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← VIRGINIA FEDERAL CREDIT UNION

Form 990 for tax year 2022

Filed by VIRGINIA FEDERAL CREDIT UNION.

Totals

Total revenue
$269,593,613
Total expenses
$219,484,073
Contributions and grants received
$0
Grants paid
$1,267,500
Program service revenue
$238,703,973
Investment income
$30,889,640
Other revenue
$0
Total assets, end of year
$5,086,460,688
Total liabilities, end of year
$4,734,669,474
Net assets or fund balances, end of year
$351,791,214
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 $149,016,233 · related or exempt $149,016,233

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $60,329,905 · related or exempt $34,511,578 · unrelated business $25,818,327

  • 2c · Program service revenue: FEE INCOME

    total $29,357,835 · related or exempt $29,357,835

  • 3 · Investment income

    total $29,054,649 · unrelated business $640,418 · excluded $28,414,231

  • 7a · Gross sales of assets other than inventory

    securities $122,357 · other assets $244,533,777

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

    securities $0 · other assets $242,821,143

  • 7c · Gain or loss

    securities $122,357 · other assets $1,712,634

  • 7d · Net gain or loss

    total $1,834,991 · excluded $1,834,991

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,267,500

  • 5 · Compensation of officers, directors and key employees

    total $4,704,071

  • 7 · Other salaries and wages

    total $82,700,052

  • 8 · Pension plan contributions

    total $9,462,671

  • 9 · Other employee benefits

    total $8,881,332

  • 10 · Payroll taxes

    total $4,594,398

  • 11a · Fees: management

    total $1,252,074

  • 11b · Fees: legal

    total $451,973

  • 11c · Fees: accounting

    total $105,828

  • 12 · Advertising and promotion

    total $8,758,329

  • 13 · Office expenses

    total $11,462,163

  • 14 · Information technology

    total $9,031,110

  • 16 · Occupancy

    total $5,529,294

  • 17 · Travel

    total $571,618

  • 19 · Conferences, conventions and meetings

    total $296,318

  • 20 · Interest

    total $28,491,040

  • 22 · Depreciation, depletion and amortization

    total $6,009,390

  • 23 · Insurance

    total $482,289

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

    total $15,437,416

  • 24b · Other expenses: LOAN SERVICING

    total $15,404,253

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $2,887,952

  • 24d · Other expenses: OTHER MISCELLANEOUS EXP

    total $1,703,002

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $266,824,337 · end of year $148,163,882

  • 4 · Accounts receivable

    beginning of year $8,074,032 · end of year $14,191,416

  • 7 · Other notes and loans receivable

    beginning of year $2,741,199,716 · end of year $3,234,250,478

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,958,766 · end of year $9,169,075

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

    $139,853,561

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

    $68,443,150

  • 10c · Land, buildings and equipment, net

    beginning of year $68,442,749 · end of year $71,410,411

  • 11 · Investments: publicly traded securities

    beginning of year $1,743,933,376 · end of year $1,440,547,665

  • 12 · Investments: other securities

    beginning of year $9,586,350 · end of year $11,151,550

  • 15 · Other assets

    beginning of year $148,081,713 · end of year $157,576,211

  • 17 · Accounts payable and accrued expenses

    beginning of year $59,532,763 · end of year $63,907,214

  • 21 · Escrow or custodial account liability

    beginning of year $4,930,108 · end of year $4,986,547

  • 23 · Secured mortgages and notes payable

    beginning of year $182,503,132 · end of year $192,666,911

  • 25 · Other liabilities

    beginning of year $4,293,812,040 · end of year $4,473,108,802

  • 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 $452,322,996 · end of year $351,791,214

Mission and programs · 2022

Mission

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

Activities or mission (Part I)

STATE CHARTERED CREDIT UNION

  • FOR THIS YEAR'S ANNUAL REPORT, WE ARE HIGHLIGHTING HOW THE CREDIT UNION PROVES ITS COMMITMENT THROUGH THE WIDE RANGE OF FINANCIAL EDUCATION SERVICES AND COMMUNITY PARTNERSHIPS. THOSE EDUCATIONAL EFFORTS IN 2022 REACHED MORE THAN 90,000 INDIVIDUALS OF ALL AGES, A 50 PERCENT INCREASE OVER 2021. THE CREDIT UNION STRIVES TO IMPROVE FINANCIAL WELLNESS AND RESILIENCE FOR MEMBERS AND THE COMMUNITY. A FEW HIGHLIGHTS FROM 2022 ARE YOUTUBE, VCU, FINANCIAL SUCCESS FOR WOMEN AND NBC12. CHILDREN'S MONEY HABITS AND ATTITUDES ARE FORMED BY AGE SEVEN, SO EARLY FINANCIAL LITERACY IS ESSENTIAL. IN 2022, THE CREDIT UNION CREATED A YOUTUBE CHANNEL CATERED TO YOUNG VIEWERS. AFTER JUST A FEW MONTHS 4-10 PLATFORMS HAD REACHED 18,500 VIEWS. DESIGNED FOR AGES 4-10, THE VIDEOS AND THE ACCOMPANYING LESSONS CAN BE VIEWED AT VACU.ORG/KIDS. THE CREDIT UNION'S PARTNERSHIP WITH VIRGINIA COMMONWEALTH UNIVERSITY IS REACHING NEW HEIGHTS. THE VIRGINIA CREDIT UNION FINANCIAL SUCCESS CENTER AT VCU HAD MORE THAN 10,000 STUDENTS, FACULTY OR STAFF TAKE AN ONLINE CLASS OR PARTICIPATE IN FINANCIAL COACHING LAST YEAR. THE CENTER IS HELPING STUDENTS CHART A PATH TO FINANCIAL SUCCESS BEYOND GRADUATION. IN OCTOBER, VACU ORGANIZED ITS SECOND ONLINE SERIES OF WEBINARS SPECIFICALLY FOR WOMEN. THE KEYNOTE SPEAKER WAS PROFESSIONAL COMMUNICATOR LIZA MICKENS, THE GREAT-GREAT GRANDDAUGHTER OF MAGGIE L. WALKER. THE SERIES WAS FILLED WITH PRACTICAL ADVICE, AND ATTENDEES COULD ASSESS THEIR FINANCIAL KNOWLEDGE BOTH BEFORE AND AFTER THE MONTH-LONG PROGRAM TO TRACK PROGRESS AND IDENTIFY AREAS FOR GROWTH. THE VICE PRESIDENT FOR FINANCIAL EDUCATION, CHERRY DALE, WAS FEATURED IN 35 SEGMENTS ON NBC12 DURING 2022, OFFERING HELPFUL ADVICE ON MANAGING CREDIT, SAVING FOR THE FUTURE, BORROWING WISELY AND GUIDING YOUNG PEOPLE IN LEARNING TO MANAGE MONEY. AS MEMBERS OF VACU, ALL OF US CAN BE JUSTIFIABLY PROUD OF THESE IMPORTANT EFFORTS TO BOOST FINANCIAL KNOWLEDGE AND HEALTH.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Melina Davis

    DIRECTOR/BOARD VICE CHAIR

    Total calculated
    $2,425
    From this org
    $2,425
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John T Grier

    DIRECTOR

    Total calculated
    $665
    From this org
    $665
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Patricia Green

    DIRECTOR

    Total calculated
    $2,318
    From this org
    $2,318
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian K Jackson

    DIRECTOR

    Total calculated
    $2,610
    From this org
    $2,610
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Tracy McCabe

    DIRECTOR

    Total calculated
    $665
    From this org
    $665
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kimberly Baine

    DIRECTOR

    Total calculated
    $1,149
    From this org
    $1,149
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Eric B Tolbert

    DIRECTOR

    Total calculated
    $3,271
    From this org
    $3,271
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Robert Bolling

    DIRECTOR/SECRETARY TREASUR

    Total calculated
    $5,506
    From this org
    $5,506
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kenneth E Ampy

    DIRECTOR/BOARD CHAIR

    Total calculated
    $6,044
    From this org
    $6,044
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Rob Jones

    DIRECTOR

    Total calculated
    $10,048
    From this org
    $10,048
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Paul Thompson

    DIRECTOR

    Total calculated
    $2,162
    From this org
    $2,162
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Christopher Shockley

    PRESIDENT/CEO

    Total calculated
    $2,216,946
    From this org
    $1,926,018
    From related orgs
    $0
    Other
    $290,928
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $767,704
    Bonus
    $250,860
    Other
    $907,454
    Deferred
    $256,822
    Nontaxable benefits
    $34,106
    Filer's total
    $2,216,946

  • Stephanie Vick

    EVP/CFO

    Total calculated
    $842,322
    From this org
    $772,554
    From related orgs
    $0
    Other
    $69,768
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $456,688
    Bonus
    $289,641
    Other
    $26,225
    Deferred
    $49,681
    Nontaxable benefits
    $20,087
    Filer's total
    $842,322

  • Christopher N Saneda

    SEVP/COO

    Total calculated
    $1,282,939
    From this org
    $1,099,386
    From related orgs
    $0
    Other
    $183,553
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $556,808
    Bonus
    $184,091
    Other
    $358,487
    Deferred
    $152,800
    Nontaxable benefits
    $30,753
    Filer's total
    $1,282,939

  • Laura Stevens

    MORTGAGE LOAN OFFICER

    Total calculated
    $687,644
    From this org
    $619,346
    From related orgs
    $0
    Other
    $68,298
    Hours/week
    70

    Schedule J breakdown matched by us

    Base
    $612,679
    Bonus
    $6,667
    Other
    $0
    Deferred
    $44,135
    Nontaxable benefits
    $24,163
    Filer's total
    $687,644

  • Maryann Fatheddin

    EVP HUMAN RESOURCES

    Total calculated
    $558,681
    From this org
    $488,037
    From related orgs
    $0
    Other
    $70,644
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $348,368
    Bonus
    $113,039
    Other
    $26,630
    Deferred
    $57,057
    Nontaxable benefits
    $13,587
    Filer's total
    $558,681

  • John Stone

    EVP FIN SER/CUSO PRES

    Total calculated
    $600,982
    From this org
    $545,372
    From related orgs
    $0
    Other
    $55,610
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $337,674
    Bonus
    $184,659
    Other
    $23,039
    Deferred
    $41,313
    Nontaxable benefits
    $14,297
    Filer's total
    $600,982

  • Michael Noble

    EVP CHIEF BUS BANKING OFFI

    Total calculated
    $554,763
    From this org
    $485,117
    From related orgs
    $0
    Other
    $69,646
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $344,833
    Bonus
    $109,133
    Other
    $31,151
    Deferred
    $40,484
    Nontaxable benefits
    $29,162
    Filer's total
    $554,763

  • Lee Dranoff

    EVP LENDING

    Total calculated
    $593,844
    From this org
    $488,254
    From related orgs
    $0
    Other
    $105,590
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $332,202
    Bonus
    $111,244
    Other
    $44,808
    Deferred
    $75,428
    Nontaxable benefits
    $30,162
    Filer's total
    $593,844

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. 9 DIRECTORS RECEIVED THIS BENEFIT IN 2022.

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

  • CMN HOSPITALS

    $25,000

    GENERAL SUPPORT

  • JR ACHIEVEMENT

    $22,800

    JA FINANCE PARK VOLUNTEER ROOM SPONSORSHIP

  • UVA RECTOR & VISITORS

    $22,010

    VIRGINIA ATHLETIC FOUNDATION

  • YMCA GREATER RICHMOND

    $20,875

    ANNUAL CAMPAIGN

  • CHILDRENS HOSPITAL

    $18,500

    LEMONAID SPONSOR

  • SHALOM FARMS

    $15,000

    GENERAL SUPPORT

  • FEEDMORE

    $11,603

    STRIKE OUT HUNGER

  • GREATER RICHMOND PARTNERSHIP

    $10,000

    2022 -2023 SPONSOR

  • MAGGIE WALKER COM LAND TR

    $10,000

    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 $25,783,747 · assets $12,580,991

  • VIRGINIA CU INSURANCE SERVICES LLC

    INSURANCE AGENCY · VA · income $299,763 · assets $716,409

    Directly controlled by VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC

  • VIRGINIA CU REALTY LLC

    REAL ESTATE AGENCY · VA · income $2,205,029 · assets $3,177,341

    Directly controlled by VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC

  • JOYNER FINE PROPERTIES LLC

    REAL ESTATE AGENCY · VA · income $22,646,037 · assets $8,207,902

    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 $1,515,267 · share of assets $232,394

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202303179349312110

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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