Vanderbilt University Employees Credit Union

Overview

The Vanderbilt University Employees Credit Union, designated as a 501(c)(14) organization, is a state-chartered credit union specifically serving Vanderbilt University employees and Medical Center staff. It operates on a member-owned, member-operated basis, with democratic governance, catering to the financial needs of its constituency.

Organizational Structure

The credit union is managed by a board of directors, which includes various members who oversee its operations and strategy. Key leadership positions include the president and vice president, along with other board members who contribute to its governance.

Financial Operations

As of the latest available data, the credit union reported significant revenue primarily from program services and other sources. In fiscal year 2019, it generated $1,468,667 from program services and $332,457 from other revenue streams, totaling over $2 million. The organization's investments also yielded income, contributing to its financial stability.

The credit union's expenses included executive compensation and other salaries and wages. Notably, executive compensation totaled $148,231 in 2019, while other salaries and wages amounted to $269,629.

Assets and Liabilities

The credit union possesses substantial assets, with totals exceeding its liabilities. In 2019, it reported total assets of $42,763,083 and total liabilities of $38,738,987.

Governance and Compensation

Key personnel, including the president and other key management employees, receive compensation for their roles. However, board members typically do not receive compensation for their service.

History and Operations

Established to serve Vanderbilt University and Medical Center employees, the credit union has been in operation for over two decades. It offers various financial services tailored to its members' needs, operating within the framework of a cooperative financial institution.

Public Perception

The credit union has a modest presence in consumer reviews, with few recorded complaints. While it is not accredited by the Better Business Bureau, it continues to serve its defined community without significant public controversies.

Tax Status

As a 501(c)(14) organization, donations to the Vanderbilt University Employees Credit Union are not tax-deductible. This designation reflects its nature as a state-chartered credit union rather than a traditional nonprofit organization focused on charitable activities.