Skip to content
Nonprofiteer
← VIRGINIA FEDERAL CREDIT UNION

Form 990 for tax year 2023

Filed by VIRGINIA FEDERAL CREDIT UNION.

Totals

Total revenue
$341,774,027
Total expenses
$319,471,859
Contributions and grants received
$0
Grants paid
$1,389,000
Program service revenue
$288,597,275
Investment income
$53,176,752
Other revenue
$0
Total assets, end of year
$5,324,355,565
Total liabilities, end of year
$4,920,406,559
Net assets or fund balances, end of year
$403,949,006
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: INTEREST ON LOANS

    total $208,213,586 · related or exempt $208,213,586

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $55,939,911 · related or exempt $37,731,323 · unrelated business $18,208,588

  • 2c · Program service revenue: FEE INCOME

    total $24,443,778 · related or exempt $24,443,778

  • 3 · Investment income

    total $49,665,483 · unrelated business $441,506 · excluded $49,223,977

  • 7a · Gross sales of assets other than inventory

    other assets $153,927,749

  • 7b · Less cost or other basis and sales expenses

    securities $301,487 · other assets $150,114,993

  • 7c · Gain or loss

    securities -$301,487 · other assets $3,812,756

  • 7d · Net gain or loss

    total $3,511,269 · excluded $3,511,269

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,389,000

  • 5 · Compensation of officers, directors and key employees

    total $4,736,124

  • 7 · Other salaries and wages

    total $79,484,204

  • 8 · Pension plan contributions

    total $7,880,375

  • 9 · Other employee benefits

    total $9,891,640

  • 10 · Payroll taxes

    total $4,758,752

  • 11a · Fees: management

    total $2,754,835

  • 11b · Fees: legal

    total $315,439

  • 11c · Fees: accounting

    total $114,565

  • 12 · Advertising and promotion

    total $10,043,668

  • 13 · Office expenses

    total $13,656,530

  • 14 · Information technology

    total $11,228,438

  • 16 · Occupancy

    total $5,657,367

  • 17 · Travel

    total $756,852

  • 19 · Conferences, conventions and meetings

    total $241,558

  • 20 · Interest

    total $89,861,739

  • 22 · Depreciation, depletion and amortization

    total $5,806,380

  • 23 · Insurance

    total $508,937

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $31,860,681

  • 24b · Other expenses: LOAN SERVICING

    total $17,420,484

  • 24c · Other expenses: ATM, DEBIT, HOMEBANKING

    total $16,964,910

  • 24d · Other expenses: OTHER MISCELLANEOUS EXP

    total $4,139,381

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $148,163,882 · end of year $42,817,475

  • 4 · Accounts receivable

    beginning of year $14,191,416 · end of year $13,606,613

  • 7 · Other notes and loans receivable

    beginning of year $3,234,250,478 · end of year $3,696,242,165

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,169,075 · end of year $23,616,792

  • 10a · Land, buildings and equipment: cost or other basis

    $140,674,610

  • 10b · Land, buildings and equipment: accumulated depreciation

    $67,398,550

  • 10c · Land, buildings and equipment, net

    beginning of year $71,410,411 · end of year $73,276,060

  • 11 · Investments: publicly traded securities

    beginning of year $1,440,547,665 · end of year $1,284,558,284

  • 12 · Investments: other securities

    beginning of year $11,151,550 · end of year $24,063,079

  • 15 · Other assets

    beginning of year $157,576,211 · end of year $166,175,097

  • 17 · Accounts payable and accrued expenses

    beginning of year $63,907,214 · end of year $67,273,047

  • 21 · Escrow or custodial account liability

    beginning of year $4,986,547 · end of year $5,621,517

  • 23 · Secured mortgages and notes payable

    beginning of year $192,666,911 · end of year $422,718,195

  • 25 · Other liabilities

    beginning of year $4,473,108,802 · end of year $4,424,793,800

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $351,791,214 · end of year $403,949,006

Mission and programs · 2023

Mission

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

Activities or mission (Part I)

STATE CHARTERED CREDIT UNION

  • 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.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Kimberly Baine

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Robert Bolling

    DIRECTOR/SECRETARY TREASUR

    Total calculated
    $6,165
    From this org
    $6,165
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kenneth E Ampy

    DIRECTOR/BOARD CHAIR

    Total calculated
    $6,165
    From this org
    $6,165
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Eric B Tolbert

    DIRECTOR

    Total calculated
    $5,736
    From this org
    $5,736
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Paul Thompson

    DIRECTOR

    Total calculated
    $6,165
    From this org
    $6,165
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Melina Davis

    DIRECTOR/BOARD VICE CHAIR

    Total calculated
    $6,165
    From this org
    $6,165
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Robert Jones

    DIRECTOR

    Total calculated
    $5,618
    From this org
    $5,618
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian K Jackson

    DIRECTOR

    Total calculated
    $6,165
    From this org
    $6,165
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John T Grier

    DIRECTOR

    Total calculated
    $1,488
    From this org
    $1,488
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Patricia Green

    DIRECTOR

    Total calculated
    $4,260
    From this org
    $4,260
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Tracy McCabe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Christopher Shockley

    PRESIDENT/CEO

    Total calculated
    $1,453,790
    From this org
    $1,136,990
    From related orgs
    $0
    Other
    $316,800
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $806,689
    Bonus
    $283,140
    Other
    $47,161
    Deferred
    $280,495
    Nontaxable benefits
    $36,305
    Filer's total
    $1,453,790

  • Stephanie Vick

    EVP/CFO

    Total calculated
    $856,553
    From this org
    $768,990
    From related orgs
    $0
    Other
    $87,563
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $457,588
    Bonus
    $284,199
    Other
    $27,203
    Deferred
    $66,150
    Nontaxable benefits
    $21,413
    Filer's total
    $856,553

  • Christopher N Saneda

    SEVP/COO

    Total calculated
    $1,294,081
    From this org
    $1,085,363
    From related orgs
    $0
    Other
    $208,718
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $557,401
    Bonus
    $165,094
    Other
    $362,868
    Deferred
    $176,042
    Nontaxable benefits
    $32,676
    Filer's total
    $1,294,081

  • Deborah Wreden

    EVP PRODUCT AND STRATEGY

    Total calculated
    $575,584
    From this org
    $469,262
    From related orgs
    $0
    Other
    $106,322
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $329,147
    Bonus
    $96,497
    Other
    $43,618
    Deferred
    $91,144
    Nontaxable benefits
    $15,178
    Filer's total
    $575,584

  • Lee Dranoff

    EVP LENDING

    Total calculated
    $594,315
    From this org
    $471,048
    From related orgs
    $0
    Other
    $123,267
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $332,550
    Bonus
    $99,764
    Other
    $38,734
    Deferred
    $91,670
    Nontaxable benefits
    $31,597
    Filer's total
    $594,315

  • Michael Noble

    EVP CHIEF BUS BANKING OFFI

    Total calculated
    $564,917
    From this org
    $487,201
    From related orgs
    $0
    Other
    $77,716
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $345,219
    Bonus
    $103,139
    Other
    $38,843
    Deferred
    $47,119
    Nontaxable benefits
    $30,597
    Filer's total
    $564,917

  • Maryann Fatheddin

    EVP HUMAN RESOURCES

    Total calculated
    $566,785
    From this org
    $490,637
    From related orgs
    $0
    Other
    $76,148
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $349,993
    Bonus
    $110,173
    Other
    $30,471
    Deferred
    $64,860
    Nontaxable benefits
    $11,288
    Filer's total
    $566,785

  • John Stone

    EVP FIN SER/CUSO PRES

    Total calculated
    $583,553
    From this org
    $516,705
    From related orgs
    $0
    Other
    $66,848
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $346,236
    Bonus
    $143,412
    Other
    $27,057
    Deferred
    $51,747
    Nontaxable benefits
    $15,101
    Filer's total
    $583,553

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

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
VACU POLICY IS TO PAY FOR THE TRAVEL EXPENSE FOR ONE COMPANION FOR BOARD MEMBERS ATTENDING OUT-OF-TOWN CONFERENCES OR MEETINGS IN ACKNOWLEDGMENT OF THE NUMBER OF HOURS THEY PUT IN SERVING THE CREDIT UNION. 10 DIRECTORS RECEIVED THIS BENEFIT IN 2023.

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

  • VCU SCHOOL OF BUSINESS FOUNDATION

    $1,000,000

    VACU FINANCIAL SUCCESS CENTER AT VCU

  • VCU

    $50,000

    GENERAL SUPPPORT

  • WORLDWIDE FOUNDATION FOR CREDIT UNIONS

    $50,000

    GENERAL SUPPORT

  • CHAMBER RVA

    $30,000

    HYPE PROGRAM, MISSION TOMORROW; GENERAL SUPPORT

  • BOYS AND GIRLS CLUB

    $25,000

    GENERAL SUPPORT

  • JR ACHIEVEMENT

    $20,000

    GENERAL PURPOSES

  • UVA ATHLETICS

    $17,500

    VIRGINIA ATHLETIC FOUNDATION

  • VA COUNCIL ON ECOMOMIC EDUCATION

    $16,000

    EDUCATOR AWARDS, SRI MARK INTEL REPORT

  • CHILDRENS HOSPITAL

    $15,000

    GENERAL SUPPORT

  • VCU ATHLETICS FUND

    $15,000

    GENERAL SUPPORT

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC

    FINANCIAL SERVICES · VA · income $18,077,721 · assets $10,825,319

  • VIRGINIA CU INSURANCE SERVICES LLC

    INSURANCE AGENCY · VA · income $335,441 · assets $858,735

    Directly controlled by VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC

  • VIRGINIA CU REALTY LLC

    REAL ESTATE AGENCY · VA · income $294,545 · assets $3,040,028

    Directly controlled by VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC

  • JOYNER FINE PROPERTIES LLC

    REAL ESTATE AGENCY · VA · income $17,006,229 · assets $7,079,228

    Directly controlled by VIRGINIA CU REALTY LLC

  • RVA REFERRAL LLC

    REAL ESTATE AGENCY · VA

    Directly controlled by JOYNER FINE PROPERTIES LLC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • VIRGINIA STATEWIDE TITLE SERVICES LLC

    C · TITLE SERVICE · VA · 50% owned · share of income $1,048,305 · share of assets $133,993

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202413189349303661

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.