$0
REGINALD FOX	Vice-Chair	Officer Director	$0	$0	$0
DENNIS JARRETT	Treasurer	Officer Director	$0	$0	$0
CAROLYN CHITTENDEN	Director	Director	$0	$0	$0
DORETHA SPELLS	Director	Director	$0	$0	$0

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	$4,170,205	$1,357,771	$77,278,452	$2,812,434
2022	$2,332,693	$1,400,734	$79,815,449	$931,959
2021	$1,589,092	$1,392,060	$78,982,986	$197,032
2020	$1,724,918	$1,635,239	$77,047,091	$89,679
2019	$2,599,766	$1,977,950	$66,367,211	$621,816
2018	$2,531,784	$1,881,322	$65,730,948	$650,462