Nonprofit · EIN 54-0578719
VIRGINIA FEDERAL CREDIT UNION
Tax-exempt · N CHESTERFLD, VA 23225
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2023 | 990 | $341,774,027 | $319,471,859 | $22,302,168 | $5,324,355,565 | $4,920,406,559 | $403,949,006 |
Financial details: 990 for the year ended December 31, 2023
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $288,597,275
- Investment income
- $53,176,752
- Net gain from sales of assets
- $3,511,269
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $1,389,000
- Compensation of officers, directors and key employees
- $4,736,124
- Other salaries and wages
- $79,484,204
- Salaries, compensation and benefits (total)
- $106,751,095
- Professional fundraising fees
- $0
- Legal fees
- $315,439
- Accounting fees
- $114,565
- Occupancy
- $5,657,367
- Travel
- $756,852
- Depreciation
- $5,806,380
Balance sheet and other
- Total assets, start of year
- $5,086,460,688
- Total assets, end of year
- $5,324,355,565
- Total liabilities, end of year
- $4,920,406,559
- Net assets, end of year
- $403,949,006
- Land, buildings and equipment
- $73,276,060
- Publicly traded securities
- $1,284,558,284
- Gross unrelated business income
- $18,650,094
- Gross receipts
- $492,190,507
- Employees
- 914
- Volunteers
- 16
- Year formed
- 1928
- State of legal domicile
- VA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2023, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| CHRISTOPHER SHOCKLEY | PRESIDENT/CEO Officer | 60 | $1,136,990 | $316,800 |
| CHRISTOPHER N SANEDA | SEVP/COO Key employee | 55 | $1,085,363 | $208,718 |
| STEPHANIE VICK | EVP/CFO Officer | 55 | $768,990 | $87,563 |
| LEE DRANOFF | EVP LENDING Highest-paid employee | 55 | $471,048 | $123,267 |
| JOHN STONE | EVP FIN SER/CUSO PRES Highest-paid employee | 55 | $516,705 | $66,848 |
| DEBORAH WREDEN | EVP PRODUCT AND STRATEGY Highest-paid employee | 55 | $469,262 | $106,322 |
| MARYANN FATHEDDIN | EVP HUMAN RESOURCES Highest-paid employee | 55 | $490,637 | $76,148 |
| MICHAEL NOBLE | EVP CHIEF BUS BANKING OFFI Highest-paid employee | 55 | $487,201 | $77,716 |
| ROBERT BOLLING | DIRECTOR/SECRETARY TREASUR Trustee or director, Officer | 5 | $6,165 | $0 |
| KENNETH E AMPY | DIRECTOR/BOARD CHAIR Trustee or director, Officer | 10 | $6,165 | $0 |
| PAUL THOMPSON | DIRECTOR Trustee or director | 5 | $6,165 | $0 |
| MELINA DAVIS | DIRECTOR/BOARD VICE CHAIR Trustee or director, Officer | 5 | $6,165 | $0 |
| BRIAN K JACKSON | DIRECTOR Trustee or director | 5 | $6,165 | $0 |
| ERIC B TOLBERT | DIRECTOR Trustee or director | 5 | $5,736 | $0 |
| ROBERT JONES | DIRECTOR Trustee or director | 5 | $5,618 | $0 |
4 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| PATRICIA GREEN | DIRECTOR Trustee or director | 5 | $4,260 |
| JOHN T GRIER | DIRECTOR Trustee or director | 5 | $1,488 |
| KIMBERLY BAINE | DIRECTOR Trustee or director | 5 | $0 |
| TRACY MCCABE | DIRECTOR Trustee or director | 5 | $0 |
Address and contacts
- Address (IRS master file)
- 7500 BOULDER VIEW DR, N CHESTERFLD, VA 23225-4046
- Principal officer (990 for 2023)
- CHRISTOPHER M SHOCKLEY, PO BOX 90010, RICHMOND, VA 23225
- Signed the 990
- STEPHANIE N VICK, EVP/CFO
- Phone
- (804) 323-6000
- Website
- WWW.VACU.ORG
- Return prepared by
- KEITER STEPHENS HURST GARY & SHREAVES
Mission
TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS.
Program accomplishments
- VIRGINIA CREDIT UNION (VACU) HAS BEEN A PILLAR OF SUPPORT FOR THE COMMUNITY FOR NEARLY A CENTURY. BASED ON MEMBER FEEDBACK, IN 2023 VACU CONTINUED TO FOCUS ITS CHARITABLE CONTRIBUTIONS IN THREE AREAS: FINANCIAL EDUCATION, FOOD SECURITY, AND CHILDREN. ALTHOUGH THERE ARE MANY WORTHY CHARITIES ACROSS VIRGINIA, OUR HOPE IS THAT BY BEING FOCUSED AND INTENTIONAL WE CAN ACHIEVE GREATER IMPACT IN THESE THREE AREAS.IN THE PAST YEAR, VACU HAS MADE CHARITABLE CONTRIBUTIONS OF APPROXIMATELY $2 MILLION TO OVER 200 RECIPIENTS, ENCOMPASSING FINANCIAL, VOLUNTEER, AND IN-KIND DONATIONS. VOLUNTEERS FROM THE CREDIT UNION HAVE DEDICATED APPROXIMATELY 2,100 HOURS OF THEIR TIME THIS YEAR, PARTICIPATING IN VARIOUS COMMUNITY EVENTS, FROM MENTORING STUDENTS TO ORGANIZING DRIVES TO COLLECT ESSENTIAL SCHOOL SUPPLIES FOR LOCAL STUDENTS. OUR COMMITMENT TO THE LOCAL RICHMOND COMMUNITY IS FURTHER EVIDENT BY THE FIVE BRANCHES WE'VE OPENED SINCE JUNE 2022.RECOGNIZING THE POWER OF FINANCIAL LITERACY, VACU'S TEAM OF FINANCIAL SUCCESS EDUCATORS REACHED APPROXIMATELY 100,000 INDIVIDUALS IN 2023, WITH THEIR EFFORTS AMPLIFIED THROUGH THEIR LIBRARY OF FINANCIAL EDUCATION RESOURCES. THE TEAM'S VIDEOS, ARTICLES, AND EXPERTISE WERE FEATURED OVER 4,000 TIMES ACROSS THE U.S. REACHING MILLIONS OF VIEWERS.THE IMPACT OF VACU'S FINANCIAL EDUCATION INITIATIVES IS EVIDENT THROUGH VARIOUS PROGRAMS AND PARTNERSHIPS. FROM PROVIDING FINANCIAL EDUCATION CLASSES TO ORGANIZATIONS SUCH AS RICHMOND CITY'S OFFICE OF COMMUNITY WEALTH BUILDERS AND THE YMCA OF RICHMOND, TO SUPPORTING INITIATIVES LIKE RICHMOND PUBLIC SCHOOLS SAVES AND RVA READS, VACU IS DEDICATED TO EMPOWERING INDIVIDUALS WITH THE KNOWLEDGE AND SKILLS TO MAKE INFORMED FINANCIAL DECISIONS.VACU'S COMMITMENT TO COMMUNITY AND FINANCIAL EDUCATION HAS NOT GONE UNNOTICED. WE WERE HONORED WITH THE RICHMOND ECONOMIC DEVELOPMENT PARTNER OF THE YEAR AWARD FOR OUTSTANDING EDUCATIONAL AND CIVIC CONTRIBUTIONS. ADDITIONALLY, VACU WAS RANKED NUMBER ONE AND TWO IN THE COUNTRY FOR FINANCIAL EDUCATION FOR ADULTS AND YOUTH, RESPECTIVELY, BY BOTH STATE AND NATIONAL ASSOCIATIONS FOR CREDIT UNIONS.
What it must file and when
IRS records say it files Not required (government). 501(c)(1) organizations do not file. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | Check at the IRS |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 54-0578719
- Tax-exempt status
- 501(c)(1): Corporation organized under an act of Congress
- Exempt since
- 2025
- Accounting year ends
- December
- Files
- Not required (government)
- Assets (IRS master file)
- $5,295,210,789
- Income (IRS master file)
- $460,327,442
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2023 | $341,774,027 | $319,471,859 | $5,324,355,565 | XML |
| 990 | December 2022 | – | – | – | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 54-0578719).
Questions about VIRGINIA FEDERAL CREDIT UNION
- What is the EIN of VIRGINIA FEDERAL CREDIT UNION?
- The employer identification number (EIN) of VIRGINIA FEDERAL CREDIT UNION is 54-0578719.
- Is VIRGINIA FEDERAL CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(1) since 2025.
- Which annual return does VIRGINIA FEDERAL CREDIT UNION file?
- Form Not required (government). 501(c)(1) organizations do not file.
- When is the next return of VIRGINIA FEDERAL CREDIT UNION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did VIRGINIA FEDERAL CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2023.
- Who is the principal officer of VIRGINIA FEDERAL CREDIT UNION?
- The 990 for the year ended December 31, 2023 names CHRISTOPHER M SHOCKLEY.
- Who are the officers and directors of VIRGINIA FEDERAL CREDIT UNION?
- The 990 for the year ended December 31, 2023 lists 19 people; 17 received compensation from the organization, the highest $1,136,990 (CHRISTOPHER SHOCKLEY, PRESIDENT/CEO).
- How much revenue does VIRGINIA FEDERAL CREDIT UNION have?
- On its 990 for the year ended December 31, 2023 it reported revenue of $341,774,027, expenses of $319,471,859 and total assets of $5,324,355,565 at year end.
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