2023-11-02T08:33:06-05:00 2022-12-31 540504608 BROWN EDWARDS & COMPANY LLP 828 MAIN STREET SUITE 1401 LYNCHBURG VA 24504 990 2022-01-01 546040482 VALLEYSTAR CREDIT UNION VALL 2766321679 P O BOX 5511 MARTINSVILLE VA 24115 MICHAEL WARRELL PRESIDENT AND CEO 2766321679 2023-10-31 1 MICHAEL WARRELL XXX-XX-XXXX 0 PATRICK PITTMAN P00587461 4349489000 2023-10-31 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MICHAEL WARRELL P O BOX 5511 MARTINSVILLE VA 24115 35835877 0 X WWW.VALLEYSTAR.ORG X 1953 VA 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. 9 9 194 0 117259 0 0 0 19191422 25545227 3848612 2351770 6090572 7818447 29130606 35715444 0 0 0 0 10660660 12019447 0 0 0 15510545 20429789 26171205 32449236 2959401 3266208 615061530 679489982 553308142 628976336 61753388 50513646 X 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. 0 0 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. 0 0 1 0 0 0 0 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 109 0 1 194 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 1 0 0 0 VA X THE ORGANIZATION 2766321679 P O BOX 5511 MARTINSVILLE VA 24115 DAVID L DEAL DIRECTOR & TREASURER 1.00 X 5500 0 0 MICHAEL B BRYANT DIRECTOR 1.00 X 2000 0 0 TERRY A YOUNG DIRECTOR 1.00 X 5600 0 0 GREGORY W HILL DIRECTOR & LEGISLATIVE REP 1.00 X 6000 0 0 NORMAN W HILL DIRECTOR 1.00 X 6000 0 0 G STEVE ISLEY DIRECTOR & VICE CHAIRMAN 1.00 X 6000 0 0 JASON VIPPERMAN SUPERVISORY COMMITTEE 1.00 X 4800 0 0 DOUGLAS W NUNN DIRECTOR 1.00 X 6000 0 0 NANCY S PHILLIPS DIRECTOR 1.00 X 6000 0 0 BETTY JO RAY DIRECTOR & SECRETARY 1.00 X 6000 0 0 JAMES B RORRER DIRECTOR & CHAIRMAN 1.00 X 6000 0 0 RICHARD L WOOD DIRECTOR EMERITUS 1.00 X 0 0 0 TYEL BANKS SUPERVISORY COMMITTEE 1.00 X 4800 0 0 SANDY STRAYER SUPERVISORY COMMITTEE 1.00 X 3200 0 0 KEVIN B LAINE EXECUTIVE VICE PRESIDENT 40.00 X 203479 0 0 ROBERT SPARROW CHIEF RISK OFFICER 40.00 X 197910 0 0 REBECCA FREEMAL CHIEF MARKETING AND COMM OFFICER 40.00 X 139185 0 0 MENDY SHAFFER CFO 40.00 X 175517 0 0 JUSTIN BARNES CHIEF LENDING OFFICER 40.00 X 192829 0 0 MICHAEL WARRELL PRESIDENT/CEO 40.00 X 324895 0 0 ANGELA DAVIS SVP COO 40.00 X 149656 0 0 BENJAMIN MCBRIDE SENIOR VP OF IT 40.00 X 131643 0 0 ELLIOT KUELZ VP OF COMMERCIAL LENDING 40.00 X 126123 0 0 LESLIE RAKES SVP OF HUMAN RESOURCES 40.00 X 109801 0 0 JOHN HUDSON VP OF COMSUMER LENDING 40.00 X 132791 0 0 CHERYL SPENCE SVP CIO 40.00 X 23471 0 0 JENNIFER MURPHY VP OF MORTGAGE LENDING 40.00 X 13678 0 0 JORDAN WEATHERHOLTZ VP OF DATA ANALYTICS 40.00 X 99524 0 0 MISTY REED SVP OF CREDIT ADMIN 40.00 X 33137 0 0 ROBERT BROWN VP OF ORGANIZATIONAL DEVELOPMENT 40.00 X 97213 0 0 ROBERT TURNER VP OF FACILITIES AND SECURITY 40.00 X 78672 0 0 SHEILA RATLIFF VP OF MORTGAGE LENDING 40.00 X 89254 0 0 STEPHANIE POTTER VP OF BRAND 40.00 X 87924 0 0 WILLIAM REYNOLDS SVP CFO 40.00 X 27811 0 0 2502413 0 0 11 0 1 0 VAIL APPRAISAL LLC 1909 SALEM AVE SW ROANOKE VA 240162603 REAL ESTATE APPRAISAL 224460 BASSETT OFFICE SUPPLIES PO BOX 558 BASSETT VA 24055 OFFICE SUPPLIES 169023 LAFAYETTE AYERS & WHITLOCK 10160 STAPLES MILL RD STE 105 GLEN ALLEN VA 23060 LAWYER 161933 ALM FIRST FINANCIAL ADVISORS LLC 2911 TURTLE CREEK BLVD SUITE 500 DALLAS TX 75219 ASSET LIABILITY MANAGEMENT 130130 CDW LLC 200 N MILWAUKEE AVE VERNON HILLS IL 60061 COMPUTERS 105444 5 LOAN INTEREST 525990 25545227 25545227 25545227 2170386 2170386 301817 120433 0 -120433 301817 181384 181384 OTHER FEES 525990 5821749 5821749 OVERDRAFT PRIVILEGES AND OTHER FE 525990 1879439 1879439 NONMEMBER ATM TRANSACTIONS 525990 103284 103284 13975 13975 7818447 35715444 35598185 117259 0 X 2502413 6117964 668571 2073980 656519 214088 147492 180729 695616 11637 441532 246704 4331993 1397871 58488 PROVISION FOR LOAN LOSS 2152869 SOFTWARE MAINTENANCE 1923216 VISA PROGRAM EXPENSES 1639905 LOAN SERVICE EXPENSES 1637458 5350191 32449236 30601702 18918460 409927437 519842905 550810 595751 31453725 7350321 24347129 24103404 134237926 98735730 15396526 17293732 615061530 679489982 7110842 7395360 35000000 65223426 511197300 556357550 553308142 628976336 X 0 0 0 0 61753388 50513646 61753388 50513646 615061530 679489982 3266208 -14505949 0 X X 0 1 X 1 0 17500 PART I-A, LINE 1: DONATION GIVEN TO VIRGINIA CREDIT UNION POLITICAL ACTION COMMITTEE 4779282 4779282 18654194 3216181 15438013 448278 375035 73243 7571971 3759105 3812866 24103404 SAVINGS & LOAN INVESTMENTS 5787000 C FEDERAL AGENCY SECURITIES 90490377 C OTHER INVESTMENTS-LONG TERM 2458353 C 98735730 MEMBERS' SHARE AND SAVINGS ACCOUNTS 556103137 POST RETIREMENT BENEFITS 171448 SHORT TERM LEASE LIABILITY 82965 556357550 35762256 0 35762256 -46812 -46812 35715444 32496049 46813 46813 32449236 0 32449236 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 X 1 0 0 MICHAEL WARRELL PRESIDENT/CEO 324895 0 0 0 0 0 0 0 0 0 324895 0 0 0 KEVIN B LAINE EXECUTIVE VICE PRESIDENT 203479 0 0 0 0 0 0 0 0 0 203479 0 0 0 ROBERT SPARROW CHIEF RISK OFFICER 197910 0 0 0 0 0 0 0 0 0 197910 0 0 0 JUSTIN BARNES CHIEF LENDING OFFICER 192829 0 0 0 0 0 0 0 0 0 192829 0 0 0 MENDY SHAFFER CFO 175517 0 0 0 0 0 0 0 0 0 175517 0 0 0 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.