Civic Intelligence

Consolidated Credit Unions of Virginia

990 • Fiscal year 2019 • EIN 54-6038710

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 10, 2020

Organization Profilewww.vecu.org

View Organization Page

12626 Nettles DriveNewport News, VA 23606

(757) 930-2425

Siviq Scores

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

Liabilities / Assets

31st percentile

0.86x

Higher debt load relative to assets than 31% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

89th percentile

21.99x

Higher debt load relative to revenue than 89% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Net Margin

89th percentile

24%

Higher net margin than 89% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

5th percentile

$0

Higher top officer pay than 5% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2019

Asset Growth

26th percentile

1.0%

Faster asset growth than 26% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

22nd percentile

2.7%

Faster revenue growth than 22% of similar nonprofits.

2019 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets31st percentile

Assets

Up

$66,367,211

Up $636,263 (+1.0%) from 2018

Net Assets

Up

$9,192,443

Up $634,204 (+7.4%) from 2018

Liabilities

Up

$57,174,768

Up $2,059 (+0.0%) from 2018

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin89th percentile

Revenue

Up

$2,599,766

Up $67,982 (+2.7%) from 2018

Expenses

Up

$1,977,950

Up $96,628 (+5.1%) from 2018

Net Income

Down

$621,816

Down $28,646 (-4.4%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth26th percentile

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

$80M$60M$40M$20M$0Assets 2010: $48,846,932Liabilities 2010: $42,913,281Net Assets 2010: $5,933,6512010Assets 2011: $52,290,468Liabilities 2011: $46,006,836Net Assets 2011: $6,283,6322011Assets 2012: $55,869,769Liabilities 2012: $49,273,317Net Assets 2012: $6,596,4522012Assets 2013: $57,163,280Liabilities 2013: $50,553,288Net Assets 2013: $6,609,9922013Assets 2014: $58,623,704Liabilities 2014: $52,002,579Net Assets 2014: $6,621,1252014Assets 2015: $60,010,259Liabilities 2015: $53,317,687Net Assets 2015: $6,692,5722015Assets 2016: $62,723,565Liabilities 2016: $55,453,488Net Assets 2016: $7,270,0772016Assets 2017: $64,895,788Liabilities 2017: $56,987,814Net Assets 2017: $7,907,9742017Assets 2018: $65,730,948Liabilities 2018: $57,172,709Net Assets 2018: $8,558,2392018Assets 2019: $66,367,211Liabilities 2019: $57,174,768Net Assets 2019: $9,192,4432019Assets 2020: $77,047,091Liabilities 2020: $67,764,905Net Assets 2020: $9,282,1862020Assets 2021: $78,982,986Liabilities 2021: $69,509,999Net Assets 2021: $9,472,9872021Assets 2022: $79,815,449Liabilities 2022: $69,454,882Net Assets 2022: $10,360,5672022Assets 2023: $77,278,452Liabilities 2023: $64,104,982Net Assets 2023: $13,173,4702023Assets 2024: $73,795,802Liabilities 2024: $58,121,071Net Assets 2024: $15,674,7312024

Highlighted filing

2019

Assets$66,367,211
Liabilities$57,174,768
Net Assets$9,192,443
Open 2019 Filing

Operations Trend

Revenue Growth22nd percentile

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

$6.0M$4.0M$2.0M$0Expenses 2010: $3,813,2572010Expenses 2011: $3,054,6282011Expenses 2012: $2,749,6862012Revenue 2013: $2,772,976Expenses 2013: $2,755,972Net Income 2013: $17,0042013Revenue 2014: $2,539,170Expenses 2014: $2,532,946Net Income 2014: $6,2242014Revenue 2015: $2,359,551Expenses 2015: $2,288,861Net Income 2015: $70,6902015Revenue 2016: $2,388,822Expenses 2016: $2,042,408Net Income 2016: $346,4142016Revenue 2017: $2,748,556Expenses 2017: $1,962,696Net Income 2017: $785,8602017Revenue 2018: $2,531,784Expenses 2018: $1,881,322Net Income 2018: $650,4622018Revenue 2019: $2,599,766Expenses 2019: $1,977,950Net Income 2019: $621,8162019Revenue 2020: $1,724,918Expenses 2020: $1,635,239Net Income 2020: $89,6792020Revenue 2021: $1,589,092Expenses 2021: $1,392,060Net Income 2021: $197,0322021Revenue 2022: $2,332,693Expenses 2022: $1,400,734Net Income 2022: $931,9592022Revenue 2023: $4,170,205Expenses 2023: $1,357,771Net Income 2023: $2,812,4342023Revenue 2024: $4,122,161Expenses 2024: $1,634,537Net Income 2024: $2,487,6242024

Highlighted filing

2019

Revenue$2,599,766
Expenses$1,977,950
Net Income$621,816
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 10, 2020
Return Version
2019v5.0
Gross Receipts
$2,599,766
Mission and Program Overview

Mission

To provide affordable financial services to its members, including loan relationships, depository services, credit cards and internet banking at convenient locations by professionals who provide excellent service.

The credit union provided affordable loans to 1,762 individuals during the year. Many of the individuals would not have been able to obtain such loans from other financial institutions. In addition, the credit union provided depository and saving services to members. The credit union's membership consists primarily of students, educators, alumni, and retirees in the cities of newport news, williamsburg, and the counties of isle of wight, james city, gloucester and matthews, and their families, and includes many individuals not recruited for services at larger financial institutions. In 2012, the credit union was approved by the ncua as "low income," including students. Vecu provided free financial literacy to students (534), pta members, and educators within our field of membership during the year.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$34,950,162$33,202,642▼ $1,747,520
Cash and Non-Interest-Bearing Accounts$13,061,465$17,085,616▲ $4,024,151
Rtn Earn Endowment Incm Other Fnds$8,558,239$9,192,443▲ $634,204
Land, Buildings, and Equipment, Net$925,129$911,712▼ $13,417
Accounts Receivable$232,518$311,401▲ $78,883
Prepaid Expenses and Deferred Charges$42,867$40,781▼ $2,086
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$65,730,948$66,367,211▲ $636,263
Other Assets Total$16,518,807$14,815,059▼ $1,703,748
Liabilities
Other Liabilities$56,869,700$56,914,285▲ $44,585
Accounts Payable and Accrued Expenses$303,009$260,483▼ $42,526
Total Liabilities$57,172,709$57,174,768▲ $2,059
Net Assets / Fund Balance
Total Net Assets Fund Balance$8,558,239$9,192,443▲ $634,204
Total Liabilities and Net Assets / Fund Balance$65,730,948$66,367,211▲ $636,263

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$237,813$1,148,612$1,386,425
Buildings$146,644$673,614$820,258
Land$527,255-$527,255
Other Assets Org$577,060--
Compensation and Service Providers
Top Officer Pay5th percentile

Board Members and Trustees

NameTitle
Tom ClineChairperson
Dr Anne EdisonVice Chairpersn
Carolyn ChittendenDirector
Dennis JarrettDirector
Doretha SpellsDirector
Everette HicksDirector
Reginald FoxDirector
Steven KanehlSecretary
Eugene JohnsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,692,961
Investment Income
$906,805
Other Revenue
$0
Change in Net Assets
$621,816
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,362,112
Salaries, Compensation, and Employee Benefits$615,838
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$562,681
Office Expenses---$228,727
Occupancy---$181,482
All Other Expenses---$141,899
Other Expenses---$76,664
Other Employee Benefits---$53,157
Travel---$4,592
Total Functional Expenses$0$0$0$1,977,950
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$56,914,283
Rounding$2
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“NO FORMAL REVIEW”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“AVAILABLE UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Virginia Educators Credit Union
EIN
54-6038710
Phone
7579302425
Address
12626 NETTLES DRIVE, NEWPORT NEWS, VA 23606

Signing Officer

Name
Sharon Conti
Title
President & CEO
Signed
2020-11-10
Discuss with paid preparer
Yes

Organization Details

Formed
1954
Legal Domicile
Va
Voting Board Members
9
Independent Board Members
9
Employees
19
Volunteers
13

Preparer

Firm
Boyce Spady & Moore Plc
Address
1013 W Washington Street, Suffolk, VA 23434
Preparer
Robert M Moore Jr
Phone
7575392953
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc5SHARE INS DEPOSIT
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1EVERETTE HICKS
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm4STEVE KANEHL
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm5REGGIE FOX
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NO FORMAL REVIEW
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$66,367,211
Liabilities
$57,174,768
Net assets
$9,192,443
Revenue
$2,599,766
Expenses
$1,977,950
Net income
$621,816
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$73.8$58.1$15.7$4.12$1.63$2.49
2023Detailed filing. Detailed filing data is available for this year.$77.3$64.1$13.2$4.17$1.36$2.81
2022Detailed filing. Detailed filing data is available for this year.$79.8$69.5$10.4$2.33$1.40$0.93
2021Detailed filing. Detailed filing data is available for this year.$79.0$69.5$9.47$1.59$1.39$0.20
2020Detailed filing. Detailed filing data is available for this year.$77.0$67.8$9.28$1.72$1.64$0.09
2019Detailed filing. Detailed filing data is available for this year.$66.4$57.2$9.19$2.60$1.98$0.62
2018Detailed filing. Detailed filing data is available for this year.$65.7$57.2$8.56$2.53$1.88$0.65
2017Detailed filing. Detailed filing data is available for this year.$64.9$57.0$7.91$2.75$1.96$0.79
2016Detailed filing. Detailed filing data is available for this year.$62.7$55.5$7.27$2.39$2.04$0.35
2015Detailed filing. Detailed filing data is available for this year.$60.0$53.3$6.69$2.36$2.29$0.07
2014Detailed filing. Detailed filing data is available for this year.$58.6$52.0$6.62$2.54$2.53$0.01
2013Detailed filing. Detailed filing data is available for this year.$57.2$50.6$6.61$2.77$2.76$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$55.9$49.3$6.60$2.75
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$52.3$46.0$6.28$3.05
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$48.8$42.9$5.93$3.81
Peer Organizations

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