2020-11-06T15:04:27-06:00 2019-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2019-01-01 561295697 VIZO FINANCIAL CORPORATE CREDIT UNION VIZO 3362174992 7900 TRIAD CENTER DRIVE NO 410 GREENSBORO NC 27409 DAVID BREHMER PRESIDENT 3362174900 2020-10-26 1 DOUGLAS J ORTH P01076394 3052328272 104.11.88.150 2020-10-26 10:06:07 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2022-01-07 14:23:13Z DAVID BREHMER 7900 TRIAD CENTER DRIVE SUITE 410 GREENSBORO NC 27409 197141641 0 2032 X WWW.VFCCU.ORG X 1980 NC VIZO FINANCIAL IS THE CREDIT UNIONS' "CREDIT UNION" OFFERING LIQUIDITY SERVICES, INVESTMENT SERVICES, AND CORRESPONDENT SERVICES TO ITS MEMBERS. 9 9 164 17 0 0 0 0 10541019 10235142 80874115 104809980 1175652 133133 92590786 115178255 36240 30230 0 0 9384024 10941103 0 0 0 70573800 88842065 79994064 99813398 12596722 15364857 3607137172 4707672721 3305501239 4386653730 301635933 321018991 DRIVING CREDIT UNION SUCCESS THROUGH PROVEN EXCELLENCE, EXPERTISE, AND ENGAGED PARTNERSHIPS. 0 0 SETTLEMENT AND PAYMENT SERVICES: WE PROVIDE AGGREGATED PAYMENT SERVICES SO CREDIT UNIONS CAN EFFICIENTLY AND COST EFFECTIVELY SERVE THEIR MEMBERS, PROVIDING THEM TOOLS FOR MOVING MONEY ELECTRONICALLY. FUNDS MANAGEMENT & LIQUIDITY SERVICES: ONE OF THE KEY SERVICES WE PROVIDE MEMBERS IS A COMPLETE LINE OF COMPETITIVE SHORT-TERM DEPOSIT PRODUCTS COMBINED WITH LINES-OF-CREDIT SO THAT THEY CAN MORE EFFECTIVELY MANAGE THEIR CASH FLOW NEEDS. ASSET-LIABILITY MANAGEMENT (ALM) AND RISK MANAGEMENT SERVICES: ALM SERVICES INCLUDE BOTH CONSULTING AND MODELING RISKS INHERENT IN A CREDIT UNION'S BALANCE SHEET. OUR RISK MANAGEMENT SERVICES INCLUDE COMPLIANCE/REGULATORY TRAINING, INFORMATION SYSTEM RISK ASSESSMENTS, BUSINESS CONTINUITY PLANNING, AND ENTERPRISE RISK MANAGEMENT BEST PRACTICES. THESE SERVICES ARE DESIGNED TO HELP CREDIT UNIONS BEST UNDERSTAND AND MITIGATE RISKS THEY ENCOUNTER IN THEIR OPERATIONS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 36 0 1 164 1 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 X DAVID BREHMER 3362174992 7900 TRIAD CENTER DRIVE SUITE 410 GREENSBORO NC 27409 ALISON DETUNCQ DIRECTOR 2.00 X 0 0 0 SCOTT WOODS DIRECTOR 2.00 X 0 0 0 JOAN MORAN DIRECTOR 2.00 X 0 0 0 BOB BRUNS DIRECTOR 2.00 X 0 0 0 JERRY KING VICE CHAIR 2.00 X 0 0 0 JAMES MCCAW CHAIR 3.00 X 0 0 0 JEFF CHELIUS TREASURER 2.00 X 0 0 0 SCOTT WEAVER SECRETARY 2.00 X 0 0 0 BRIAN VITTEK DIRECTOR 2.00 X 0 0 0 DANIEL BERRY DIRECTOR 2.00 X 0 0 0 JAY MURRAY CEO 40.00 X 823611 0 253415 DAVID BREHMER PRESIDENT 40.00 X 428472 0 35188 MARK BROWN CFO 40.00 X 241233 0 86729 FRED EISEL CIO 40.00 X 243889 0 87499 JEFF STONER CHIEF STRATEGY OFFICER 40.00 X 223639 0 85749 RODNEY MAY CHIEF ENGAGEMENT OFFICER 40.00 X 213714 0 76267 LORI GALL CHIEF RISK OFFICER 40.00 X 196634 0 74364 DREW KISHBAUGH CHIEF OPERATIONS OFFICER 40.00 X 299604 0 42012 JOE BERTOTTO CHIEF CULTURE OFFICER 40.00 X 191460 0 80924 2862256 0 822147 29 0 1 0 DIGITAL DEFENSE 9000 TESORO DR SUITE 100 SAN ANTONIO TX 78217 INFORMATION SECURITY PENETRATION TESTING 388595 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 CORE DATA PROCESSING AND ANCILLARY SOLUT 386140 ZM FINANCIAL SYSTEMS 501 EASTOWNE DRIVE STE 130 CHAPEL HILL NC 27514 ALM SERVICES 325239 JUNIPER PAYMENTS LLC 200 N BROADWAY STE 700 WICHITA KS 67202 ACH SOFTWARE SERVICES 190480 WITTENBACH BUSINESS SYSTEM PO BOX 45769 BALTIMORE MD 21297 ALARM SYSTEM PROVIDER 188725 9 CORRESPONDENT SERVICES 522100 9907857 9907857 INCOME ON LOANS 522100 327285 327285 10235142 104524906 104524906 82248460 81963386 285074 285074 285074 EQUITY METHOD INCOME FROM CUSOS 522100 133133 133133 133133 115178255 115178255 0 0 30230 2200036 5191760 1083481 1963923 501903 102950 201250 886295 84185 345474 506604 498347 322129 644360 77244319 353115 809930 26579 CORRESPONDENT SERVICES 4819339 INTRACOMPANY SUPPORT EX 1200000 MISCELLANEOUS EXPENSE 465103 CUSO/OTHER LOSSES 245024 87062 99813398 9039621 10406254 1134909065 1507781844 19828612 23598046 3319540 8461506 15561523 5861617 520276 811616 13342846 9639121 4106943 3703725 2312477287 3055324815 34994329 44811629 490148 490148 71889828 46421521 3607137172 4707672721 75559489 44704688 69223010 7314540 3160718740 4334634502 3305501239 4386653730 X 0 0 0 0 301635933 321018991 301635933 321018991 3607137172 4707672721 15364857 4018201 0 X X 0 1 X 1 0 790007 790007 5027956 2816845 2211111 156867 97551 59316 7368016 6724725 643291 3703725 DAILY SHARE ACCOUNTS 3765841208 PSA-30 SHARE ACCOUNTS 50069800 PSA-90 SHARE ACCOUNTS 237949786 HOLIDAY ACCUMULATION ACCOUNT 7501000 CERTIFICATES 264767298 NON-PERPETUAL CAPITAL SHARES 8505410 4334634502 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THEINTERNAL REVENUE CODE AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. MANAGEMENT HAS DETERMINED THAT THE CREDIT UNION HAS NO INCOME DERIVED FROM NON-EXEMPT SOURCES. THEREFORE, NO LIABILITY EXISTS FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE. AS SUCH, THE CREDIT UNION HAS NOT FILED TAX RETURNS FOR REPORTING UBIT-RELATED INCOME. 1 PENNSYLVANIA CREDIT UNION FOUNDATION 4309 N FRONT STREET HARRISBURG PA 17110 251786339 501(C)(3) 7400 DONATION CAROLINAS CREDIT UNION FOUNDATION 4100 MENDENHALL OAKS PARKWAY SUITE 130 HIGH POINT NC 27265 561842095 501(C)(3) 7830 DONATION VICTORY JUNCTION 4500 ADAMS WAY RANDLEMAN NC 27317 562215292 501(C)(3) 5000 DONATION WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT ROAD MADISON WI 53705 391143339 501(C)(3) 10000 DONATION 3 0 PART I, LINE 2: THE AMOUNTS PAID TO THE ORGANIZATIONS ARE CONSIDERED DONATIONS, NOT GRANTS. SO THERE IS NO MONITORING. SOME DONATIONS ARE EVENT SPONSORSHIP BASED. X 1 1 X X X X X 0 1 0 JAY MURRAY CEO 409544 0 0 0 414067 0 227899 0 25516 0 1077026 0 0 0 DAVID BREHMER PRESIDENT 360047 0 0 0 68425 0 25200 0 9988 0 463660 0 0 0 MARK BROWN CFO 222898 0 0 0 18335 0 61213 0 25516 0 327962 0 0 0 FRED EISEL CIO 231652 0 0 0 12237 0 61983 0 25516 0 331388 0 0 0 JEFF STONER CHIEF STRATEGY OFFICER 223639 0 0 0 0 0 60233 0 25516 0 309388 0 0 0 RODNEY MAY CHIEF ENGAGEMENT OFFICER 176660 0 0 0 37054 0 50978 0 25289 0 289981 0 0 0 LORI GALL CHIEF RISK OFFICER 196634 0 0 0 0 0 54078 0 20286 0 270998 0 0 0 DREW KISHBAUGH CHIEF OPERATIONS OFFICER 296304 0 0 0 3300 0 21605 0 20407 0 341616 0 0 0 JOE BERTOTTO CHIEF CULTURE OFFICER 189938 0 0 0 1522 0 60660 0 20264 0 272384 0 0 0 PART I, LINE 4B CERTAIN MEMBERS OF MANAGEMENT PARTICIPATE IN A 457(F) PLAN. BENEFIT INFORMATION AS OF DECEMBER 31, 2019 FOR EACH OF THE PARTICIPANTS IS AS FOLLOWS: 457(F) BENEFITS PAID OUT DURING 2019: JAY MURRAY - $409,887 THE 457(F) BENEFIT EXPENSE ACCRUED DURING 2019 FOR EACH OF THE PARTICPANTS REPORTED IN PART VII IS AS FOLLOWS: JAY MURRAY: $202,699 MARK BROWN: $40,096 LORI GALL: $36,121 FRED EISEL: $40,096 RODNEY MAY: $31,480 JEFFREY STONER: $39,817 JOSEPH BERTOTTO: $47,146 DAVID BREHMER PRESIDENT TO FUND LIFE INSURANCE POLICY X 3000000 3123244 0 1 1 DAVID BREHMER PRESIDENT TO FUND LIFE INSURANCE POLICY X 56165 42134 0 1 1 MARK BROWN CFO TO FUND LIFE INSURANCE POLICY X 53340 55360 0 1 1 FRED EISEL CIO TO FUND LIFE INSURANCE POLICY X 49123 52839 0 1 1 JAY MURRAY CEO TO FUND LIFE INSURANCE POLICY X 5300000 5187929 0 1 1 8461506 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS ARE MADE UP OF NATURAL PERSON CREDIT UNIONS. MEMBERSHIP IS REQUIRED FOR SERVICE. FORM 990, PART VI, SECTION A, LINE 7A WE HAVE APPROXIMATELY 800 MEMBER-OWNERS WHO ELECT THE BOARD OF DIRECTORS. EACH MEMBER ORGANIZATION HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. IN ADDITION TO ELECTION OF BOARD MEMBERS, SOME MAJOR DECISIONS SUCH AS MERGING REQUIRE MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT COMPILES ALL REQUESTED DATA FOR COMPLETING FORM 990 FROM APPROPRIATE DEPARTMENTS. HE WORKS WITH THE ACCOUNTING DEPARTMENT & THE CFO TO ENSURE ALL FINANCIAL DATA IS ACCURATE. HE WORKS WITH THE HUMAN RESOURCES DEPARTMENT AND THE CHIEF HUMAN RESOURCES OFFICER TO ENSURE ALL EMPLOYEE COMPENSATION DATA IS ACCURATE. OUR CPA FIRM COMPLETES A DRAFT OF FORM 990 WHICH IS REVIEWED BY THE PRESIDENT AND CFO. AFTER THE PRESIDENT AND CFO REVIEW FORM 990 AND ANY NECESSARY CHANGES ARE MADE, THE CPA FIRM FINALIZES 990. FORM 990, PART VI, SECTION B, LINE 12C AT THE START OF EACH BOARD MEETING, EACH DIRECTOR MUST DISCLOSE IF THERE ARE ANY POTENTIAL CONFLICT OF INTEREST REGARDING ANY ACTION OR DISCUSSION TOPIC THAT WILL TAKE PLACE DURING THE MEETING. IF AFFIRMATIVE, THAT DIRECTOR IS EXCLUDED FROM BOTH DISCUSSION AND ACTION ON THAT SPECIFIC ISSUE. FORM 990, PART VI, SECTION B, LINE 15 WE UTILIZE THE SERVICES OF A THIRD-PARTY CONSULTANT WHO SPECIALIZES IN COMPENSATION STUDIES FOR EVERY POSITIN WITHIN THE ORGANIZATION. ALL POSITIONS HAVE SET SALARY RANGES BASED ON OUTSIDE COMPENSATION STUDIES AND RECOMMENDATIONS BY THE COMPENSATION CONSULTANT. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. MYCU SERVICES LLC 1201 FULLING MILL RD MIDDLETON PA 17057 251865944 PAYMENT SERVICES PA VIZO FINANCIAL CREDIT UNION RELATED 15786347 18591691 0 1 0.95400 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 MYCU SERVICES LLC L 978328 ACTUAL MYCU SERVICES LLC M 1200000 ACTUAL