VALLEYSTAR CREDIT UNION: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- VALLEYSTAR CREDIT UNION (EIN 54-6040482)
- Tax period
- 2022-01-01 to 2022-12-31
- Filed
- 2023-11-02
- IRS object ID
- 202323069349300232
- Schema version
- 2022v5.0
- 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 | 2023-11-02T08:33:06-05:00 | ReturnTs |
| Tax Period End | 2022-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 540504608 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BROWN EDWARDS & COMPANY LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 828 MAIN STREET SUITE 1401 | AddressLine1Txt |
| City | LYNCHBURG | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24504 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 546040482 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | VALLEYSTAR CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | VALL | BusinessNameControlTxt |
| Phone | 2766321679 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | P O BOX 5511 | AddressLine1Txt |
| City | MARTINSVILLE | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24115 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | MICHAEL WARRELL | PersonNm |
| Person Title | PRESIDENT AND CEO | PersonTitleTxt |
| Phone | 2766321679 | PhoneNum |
| Signature | 2023-10-31 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | MICHAEL | PersonFirstNm |
| Person Last | WARRELL | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | XXX-XX-XXXX | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | PATRICK PITTMAN | PreparerPersonNm |
| PTIN | P00587461 | PTIN |
| Phone | 4349489000 | PhoneNum |
| Preparation | 2023-10-31 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | MICHAEL WARRELL | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | P O BOX 5511 | AddressLine1Txt |
| City | MARTINSVILLE | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24115 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $35,835,877 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.VALLEYSTAR.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1953 | FormationYr |
| Legal Domicile State | VA | LegalDomicileStateCd |
| Activity Or Mission | VALLEYSTAR CREDIT UNION PRIMARY EXEMPT PURPOSE IS TO RETURN EXCESS EARNINGS TO ALL ITS MEMBERS IN THE FORM OF BETTER DEPOSIT/LOAN RATES AND LOWER FEES. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 194 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $117,259 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $19,191,422 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $25,545,227 | CYProgramServiceRevenueAmt |
| PY Investment Income | $3,848,612 | PYInvestmentIncomeAmt |
| CY Investment Income | $2,351,770 | CYInvestmentIncomeAmt |
| PY Other Revenue | $6,090,572 | PYOtherRevenueAmt |
| CY Other Revenue | $7,818,447 | CYOtherRevenueAmt |
| PY Total Revenue | $29,130,606 | PYTotalRevenueAmt |
| CY Total Revenue | $35,715,444 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $10,660,660 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $12,019,447 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $15,510,545 | PYOtherExpensesAmt |
| CY Other Expenses | $20,429,789 | CYOtherExpensesAmt |
| PY Total Expenses | $26,171,205 | PYTotalExpensesAmt |
| CY Total Expenses | $32,449,236 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $2,959,401 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $3,266,208 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $615,061,530 | TotalAssetsBOYAmt |
| Total Assets EOY | $679,489,982 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $553,308,142 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $628,976,336 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $61,753,388 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $50,513,646 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | VALLEYSTAR CREDIT UNION PRIMARY EXEMPT PURPOSE IS TO RETURN EXCESS EARNINGS TO ALL ITS MEMBERS IN THE FORM OF BETTER DEPOSIT/LOAN RATES AND LOWER FEES. VALLEYSTAR CREDIT UNION IS A MEMBER-OWNED FINANCIAL COOPERATIVE WHERE ALL MEMBERS BENEFIT EQUALLY, AND ALL MEMBERS HAVE AN EQUAL VOTE. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | PROGRAM SERVICE ACCOMPLISHMENTS INCLUDE LESS EXPENSIVE LOAN PRODUCTS RELATIVE TO OTHER FINANCIAL INSTITUTIONS, HIGHER DEPOSIT ACCOUNT RATES, LOWER FEES, STRONG COMMUNITY INVOLVEMENT BY VOLUNTEERS AND EMPLOYEES, AND FINANCIAL EDUCATION. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | Yes (1) | 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 | Yes (1) | 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 | Yes (1) | 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 | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | 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 | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 109 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 194 | 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 |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| 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 | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | 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 | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | 0 | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | 0 | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | 0 | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | VA | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE ORGANIZATION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2766321679 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | P O BOX 5511 | AddressLine1Txt |
| City | MARTINSVILLE | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24115 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (34 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd |
|---|---|---|---|---|---|---|
| DAVID L DEAL | ||||||
| DIRECTOR & TREASURER | 1.00 | Yes (X) | $5,500 | $0 | $0 | |
| MICHAEL B BRYANT | ||||||
| DIRECTOR | 1.00 | Yes (X) | $2,000 | $0 | $0 | |
| TERRY A YOUNG | ||||||
| DIRECTOR | 1.00 | Yes (X) | $5,600 | $0 | $0 | |
| GREGORY W HILL | ||||||
| DIRECTOR & LEGISLATIVE REP | 1.00 | Yes (X) | $6,000 | $0 | $0 | |
| NORMAN W HILL | ||||||
| DIRECTOR | 1.00 | Yes (X) | $6,000 | $0 | $0 | |
| G STEVE ISLEY | ||||||
| DIRECTOR & VICE CHAIRMAN | 1.00 | Yes (X) | $6,000 | $0 | $0 | |
| JASON VIPPERMAN | ||||||
| SUPERVISORY COMMITTEE | 1.00 | Yes (X) | $4,800 | $0 | $0 | |
| DOUGLAS W NUNN | ||||||
| DIRECTOR | 1.00 | Yes (X) | $6,000 | $0 | $0 | |
| NANCY S PHILLIPS | ||||||
| DIRECTOR | 1.00 | Yes (X) | $6,000 | $0 | $0 | |
| BETTY JO RAY | ||||||
| DIRECTOR & SECRETARY | 1.00 | Yes (X) | $6,000 | $0 | $0 | |
| JAMES B RORRER | ||||||
| DIRECTOR & CHAIRMAN | 1.00 | Yes (X) | $6,000 | $0 | $0 | |
| RICHARD L WOOD | ||||||
| DIRECTOR EMERITUS | 1.00 | Yes (X) | $0 | $0 | $0 | |
| TYEL BANKS | ||||||
| SUPERVISORY COMMITTEE | 1.00 | Yes (X) | $4,800 | $0 | $0 | |
| SANDY STRAYER | ||||||
| SUPERVISORY COMMITTEE | 1.00 | Yes (X) | $3,200 | $0 | $0 | |
| KEVIN B LAINE | ||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | $203,479 | $0 | $0 | Yes (X) | |
| ROBERT SPARROW | ||||||
| CHIEF RISK OFFICER | 40.00 | $197,910 | $0 | $0 | Yes (X) | |
| REBECCA FREEMAL | ||||||
| CHIEF MARKETING AND COMM OFFICER | 40.00 | $139,185 | $0 | $0 | Yes (X) | |
| MENDY SHAFFER | ||||||
| CFO | 40.00 | $175,517 | $0 | $0 | Yes (X) | |
| JUSTIN BARNES | ||||||
| CHIEF LENDING OFFICER | 40.00 | $192,829 | $0 | $0 | Yes (X) | |
| MICHAEL WARRELL | ||||||
| PRESIDENT/CEO | 40.00 | $324,895 | $0 | $0 | Yes (X) | |
| ANGELA DAVIS | ||||||
| SVP COO | 40.00 | $149,656 | $0 | $0 | Yes (X) | |
| BENJAMIN MCBRIDE | ||||||
| SENIOR VP OF IT | 40.00 | $131,643 | $0 | $0 | Yes (X) | |
| ELLIOT KUELZ | ||||||
| VP OF COMMERCIAL LENDING | 40.00 | $126,123 | $0 | $0 | Yes (X) | |
| LESLIE RAKES | ||||||
| SVP OF HUMAN RESOURCES | 40.00 | $109,801 | $0 | $0 | Yes (X) | |
| JOHN HUDSON | ||||||
| VP OF COMSUMER LENDING | 40.00 | $132,791 | $0 | $0 | Yes (X) | |
| CHERYL SPENCE | ||||||
| SVP CIO | 40.00 | $23,471 | $0 | $0 | Yes (X) | |
| JENNIFER MURPHY | ||||||
| VP OF MORTGAGE LENDING | 40.00 | $13,678 | $0 | $0 | Yes (X) | |
| JORDAN WEATHERHOLTZ | ||||||
| VP OF DATA ANALYTICS | 40.00 | $99,524 | $0 | $0 | Yes (X) | |
| MISTY REED | ||||||
| SVP OF CREDIT ADMIN | 40.00 | $33,137 | $0 | $0 | Yes (X) | |
| ROBERT BROWN | ||||||
| VP OF ORGANIZATIONAL DEVELOPMENT | 40.00 | $97,213 | $0 | $0 | Yes (X) | |
| ROBERT TURNER | ||||||
| VP OF FACILITIES AND SECURITY | 40.00 | $78,672 | $0 | $0 | Yes (X) | |
| SHEILA RATLIFF | ||||||
| VP OF MORTGAGE LENDING | 40.00 | $89,254 | $0 | $0 | Yes (X) | |
| STEPHANIE POTTER | ||||||
| VP OF BRAND | 40.00 | $87,924 | $0 | $0 | Yes (X) | |
| WILLIAM REYNOLDS | ||||||
| SVP CFO | 40.00 | $27,811 | $0 | $0 | Yes (X) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,502,413 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $0 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 11 | 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 |
|---|---|---|---|---|---|
| VAIL APPRAISAL LLC | |||||
| 1909 SALEM AVE SW | ROANOKE | VA | 240162603 | REAL ESTATE APPRAISAL | $224,460 |
| BASSETT OFFICE SUPPLIES | |||||
| PO BOX 558 | BASSETT | VA | 24055 | OFFICE SUPPLIES | $169,023 |
| LAFAYETTE AYERS & WHITLOCK | |||||
| 10160 STAPLES MILL RD STE 105 | GLEN ALLEN | VA | 23060 | LAWYER | $161,933 |
| ALM FIRST FINANCIAL ADVISORS LLC | |||||
| 2911 TURTLE CREEK BLVD SUITE 500 | DALLAS | TX | 75219 | ASSET LIABILITY MANAGEMENT | $130,130 |
| CDW LLC | |||||
| 200 N MILWAUKEE AVE | VERNON HILLS | IL | 60061 | COMPUTERS | $105,444 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 5 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | LOAN INTEREST | Desc |
| Business | 525990 | BusinessCd |
| Total Revenue Column | $25,545,227 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $25,545,227 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $25,545,227 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $2,170,386 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $2,170,386 | RelatedOrExemptFuncIncomeAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $301,817 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $120,433 | SecuritiesAmt |
| Other | $0 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$120,433 | SecuritiesAmt |
| Other | $301,817 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $181,384 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $181,384 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| OTHER FEES | 525990 | $5,821,749 | $5,821,749 | |
| OVERDRAFT PRIVILEGES AND OTHER FE | 525990 | $1,879,439 | $1,879,439 | |
| NONMEMBER ATM TRANSACTIONS | 525990 | $103,284 | $103,284 |
Miscellaneous Revenue MiscellaneousRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $13,975 | TotalRevenueColumnAmt |
| Unrelated Business Revenue | $13,975 | UnrelatedBusinessRevenueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $7,818,447 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $35,715,444 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $35,598,185 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $117,259 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,502,413 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,117,964 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $668,571 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,073,980 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $656,519 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $214,088 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $147,492 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $180,729 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $695,616 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $11,637 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $441,532 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $246,704 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,331,993 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,397,871 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $58,488 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOAN LOSS | $2,152,869 |
| SOFTWARE MAINTENANCE | $1,923,216 |
| VISA PROGRAM EXPENSES | $1,639,905 |
| LOAN SERVICE EXPENSES | $1,637,458 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,350,191 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $32,449,236 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $30,601,702 | BOYAmt |
| EOY | $18,918,460 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $409,927,437 | BOYAmt |
| EOY | $519,842,905 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $550,810 | BOYAmt |
| EOY | $595,751 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $31,453,725 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $7,350,321 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $24,347,129 | BOYAmt |
| EOY | $24,103,404 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $134,237,926 | BOYAmt |
| EOY | $98,735,730 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $15,396,526 | BOYAmt |
| EOY | $17,293,732 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $615,061,530 | BOYAmt |
| EOY | $679,489,982 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,110,842 | BOYAmt |
| EOY | $7,395,360 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $35,000,000 | BOYAmt |
| EOY | $65,223,426 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $511,197,300 | BOYAmt |
| EOY | $556,357,550 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $553,308,142 | BOYAmt |
| EOY | $628,976,336 | 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 | $61,753,388 | BOYAmt |
| EOY | $50,513,646 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $61,753,388 | BOYAmt |
| EOY | $50,513,646 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $615,061,530 | BOYAmt |
| EOY | $679,489,982 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $3,266,208 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$14,505,949 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | 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 | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Political Expenditures | $17,500 | PoliticalExpendituresAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I-A, LINE 1: | FormAndLineReferenceDesc |
| Explanation | DONATION GIVEN TO VIRGINIA CREDIT UNION POLITICAL ACTION COMMITTEE | ExplanationTxt |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,779,282 | OtherCostOrOtherBasisAmt |
| Book Value | $4,779,282 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $18,654,194 | OtherCostOrOtherBasisAmt |
| Depreciation | $3,216,181 | DepreciationAmt |
| Book Value | $15,438,013 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $448,278 | OtherCostOrOtherBasisAmt |
| Depreciation | $375,035 | DepreciationAmt |
| Book Value | $73,243 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $7,571,971 | OtherCostOrOtherBasisAmt |
| Depreciation | $3,759,105 | DepreciationAmt |
| Book Value | $3,812,866 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $24,103,404 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (3 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| SAVINGS & LOAN INVESTMENTS | $5,787,000 | C |
| FEDERAL AGENCY SECURITIES | $90,490,377 | C |
| OTHER INVESTMENTS-LONG TERM | $2,458,353 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $98,735,730 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (3 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBERS' SHARE AND SAVINGS ACCOUNTS | $556,103,137 |
| POST RETIREMENT BENEFITS | $171,448 |
| SHORT TERM LEASE LIABILITY | $82,965 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $556,357,550 | TotalLiabilityAmt |
| Total Rev Etc Audited Fincl Stmt | $35,762,256 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $35,762,256 | RevenueSubtotalAmt |
| Other Revenues Not Included | -$46,812 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | -$46,812 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $35,715,444 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $32,496,049 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $46,813 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $46,813 | ExpensesNotReportedAmt |
| Expenses Subtotal | $32,449,236 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $32,449,236 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART XI, LINE 4B - OTHER ADJUSTMENTS: | LOSS ON ASSETS RECORDED AS OTHER EXPENSES ON AFS |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | LOSS ON ASSETS RECORDED AS OTHER EXPENSES ON AFS |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | Yes (1) | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (5 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MICHAEL WARRELL | ||||||||||||||
| PRESIDENT/CEO | $324,895 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $324,895 | $0 | $0 | $0 |
| KEVIN B LAINE | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $203,479 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $203,479 | $0 | $0 | $0 |
| ROBERT SPARROW | ||||||||||||||
| CHIEF RISK OFFICER | $197,910 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $197,910 | $0 | $0 | $0 |
| JUSTIN BARNES | ||||||||||||||
| CHIEF LENDING OFFICER | $192,829 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $192,829 | $0 | $0 | $0 |
| MENDY SHAFFER | ||||||||||||||
| CFO | $175,517 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $175,517 | $0 | $0 | $0 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (5 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION B, LINE 11B | THE BOD PERSONNEL COMMITTEE WILL REVIEW THE COMPLETED 990 FORM AND REPORT TO THE BOARD. |
| FORM 990, PART VI, SECTION B, LINE 12C | ON-GOING TRAINING; ON-GOING HANDBOOK REVIEWS |
| FORM 990, PART VI, SECTION C, LINE 19 | PER THE VIRGINIA CODE, VALLEYSTAR CREDIT UNION IS NOT REQUIRED TO DISCLOSE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE PUBLIC. |
| FORM 990, PART IX, LINE 24E | OTHER OPERATING EXPENSES 1,479,870. OUTSIDE SERVICES 559,755. TELEPHONE 448,687. CHECKFREE BILL PAY FEES 339,561. STATEMENT PREP 317,505. JANITORIAL 256,475. TRAINING/EDUCATION 183,599. MEMBER ACCT SERVICES 177,722. OTHER LOSSES 171,838. MAINTENANCE 168,469. BANK CHARGES 151,617. BUILDING LEASE 133,183. COMMUNITY DEVELOPMENT 131,200. HR RECRUITING & PAYROLL EXPENSE 128,379. DUES AND MEMBERSHIPS 125,105. ATM EXPENSES 123,619. DESIGN 100,553. SUPRV/EXAM FEE 73,409. STATIONERY AND SUPPLIES 68,052. BROKER COMMISSIONS 46,274. PACKAGE OF PROTECTION 42,670. POSTAGE 36,354. FIDELITY BOND 33,329. SHARED BRANCH EXPENSES 33,116. VULNERABILITY ASSESSMENT 21,160. BRANCH EXPERIENCE/TECHNOLOGY 19,317. HARDWARE MAINTENANCE 13,908. DRAFT CHARGES 11,081. IRA EXPENSES 10,965. ANNUAL MEETING 6,681. CASH OVER & SHORT 4,877. PERIODICALS 2,832. TAXES 2,259. ANNUAL PLANNING SESSION 257. COLLECTION EXPENSES -73,487. |
| FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, QUESTION 2C | THE SUPERVISORY COMMITTEE HAS OVERSIGHT AUTHORITY OF THE AUDIT. THERE HAVE BEEN NO CHANGES FROM THE PRIOR YEAR. |