Civic Intelligence

Blue Eagle Credit Union

990 • Fiscal year 2023 • EIN 54-0585044

Jan 01, 2023 to Dec 31, 2023 • Filed on Aug 30, 2024

Organization ProfileWWW.BLUEEAGLECREDITUNION.COM

View Organization Page

2121 Electric RoadRoanoke, VA 24018

(540) 342-3429

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

40th percentile

0.89x

Higher debt load relative to assets than 40% of similar nonprofits.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

10th percentile

11.64x

Higher debt load relative to revenue than 10% of similar nonprofits.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2023

Net Margin

52nd percentile

14%

Higher net margin than 52% of similar nonprofits.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

93rd percentile

$419,167

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2023

Asset Growth

68th percentile

3.2%

Faster asset growth than 68% of similar nonprofits.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

35th percentile

19%

Faster revenue growth than 35% of similar nonprofits.

2023 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets40th percentile

Assets

Up

$217,559,628

Up $6,741,773 (+3.2%) from 2022

Net Assets

Up

$23,945,949

Up $2,420,741 (+11%) from 2022

Liabilities

Up

$193,613,679

Up $4,321,032 (+2.3%) from 2022

Revenue And Expenses
Liabilities / Revenue10th percentileNet Margin52nd percentile

Revenue

Up

$16,627,420

Up $2,611,903 (+19%) from 2022

Expenses

Up

$14,304,934

Up $2,532,365 (+22%) from 2022

Net Income

Up

$2,322,486

Up $79,538 (+3.5%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth68th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300M$200M$100M$0Assets 2014: $128,543,272Liabilities 2014: $113,510,128Net Assets 2014: $15,033,1442014Assets 2015: $137,909,873Liabilities 2015: $121,566,021Net Assets 2015: $16,343,8522015Assets 2016: $145,860,419Liabilities 2016: $129,362,196Net Assets 2016: $16,498,2232016Assets 2017: $151,353,793Liabilities 2017: $134,873,557Net Assets 2017: $16,480,2362017Assets 2018: $148,599,018Liabilities 2018: $131,977,290Net Assets 2018: $16,621,7282018Assets 2020: $185,748,201Liabilities 2020: $168,374,050Net Assets 2020: $17,374,1512020Assets 2021: $202,756,828Liabilities 2021: $182,657,917Net Assets 2021: $20,098,9112021Assets 2022: $210,817,855Liabilities 2022: $189,292,647Net Assets 2022: $21,525,2082022Assets 2023: $217,559,628Liabilities 2023: $193,613,679Net Assets 2023: $23,945,9492023Assets 2024: $240,666,065Liabilities 2024: $212,589,077Net Assets 2024: $28,076,9882024

Highlighted filing

2023

Assets$217,559,628
Liabilities$193,613,679
Net Assets$23,945,949
Open 2023 Filing

Operations Trend

Revenue Growth35th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$15M$10M$5.0M$0Revenue 2014: $7,110,412Expenses 2014: $5,810,922Net Income 2014: $1,299,4902014Revenue 2015: $7,785,102Expenses 2015: $6,629,717Net Income 2015: $1,155,3852015Revenue 2016: $8,738,561Expenses 2016: $8,029,503Net Income 2016: $709,0582016Revenue 2017: $9,666,616Expenses 2017: $9,185,926Net Income 2017: $480,6902017Revenue 2018: $10,128,635Expenses 2018: $9,691,996Net Income 2018: $436,6392018Revenue 2020: $11,531,825Expenses 2020: $10,714,629Net Income 2020: $817,1962020Revenue 2021: $12,633,152Expenses 2021: $10,723,444Net Income 2021: $1,909,7082021Revenue 2022: $14,015,517Expenses 2022: $11,772,569Net Income 2022: $2,242,9482022Revenue 2023: $16,627,420Expenses 2023: $14,304,934Net Income 2023: $2,322,4862023Revenue 2024: $19,187,958Expenses 2024: $16,287,773Net Income 2024: $2,900,1852024

Highlighted filing

2023

Revenue$16,627,420
Expenses$14,304,934
Net Income$2,322,486
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Aug 30, 2024
Return Version
2023v5.1
Gross Receipts
$16,627,420
Mission and Program Overview

Mission

Blue eagle credit union has been committed to serving its members and their families in getting ahead financially since 1948. Blue eagle credit union is passionate about matching its members with the right solutions that present opportunity for long-term financial security.

'DELIVERING SOLUTIONS'

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$161,869,464$175,711,849▲ $13,842,385
Rtn Earn Endowment Incm Other Fnds$21,525,208$23,945,949▲ $2,420,741
Investments Other Securities$26,366,264$18,382,827▼ $7,983,437
Land, Buildings, and Equipment, Net$3,489,906$4,190,964▲ $701,058
Cash and Non-Interest-Bearing Accounts$4,198,195$4,132,825▼ $65,370
Accounts Receivable$2,949,594$3,318,125▲ $368,531
Prepaid Expenses and Deferred Charges$264,323$220,364▼ $43,959
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$210,817,855$217,559,628▲ $6,741,773
Other Assets Total$11,680,109$11,602,674▼ $77,435
Liabilities
Other Liabilities$186,950,011$190,552,233▲ $3,602,222
Accounts Payable and Accrued Expenses$2,299,185$2,760,501▲ $461,316
Mortgage Notes Payable Secured by Investment Property-$300,945-
Deferred Revenue$43,451$0▼ $43,451
Total Liabilities$189,292,647$193,613,679▲ $4,321,032
Net Assets / Fund Balance
Total Net Assets Fund Balance$21,525,208$23,945,949▲ $2,420,741
Total Liabilities and Net Assets / Fund Balance$210,817,855$217,559,628▲ $6,741,773

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,157,044$2,362,878$3,519,922
Buildings$1,737,080$1,098,572$2,835,652
Land$1,182,533-$1,182,533
Leasehold Improvements$114,307$121,782$236,089
Other Assets Org$11,020,976--
Other Securities$5,498,622--
Compensation and Service Providers
Top Officer Pay93rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jeffrey ThompsonCEOFT$389,167$30,000$419,167
Kevin AlfredCLOFT$193,723$18,235$211,958
Diane SmithCTOFT$162,225$19,649$181,874

Board Members and Trustees

NameTitle
Robert HartselChairman
Cliff DemarsVice Chairman
Eric GuiterrezVice Chairman
William Tawney2nd Vice President
Charlene YeagleyDirector
Janice GrayDirector
Paul EnglishDirector
Richard SmootDirector
Catherine CaudillSecretary
Kristy WisemanVP of Operations
Jennifer BradyVP of Technology
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$15,404,997
Investment Income
$1,066,248
Other Revenue
$156,175
Change in Net Assets
$2,322,486
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,661,378
Salaries, Compensation, and Employee Benefits$6,643,556
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$4,484,528
Other Employee Benefits---$968,006
Other Expenses---$819,698
Current Officers, Directors, Trustees, and Key Employees---$812,997
Depreciation Depletion---$465,143
Fees for Services Other---$420,637
Payroll Taxes---$378,025
All Other Expenses---$233,608
Occupancy---$223,716
Advertising---$166,505
Travel---$63,455
Conferences and Meetings---$57,304
Interest---$5,562
Fees for Services Accounting---$1,500
Fees for Services Legal---$369
Total Functional Expenses$0$0$0$14,304,934
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
MEMBERS' SHARE AND SAVINGS ACCOUNTS$190,504,477
Unapplied Edp Items$47,756
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Board member janice gray and board member charlene yeagley are sisters.”

Form 990, Part VI, Section A, Line 6

“Blue eagle credit union is owned by the members and the members elect the board of directors, which is the governing body.”

Form 990, Part VI, Section A, Line 7A

“Members of the credit union elect the board of directors. Directors serve three year terms and meet once a month.”

Form 990, Part VI, Section A, Line 7B

“Members must approve mergers, liquidations and other items as defined in the state code.”

Form 990, Part VI, Section B, Line 11B

“The 990 tax return data will be made available to the board of directors at a monthly board meeting. The 990 will be prepared by a cpa firm and reviewed by credit union management prior to filing.”

Form 990, Part VI, Section B, Line 15

“Compensation for the ceo is determined by the board of directors. The board will review industry wage and compensation data to help in setting the ceo's compensation. Compensation for the cfo is determined by the ceo. The ceo reviews industry compensation data to aid in setting the compensation.”

Form 990, Part VI, Section C, Line 18

“Financial data is posted monthly in the lobby of the branches. Financial reports are made available at the annual meeting of members. Quarterly financial data is available via ncua's website.”

Form 990, Part VI, Section C, Line 19

“The organization does not have a written conflict of interest policy or a written whistleblower policy. The organization does have a written record retention policy.”

Filing and Contact Details

Filer

Filer Name
Blue Eagle Credit Union
EIN
54-0585044
Phone
5403423429
Address
2121 ELECTRIC ROAD, ROANOKE, VA 24018

Signing Officer

Name
Jeffrey Thompson
Title
CEO
Phone
5408553629
Signed
2024-08-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeffrey Thompson
Formed
1948
Legal Domicile
Va
Voting Board Members
9
Independent Board Members
9
Employees
93
Volunteers
9

Preparer

Firm
Brown Edwards & Company Llp
Address
828 MAIN STREET SUITE 1401, LYNCHBURG, VA 24504
Preparer
Patrick Pittman
Phone
4349489000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Net change in pension plan 253,726. Cecl adjustment -156,507.”

FORM 990, PART X, LINES 10A, 10B:

“Blue eagle credit union keeps depreciation schedules and reports fixed assets at net book value.”

Donated Facilities Space

“The credit union currently occupies space at the main post office in roanoke, va and the post office in lynchburg, va rent free.”

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IRS990/MissionDesc0BLUE EAGLE CREDIT UNION HAS BEEN COMMITTED TO SERVING ITS MEMBERS AND THEIR FAMILIES IN GETTING AHEAD FINANCIALLY SINCE 1948. BLUE EAGLE CREDIT UNION IS PASSIONATE ABOUT MATCHING ITS MEMBERS WITH THE RIGHT SOLUTIONS THAT PRESENT OPPORTUNITY FOR LONG-TERM FINANCIAL SECURITY.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0UNAPPLIED EDP ITEMS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MEMBERS' SHARE AND SAVINGS ACCOUNTS
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt18483529
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt35498622
IRS990ScheduleD/OtherSecuritiesGrp/Desc0CDS-OTHER FINANCIAL INSTITUTIONS
IRS990ScheduleD/OtherSecuritiesGrp/Desc1INVESTMENTS- VIZO FCU
IRS990ScheduleD/OtherSecuritiesGrp/Desc2OTHER INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/Desc3DEBT SECURITIES
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JEFFREY THOMPSON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1KEVIN ALFRED
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2DIANE SMITH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1CLO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2CTO
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1211958
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IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD MEMBER JANICE GRAY AND BOARD MEMBER CHARLENE YEAGLEY ARE SISTERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BLUE EAGLE CREDIT UNION IS OWNED BY THE MEMBERS AND THE MEMBERS ELECT THE BOARD OF DIRECTORS, WHICH IS THE GOVERNING BODY.

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$217,559,628
Liabilities
$193,613,679
Net assets
$23,945,949
Revenue
$16,627,420
Expenses
$14,304,934
Net income
$2,322,486
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$241$213$28.1$19.2$16.3$2.90
2023Detailed filing. Detailed filing data is available for this year.$218$194$23.9$16.6$14.3$2.32
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$211$189$21.5$14.0$11.8$2.24
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$203$183$20.1$12.6$10.7$1.91
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$186$168$17.4$11.5$10.7$0.82
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$149$132$16.6$10.1$9.69$0.44
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$151$135$16.5$9.67$9.19$0.48
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$146$129$16.5$8.74$8.03$0.71
2015Detailed filing. Detailed filing data is available for this year.$138$122$16.3$7.79$6.63$1.16
2014Detailed filing. Detailed filing data is available for this year.$129$114$15.0$7.11$5.81$1.30