2023-11-14T17:31:43-06:00 2022-12-31 810348775 JUNKERMIERCLARKCAMPANELLASTEVENSPC P O BOX 989 GREAT FALLS MT 59403 990 2022-01-01 810247124 VALLEY FINANCIAL CREDIT UNION VALL 4066555053 PO BOX 20417 BILLINGS MT 59104 SCOTT KANNING CHIEF FINANCIAL OFFICER 4066555053 2023-11-14 1 SCOTT KANNING XXX-XX-XXXX 0 LANA KADOSHNIKOV CPA P00441678 4067612820 2023-11-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z VALLEY CREDIT UNION CASEY KLEIN PO BOX 20417 BILLINGS MT 59104 21708831 0 X HTTP://WWW.VALLEYFCU.COM/ X 1949 MT BUILDING RELATIONSHIPS WITH PEOPLE IN OUR COMMUNITIES AND UNITING WITH THEM TO ACHIEVE THEIR DREAMS. 5 5 135 14 81752 38325 0 0 17541907 19467006 562870 1203941 466035 407112 18570812 21078059 0 0 1073062 1079096 6791084 7489617 0 0 0 6638219 8303102 14502365 16871815 4068447 4206244 409425878 424964584 365484249 376816711 43941629 48147873 BUILDING RELATIONSHIPS WITH PEOPLE IN OUR COMMUNITIES AND UNITING WITH THEM TO ACHIEVE THEIR DREAMS. 0 0 VALLEY FINANCIAL CREDIT UNION PROVIDES MEMBERS WITH TOP-NOTCH FINANCIAL SERVICES WITH PERSONALIZED, ACCOMODATING SERVICE. VALLEY FINANCIAL CREDIT UNION OFFERS MEMBERS PERSONAL CHECKING AND SAVINGS ACCOUNTS; BUSINESS ACCOUNTS; CREDIT AND DEBIT CARDS; IRAS; PERSONAL, BUSINESS, VEHICLE, AND HOME LOANS; AND OVERDRAFT PROTECTION. ADDITIONAL SERVICES INCLUDE MUTUAL, MEMBERSHIP BENEFIT PROGRAMS, FINANCIAL EDUCATION, NEWSLETTERS, DEPOSIT AND LOAN INSURANCE PROTECTION, AND CONSUMER INFORMATION. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 60 0 1 135 1 1 1 0 0 0 0 0 0 0 X 5 5 0 0 1 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X THE ORGANIZATION 4066555053 PO BOX 20417 BILLINGS MT 59104 CASEY KLEIN CHIEF EXECUTIVE OFFICER 40.00 X 304047 0 38506 SCOTT KANNING CHIEF FINANCIAL OFFICER 40.00 X 141094 0 17716 ERIC WILSON CHIEF LENDING OFFICER 40.00 X 189661 0 20850 CINDY ROESLER CHIEF RISK OFFICER 40.00 X 123060 0 20283 KINDRA MCMULLIN CHIEF OPERATIONS OFFICER 40.00 X 112264 0 18714 JOSEPH OLIVO VP OF MEMBER EXPERIENCE 40.00 X 107851 0 14659 TROY SMITH VP OF IT/NETWORK ADMINISTRATOR 40.00 X 107002 0 15398 JACQUELINE HELMAN MORTGAGE LOAN OFFICER 40.00 X 101337 0 12897 REG GIBBS BOARD CHAIRMAN 1.00 X X 0 0 0 WES OJA VICE CHAIRMAN 1.00 X X 0 0 0 CHUCK SOMMERS TREASURER 1.00 X X 0 0 0 ANN ADAIR SECRETARY 1.00 X X 0 0 0 BEA ANN MELICHAR DIRECTOR 1.00 X 0 0 0 JORDAN FRICKLE DIRECTOR 1.00 X 0 0 0 1186316 0 159023 8 0 1 0 FISERV 255 FISERVE DRIVE BROOKFIELD WI 53045 PROCESSING SERVICES 1783792 A D CREATIVE GROUP 105 N BROADWAY BILLINGS MT 59101 ADVERTISING 407621 MAILING TECHNICAL SERVICES 850 S 27TH ST BILLINGS MT 59101 MAILING SERVICES 210902 FIRST CALL COMPUTER SOLUTIONS INC 500 N HIGGINS AVE STE 201 MISSOULA MT 59802 IT SERVICES 134546 ALLIE LAW FIRM PO BOX 20417 BILLINGS MT 59104 LEGAL SERVICES 112552 5 LOAN INTEREST 522100 13487777 13487777 LOAN, SHARE AND OTHER FEES 522100 5288323 5258371 29952 MEMBER CREDIT LIFE AND CREDIT DIS 522100 690906 690906 19467006 1199001 1199001 417664 617712 -200048 -200048 -200048 18000 13060 4940 4940 4940 OTHER MEMBER INSURANCE INCOME 522100 597739 545939 51800 PARTNER LOAN ADMINISTRATION 522100 8882 8882 REFUNDS 522100 539 539 607160 21078059 19997354 81752 998953 1079096 711872 5443616 159839 692792 481498 19298 71279 203987 596805 1269335 109320 514437 14584 76560 16348 673599 109241 UNRELATED BUSINESS INCO 5304 PROCESSING CHARGES AND 2570787 PROVISION FOR LOAN AND 924900 LOAN SERVICING 771003 356315 16871815 10266486 16660057 130541856 47378165 556631 697542 1000866 1019466 225126924 302383902 533169 615976 20107746 9318909 10520922 10788837 21279905 34766102 5463218 5917287 4135901 4737250 409425878 424964584 1701449 3852389 123701 123849 314397 266800 3000000 363344702 369573673 365484249 376816711 X 0 0 0 0 43941629 48147873 43941629 48147873 409425878 424964584 4206244 0 X 0 1 X 1 0 0 1 X 3023874 3023874 10921030 5273996 5647034 617919 304430 313489 5013016 3413102 1599914 531907 327381 204526 10788837 MEMBERS' SHARE, SAVINGS, AND OTHER ACCOUNTS 369089070 ATM CLEARING 232889 DIVIDENDS PAYABLE 194 LEASE LIABILITIES 251520 369573673 X 21684090 617712 617712 21066378 11681 11681 21078059 17477845 -1 617712 617711 16860134 11681 11681 16871815 PART IV, LINE 2B: VALLEY CREDIT UNION HOLDS MORTGAGE ESCROWS AND REPORTS ON PART X. THESE MORTGAGE ESCROWS ARE FOR FIRST MORTGAGE AND MOBILE HOME LOANS IN WHICH VALLEY IS IN THE FIRST POSITION. FUNDS IN THESE ESCROWS ARE INTENDED FOR SHORT-TERM PAYABLES SUCH AS PROPERTY TAXES AND INSURANCE. VALLEY CREDIT UNION BELIEVES PROVIDING THESE ESCROWS HELPS ITS MEMBERS EFFECTIVELY BUDGET FOR AND MANAGE HOME OWNERSHIP. PART X, LINE 2: VALLEY CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. HOWEVER, AS A STATE-CHARTERED CREDIT UNION, A FILING REQUIREMENT EXISTS FOR AN ANNUAL FORM 990 FOR EXEMPT ENTITIES. IN ADDITION, FORM 990-T IS REQUIRED TO REPORT UNRELATED BUSINESS INCOME SUCH AS NON-MEMBER ATM FEES AND SALES OF CERTAIN WARRANTIES. INCOME FROM THESE ACTIVITIES DOES GENERATE A MINIMAL TAX LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 617,712. PART XI, LINE 4B - OTHER ADJUSTMENTS: REFUNDS 539. GROSS RECEIPTS ADJUSTMENT FROM PARTNERSHIP INVESTMENT 6,203. GAIN ON FIXED ASSET SALE 4,939. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 617,712. PART XII, LINE 4B - OTHER ADJUSTMENTS: REFUNDS 539. EXPENSES FROM PARTNERSHIP INVESTMENT 6,203. GAIN ON FIXED ASSET SALE 4,939. X X X X 0 0 0 CASEY KLEIN CHIEF EXECUTIVE OFFICER 263747 0 40000 0 300 0 12200 0 26306 0 342553 0 0 0 SCOTT KANNING CHIEF FINANCIAL OFFICER 139948 0 500 0 646 0 7156 0 10560 0 158810 0 0 0 ERIC WILSON CHIEF LENDING OFFICER 160343 0 5450 0 23868 0 9631 0 11219 0 210511 0 0 0 PART I, LINE 3 VALLEY CREDIT UNION HAS HIRED COMPENSATION CONSULTANT BALANCEDCOMP TO ASSIST WITH MAKING FAIR AND APPROPRIATE COMPENSATION DECISIONS. THIS INDEPENDENT CONSULTING FIRM SPECIALIZES IN PROVIDING GUIDANCE TO THE FINANCIAL INDUSTRY. BALANCEDCOMP PROVIDES THE BOARD WITH A REPORT INCLUDING A COMPENSATION SURVEY AND THE BOARD USES THIS INDEPENDENT INFORMATION TO DETERMINE THE CEO'S REGULAR COMPENSATION. THE BOARD USES PRIMARILY A MATHEMATICAL FORMULA TO DETERMINE THE CEO'S INCENTIVE COMPENSATION; THIS FORMULA IS BASED ON CREDIT UNION PERFORMANCE FACTORS. THERE IS ONLY A SMALL COMPONENT OF CEO INCENTIVE COMPENSATION THAT IS AT THE BOARD'S DISCRETION. CASEY KLEIN EXECUTIVE DIRECTOR SPLIT DOLLAR LIFE INSURANCE X 1000000 1019466 0 1 1 1019466 FORM 990, PART VI, SECTION A, LINE 4 THE BOARD OF DIRECTORS APPROVED AN UPDATE TO VALLEY FINANCIAL CREDIT UNION'S BYLAWS ON DECEMBER 22, 2022. SIGNIFICANT CHANGES INCLUDE: 1) A CHANGE TO MEMBERSHIP RIGHTS: MEMBERS MUST NOW FORMALLY CEASE THEIR MEMBERSHIP. FORMERLY, MEMBERS WERE PRESUMED TO HAVE WITHDRAWN THEIR MEMBERSHIP AND LOST ALL RIGHTS THEREIN ON CLOSURE OF ALL ACCOUNTS. 2) REPLACEMENT OF THE CREDIT COMMITTEE WITH A CREDIT MANAGER POSITION. 3) A CHANGE IN THE NUMBER OF BOARD MEMBERS FROM 5 TO 7. 4) BOARD DUTIES WERE CLARIFIED AND RESTATED. SPECIFICALLY, DUTIES PREVIOUSLY ASSIGNED TO THE CFO WERE ASSIGNED AS DUTIES OF THE TREASURER. THE BYLAWS NOW SPECIFY THAT THE BOARD MAY DESIGNATE ANY OR ALL DUTIES OF THE TREASURER TO THE MANAGEMENT OFFICIAL AND ASSISTANT MANAGEMENT OFFICIAL(S), POSITIONS WHICH WERE NOT LISTED IN THE PRIOR BYLAWS. 5) BOARD POWERS REGARDING EMPLOYEES WERE ENUMERATED AS FOLLOWS "THE BOARD EMPLOYS, FIXES THE COMPENSATION, AND PRESCRIBES THE DUTIES OF EMPLOYEES AS NECESSARY, AND HAS THE POWER TO REMOVE EMPLOYEES, UNLESS IT HAS DELEGATED THESE POWERS TO THE TREASURER OR MANAGEMENT OFFICIAL. NEITHER THE BOARD, THE TREASURER, NOR THE MANAGEMENT OFFICIAL HAS THE POWER OR DUTY TO EMPLOY, PRESCRIBE THE DUTIES OF, OR REMOVE NECESSARY CLERICAL AND AUDITING ASSISTANCE EMPLOYED OR USED BY THE SUPERVISORY COMMITTEE AND, IF THERE IS A CREDIT COMMITTEE, THE POWER OR DUTY TO EMPLOY, PRESCRIBE THE DUTIES OF, OR REMOVE ANY LOAN OFFICER APPOINTED BY THE CREDIT COMMITTEE." ALTHOUGH THESE ARE BELIEVED TO BE THE MOST SIGNIFICANT CHANGES, VALLEY FINANCIAL CREDIT UNION WOULD BE PLEASED TO PROVIDE A COPY OF THE UPDATED BYLAWS UPON REQUEST. FORM 990, PART VI, SECTION A, LINE 6 VALLEY FINANCIAL CREDIT UNION MAY AND DOES HAVE MEMBERS IN MONTANA AND WYOMING. VALLEY CREDIT UNION'S FIELD OF MEMBERSHIP INCLUDES PERSONS WHO LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED IN 30 COUNTIES IN MT AND WY. ADDITIONALLY, MEMBERSHIP IS AVAILABLE TO SPOUSES OF PERSONS WHO DIED WHILE WITHIN THE FIELD OF MEMBERSHIP OF THIS CREDIT UNION; PERSONS RETIRED AS PENSIONERS OR ANNUITANTS FROM THE ABOVE EMPLOYMENT; MEMBERS OF THEIR IMMEDIATE FAMILIES; AND ORGANIZATIONS OF SUCH PERSONS. RELATIVES OF MEMBERS ARE ELIGIBLE REGARDLESS OF WHERE THEY LIVE AND WORK. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER IS ENTITLED TO ONE VOTE AT ANNUAL MEETINGS WHERE THE BOARD OF DIRECTORS IS ELECTED. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN SIGNIFICANT DECISIONS ARE SUBJECT TO MEMBER APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B THE 990 WILL BE REVIEWED BY EXECUTIVE MANAGEMENT PRIOR TO FILING. IT WILL BE SHOWN TO THE BOARD AT THE FIRST AVAILABLE MEETING. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEE SHARE AND LOAN ACCOUNTS ARE MONITORED BY COMPLIANCE PERSONNEL. ALL EMPLOYEES ARE REQUIRED TO CONFIRM COMPLIANCE WITH POLICIES ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS HAS CONTRACTED WITH BALANCEDCOMP TO REVIEW AND RECOMMEND THE CEO COMPENSATION PACKAGE. VALLEY HAS ALSO CONTRACTED WITH BALANCEDCOMP TO REVIEW AND RECOMMEND COMPENSATION PACKAGES FOR MANAGEMENT AND ALL POSITIONS. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIAL STATEMENTS ARE POSTED IN ALL BRANCH LOBBIES. QUARTERLY CALL REPORTS ARE AVAILABLE AT NCUA.GOV. ANNUAL FINANCIAL STATEMENTS ARE DISTRIBUTED AT THE ANNUAL MEETING. ALL OTHER DOCUMENTS REQUIRED TO BE AVAILABLE TO THE PUBLIC ARE AVAILABLE ON REQUEST. VALLEY CUSO LLC 207 N BROADWAY SUITE 415 BILLINGS MT 59101 462095841 INACTIVE MT 0 3740 VALLEY FINANCIAL CREDIT UNION SCHEDULE R PART I(B) VALLEY CUSO, LLC NO LONGER ACTIVELY PARTICIPATES IN ANY LINE OF BUSINESS. ITS ONLY ACTIVITY IN 2022 WAS PAYMENT OF AN ANNUAL LLC FILING FEE TO THE MONTANA SECRETARY OF STATE.