Virginia United Methodist Credit Union
- Assets
- $19.3m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 7
- Location
- Richmond, VA
- Founding
- Data as of
- 12/2021
- EIN
- 54-0575188
Organization Overview
Virginia United Methodist Credit Union is located in Richmond, VA. As of 12/2021, Virginia United Methodist Credit Union employed 7 individuals. Virginia United Methodist Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Virginia United Methodist Credit Union generated $1.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 2.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION IS A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR PROVIDENT OR PRODUCTIVE PURPOSES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIMARY INCOME FROM LOAN INTEREST
PROVIDE LOANS TO CHURCHES AND BUSINESSES DURING COVID BACKED BY SBA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Eads CEO | Officer | 40 | $18,619 |
William James Board Vice Chair | Officer | 1 | $0 |
Alvin Horton Board Chairperson | Officer | 1 | $0 |
Joel Pollard Board Secretary | Officer | 1 | $0 |
Thomas Rachele Treasurer | Officer | 1 | $0 |
Jeff Peterson Board Member | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,269,097 |
| Investment income | $6,244 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,275,341 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $18,619 |
| Compensation of current officers, directors, key employees. | $18,619 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $212,963 |
| Pension plan accruals and contributions | $5,506 |
| Other employee benefits | $44,921 |
| Payroll taxes | $17,194 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $776 |
| Fees for services: Accounting | $13,033 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,144 |
| Advertising and promotion | $14,600 |
| Office expenses | $129,018 |
| Information technology | $103,220 |
| Royalties | $0 |
| Occupancy | $64,915 |
| Travel | $8,774 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,684 |
| Insurance | $19,414 |
| All other expenses | $25,273 |
| Total functional expenses | $1,095,135 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,963 |
| Savings and temporary cash investments | $157,835 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $138,138 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,910,763 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $113,388 |
| Net Land, buildings, and equipment | $445,042 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,660,665 |
| Intangible assets | $0 |
| Other assets | $854,971 |
| Total assets | $19,324,765 |
| Accounts payable and accrued expenses | $9,713 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,864,157 |
| Total liabilities | $17,873,870 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,450,895 |
| Total liabilities and net assets/fund balances | $19,324,765 |
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