2024-07-03T15:35:50-05:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 561295697 VIZO FINANCIAL CORPORATE CREDIT UNION VIZO 3362174992 7900 TRIAD CENTER DRIVE 410 GREENSBORO NC 27409 MARK BROWN SVP/CFO 3362174907 2024-07-03 1 MARK BROWN 999009999 0 JOHN J MURNANE JR P03021572 3052328272 2024-06-19 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z FRED EISEL 7900 TRIAD CENTER DRIVE SUITE 410 GREENSBORO NC 27409 312063561 0 X WWW.VFCCU.ORG X 1980 NC VIZO FINANCIAL IS THE CREDIT UNIONS' "CREDIT UNION" OFFERING LIQUIDITY SERVICES, INVESTMENT SERVICES, AND CORRESPONDENT SERVICES TO ITS MEMBERS. 9 9 186 19 0 0 0 0 113094854 27513467 103477400 248777931 -638470 35772163 215933784 312063561 54500 269800 0 0 19459317 21283180 0 0 0 115504788 229645312 135018605 251198292 80915179 60865269 6740797633 6042910980 6247237000 5487508061 493560633 555402919 DRIVING CREDIT UNION SUCCESS THROUGH PROVEN EXCELLENCE, EXPERTISE, AND ENGAGED PARTNERSHIPS. 0 0 SETTLEMENT AND PAYMENT SERVICES: WE PROVIDE AGGREGATED PAYMENT SERVICES SO CREDIT UNIONS CAN EFFICIENTLY, AND COST EFFECTIVELY SERVE THEIR MEMBERS, PROVIDING THEM TOOLS FOR MOVING MONEY ELECTRONICALLY. FUNDS MANAGEMENT & LIQUIDITY SERVICES: ONE OF THE KEY SERVICES WE PROVIDE MEMBERS IS A COMPLETE LINE OF COMPETITIVE SHORT-TERM DEPOSIT PRODUCTS COMBINED WITH LINES-OF-CREDIT SO THAT THEY CAN MORE EFFECTIVELY MANAGE THEIR CASH FLOW NEEDS. ASSET-LIABILITY MANAGEMENT (ALM) AND RISK MANAGEMENT SERVICES: ALM SERVICES INCLUDE BOTH CONSULTING AND MODELING RISKS INHERENT IN A CREDIT UNION'S BALANCE SHEET. OUR RISK MANAGEMENT SERVICES INCLUDE COMPLIANCE/REGULATORY TRAINING, INFORMATION SYSTEM RISK ASSESSMENTS, BUSINESS CONTINUITY PLANNING, AND ENTERPRISE RISK MANAGEMENT BEST PRACTICES. THESE SERVICES ARE DESIGNED TO HELP CREDIT UNIONS BEST UNDERSTAND AND MITIGATE RISKS THEY ENCOUNTER IN THEIR OPERATIONS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 37 0 1 186 1 0 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MARK BROWN 3362174907 7900 TRIAD CENTER DRIVE SUITE 410 GREENSBORO NC 27409 DEREK FUZZELL DIRECTOR 2.00 X 0 0 0 SCOTT WOODS BOARD CHAIRPERSON 3.00 X 0 0 0 JERRY KING DIRECTOR 2.00 X 0 0 0 JEFF CHELIUS BOARD VICE CHAIRPERSON 3.00 X 0 0 0 SCOTT WEAVER DIRECTOR 2.00 X 0 0 0 DANIEL BERRY BOARD TREASURER 3.00 X 0 0 0 MARK VOLPONI DIRECTOR 2.00 X 0 0 0 GENICE DECORTE BOARD SECRETARY 3.00 X 0 0 0 PAUL HUGHES DIRECTOR 2.00 X 0 0 0 DAVID BREHMER PRESIDENT/CEO 40.00 X 1308278 0 42430 MARK BROWN SVP/CHIEF FINANCIAL OFFICER 40.00 X 363469 0 112366 FRED EISEL EXECUTIVE VICE PRESIDENT 40.00 X 390385 0 66208 JEFFREY STONER SVP/CHIEF STRATEGY & TECHNOLOGY OFFICER 40.00 X 346804 0 120357 RODNEY MAY SVP/CHIEF ENGAGEMENT OFFICER 40.00 X 319475 0 125703 LORI GALL SVP/CHIEF RISK OFFICER 40.00 X 301881 0 102230 JOSEPH BERTOTTO SVP/CHIEF CULTURE OFFICER 40.00 X 273315 0 112073 JANICE APPLEBY SVP/CHIEF HUMAN RESOURCES OFFICER 40.00 X 260862 0 77405 3564469 0 758772 40 0 1 0 JACK HENRY PO BOX 609 MONETT MO 65708 EBP PROCESSING PARTNER 1908007 CU ANSWERS 6000 28TH ST GRAND RAPIDS MI 49546 CORE DATA PROCESSOR PARTNER 937627 FISERV INC PO BOX 934057 GRAPEVINE TX 76099 PROCESSING AND ANCILLARY 667190 ALOGENT 35 TECHNOLOGY PARKWAY SOUTH PEACHTREE CORNERS GA 30092 DEPOSIT CAPTURE PLATFORM 564207 APTYS 6801 PARKWOOD BLVD SUITE 201 PLANO TX 75024 FINTECH PAYMENT PROVIDER 527828 21 CORRESPONDENT SERVICES 522100 22401313 22401313 INCOME ON LOANS 522100 5112154 5112154 27513467 248777931 248777931 GAIN ON U.S. CENTRAL S 522100 36450492 36450492 EQUITY METHOD INCOME F 522100 -678329 -678329 35772163 312063561 312063561 0 0 269800 2283136 11772486 1489426 4773912 964220 108925 312357 1634370 301652 2043792 2689407 263271 327346 556927 205623313 602291 2168578 283037 CORRESPONDENT SERVICES 11864225 MISCELLANEOUS EXPENSE 673018 MAINTENANCE 192803 251198292 5852040 9253581 2533257378 3064455531 75163625 56752424 8387648 8056970 121202563 34585561 1659619 1952169 11771399 10388382 2732555 1383017 3851140505 2781191124 73504822 14857194 176447 0 67720431 70423409 6740797633 6042910980 68761972 55633357 1300000000 750000000 4878475028 4681874704 6247237000 5487508061 X 0 0 0 0 493560633 555402919 493560633 555402919 6740797633 6042910980 X 60865269 9899181 -8922164 X X 0 1 X 1 0 409795 301085 108710 11361604 10087297 1274307 1383017 DAILY SHARE ACCOUNTS 4313228924 HOLIDAY ACCUMULATION ACCOUNT 182000 CERTIFICATES 360131205 NON-PERPETUAL CAPITAL SHARES 8332575 4681874704 X 312232099 -3248541 -3248541 315480640 -3417079 -3417079 312063561 251366830 3417079 3417079 247949751 3248541 3248541 251198292 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. PART XI, LINE 2D - OTHER ADJUSTMENTS: FRB EBA REPORTED WITHIN THE FORM 990 STATEMENT OF EXPENSES, WHILE THE AUDITED FINANCIAL STATEMENTS REPORT THE AMOUNT NET OF REVENUE. -3,248,541. PART XI, LINE 4B - OTHER ADJUSTMENTS: MEMBER INCENTIVE REPORTED WITHIN THE FORM 990 STATEMENT OF REVENUE, WHILE THE AUDITED FINANCIAL STATEMENTS REPORT THE AMOUNT NET OF EXPENSES. REGARDLESS OF THE DIFFERING PRESENTATIONS, ENDING EQUITY PER THE 990 IS EQUAL TO THAT WHICH IS REPORTED IN THE AUDITED FINANCIAL STATEMENTS. -3,417,079. PART XII, LINE 2D - OTHER ADJUSTMENTS: MEMBER INCENTIVE REPORTED WITHIN THE FORM 990 STATEMENT OF REVENUE, WHILE THE AUDITED FINANCIAL STATEMENTS REPORT THE AMOUNT NET OF EXPENSES. 3,417,079. PART XII, LINE 4B - OTHER ADJUSTMENTS: FRB EBA REPORTED WITHIN THE FORM 990 STATEMENT OF EXPENSES, WHILE THE AUDITED FINANCIAL STATEMENTS REPORT THE AMOUNT NET OF REVENUE. 3,248,541. REGARDLESS OF THE DIFFERING PRESENTATIONS, ENDING EQUITY PER THE 990 IS EQUAL TO THAT WHICH IS REPORTED IN THE AUDITED FINANCIAL STATEMENTS. 1 CAROLINAS CREDIT UNION FOUNDATION 4100 MENDENHALL OAKS PARKWAY SUITE 130 HIGH POINT NC 27265 561842095 501(C)(3) 65900 0 CHARITABLE CONTRIBUTION WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT ROAD PO BOX 2982 MADISON WI 53701 396093210 501(C)(3) 15000 0 CHARITABLE CONTRIBUTION THE CREDIT UNIONS CARE FOUNDATION OF VIRGINIA 108 N 8TH STREET RICHMOND VA 23219 364651188 501(C)(3) 50000 0 CHARITABLE CONTRIBUTION CROSSSTATE CREDIT UNION FOUNDATION 4309 N FRONT STREET HARRISBURG PA 17110 251786339 501(C)(3) 67700 0 CHARITABLE CONTRIBUTION THE CREDIT UNION FOUNDATION OF MARYLAND AND THE DISTRICT OF COLUMBIA 8975 GUILFORD ROAD COLUMBIA MD 21046 521749045 501(C)(3) 51200 0 CHARITABLE CONTRIBUTION 5 0 PART I, LINE 2: THE AMOUNTS PAID TO THE ORGANIZATIONS ARE CONSIDERED DONATIONS, NOT GRANTS. SO THERE IS NO MONITORING. SOME DONATIONS ARE EVENT SPONSORSHIP BASED. X 1 1 X X X X X 0 1 0 DAVID BREHMER PRESIDENT/CEO 556336 0 149625 0 602317 0 29700 0 12730 0 1350708 0 523085 0 MARK BROWN SVP/CHIEF FINANCIAL OFFICER 254433 0 77520 0 31516 0 75858 0 36508 0 475835 0 0 0 JEFFREY STONER SVP/CHIEF STRATEGY & TECHNOLOGY OFFI 268468 0 75240 0 3096 0 83849 0 36508 0 467161 0 0 0 FRED EISEL EXECUTIVE VICE PRESIDENT 290967 0 77777 0 21641 0 29700 0 36508 0 456593 0 0 0 RODNEY MAY SVP/CHIEF ENGAGEMENT OFFICER 247424 0 70395 0 1656 0 89195 0 36508 0 445178 0 0 0 LORI GALL SVP/CHIEF RISK OFFICER 233748 0 65037 0 3096 0 77572 0 24658 0 404111 0 0 0 JOSEPH BERTOTTO SVP/CHIEF CULTURE OFFICER 205446 0 60065 0 7804 0 87812 0 24261 0 385388 0 0 0 JANICE APPLEBY SVP/CHIEF HUMAN RESOURCES OFFICER 202799 0 56487 0 1576 0 64162 0 13243 0 338267 0 0 0 PART I, LINE 4B CERTAIN MEMBERS OF MANAGEMENT PARTICIPATE IN A 457(F) PLAN. BENEFIT INFORMATION AS OF DECEMBER 31, 2023 FOR EACH OF THE PARTICIPANTS IS AS FOLLOWS: DAVID BREHMER: $529,651 BENEFIT PAYOUT THE 457(F) BENEFIT EXPENSE ACCRUED DURING 2023 FOR EACH OF THE PARTICPANTS REPORTED IN PART VII IS AS FOLLOWS: JANICE APPLEBY: $42,680 LORI GALL: $52,684 RODNEY MAY: $63,613 JEFFREY STONER: $57,663 JOSEPH BERTOTTO: $66,052 MARK BROWN: $49,609 DAVID BREHMER PRESIDENT/CEO TO FUND LIFE INSURANCE POLICY X 3000000 3391195 0 1 1 MARK BROWN SVP/CFO TO FUND LIFE INSURANCE POLICY X 53340 48456 0 1 1 FRED EISEL EVP TO FUND LIFE INSURANCE POLICY X 49123 59059 0 1 1 JAY MURRAY FORMER CEO TO FUND LIFE INSURANCE POLICY X 5300000 4558260 0 1 1 8056970 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO CERTAIN CURRENT AND FORMER MEMBERS OF THE EXECUTIVE MANAGMENT TEAM. UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS AND ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS ARE MADE UP OF NATURAL PERSON CREDIT UNIONS. MEMBERSHIP IS REQUIRED FOR SERVICE. FORM 990, PART VI, SECTION A, LINE 7A WE HAVE APPROXIMATELY 600 MEMBER-OWNERS WHO ELECT THE BOARD OF DIRECTORS. EACH MEMBER ORGANIZATION HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. IN ADDITION TO ELECTION OF BOARD MEMBERS, SOME MAJOR DECISIONS SUCH AS MERGING REQUIRE MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B THE CFO COMPILES ALL REQUESTED DATA FOR COMPLETING FORM 990 FROM APPROPRIATE DEPARTMENTS. HE WORKS WITH THE HUMAN RESOURCES DEPARTMENT AND THE CHIEF HUMAN RESOURCES OFFICER TO ENSURE ALL EMPLOYEE COMPENSATION DATA IS ACCURATE. OUR CPA FIRM COMPLETES A DRAFT OF FORM 990 WHICH IS REVIEWED BY THE PRESIDENT/CEO AND CFO. AFTER THE PRESIDENT/CEO AND CFO REVIEW FORM 990 AND ANY NECESSARY CHANGES ARE MADE, THE CPA FIRM FINALIZES 990. FORM 990, PART VI, SECTION B, LINE 12C AT THE START OF EACH BOARD MEETING, EACH DIRECTOR MUST DISCLOSE IF THERE ARE ANY POTENTIAL CONFLICTS OF INTEREST REGARDING ANY ACTION OR DISCUSSION TOPIC THAT WILL TAKE PLACE DURING THE MEETING. IF AFFIRMATIVE, THAT DIRECTOR IS EXCLUDED FROM BOTH DISCUSSION AND ACTION ON THAT SPECIFIC ISSUE. FORM 990, PART VI, SECTION B, LINE 15 WE UTILIZE THE SERVICES OF A THIRD-PARTY CONSULTANT WHO SPECIALIZES IN COMPENSATION STUDIES FOR EVERY POSITION WITHIN THE ORGANIZATION. ALL POSITIONS HAVE SET SALARY RANGES BASED ON OUTSIDE COMPENSATION STUDIES AND RECOMMENDATIONS BY THE COMPENSATION CONSULTANT. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: ISSUANCE OF PERPETUAL CONTRIBUTED CAPITAL 1,023,548. DIVIDENDS ON PERPETUAL CONTRIBUTED CAPITAL -9,945,712. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. MY CU SERVICES LLC 1201 FULLING MILL RD MIDDLETON PA 17057 251865944 PAYMENT SERVICES PA 12801570 20432408 VIZO FINANCIAL CORPORATE CREDIT UNION