Totals
- Total revenue
- $185,859,609
- Total expenses
- $169,659,562
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $166,878,903
- Investment income
- $19,258,094
- Other revenue
- -$277,388
- Total assets, end of year
- $2,383,985,109
- Total liabilities, end of year
- $2,140,804,827
- Net assets or fund balances, end of year
- $243,180,282
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- not reported
Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: FEES AND CHARGES
total $15,918,034 · related or exempt $15,918,034
-
2b · Program service revenue: LOAN INTEREST
total $123,922,353 · related or exempt $123,922,353
-
2c · Program service revenue: MISCELLANEOUS
total $27,038,516 · related or exempt $27,038,516
-
3 · Investment income
total $19,258,094 · related or exempt $19,258,094
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6a · Gross rents
real property $1,008,751
-
6b · Less rental expenses
real property $1,529,717
-
6c · Rental income or loss
real property -$520,966
-
6d · Net rental income or loss
total -$520,966 · unrelated business -$520,966
-
7d · Net gain or loss
total $0
-
8c · Net income from fundraising events
total $0
-
9c · Net income from gaming
total $0
-
10c · Net income from sales of inventory
total $0
-
11a · Other revenue: NON-OPERATING INC/EXP
total $243,578 · related or exempt $243,578
-
11e · Other revenue, total
$243,578
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $1,852,266
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $34,807,053
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $12,833,336
-
10 · Payroll taxes
total $0
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $0
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $0
-
12 · Advertising and promotion
total $0
-
13 · Office expenses
total $0
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $6,938,934
-
17 · Travel
total $1,072,464
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $9,277,490
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $0
-
23 · Insurance
total $0
-
24a · Other expenses: INTEREST ON MEMBERS' ACCOUNTS
total $40,906,762
-
24b · Other expenses: ACCOUNT SERVICING
total $21,108,348
-
24c · Other expenses: PROVISION FOR LOAN LOSSES
total $19,510,000
-
24d · Other expenses: OFFICE
total $14,017,522
-
24e · All other expenses
total $7,335,387
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $29,269,462 · end of year $28,220,000
-
2 · Savings and temporary cash investments
end of year $0
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
end of year $0
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
beginning of year $402,855,282 · end of year $309,924,868
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $5,620,642 · end of year $3,828,435
-
10a · Land, buildings and equipment: cost or other basis
$120,878,248
-
10b · Land, buildings and equipment: accumulated depreciation
$61,433,859
-
10c · Land, buildings and equipment, net
beginning of year $57,253,686 · end of year $59,444,389
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
end of year $0
-
15 · Other assets
beginning of year $1,870,295,328 · end of year $1,982,567,417
-
17 · Accounts payable and accrued expenses
beginning of year $16,961,494 · end of year $22,890,609
-
23 · Secured mortgages and notes payable
beginning of year $115,000,000 · end of year $165,000,000
-
25 · Other liabilities
beginning of year $2,005,563,336 · end of year $1,952,914,218
-
31 · Retained earnings, endowment or other funds
beginning of year $227,769,570 · end of year $243,180,282
Mission and programs · 2024
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
Activities or mission (Part I)
THE CREDIT UNION PROVIDED AFFORDABLE LOANS TO OVER 16,000 MEMBERS 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 SERVICES TO MEMBERS PROVIDING BRANCHES, ON-LINE BANKING, FINANCIAL COUNSELING SERVICES, HOME BUYING AND RETIREMENT SEMINARS, FINANCIAL EDUCATION, SCHOLARSHIPS AND NUMEROUS OTHER RELATED SERVICES. THE CREDIT UNION'S MEMBERSHIP CONSISTS OF PRIMARILY INDIVIDUALS IN THE HAMPTON ROADS AREA AND INCLUDES MANY INDIVIDUALS GENERALLY NOT RECRUITED FOR SERVICES AT LARGER FINANCIAL INSTITUTIONS.
-
TO PROVIDE AFFORDABLE LOANS TO OVER 16,000 MEMBERS 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 SERVICES TO MEMBERS PROVIDING BRANCHES, ON-LINE BANKING, FINANCIAL COUNSELING SERVICES, HOME BUYING AND RETIREMENT SEMINARS, FINANCIAL EDUCATION, SCHOLARSHIPS AND NUMEROUS OTHER RELATED SERVICES. THE CREDIT UNION'S MEMBERSHIP CONSISTS PRIMARILY OF INDIVUDALS IN THE HAMPTON ROADS AREA AND INCLUDES MANY INDIVIDUALS GENERALLY NOT RECRUITED FOR SERVICES AT LARGER FINANCIAL INSTITUTIONS.
As filed on the 2024 return.
Listed in Part VII
-
James MearsJAMES MEARS
PRESIDENT/CEO
- Total calculated
- $590,567
- From this org
- $590,567
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $496,833
- Bonus
- $69,492
- Other
- $24,242
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $590,567
-
Godfrey SmithGODFREY SMITH
EXEC VP/CFO
- Total calculated
- $351,771
- From this org
- $351,771
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $267,361
- Bonus
- $13,870
- Other
- $70,540
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $351,771
-
Jennifer CoyneJENNIFER COYNE
EXEC VP/COO
- Total calculated
- $341,326
- From this org
- $341,326
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $265,243
- Bonus
- $13,870
- Other
- $62,213
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $341,326
-
Stanley LeicesterSTANLEY LEICESTER
EXECUTIVE VP
- Total calculated
- $298,968
- From this org
- $298,968
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $198,041
- Bonus
- not reported
- Other
- $100,927
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $298,968
-
Margaret TaylorMARGARET TAYLOR
INVESTMENT ADVISOR
- Total calculated
- $269,634
- From this org
- $269,634
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $44,756
- Bonus
- $224,878
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $269,634
-
Denise McRobertsDENISE MCROBERTS
CHIEF INFO OFFICER
- Total calculated
- $250,730
- From this org
- $250,730
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $236,019
- Bonus
- $13,869
- Other
- $842
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $250,730
-
Susan FernaaysSUSAN FERNAAYS
CHIEF EXP OFFICER
- Total calculated
- $247,619
- From this org
- $247,619
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $233,749
- Bonus
- $13,870
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $247,619
-
Ira WilliamsIRA WILLIAMS
CHIEF RETAIL OFF
- Total calculated
- $244,981
- From this org
- $244,981
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $232,288
- Bonus
- $11,321
- Other
- $1,372
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $244,981
-
Nancy PorterNANCY PORTER
VP MARKETING
- Total calculated
- $220,308
- From this org
- $220,308
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $208,987
- Bonus
- $11,321
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $220,308
-
Tonya EdwardsTONYA EDWARDS
VP BUSINESS BANKIN
- Total calculated
- $216,735
- From this org
- $216,735
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $205,414
- Bonus
- $11,321
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $216,735
-
Pamela J RowePAMELA J ROWE
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 0
-
Craig Holley JrCRAIG HOLLEY JR
Director
- Total calculated
- $0
- Hours/week
- 0
-
Suzanne M BeckstofferSUZANNE M BECKSTOFFER
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 0
-
Maureen DavisMAUREEN DAVIS
Chairman
- Total calculated
- $0
- Hours/week
- 0
-
Mary CullenMARY CULLEN
Director
- Total calculated
- $0
- Hours/week
- 0
-
Lemeshia SteeleLEMESHIA STEELE
Director
- Total calculated
- $0
- Hours/week
- 0
-
Jennifer M MillerJENNIFER M MILLER
Secretary/Treas
- Total calculated
- $0
- Hours/week
- 0
-
Ray C BagleyRAY C BAGLEY
Asst Secretary
- Total calculated
- $0
- Hours/week
- 0
-
Darlene GrahamDARLENE GRAHAM
Director
- Total calculated
- $0
- Hours/week
- 0
-
Dinetta D HillDINETTA D HILL
Director
- Total calculated
- $0
- Hours/week
- 0
-
Thomasina R WrightTHOMASINA R WRIGHT
Director
- Total calculated
- $0
- Hours/week
- 0
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 14 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202523189349307022
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.