Loudoun Credit Union
- Assets
- $57.8m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 10
- Location
- Leesburg, VA
- Founding
- Data as of
- 12/2022
- EIN
- 54-1117966
Organization Overview
Loudoun Credit Union is located in Leesburg, VA. As of 12/2022, Loudoun Credit Union employed 10 individuals. Loudoun 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 12/2022, Loudoun Credit Union generated $2.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $2.0m during the year ending 12/2022. While expenses have increased by 4.2% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOW COST FINANCIAL SERVICES SUCH AS SAVINGS AND LOANS TO MEMBER
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO THEIR MEMBERS SUCH AS SAVINGS ACCOUNTS AND LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cindy Mester Board Chair | OfficerTrustee | 6 | $0 |
Eric Jewell Vice Chair | OfficerTrustee | 3 | $0 |
Dr Rodney Kander Treasurer | OfficerTrustee | 3 | $0 |
Monika Dixit Director | Trustee | 2 | $0 |
Michael Lang Director | Trustee | 2 | $0 |
Bo Machayo Director | Trustee | 2 | $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 | $1,271,664 |
| Investment income | $556,094 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$848 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,146,668 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,000 |
| 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. | $214,354 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $325,116 |
| Pension plan accruals and contributions | $28,892 |
| Other employee benefits | $138,811 |
| Payroll taxes | $44,155 |
| Fees for services: Management | $206,384 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $85,364 |
| Office expenses | $163,764 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $68,154 |
| Travel | $3,858 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $62,469 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,260 |
| Insurance | $0 |
| All other expenses | $97,673 |
| Total functional expenses | $2,010,098 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $402,486 |
| Savings and temporary cash investments | $51,985 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,911 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $20,290,107 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $191,200 |
| Net Land, buildings, and equipment | $55,553 |
| Investments—publicly traded securities | $35,961,576 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $867,663 |
| Total assets | $57,835,481 |
| Accounts payable and accrued expenses | $182,450 |
| 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 | $55,689,812 |
| Total liabilities | $55,872,262 |
| 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 | $1,963,219 |
| Total liabilities and net assets/fund balances | $57,835,481 |
Grants Awarded
Over the last fiscal year, Loudoun Credit Union has awarded $14,995 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BONZAI FINANCIAL TOOL FOR LOUDOUN COUNTY SCHOOLS PURPOSE: CONTRIBUTION | $9,995 |
LOUDOUN COUNTY SHERIFF COPS FOR KIDS PURPOSE: CONTRIBUTION | $5,000 |