Dec, 31, 2023 — DEMOCRACY FEDERAL CREDIT UNION is a federal credit union headquartered in ALEXANDRIA, VA with 5 branch locations and about $191.98 million in total assets. Opened 88 years ago in 1936, DEMOCRACY FEDERAL CREDIT UNION has about 12,458 members and employs 33 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | DEMOCRACY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 400 N Columbus St ALEXANDRIA, VA 22314 |
| Phone: | (202) 488-5400 |
| Fax: | (703) 548-5279 |
| Website: | https://www.democracyfcu.org |
| Branches: | 5 branch locations |
| Members: | 12,458 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 1407 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $191,982,832 |
| CEO/Manager: | Kenyahda Cahoon |
| Chairperson: | Patricia J Ellis |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 8,598,489 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 85,840,957 |
| Unsecured Loans | 38,595,021 |
| Other Loans | 20,328,710 |
| TOTAL LOANS | 144,764,688 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,003,782 |
| Land And Building | 1,859,153 |
| Other Fixed Assets | 2,553,792 |
| NCUSIF Deposit | 1,401,740 |
| All Other Assets | 157,529 |
| TOTAL ASSETS | 191,982,832 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 94 |
| Notes & Interest Payable | 8,000,000 |
| Accounts Payable & Other Liabilities | 6,003,125 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 28,390,571 |
| Regular shares | 56,392,542 |
| All Other Shares & Deposits | 78,220,048 |
| TOTAL SHARES & DEPOSITS | 163,003,162 |
| TOTAL LIABILITIES | 177,006,381 |
| Regular Reserve | 0 |
| Other Reserves | -431,916 |
| Undivided Earnings | 15,408,367 |
| TOTAL EQUITY | 14,976,451 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 191,982,832 |
| INCOME & EXPENSE | |
| Loan Income | 7,690,347 |
| Investment Income | 898,059 |
| Other Income | 1,479,993 |
| Total Employee Compensation & Benefits | 4,553,567 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 5,482,732 |
| Non-operating Income & (Expense) | 2,854,768 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,987,880 |
| Cost of Funds | 2,049,387 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -183,101 |
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