Virginia Credit Union Inc

What it reported doing in 2023

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.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 88.9%; rating input score 89; 3rd percentile among comparable filings
• Pay-setting controls: 5 of 6 controls in place; rating input score 83
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 97.5%; rating input score 97; 33rd percentile among comparable filings
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 78th percentile among comparable filings
• Governance controls: 7 of 9 controls in place; rating input score 78
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Fail
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 6.5%; rating input score 66; 66th percentile among comparable filings
• Total-asset coverage ratio: 16.67; rating input score 95; 95th percentile among comparable filings
• Liabilities to assets ratio: 0.92; rating input score 11; 11th percentile among comparable filings
• Officer compensation ratio: 2%; rating input score 54; 54th percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: 8.6% per year; rating input score 100; 71st percentile among comparable filings
• Asset growth: 7.4% per year; rating input score 100; 55th percentile among comparable filings