2025-06-16T12:50:44-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2024-01-01 741200165 VELOCITY CREDIT UNION VELO 5124697000 POST OFFICE BOX 1089 AUSTIN TX 787671089 DEBBIE MITCHELL PRESIDENT/CEO 5124697000 2025-06-13 1 1 LISA N RYSSEL CPA P00643670 6022662248 2025-06-13 2024 2025-03-06 01:10:19Z DEBBIE MITCHELL POST OFFICE BOX 1089 AUSTIN TX 787671089 64525059 0 X WWW.VELOCITYCU.COM X 1947 TX TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS. 7 7 250 7 37268 0 0 0 44116110 51072651 11726929 10955317 -530150 -305455 55312889 61722513 74239 75787 5956945 8472921 21281746 22743354 0 0 0 26541225 28001319 53854155 59293381 1458734 2429132 1039075424 1028360466 921574747 900930409 117500677 127430057 THE MISSION OF VELOCITY CREDIT UNION IS TO PROVIDE OUR MEMBERS PERSONALIZED SERVICE AND UNIQUE VALUE AS THEIR LOCAL BANKING ALTERNATIVE. 0 0 VELOCITY CREDIT UNION PROVIDES LOANS TO MEMBERS AT LOWER INTEREST RATES, ACCEPTS DEPOSITS, AND PAYS HIGHER DIVIDEND RATES.2024: 1) 36,079 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $585MM 2) ORIGINATED 6,600 LOANS IN 2024 WITH A BALANCE OF $221MM, AND 3) SERVICED 76,644 MEMBERS WITH DEPOSITS OF $841MM. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 15117 0 1 250 1 1 1 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X DEBBIE MITCHELL 7372371438 4515 SETON CTR PKWY AUSTIN TX 78759 LINDSEY J PUTMAN SECRETARY/TREASURER 2.00 X X 14724 0 0 KASHA BARTHOLOMEW CHAIRPERSON 2.00 X X 14955 0 0 ERIC WISE 1ST VICE CHAIR 2.00 X X 11641 0 0 THOMAS MATTHEWS 2ND VICE CHAIR 2.00 X X 11799 0 0 JOHN CHOMOUT DIRECTOR 2.00 X 11541 0 0 MARY PAREDES DIRECTOR 2.00 X 14135 0 0 DOUG SKOLAUT DIRECTOR 2.00 X 12540 0 0 DEBORAH MITCHELL PRESIDENT/CEO 40.00 X 1018731 0 22808 JAMES BROWN EVP/CLO 40.00 X 395710 0 37939 DANIEL PENBERG CIO 40.00 X 272898 0 37189 CHRIS CLARK CFO 40.00 X 215186 0 18183 AUSTIN AHLRICH SR. VP OF OPERATIONS 40.00 X 229428 0 25292 ROBERT COLE SR. VP OF DIGITAL & REMOTE 40.00 X 242166 0 23848 CHERI HALL SR. VP OF HUMAN RESOURCES 40.00 X 238052 0 32987 LINDSEY RECORD VP MORTGAGE LENDING 40.00 X 222704 0 16976 KIM SCHAEFER SR VICE PRES. MEMBER SERVICES 40.00 X 206220 0 15062 3132430 0 230284 39 0 1 0 PSCU INCORPORATED 560 CARILLON PKWY ST PETERSBURG FL 33716 DEBIT/CREDIT CARD SERVICES 2475677 MASTERCARD PO BOX 660493 DALLAS TX 752660493 CARD & DEBIT CARD PAYMENT SERVICER 1558358 FISERV INC PO BOX 208457 DALLAS TX 753208457 CORE PROCESSOR 1396075 Q2 SOFTWARE 10355 PECAN PARK BLVD AUSTIN TX 78729 ONLINE BANKING SERVICES 1117650 INEAPPLE CORP 6160 WARREN PKWY STE 100 FRISCO TX 75034 IT NETWORK CONSULTING SERVICES 502560 36 LOAN INTEREST 522100 38200304 38200304 OTHER OPERATING INCOME 522100 6714233 6714233 FEE INCOME 522100 6158114 6120846 37268 51072651 10663759 10663759 1554950 2585396 -1030446 -1030446 -1030446 508708 217150 291558 291558 291558 OTHER INCOME 900099 724991 724991 724991 61722513 51760374 37268 9924871 31787 44000 8472921 2109978 16022817 1515846 1821293 1273420 275788 194644 1277084 681302 2668798 3018384 1277541 125302 2601347 2457270 145333 PROVISION FOR LOSSES 7080472 MEMBER DEMAND DEPOSIT S 4321266 LOAN SERVICING 1428622 MISCELLANEOUS EXPENSE 314740 133426 59293381 6226618 6624741 81189850 126834278 3224321 826045 3660867 3743097 597405257 568115032 1753031 2183662 72973192 24721829 49310000 48251363 257277340 227465866 3602700 3712000 35425440 40604382 1039075424 1028360466 8784545 7628333 1011086 2553670 50000000 50000000 861779116 840748406 921574747 900930409 X 0 0 0 0 117500677 127430057 117500677 127430057 1039075424 1028360466 X 2429132 2369571 5130677 X 0 0 0 9580809 9580809 40132489 8747161 31385328 6392786 3061048 3331738 11398744 9810199 1588545 5468364 3103421 2364943 48251363 REGULAR SHARES 236561576 SHARE DRAFTS 227617508 MONEY MARKET SHARE DRAFTS 201174106 IRA ACCOUNTS 36220263 SHARE CERTIFICATES 139174953 840748406 1 AUSTIN HABITAT FOR HUMANITY 500 W BEN WHITE BLVD AUSTIN TX 78704 742373217 501(C)(3) 5170 0 GENERAL OPERATING SUPPORT SCHOLARSHIPS 12 44000 PART I, LINE 2: 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. X X 1 1 X X X 0 1 0 DEBORAH MITCHELL PRESIDENT/CEO 1018731 0 0 0 0 0 13800 0 9008 0 1041539 0 307000 0 JAMES BROWN EVP/CLO 395710 0 0 0 0 0 13800 0 24139 0 433649 0 0 0 DANIEL PENBERG CIO 272898 0 0 0 0 0 10057 0 27132 0 310087 0 0 0 CHERI HALL SR. VP OF HUMAN RESOURCES 238052 0 0 0 0 0 8848 0 24139 0 271039 0 0 0 ROBERT COLE SR. VP OF DIGITAL & REMOTE 242166 0 0 0 0 0 9224 0 14624 0 266014 0 0 0 AUSTIN AHLRICH SR. VP OF OPERATIONS 229428 0 0 0 0 0 8334 0 16958 0 254720 0 0 0 LINDSEY RECORD VP MORTGAGE LENDING 222704 0 0 0 0 0 7968 0 9008 0 239680 0 0 0 CHRIS CLARK CFO 215186 0 0 0 0 0 8208 0 9975 0 233369 0 0 0 KIM SCHAEFER SR VICE PRES. MEMBER SERVICES 206220 0 0 0 0 0 6054 0 9008 0 221282 0 0 0 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. LISA BACK CFO SPLIT DOLLAR LIFE INSURANCE X 1400000 1690431 0 1 1 JACK JORDAN FORMER COO SPLIT DOLLAR LIFE INSURANCE X 1700000 2052666 0 1 1 3743097 SCHEDULE L, PART II, LOANS TO AND/OR FROM INTERESTED PERSONS: 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. 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. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. 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 5,130,677. VELOCITY RE HOLDINGS LLC 4515 SETON CENTER PARKWAY SUITE 165 AUSTIN AZ 78759 825470280 HOLDS PROPERTY TX 1435472 30273558 VELOCITY CREDIT UNION