VELOCITY CREDIT UNION: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- VELOCITY CREDIT UNION (EIN 74-1200165)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-08-23
- IRS object ID
- 202442369349301039
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-08-23T12:50:43-05:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 EAST THOMAS ROAD SUITE 2300 | AddressLine1Txt |
| City | PHOENIX | CityNm |
| State Abbreviation | AZ | StateAbbreviationCd |
| ZIP | 85012 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 741200165 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | VELOCITY CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | VELO | BusinessNameControlTxt |
| Phone | 5124697000 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | POST OFFICE BOX 1089 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 787671089 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | DEBBIE MITCHELL | PersonNm |
| Person Title | PRESIDENT/CEO | PersonTitleTxt |
| Phone | 5124697000 | PhoneNum |
| Signature | 2024-08-22 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | MELISSA HANGSLEBEN | PreparerPersonNm |
| PTIN | P02087031 | PTIN |
| Phone | 6022662248 | PhoneNum |
| Preparation | 2024-08-22 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-08-08 14:25:15Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | DEBBIE MITCHELL | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | POST OFFICE BOX 1089 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 787671089 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $57,876,553 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.VELOCITYCU.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1947 | FormationYr |
| Legal Domicile State | TX | LegalDomicileStateCd |
| Activity Or Mission | TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 7 | VotingMembersIndependentCnt |
| Total Employee | 261 | TotalEmployeeCnt |
| Total Volunteers | 8 | TotalVolunteersCnt |
| Total Gross UBI | $41,581 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $38,914,971 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $44,116,110 | CYProgramServiceRevenueAmt |
| PY Investment Income | $6,699,530 | PYInvestmentIncomeAmt |
| CY Investment Income | $11,726,929 | CYInvestmentIncomeAmt |
| PY Other Revenue | $639,182 | PYOtherRevenueAmt |
| CY Other Revenue | -$530,150 | CYOtherRevenueAmt |
| PY Total Revenue | $46,253,683 | PYTotalRevenueAmt |
| CY Total Revenue | $55,312,889 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $40,000 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $74,239 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $2,687,432 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $5,956,945 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $20,136,207 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $21,281,746 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $17,902,997 | PYOtherExpensesAmt |
| CY Other Expenses | $26,541,225 | CYOtherExpensesAmt |
| PY Total Expenses | $40,766,636 | PYTotalExpensesAmt |
| CY Total Expenses | $53,854,155 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $5,487,047 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $1,458,734 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $1,044,010,333 | TotalAssetsBOYAmt |
| Total Assets EOY | $1,039,075,424 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $928,285,949 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $921,574,747 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $115,724,384 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $117,500,677 | NetAssetsOrFundBalancesEOYAmt |
| Mission | THE MISSION OF VELOCITY CREDIT UNION IS TO PROVIDE OUR MEMBERS PERSONALIZED SERVICE AND UNIQUE VALUE AS THEIR LOCAL BANKING ALTERNATIVE. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | VELOCITY CREDIT UNION PROVIDES LOANS TO MEMBERS AT LOWER INTEREST RATES, ACCEPTS DEPOSITS, AND PAYS HIGHER DIVIDEND RATES.2023: 1) 34,883 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $615MM 2) ORIGINATED 7,818 LOANS IN 2023 WITH A BALANCE OF $268MM, AND 3) SERVICED 81,298 MEMBERS WITH DEPOSITS OF $862MM. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | Yes (1) | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 15249 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 261 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 7 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DEBBIE MITCHELL | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 5124697000 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | POST OFFICE BOX 1089 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 787671089 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (17 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|
| DEBORAH MITCHELL | |||||||
| PRESIDENT/CEO | 40.00 | Yes (X) | $1,000,973 | $0 | $21,103 | ||
| LISA BACK | |||||||
| EVP/CFO (LEFT 4/25/23) | 40.00 | Yes (X) | $515,938 | $0 | $8,414 | ||
| JAMES BROWN | |||||||
| EVP/CLO | 40.00 | Yes (X) | $375,132 | $0 | $23,742 | ||
| DANIEL PENBERG | |||||||
| CIO | 40.00 | Yes (X) | $262,736 | $0 | $34,720 | ||
| CHERI HALL | |||||||
| SR. VP OF HUMAN RESOURCES | 40.00 | $226,968 | $0 | $19,073 | Yes (X) | ||
| BARBARA CAROL CAIN | |||||||
| SR. VP OF MARKETING | 40.00 | $227,771 | $0 | $15,832 | Yes (X) | ||
| LINDSEY RECORD | |||||||
| VP MORTGAGE LENDING | 40.00 | $222,708 | $0 | $7,736 | Yes (X) | ||
| ROBERT COLE | |||||||
| SR. VP OF DIGITAL & REMOTE STRATEGY | 40.00 | $209,055 | $0 | $15,736 | Yes (X) | ||
| AUSTIN AHLRICH | |||||||
| SR. VP OF OPERATIONS | 40.00 | $200,041 | $0 | $23,182 | Yes (X) | ||
| ERIC WISE | |||||||
| DIRECTOR | 2.00 | $14,514 | $0 | $0 | Yes (X) | ||
| MARY PAREDES | |||||||
| DIRECTOR | 2.00 | $12,217 | $0 | $0 | Yes (X) | ||
| KASHA BARTHOLOMEW | |||||||
| CHAIRPERSON | 2.00 | Yes (X) | $12,045 | $0 | $0 | Yes (X) | |
| LINDSEY J PUTMAN | |||||||
| SECRETARY/TREASURER | 2.00 | Yes (X) | $11,620 | $0 | $0 | Yes (X) | |
| JOHN CHOMOUT | |||||||
| 1ST VICE CHAIR | 2.00 | Yes (X) | $11,612 | $0 | $0 | Yes (X) | |
| THOMAS MATTHEWS | |||||||
| 2ND VICE CHAIR | 2.00 | Yes (X) | $11,076 | $0 | $0 | Yes (X) | |
| DOUG SKOLAUT | |||||||
| DIRECTOR | 2.00 | $8,583 | $0 | $0 | Yes (X) | ||
| JAMES CHAPMAN | |||||||
| DIRECTOR (LEFT 4/1/23) | 2.00 | $3,034 | $0 | $0 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $3,326,023 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $169,538 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 27 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| PSCU INCORPORATED | |||||
| 560 CARILLON PKWY | ST PETERSBURG | FL | 33716 | CARD SERVICES PROCESSING | $2,671,937 |
| MASTERCARD | |||||
| PO BOX 660493 | DALLAS | TX | 75266 | CARD ISSUER | $1,201,103 |
| Q2 SOFTWARE | |||||
| 10355 PECAN PARK BLVD | AUSTIN | TX | 78729 | ONLINE BANKING SERVICES | $989,999 |
| FISERV INC | |||||
| PO BOX 208457 | DALLAS | TX | 753208457 | CORE PROCESSOR | $899,358 |
| INEAPPLE CORP | |||||
| 6160 WARREN PKWY STE 100 | FRISCO | TX | 75034 | TECHNOLOGY SERVICES | $460,030 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 31 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOAN INTEREST | 522100 | $31,070,564 | $31,070,564 | |
| FEE INCOME | 522100 | $6,216,263 | $6,216,263 | |
| INTERCHANGE INCOME | 522100 | $5,682,710 | $5,682,710 | |
| OTHER OPERATING INCOME | 522100 | $1,104,992 | $1,104,992 | |
| NON MEMBER ATM FEE INCOME | 522100 | $41,581 | $41,581 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $44,116,110 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $11,625,999 | TotalRevenueColumnAmt |
| Exclusion | $11,625,999 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $1,555,904 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $2,563,664 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | -$1,007,760 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$1,007,760 | TotalRevenueColumnAmt |
| Exclusion | -$1,007,760 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $100,930 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $0 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $100,930 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $100,930 | TotalRevenueColumnAmt |
| Exclusion | $100,930 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER INCOME | Desc |
| Business | 900099 | BusinessCd |
| Total Revenue Column | $477,610 | TotalRevenueColumnAmt |
| Exclusion | $477,610 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $477,610 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $55,312,889 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $44,074,529 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $41,581 | UnrelatedBusinessRevenueAmt |
| Exclusion | $11,196,779 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $36,239 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $38,000 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,956,945 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,327,459 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,481,876 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,669,617 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,584,419 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,218,375 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $167,940 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $143,674 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,191,256 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $669,206 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,326,478 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,568,032 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,227,040 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $96,047 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,104,945 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,599,595 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $133,699 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOSSES | $7,052,909 |
| MEMBER DEMAND DEPOSIT S | $4,215,095 |
| LOAN SERVICING | $1,652,168 |
| MISCELLANEOUS EXPENSE | $320,354 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $72,787 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $53,854,155 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,191,662 | BOYAmt |
| EOY | $6,226,618 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $86,631,907 | BOYAmt |
| EOY | $81,189,850 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $888,768 | BOYAmt |
| EOY | $3,224,321 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,580,660 | BOYAmt |
| EOY | $3,660,867 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $575,063,506 | BOYAmt |
| EOY | $597,405,257 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,619,330 | BOYAmt |
| EOY | $1,753,031 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $70,667,651 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $21,357,651 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $52,000,612 | BOYAmt |
| EOY | $49,310,000 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $287,917,711 | BOYAmt |
| EOY | $257,277,340 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,602,500 | BOYAmt |
| EOY | $3,602,700 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $28,513,677 | BOYAmt |
| EOY | $35,425,440 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,044,010,333 | BOYAmt |
| EOY | $1,039,075,424 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,837,607 | BOYAmt |
| EOY | $8,784,545 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,325,867 | BOYAmt |
| EOY | $1,011,086 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $50,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $916,122,475 | BOYAmt |
| EOY | $861,779,116 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $928,285,949 | BOYAmt |
| EOY | $921,574,747 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $115,724,384 | BOYAmt |
| EOY | $117,500,677 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $115,724,384 | BOYAmt |
| EOY | $117,500,677 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,044,010,333 | BOYAmt |
| EOY | $1,039,075,424 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $1,458,734 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $4,825,951 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$4,508,392 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $9,704,708 | OtherCostOrOtherBasisAmt |
| Book Value | $9,704,708 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $39,842,756 | OtherCostOrOtherBasisAmt |
| Depreciation | $7,584,347 | DepreciationAmt |
| Book Value | $32,258,409 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,759,907 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,511,462 | DepreciationAmt |
| Book Value | $3,248,445 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $10,457,231 | OtherCostOrOtherBasisAmt |
| Depreciation | $8,791,305 | DepreciationAmt |
| Book Value | $1,665,926 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,903,049 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,470,537 | DepreciationAmt |
| Book Value | $2,432,512 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $49,310,000 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBERS' SHARE AND SAVINGS ACCOUNT | Desc |
| Amt | $861,779,116 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $861,779,116 | TotalLiabilityAmt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable
Recipient Business Name RecipientBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | AUSTIN HABITAT FOR HUMANITY | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 500 W BEN WHITE BLVD | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | TX | StateAbbreviationCd |
| ZIP | 78704 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Recipient EIN | 742373217 | RecipientEIN |
| IRC Section | 501(C)(3) | IRCSectionDesc |
| Cash Grant | $10,000 | CashGrantAmt |
| Non Cash Assistance | $0 | NonCashAssistanceAmt |
| Purpose Of Grant | COMMUNITY RELATIONS AND HOUSING FOR THE HOMELESS | PurposeOfGrantTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 1 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | SCHOLARSHIPS | GrantTypeTxt |
| Recipient | 10 | RecipientCnt |
| Cash Grant | $38,000 | CashGrantAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION DOES NOT HAVE A FORMAL POLICY FOR MONITORING GRANTS TO ORGANIZATIONS. THE CREDIT UNION HAS A POLICY WHICH ESTABLISHES GENERAL GUIDELINES, PROCEDURES AND REQUIREMENTS USED IN ADMINISTERING THE SCHOLARSHIP PROGRAM. THIS POLICY ESTABLISHES GUIDELINES FOR SELECTION OF A SCHOLARSHIP RECIPIENT WHO MAY RECEIVE MONETARY ASSISTANCE UNDER THE TERMS OF THIS POLICY OVER A PERIOD OF TIME OF FOUR OR MORE YEARS. IN GENERAL, SCHOLARSHIPS SHALL CONSIST OF A FIRST YEAR CASH AWARD TO ALL NEWLY CHOSEN RECIPIENTS, FOLLOWED BY ADDITIONAL YEARLY CASH AWARDS IN AMOUNTS EQUAL TO OR LESS THAN THE FIRST YEAR AWARD, PROVIDED THAT ALL OTHER FUNDING AND ELIGIBILITY REQUIREMENTS OF THIS POLICY ARE MET. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| First Class Or Charter Travel | Yes (X) | FirstClassOrCharterTravelInd |
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | Yes (1) | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (9 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DEBORAH MITCHELL | ||||||||||||||
| PRESIDENT/CEO | $543,741 | $0 | $117,232 | $0 | $340,000 | $0 | $13,200 | $0 | $7,903 | $0 | $1,022,076 | $0 | $328,000 | $0 |
| LISA BACK | ||||||||||||||
| EVP/CFO (LEFT 4/25/23) | $115,302 | $0 | $19,042 | $0 | $381,594 | $0 | $4,241 | $0 | $4,173 | $0 | $524,352 | $0 | $0 | $0 |
| JAMES BROWN | ||||||||||||||
| EVP/CLO | $342,157 | $0 | $20,246 | $0 | $12,729 | $0 | $2,562 | $0 | $21,180 | $0 | $398,874 | $0 | $0 | $0 |
| DANIEL PENBERG | ||||||||||||||
| CIO | $238,316 | $0 | $21,080 | $0 | $3,340 | $0 | $9,533 | $0 | $25,187 | $0 | $297,456 | $0 | $0 | $0 |
| CHERI HALL | ||||||||||||||
| SR. VP OF HUMAN RESOURCES | $207,498 | $0 | $18,472 | $0 | $998 | $0 | $8,226 | $0 | $10,847 | $0 | $246,041 | $0 | $0 | $0 |
| BARBARA CAROL CAIN | ||||||||||||||
| SR. VP OF MARKETING | $206,505 | $0 | $18,342 | $0 | $2,924 | $0 | $7,929 | $0 | $7,903 | $0 | $243,603 | $0 | $0 | $0 |
| LINDSEY RECORD | ||||||||||||||
| VP MORTGAGE LENDING | $193,408 | $0 | $28,937 | $0 | $363 | $0 | $7,736 | $0 | $0 | $0 | $230,444 | $0 | $0 | $0 |
| ROBERT COLE | ||||||||||||||
| SR. VP OF DIGITAL & REMOTE STRATEGY | $195,833 | $0 | $12,321 | $0 | $901 | $0 | $7,833 | $0 | $7,903 | $0 | $224,791 | $0 | $0 | $0 |
| AUSTIN AHLRICH | ||||||||||||||
| SR. VP OF OPERATIONS | $186,000 | $0 | $13,553 | $0 | $488 | $0 | $7,440 | $0 | $15,742 | $0 | $223,223 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | THE USE OF FIRST CLASS IS APPROVED FOR OUR BOARD OFFICIALS ONLY FOR FLIGHTS OVER TWO HOURS IN DURATION. ECONOMY CLASS IS ENCOURAGED. TRAVEL FOR COMPANIONS IS APPROVED FOR THE CEO AND BOARD OFFICIALS. BOARD OFFICIALS RECEIVE PAYMENT ON 1099S FOR FIRST CLASS TRAVEL AND TRAVEL FOR COMPANIONS. THE CEO'S TRAVEL FOR COMPANIONS IS PAID ON THE W-2. |
| PART I, LINES 4A-B | THE CREDIT UNION OFFERS NONQUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) AGREEMENTS FOR ELIGIBLE EXECUTIVES. THE SERP PROVIDES FOR VARYING LUMP SUM PAYMENTS TO BE MADE TO EACH EXECUTIVE AT VARIOUS RETIREMENT AGES. DEBORAH MITCHELL PARTICIPATES IN THE SERP PLAN. DEBORAH RECEIVED A DISTRIBUTION OF $328,000 DURING 2023. THERE WERE NO CONTRIBUTIONS DURING 2023. SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS MADE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO A SELECT GROUP OF EXECUTIVES. THE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE CASH SURRENDER VALUES AND DEATH BENEFITS OF THE RESPECTIVE LIFE INSURANCE POLICIES AND OTHER RELATED ACCOUNTS. THE POLICIES ARE OWNED BY THE EXECUTIVES AND DEATH PROCEEDS ARE SPLIT BETWEEN THE EXECUTIVE AND THE CREDIT UNION AS STATED IN THE SPLIT DOLLAR AGREEMENT; EACH EXECUTIVE HAS CONTROL OVER THE LISTED BENEFICIARIES FOR THE PORTION OF THE DEATH PROCEEDS THEY ARE STATED TO RECEIVE. AT THE TIME OF THE EXECUTIVE'S DEATH, THE LOAN AND ACCRUED INTEREST BECOMES DUE AND PAYABLE. THROUGH THE SPLIT DOLLAR AGREEMENT AND COLLATERAL ASSIGNMENT, THE CREDIT UNION IS FIRST ALLOCATED THE PORTION OF THE DEATH PROCEEDS NEEDED TO RECOVER THE OUTSTANDING LOAN AND ACCRUED INTEREST; ANY REMAINING DEATH PROCEEDS ARE ALLOCATED BETWEEN THE EXECUTIVE'S BENEFICIARIES AND THE CREDIT UNION AS STATED IN THE SPLIT DOLLAR AGREEMENT. LISA BACK RECEIVED A SEVERANCE PAYMENT OF $377,713 IN 2023. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (2 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| LISA BACK | |||||||
| CFO | SPLIT DOLLAR LIFE INSURANCE | Yes (X) | $1,400,000 | $1,653,295 | 0 | Yes (1) | Yes (1) |
| JACK JORDAN | |||||||
| FORMER COO | SPLIT DOLLAR LIFE INSURANCE | Yes (X) | $1,700,000 | $2,007,572 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $3,660,867 | TotalBalanceDueAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE L, PART II, LOANS TO AND/OR FROM INTERESTED PERSONS: | FormAndLineReferenceDesc |
| Explanation | ADDITIONAL INFORMATION ON SPLIT DOLLAR LOANS: THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT THE IRS REFERS TO AS "COLLATERAL ASSIGNMENT SPLIT DOLLAR" (CASD). ALTHOUGH THE IRS REQUIRES REPORTING IN PART II ABOVE, FOR LOANS TO INTERESTED PERSONS, CASD IS NOT AN ACTUAL LOAN. THERE IS NEITHER A TRANSFER OF FUNDS TO THE PARTICIPANT NOR AN OBLIGATION FOR THE PARTICIPANT TO PAY THOSE FUNDS BACK. INSTEAD, THE CREDIT UNION RECOVERS ITS OUTLAYS PLUS INTEREST FROM THE UNDERLYING POLICY. THE RECOVER RIGHT IS A KEY ADVANTAGE OF CASD. WITH TRADITIONAL DEFERRED COMPENSATION, THE CREDIT UNION PAYS THE BENEFIT FROM CORPORATE ASSETS. WITH CASD, THE CREDIT UNION DEPOSITS DOLLARS DIRECTLY INTO A LIFE INSURANCE POLICY WITH THE CREDIT UNION HOLDING THE LIEN ON THE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES AND SUBJECT TO VESTING REQUIREMENTS, THE PARTICIPANT MAY BORROW FROM THE CASH VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. BORROWING IS CAREFULLY MONITORED AND LIMITED TO ASSURE THAT THE POLICY WILL REMAIN IN EFFECT UNTIL THE PARTICIPANTS DEATH AND WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO REPLY THE CREDIT UNION'S OUTLAY PLUS INTEREST. ANY REMAINING DEATH PROCEEDS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE EXECUTIVE'S BENEFICIARY AS AGREED UP BY THE PARTIES. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 1A | THE BOARD OF DIRECTORS MAY APPOINT FROM ITS OWN NUMBER AN EXECUTIVE COMMITTEE OF NOT LESS THAN THREE (3) PERSONS TO EXERCISE, BETWEEN MEETINGS OF THE BOARD OF DIRECTORS, SUCH AUTHORITY AS MAY BE SPECIFICALLY DELEGATED TO IT BY THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE SHALL REPORT TO THE BOARD OF DIRECTORS THE ACTIVITIES IT HAS TAKEN BETWEEN MEETINGS OF THE BOARD OF DIRECTORS, AND A REPORT OF SUCH ACTIVITIES SHALL BE PLACED IN THE MINUTES OF THE BOARD OF DIRECTORS. THE PRESIDENT, IF ALSO A DIRECTOR, MAY NOT SERVE ON THE EXECUTIVE COMMITTEE. |
| FORM 990, PART VI, SECTION A, LINE 6 | PARTICIPATION IN THIS CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF A COMMUNITY CHARTER; PERSONS WHO LIVE, WORK, WORSHIP, ATTEND SCHOOL IN, AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED IN BASTROP, CALDWELL, HAYS, WILLIAMSON, OR TRAVIS COUNTIES, TEXAS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP. |
| FORM 990, PART VI, SECTION A, LINE 7B | CERTAIN DECISIONS MUST BE APPROVED BY THE MEMBERSHIP. FOR EXAMPLE, THE MEMBERSHIP MUST VOTE ON 1) CHARTER CONVERSIONS (STATE TO FEDERAL AND/OR CONVERSION FROM A CREDIT UNION TO A BANK); 2) CHANGES IN DEPOSIT INSURANCE; 3) BOARD ELECTIONS WHEN THERE IS MORE THAN ONE CANDIDATE PRESENTED FOR EACH POSITION; 4) MERGERS WHEN THE CREDIT UNION WOULD BE THE ACQUIRED CREDIT UNION. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE DRAFT OF THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | DIRECTORS SIGN AN OATH OF OFFICE WHEN ELECTED OR RE-ELECTED TO OFFICE WHICH ADDRESSES CONFLICTS OF INTEREST. IN ADDITION, ALL DIRECTORS AND EMPLOYEES ARE REQUIRED TO REVIEW AND SIGN OUR CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS IN ORDER TO ENSURE THEY ARE AWARE OF THEIR RESPONSIBILITIES REGARDING DISCLOSURE. THE CONFLICT OF INTEREST POLICY REQUIRES DISCLOSURE OF ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. THE CREDIT UNION SHALL REGULARLY AND CONSISTENTLY MONITOR AND ENFORCE COMPLIANCE WITH THIS POLICY. |
| FORM 990, PART VI, SECTION B, LINE 15 | TO DETERMINE THE CEO'S SALARY, THE BOARD OF DIRECTORS WILL REVIEW COMPENSATION DATA PROVIDED BY THE SR. VP OF HUMAN RESOURCES AND OBTAINED FROM CUNA (CREDIT UNION NATIONAL ASSOCIATION), CUES (CREDIT UNION EXECUTIVES SOCIETY), CORNERSTONE CREDIT UNION LEAGUE, COMPEASE SALARY ADMINISTRATION AND OTHER VARIOUS SOURCES AS AVAILABLE AT LEAST EVERY OTHER YEAR. THE SALARY IS SET BASED UPON A REVIEW OF WHAT CREDIT UNION CEO'S IN THE ORGANIZATION'S REGION, AND ACROSS THE COUNTRY, WITH SIMILAR ASSET SIZE WERE PAID IN THE PREVIOUS YEAR. THE BOARD OF DIRECTORS ALSO COMPARES THE CEO'S SALARY WITH THE CURRENT PARAMETERS SET WITHIN OUR SALARY ADMINISTRATION GUIDELINES. THE COMPENSATION DECISION IS DOCUMENTED IN THE BOARD MINUTES AS WELL AS THE PERSONNEL FILE. THIS PROCESS WAS LAST COMPLETED IN 2023 WITH THE ASSISTANCE OF AN OUTSIDE CONSULTANT FROM ARTHUR J. GALLAGHER, CORPORATION'S EXECUTIVE COMPENSATION DIVISION. TO DETERMINE KEY EMPLOYEES' SALARIES, THE CEO IN CONJUNCTION WITH THE SR. VP OF HUMAN RESOURCES, UTILIZE THE COMPEASE SALARY ADMINISTRATION PROGRAM. NATIONAL AND LOCAL SALARY SURVEYS ARE REVIEWED PERIODICALLY COMPARING INDUSTRIES AND GEOGRAPHICAL REGIONS WHEN AVAILABLE IN ADDITION TO A PAID SERVICE THAT IS USED TO ASSIST WITH SALARY RANGES BASED ON JOB EVALUATIONS. PERFORMANCE IS ALSO MEASURED AND A SALARY INCREASE MATRIX IS USED THAT TAKES INTO ACCOUNT THE SALARY POSITION WITHIN THE RANGE AND THE PERFORMANCE LEVEL. |
| FORM 990, PART VI, SECTION C, LINE 19 | UNAUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE BY POSTING AT EACH BRANCH. THE ANNUAL REPORT IS PROVIDED TO ALL MEMBERS AT THE CREDIT UNION'S ANNUAL MEETING AND UPON REQUEST THROUGHOUT THE YEAR. THE ANNUAL REPORT IS ALSO AVAILABLE ON THE ORGANIZATION'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY WOULD BE RELEASED TO MEMBERS UPON REQUEST. |
| FORM 990, PART XI, LINE 9: | CHANGE IN PRIOR SERVICE COST RESERVE ACCOUNT 6,268,921. CUMULATIVE EFFECT OF CHANGE IN REGULATION -10,777,313. |
| FORM 990, PART XII, QUESTION 2B: | THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED BY AN INDEPENDENT ACCOUNTANT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023. THE ORGANIZATION DID NOT OBTAIN AUDITED FINANCIAL STATEMENTS FOR THE TAX YEAR. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | VELOCITY RE HOLDINGS LLC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4515 SETON CENTER PARKWAY SUITE 165 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | AZ | StateAbbreviationCd |
| ZIP | 78759 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 825470280 | EIN |
| Primary Activities | HOLDS PROPERTY | PrimaryActivitiesTxt |
| Legal Domicile State | TX | LegalDomicileStateCd |
| Total Income | $1,497,961 | TotalIncomeAmt |
| End Of Year Assets | $30,321,050 | EndOfYearAssetsAmt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | VELOCITY CREDIT UNION | BusinessNameLine1Txt |