2024-11-13T10:07:04-06:00 2023-12-31 541631262 KEITER STEPHENS HURST GARY & SHREAVES 4401 DOMINION BLVD GLEN ALLEN VA 23060 990 2023-01-01 540578719 VIRGINIA CREDIT UNION INC VIRG 8043236000 PO BOX 90010 RICHMOND VA 23225 STEPHANIE N VICK EVP/CFO 8043236000 2024-11-12 1 1 VIRGINIA R BELCHER P00421964 8047470000 2023 2024-10-15 13:58:12Z CHRISTOPHER M SHOCKLEY PO BOX 90010 RICHMOND VA 23225 492190507 0 X WWW.VACU.ORG X 1928 VA STATE CHARTERED CREDIT UNION 11 11 914 16 18650094 132460 0 0 238703973 288597275 30889640 53176752 0 0 269593613 341774027 1267500 1389000 0 0 110342524 106751095 0 0 0 107874049 211331764 219484073 319471859 50109540 22302168 5086460688 5324355565 4734669474 4920406559 351791214 403949006 X TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS. 0 0 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. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 1 1 0 0 1 171146 0 1 914 1 1 1 0 0 0 0 0 0 0 1 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 0 1 0 X SCOTT COPPOLA SVP CONTROLLER 8043236000 7500 BOULDERS VIEW DR RICHMOND VA 23225 KIMBERLY BAINE DIRECTOR 5.00 X 0 0 0 ROBERT BOLLING DIRECTOR/SECRETARY TREASUR 5.00 X X 6165 0 0 KENNETH E AMPY DIRECTOR/BOARD CHAIR 10.00 X X 6165 0 0 ERIC B TOLBERT DIRECTOR 5.00 X 5736 0 0 PAUL THOMPSON DIRECTOR 5.00 X 6165 0 0 MELINA DAVIS DIRECTOR/BOARD VICE CHAIR 5.00 X X 6165 0 0 ROBERT JONES DIRECTOR 5.00 X 5618 0 0 BRIAN K JACKSON DIRECTOR 5.00 X 6165 0 0 JOHN T GRIER DIRECTOR 5.00 X 1488 0 0 PATRICIA GREEN DIRECTOR 5.00 X 4260 0 0 TRACY MCCABE DIRECTOR 5.00 X 0 0 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 60.00 X 1136990 0 316800 STEPHANIE VICK EVP/CFO 55.00 X 768990 0 87563 CHRISTOPHER N SANEDA SEVP/COO 55.00 X 1085363 0 208718 DEBORAH WREDEN EVP PRODUCT AND STRATEGY 55.00 X 469262 0 106322 LEE DRANOFF EVP LENDING 55.00 X 471048 0 123267 MICHAEL NOBLE EVP CHIEF BUS BANKING OFFI 55.00 X 487201 0 77716 MARYANN FATHEDDIN EVP HUMAN RESOURCES 55.00 X 490637 0 76148 JOHN STONE EVP FIN SER/CUSO PRES 55.00 X 516705 0 66848 5474123 0 1063382 243 0 1 0 ELEVATION LLC 9 WEST MAIN ST RICHMOND VA 23220 ADVERTISING 3378698 ADRENALINE LLC 195 NEW HAMPSHIRE AVENUE SUITE 115 PORTSMOUTH NH 03801 ARCHITECTURE/ENGINEERING/CONSTRUCTION 2593596 EPLUS TECHNOLOGY PO BOX 404398 ATLANTA GA 303844398 INFORMATION TECHNOLOGY 2228732 SYCOM TECHNOLOGIES LLC PO BOX 79613 BALTIMORE MD 21279 INFORMATION TECHNOLOGY 1365344 FIS PO BOX 18012 ASHBURN VA 20146 INFORMATION TECHNOLOGY 1001508 17 INTEREST ON LOANS 522291 208213586 208213586 OTHER OPERATING INCOME 522100 55939911 37731323 18208588 FEE INCOME 522100 24443778 24443778 288597275 49665483 441506 49223977 153927749 301487 150114993 -301487 3812756 3511269 3511269 341774027 270388687 18650094 52735246 1389000 4736124 79484204 7880375 9891640 4758752 2754835 315439 114565 10043668 13656530 11228438 5657367 756852 241558 89861739 5806380 508937 PROVISION FOR LOAN LOSS 31860681 LOAN SERVICING 17420484 ATM, DEBIT, HOMEBANKING 16964910 OTHER MISCELLANEOUS EXP 4139381 319471859 148163882 42817475 14191416 13606613 3234250478 3696242165 9169075 23616792 140674610 67398550 71410411 73276060 1440547665 1284558284 11151550 24063079 157576211 166175097 5086460688 5324355565 63907214 67273047 4986547 5621517 192666911 422718195 4473108802 4424793800 4734669474 4920406559 X 0 0 0 0 351791214 403949006 351791214 403949006 5086460688 5324355565 X 22302168 32511542 -2655918 X 0 1 X 1 0 10000 PART I-A, LINE 1: PAC CONTRIBUTION 0 1 X 19264542 19264542 60309322 22066597 38242725 6945851 1495559 5450292 54154895 43836394 10318501 73276060 MEMBERS' SHARES 4424792564 ACCRUED DIVIDENDS AND INTEREST PAYABLE 1236 4424793800 X PART IV, LINE 2B: TRADITIONAL ESCROW ACCOUNTS ON BORROWER MORTGAGES AS WELL AS AN ESCROW CHECKING ACCOUNT FOR EARNEST MONEY DEPOSITS FROM THE REAL ESTATE AGENCY SUBSIDIARY. PART X, LINE 2: THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION. 1 JR ACHIEVEMENT 1801 LIBBIE AVE STE 203 RICHMOND VA 23226 540803325 20000 0 GENERAL PURPOSES VCU 301 W MAIN ST RICHMOND VA 23284 50000 0 GENERAL SUPPPORT VCU SCHOOL OF BUSINESS FOUNDATION 301 W MAIN ST RICHMOND VA 23284 1000000 0 VACU FINANCIAL SUCCESS CENTER AT VCU NEXT UP 3409 MOORE STREET RICHMOND VA 23230 8500 0 GENERAL SUPPORT HUMANKIND 1903 HUMANKIND WAY LYNCHBURG VA 24503 6000 0 ECONOMIC RESOURCE CENTER PROGRAM CHILDRENS HOSPITAL 1000 EAST BROAD ST RICHMOND VA 23219 15000 0 GENERAL SUPPORT VCU ATHLETICS FUND 111 N FOURTH STREET BOX 842039 RICHMOND VA 232192201 15000 0 GENERAL SUPPORT MAGGIE WALKER COMMUNITY LAND TRUST 203 N ROBINSON STREET RICHMOND VA 23220 15000 0 GENERAL SUPPORT CHAMBER RVA 919 E MAIN ST RICHMOND VA 23219 30000 0 HYPE PROGRAM, MISSION TOMORROW; GENERAL SUPPORT UVA ATHLETICS PO BOX 400833 CHARLOTTESVILLE VA 22904 17500 0 VIRGINIA ATHLETIC FOUNDATION VA COUNCIL ON ECOMOMIC EDUCATION 301 W MAIN ST RICHMOND VA 23284 16000 0 EDUCATOR AWARDS, SRI MARK INTEL REPORT FREDERICKSBURG REGIONAL FOOD BANK 3631 LEE HILL DR FREDERICKSBURG VA 22408 6000 0 STRIKE OUT HUNGER SHALOM FARMS 1010 W LABURNUM AVENUE RICHMOND VA 23227 15000 0 GENERAL SUPPORT RICHMOND PUBLIC SCHOOLS 301 NORTH NINTH ST RICHMOND VA 23219 6000 0 GENERAL SUPPORT DEVELOPING MEN OF COLOR 907 FLOYD AVENUE RICHMOND VA 23284 10000 0 GENERAL SUPPORT VIRGINIA GATEWAY REGION 256 E ELLERSLIE AVE STE D COLONIAL HEIGHTS VA 23834 7500 0 GENERAL SUPPORT COMMUNITIES IN SCHOOLS 413 STUART CIRCLE STE 303 RICHMOND VA 23220 15000 0 ULTIMATE BACKPACK PROGRAM WORLDWIDE FOUNDATION FOR CREDIT UNIONS 99 M ST SE STE 300 WASHINGTON DC 20003 50000 0 GENERAL SUPPORT VCU FOUNDATION 700 W GRACE ST RICHMOND VA 23284 10000 0 GENERAL SUPPORT GREATER RICHMOND PARTNERSHIP 800 E CANAL ST STE 925 RICHMOND VA 23219 10000 0 GENERAL SUPPORT SALVATION ARMY 2 W GRACE ST RICHMOND VA 23220 6500 0 GENERAL SUPPORT BOYS AND GIRLS CLUB 3601 BRANCH AVE RICHMOND VA 23222 25000 0 GENERAL SUPPORT PART I, LINE 2: THE ORGANIZATION CLOSELY MONITORS CONTRIBUTION RECIPIENTS TO AFFIRM THAT THEIR ACTIVITES ALIGN WITH VACU'S INTERESTS IN SUPPORTING VIRGINIA COMMUNITIES. X X 1 1 X X X X X 0 1 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 806689 0 283140 0 47161 0 280495 0 36305 0 1453790 0 0 0 CHRISTOPHER N SANEDA SEVP/COO 557401 0 165094 0 362868 0 176042 0 32676 0 1294081 0 325000 0 STEPHANIE VICK EVP/CFO 457588 0 284199 0 27203 0 66150 0 21413 0 856553 0 0 0 LEE DRANOFF EVP LENDING 332550 0 99764 0 38734 0 91670 0 31597 0 594315 0 0 0 JOHN STONE EVP FIN SER/CUSO PRES 346236 0 143412 0 27057 0 51747 0 15101 0 583553 0 0 0 DEBORAH WREDEN EVP PRODUCT AND STRATEGY 329147 0 96497 0 43618 0 91144 0 15178 0 575584 0 0 0 MARYANN FATHEDDIN EVP HUMAN RESOURCES 349993 0 110173 0 30471 0 64860 0 11288 0 566785 0 0 0 MICHAEL NOBLE EVP CHIEF BUS BANKING OFFI 345219 0 103139 0 38843 0 47119 0 30597 0 564917 0 0 0 PART I, LINE 1A VACU POLICY IS TO PAY FOR THE TRAVEL EXPENSE FOR ONE COMPANION FOR BOARD MEMBERS ATTENDING OUT-OF-TOWN CONFERENCES OR MEETINGS IN ACKNOWLEDGMENT OF THE NUMBER OF HOURS THEY PUT IN SERVING THE CREDIT UNION. 10 DIRECTORS RECEIVED THIS BENEFIT IN 2023. CREDIT UNION SERVICE COMPANY OF VA LLC VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 295567 SHARED BRANCHING 0 PSCU VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 15827064 PLASTIC CARD PROCESSING SERVICES 0 PSCU VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 279115 PATRONAGE DIVIDEND 1 FORM 990, PART VI, SECTION A, LINE 6 ALL MEMBERS ARE CONSIDERED EQUAL AND EACH HAS ONE VOTE. A MEMBER MUST BE 16 YEARS OLD TO VOTE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS AS THEIR TERMS EXPIRE. MEMBERS MAY ALSO VOTE ON AMENDMENTS TO THE ARTICLES OF INCORPORATION OR DISSOLUTION OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS ELECT THE BOARD OF DIRECTORS AS THEIR TERMS EXPIRE. MEMBERS MAY ALSO VOTE ON AMENDMENTS TO THE ARTICLES OF INCORPORATION OR DISSOLUTION OF THE CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING WITH THE IRS, THE BOARD OF DIRECTORS IS PROVIDED WITH A COPY OF THE 990 RETURN PREPARED BY AN EXTERNAL CPA FIRM. THE RETURN IS ALSO REVIEWED BY MEMBERS OF MANAGEMENT PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL INDIVIDUALS ARE GIVEN THE STATEMENT OF OUR FRAUD AND STANDARDS OF CONDUCT POLICIES UPON EMPLOYMENT OR AFFILIATION WITH THE VACU OFFICIAL FAMILY. EMPLOYEES AND OFFICIAL FAMILY MEMBERS MUST SIGN THIS STATEMENT AT THIS TIME, AND ANNUALLY THEREAFTER, ACKNOWLEDGING THEIR RECEIPT AND UNDERSTANDING OF THESE POLICIES. BY SIGNING THE FRAUD AND STANDARDS OF CONDUCT POLICY STATEMENT THEY ARE ALSO STATING THAT THEY HAVE NOT COMMITTED ANY CONDUCT IN VIOLATION OF THE VACU FRAUD OR STANDARDS OF CONDUCT POLICIES; NOR ARE THEY AWARE OF OTHERS WHO ARE DOING SO, OR HAVE PREVIOUSLY DONE SO. UNDER THE STANDARDS OF CONDUCT, EMPLOYEES AND OFFICIALS SHALL REFRAIN FROM ANY PRIVATE BUSINESS OR PROFESSIONAL ACTIVITY OR FROM HAVING ANY DIRECT OR INDIRECT FINANCIAL INTEREST THAT WOULD PLACE THEM IN A POSITION WHERE THERE IS CONFLICT BETWEEN THEIR PRIVATE INTEREST AND THE INTEREST OF THE CREDIT UNION. EMPLOYEES AND OFFICIALS SHALL NOT ENGAGE IN ANY PRIVATE BUSINESS OR PROFESSIONAL ACTIVITY OR ENTER INTO ANY FINANCIAL TRANSACTION FOR THEIR PRIVATE GAIN, THE GAIN OF MEMBERS OF THEIR FAMILY, ANOTHER EMPLOYEE, OR ASSOCIATE WHICH INVOLVES THE DIRECT OR INDIRECT USE, OR APPEARANCE OF USE, OF INSIDE INFORMATION. "INSIDE INFORMATION" MEANS INFORMATION OBTAINED THROUGH THE JOB THAT IS NOT PUBLIC KNOWLEDGE. EMPLOYEES AND OFFICIALS SHALL NOT USE THEIR POSITIONS IN ANY WAY TO INDUCE OR COERCE, OR TO GIVE THE APPEARANCE OF INDUCING OR COERCING, ANY EMPLOYEE, PERSON OR GROUP TO PROVIDE ANY FINANCIAL BENEFIT TO THEM OR ANOTHER PERSON OR GROUP WITH WHOM THEY ARE ASSOCIATED. ALL POTENTIAL CONFLICTS OF INTEREST, INCLUDING THOSE CONFLICTS WHICH ARE NOT INTENTIONAL, RESULTING FROM EITHER BUSINESS OR PERSONAL RELATIONSHIPS WITH MEMBERS, VENDORS, BUSINESS ASSOCIATES, OR COMPETITORS OF VACU MUST BE REPORTED BY THE EMPLOYEE OR AGENT OR ATTORNEY INVOLVED TO THE PRESIDENT WITHIN 48 HOURS. ANY POTENTIAL CONFLICT OF INTEREST ON THE PART OF AN OFFICIAL MUST BE REPORTED TO THE CHAIRMAN OF THE BOARD WITHIN 48 HOURS. FORM 990, PART VI, SECTION B, LINE 15A PERIODICALLY, THE BOARD OF DIRECTORS ENGAGES AN OUTSIDE CONSULTANT TO CONDUCT AN INDEPENDENT REVIEW OF EXECUTIVE COMPENSATION AND BENEFITS TO ENSURE THE APPROPRIATENESS OF TOTAL COMPENSATION LEVELS. THIS EVALUATION LOOKS AT THE AVERAGE COMPENSATION AND BENEFITS OF EXECUTIVES AT FINANCIAL INSTITUTIONS OF COMPARABLE SIZE, INCLUDING BANKS AND CREDIT UNIONS. THIS PHILOSOPHY RECOGNIZES THAT THE EXTENT TO WHICH WE ACHIEVE AND MAINTAIN THIS GOAL MUST BE BALANCED WITH THE OVERALL FINANCIAL HEALTH OF THE ORGANIZATION. THE CREDIT UNION HAS A COMPENSATION PHILOSOPHY OF PAYING SALARIES AND BENEFITS THAT ARE COMPETITIVE WITH EMPLOYERS IN THE SURROUNDING METROPOLITAN AREAS AND WITH PEERS IN THE CREDIT UNION AND FINANCIAL INDUSTRIES. ANNUALLY, EMPLOYEES RECEIVE PERFORMANCE REVIEWS WHICH DETERMINE MERIT INCREASES. THE PRESIDENT/CEO COMPENSATION IS APPROVED BY THE BOARD EVERY YEAR. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE THROUGH THE POSTING OF OUR ANNUAL REPORT ON OUR WEBSITE. AUDITED FINANCIAL STATEMENTS CAN BE VIEWED AT THE HEADQUARTERS. IN ADDITION, THE PUBLIC MAY ACCESS 5300 (CALL REPORT) INFORMATION FROM THE NCUA WEBSITE. FORM 990, PART XI, LINE 9: NET CHANGE IN UNREALIZED GAIN ON DEFINED BENEFIT PENSION PLAN COSTS 10,650,105. ADOPTION OF ASC 326-CECL -13,332,297. EQUITY ACQUIRED IN MERGER 26,274. VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC PO BOX 90010 RICHMOND VA 23225 204223173 FINANCIAL SERVICES VA 18077721 10825319 N/A VIRGINIA CU INSURANCE SERVICES LLC PO BOX 90010 RICHMOND VA 23225 260379385 INSURANCE AGENCY VA 335441 858735 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC VIRGINIA CU REALTY LLC PO BOX 90010 RICHMOND VA 23225 272826524 REAL ESTATE AGENCY VA 294545 3040028 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC JOYNER FINE PROPERTIES LLC 2727 ENTERPRISE PARKWAY SUITE 200 HENRICO VA 23294 540933328 REAL ESTATE AGENCY VA 17006229 7079228 VIRGINIA CU REALTY LLC RVA REFERRAL LLC 2727 ENTERPRISE PARKWAY SUITE 200 HENRICO VA 23294 541934740 REAL ESTATE AGENCY VA JOYNER FINE PROPERTIES LLC VIRGINIA STATEWIDE TITLE SERVICES LLC 9211 FOREST HILL AVE RICHMOND VA 23235 020765781 TITLE SERVICE VA N/A C 1048305 133993 0.50000 0 1 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 0