2020-11-13T11:01:43-06:00 2019-12-31 541631262 KEITERSTEPHENSHURSTGARY & SHREAVESPC 4401 DOMINION BLVD GLEN ALLEN VA 23060 990 2019-01-01 540578719 VIRGINIA CREDIT UNION INC VIRG 8043236000 PO BOX 90010 RICHMOND VA 23225 STEPHANIE N VICK EVP/CFO 8043236000 2020-11-12 1 VIRGINIA R BELCHER P00421964 8047470000 184.80.4.98 2020-11-12 14:56:22 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 C3A53CDEB478D1AFA3FA719685CBA2C1CF695A89 2019 2022-01-07 14:23:13Z CHRISTOPHER M SHOCKLEY PO BOX 90010 RICHMOND VA 23225 522020524 0 X WWW.VACU.ORG X 1928 VA STATE CHARTERED CREDIT UNION 11 11 841 21 12688337 147121 0 0 188438790 214779169 25496335 31467894 0 0 213935125 246247063 164514 1293633 0 0 67254048 80357400 0 0 0 110916532 125824362 178335094 207475395 35600031 38771668 3638027361 3729406291 3304162240 3345787546 333865121 383618745 X TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS. 0 0 IN 2019, VIRGINIA CREDIT UNION EARNED HIGH MARKS FOR SERVICE QUALITY, WAS RECOGNIZED FOR FINANCIAL SOUNDNESS, LAUNCHED THE VIRGINIA CREDIT UNION FINANCIAL SUCCESS CENTER AT VCU TO PROMOTE FINANCIAL WELLNESS AMONG STUDENTS, MET MEMBER NEEDS FOR MORTGAGES, CAR LOANS, CREDIT CARDS AND A SAFE PLACE TO SAVE. VIRGINIA CREDIT UNION ALSO HAD A MEANINGFUL IMPACT ON THE COMMUNITY AND MEMBERS' FINANCIAL LIVES. VIRGINIA CREDIT UNION HAS GROWN TO 290,000 MEMBERS AND $3.7 BILLION IN ASSETS. THAT'S A 5.4% INCREASE IN MEMBERSHIP SINCE THE END OF 2019. VACU BUSINESS SERVICES IS MAKING A REAL DIFFERENCE FOR LOCAL BUSINESSES, WHICH HAS BEEN A POSITIVE IMPACT ON OUR OVERALL RESULTS. WE RELOCATED A BRANCH IN SPOTSYLVANIA COUNTY TO COSNER EAST IN ORDER TO BETTER SERVE OUR MEMBERS. THE NEW BRANCH OFFERS EXPANDED DRIVE-THROUGH SERVICE AND REAL ESTATE OFFICES ON THE SECOND FLOOR. THE GENITO BRANCH WAS REFRESHED TO PROVIDE A BETTER EXPERIENCE FOR MEMBERS. MEMBERS RATED VACU'S QUALITY OF SERVICE AT 90% AND THEIR OVERALL SATISFACTION AT 86%. OUR ACQUISITION OF JOYNER FINE PROPERTIES GIVES OUR MEMBERS ACCESS TO EVEN MORE SERVICES THROUGHOUT THE HOME OWNERSHIP JOURNEY. ADDITIONALLY, VACU REACHED OUT TO MORE THAN 36,000 PEOPLE WITH OUR FINANCIAL EDUCATION PROGRAMS IN 2019, AND WE'RE PLANNING TO REACH EVEN MORE IN 2020 WITH OUR INITIATIVES LIKE MONEYTALK MONDAYS, OUR SERIES OF ONLINE EDUCATION CLASSES. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 119981 0 1 841 1 1 1 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 1 0 X SCOTT COPPOLA SVP CONTROLLER 8043236000 7500 BOULDERS VIEW DR RICHMOND VA 23225 KENNETH E AMPY DIRECTOR 5.00 X 2289 0 0 JOHN T GRIER DIRECTOR 5.00 X 1000 0 0 NEILA L GUNTER DIRECTOR 5.00 X 3035 0 0 TRACY MCCABE DIRECTOR 5.00 X 0 0 0 MELINA DAVIS DIRECTOR 5.00 X 1643 0 0 DEMERST B SMIT DIRECTOR 5.00 X 2094 0 0 MARGARET E WHITE DIRECTOR 5.00 X 2146 0 0 BRIAN K JACKSON DIRECTOR 5.00 X 2652 0 0 ROB JONES DIRECTOR/BOARD VICE CHAIR 5.00 X X 0 0 0 PAUL D THOMPSON DIRECTOR/SECRETARY TREASUR 5.00 X X 1804 0 0 ERIC B TOLBERT DIRECTOR/BOARD CHAIR 10.00 X X 0 0 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 60.00 X 753324 0 263747 STEPHANIE VICK EVP/CFO 55.00 X 499456 0 100212 CHRISTOPHER N SANEDA SEVP/COO 55.00 X 611037 0 189394 TIMOTHY KELLY EVP/MEMBER SERVICES 55.00 X 319275 0 89086 MARYANN FATHEDDIN EVP HUMAN RESOURCES 55.00 X 364887 0 55561 JOHN STONE EVP FINANCIAL SERVICES/CUS 55.00 X 411373 0 70346 MICHAEL NOBLE EVP CHIEF BUSINESS BANKING 55.00 X 339835 0 68696 LEE DRANOFF EVP LENDING 55.00 X 347891 0 143447 3663741 0 980489 124 0 1 0 ELEVATION LLC 9 WEST MAIN ST RICHMOND VA 23220 ADVERTISING 2586283 SYCOM TECHNOLOGIES LLC PO BOX 79613 BALTIMORE MD 21279 INFORMATION TECHNOLOGY 1387363 TFA NATIONAL OPERATIONS AGENCY LLC 2944 FULLER AVENESUITE 200 GRAND RAPIDS MI 49504 LOAN SERVICES 1198801 FIS PO BOX 18012 ASHBURN VA 20146 INFORMATION TECHNOLOGY 919884 EPLUS TECHNOLOGY PO BOX 404398 ATLANTA GA 303844398 INFORMATION TECHNOLOGY 683423 21 INTEREST ON LOANS 522291 152177147 152177147 OTHER OPERATING INCOME 522100 40949191 28606209 12342982 FEE INCOME 522100 21652831 21652831 214779169 21971907 345355 21626552 879871 284389577 0 275773461 879871 8616116 9495987 9495987 246247063 211932174 12688337 21626552 1293633 2433833 61101714 6970585 6093216 3758052 1003232 234244 123156 6191117 8968226 7346576 3233612 687590 364828 38555040 4490889 413718 PROVISION FOR LOAN LOSS 28485261 ATM, DEBIT, HOMEBANKING 12465160 LOAN SERVICING 12027192 OTHER MISCELLANEOUS EXP 1234521 207475395 34099586 35462163 8646510 8187787 2579216563 2731159498 5409645 5840116 124325473 59410404 55328289 64915069 847823750 775985546 18721927 14430727 88781091 93425385 3638027361 3729406291 43528158 43999263 4453933 4679622 364175447 259869912 2892004702 3037238749 3304162240 3345787546 X 0 0 0 0 333865121 383618745 333865121 383618745 3638027361 3729406291 X 38771668 12135489 -1153533 X 0 1 X 1 0 100 PART I-A, LINE 1: PAC CONTRIBUTION 0 1 X 15134947 15134947 57605809 16477442 41128367 2537928 2698531 -160603 49046789 40234431 8812358 64915069 MEMBERS' SHARES 3037238749 3037238749 X PART IV, LINE 2B: TRADITIONAL ESCROW ACCOUNTS ON BORROWER MORTGAGES AS WELL AS AN ESCROW CHECKING ACCOUNT FOR EARNEST MONEY DEPOSITS FROM THE REAL ESTATE AGENCY SUBSIDIARY. PART X, LINE 2: THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2019 AND 2018. THE CREDIT UNION'S 2016 THROUGH 2018 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 JR ACHIEVEMENT 1801 LIBBIE AVE STE 203 RICHMOND VA 23226 540803325 7500 JA FINANCE PARK VOLUNTEER ROOM SPONSORSHIP GREATER RICHMOND PARTNERSHIP 901 E BYRD ST STE 801 RICHMOND VA 23219 541749303 15000 TO FURTHER ECONOMIC DEVELOPMENT IN RVA VA COUNCIL ON ECONOMIC EDUCATION 301 W MAIN ST RICHMOND VA 232844000 237087052 34500 GENERAL SUPPORT YMCA GREATER RICHMOND 2 W FRANKLIN ST 2ND FL RICHMOND VA 23220 540505986 10000 ANNUAL CAMPAIGNS J SARGEANT REYNOLDS COMMUNITY COLLEGE PO BOX 26924 RICHMOND VA 232616924 541130296 17500 KITCHENS AT REYNOLDS AND MIDDLE COLLEGE PROGRAM (PAYMENT 3 OF 5) FEED MORE 1415 RHOADMILLER ST RICHMOND VA 232201111 541150923 5725 STRIKE OUT HUNGER 2019 SHALOM FARMS INC 1010 W LABURNUM AVE RICHMOND VA 23227 237136747 14918 FENCE INSTALL ART PROJECT MAGGIE WALKER COM LAND TRUST 1111 N 25TH ST RICHMOND VA 23223 475629011 10000 GENERAL PURPOSES CHESTERFIELD EDUCATION FOUNDATION 13900 HULL ST RD MIDLOTHIAN VA 23112 541595479 7500 GENERAL PURPOSES VA CAPITAL TRAIL FOUNDAITON GREAT SHIPLOCK PARK RICHMOND VA 23223 7500 GENERAL PURPOSES LONGWOOD UNIVERSITY 201 HIGH ST FARMVILLE VA 23909 6500 SCHOLARSHIPS VCU SCHOOL OF BUSINESS FOUNDATION 301 W MAIN ST RICHMOND VA 232844000 1000000 FINANCIAL WELLNESS RICHMOND METRO HABITAT FOR HUMANITY 2281 DABNEY RD RICHMOND VA 23230 5460 GENERAL SUPPORT CHAMBER RVA 919 E MAIN ST 1700 RICHMOND VA 23219 12000 FUTURE RVA AND HYPE HANDS ON GREATER RICHMOND 3904 MOORE ST RICHMOND VA 23230 10980 SUPPLIES FOR WOODVILLE ELEMENTARY SCHOOL LEADERSHIP METRO RICHMOND 911 FOREST HILL AVE 200-A RICHMOND VA 23235 12000 SPRK SERIES 2020 SPRING LUNCHEON AND GENERAL SUPPORT CHILDRENS MIRACLE NETWORK 2924 BROOK RD RICHMOND VA 23220 8217 GENERAL SUPPORT PART I, LINE 2: THE ORGANIZATION CLOSELY MONITORS CONTRIBUTION RECIPIENTS TO AFFIRM THAT THEIR ACTIVITES ALIGN WITH VACU'S INTERESTS IN SUPPORTING VIRGINIA COMMUNITIES. X X 1 1 X X X X X 0 1 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 600110 0 142000 0 11214 0 228996 0 34751 0 1017071 0 0 0 STEPHANIE VICK EVP/CFO 361935 0 115550 0 21971 0 80934 0 19278 0 599668 0 0 0 CHRISTOPHER N SANEDA SEVP/COO 455530 0 126547 0 28960 0 160208 0 29186 0 800431 0 0 0 TIMOTHY KELLY EVP/MEMBER SERVICES 243590 0 42983 0 32702 0 59065 0 30021 0 408361 0 0 0 MARYANN FATHEDDIN EVP HUMAN RESOURCES 251607 0 29970 0 83310 0 36209 0 19352 0 420448 0 0 0 JOHN STONE EVP FINANCIAL SERVICES/CUS 265662 0 123133 0 22578 0 57798 0 12548 0 481719 0 0 0 MICHAEL NOBLE EVP CHIEF BUSINESS BANKING 270132 0 41533 0 28170 0 41339 0 27357 0 408531 0 0 0 LEE DRANOFF EVP LENDING 274270 0 44771 0 28850 0 114251 0 29196 0 491338 0 0 0 PART I, LINE 1A VACU POLICY IS TO PAY FOR THE TRAVEL EXPENSE FOR ONE COMPANION FOR BOARD MEMBERS ATTENDING OUT-OF-TOWN CONFERENCES OR MEETINGS IN ACKNOWLEDGMENT OF THE NUMBER OF HOURS THEY PUT IN SERVING THE CREDIT UNION. 7 DIRECTORS RECEIVED THIS BENEFIT IN 2019. VACU PAYS A MONTHLY STIPEND TOWARDS COUNTRY CLUB DUES TO A COMMERCIAL LENDING EXECUTIVE. CREDIT UNION SERVICE COMPANY OF VA LLC VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 445250 SHARED BRANCHING 0 PSCU VACU CEO CHRIS SHOCKLEY SERVES AS ASSOCIATE DIRECTOR 9227248 PLASTIC CARD PROCESSING SERVICES 0 PSCU VACU CEO CHRIS SHOCKLEY SERVES AS ASSOCIATE DIRECTOR 202226 PATRONAGE DIVIDEND 1 FORM 990, PART VI, SECTION A, LINE 6 ALL MEMBERS ARE CONSIDERED EQUAL AND EACH HAS ONE VOTE. A MEMBER MUST BE 16 YEARS OLD TO VOTE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS AS THEIR TERMS EXPIRE. MEMBERS MAY ALSO VOTE ON AMENDMENTS TO THE ARTICLES OF INCORPORATION OR DISSOLUTION OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS ELECT THE BOARD OF DIRECTORS AS THEIR TERMS EXPIRE. MEMBERS MAY ALSO VOTE ON AMENDMENTS TO THE ARTICLES OF INCORPORATION OR DISSOLUTION OF THE CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING WITH THE IRS, THE BOARD OF DIRECTORS IS PROVIDED WITH A COPY OF THE 990 RETURN PREPARED BY AN EXTERNAL CPA FIRM. THE RETURN IS ALSO REVIEWED BY MEMBERS OF MANAGEMENT PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL INDIVIDUALS ARE GIVEN THE STATEMENT OF OUR FRAUD AND STANDARDS OF CONDUCT POLICIES UPON EMPLOYMENT OR AFFILIATION WITH THE VACU OFFICIAL FAMILY. EMPLOYEES AND OFFICIAL FAMILY MEMBERS MUST SIGN THIS STATEMENT AT THIS TIME, AND ANNUALLY THEREAFTER, ACKNOWLEDGING THEIR RECEIPT AND UNDERSTANDING OF THESE POLICIES. BY SIGNING THE FRAUD AND STANDARDS OF CONDUCT POLICY STATEMENT THEY ARE ALSO STATING THAT THEY HAVE NOT COMMITTED ANY CONDUCT IN VIOLATION OF THE VACU FRAUD OR STANDARDS OF CONDUCT POLICIES; NOR ARE THEY AWARE OF OTHERS WHO ARE DOING SO, OR HAVE PREVIOUSLY DONE SO. UNDER THE STANDARDS OF CONDUCT, EMPLOYEES AND OFFICIALS SHALL REFRAIN FROM ANY PRIVATE BUSINESS OR PROFESSIONAL ACTIVITY OR FROM HAVING ANY DIRECT OR INDIRECT FINANCIAL INTEREST THAT WOULD PLACE THEM IN A POSITION WHERE THERE IS CONFLICT BETWEEN THEIR PRIVATE INTEREST AND THE INTEREST OF THE CREDIT UNION. EMPLOYEES AND OFFICIALS SHALL NOT ENGAGE IN ANY PRIVATE BUSINESS OR PROFESSIONAL ACTIVITY OR ENTER INTO ANY FINANCIAL TRANSACTION FOR THEIR PRIVATE GAIN, THE GAIN OF MEMBERS OF THEIR FAMILY, ANOTHER EMPLOYEE, OR ASSOCIATE WHICH INVOLVES THE DIRECT OR INDIRECT USE, OR APPEARANCE OF USE, OF INSIDE INFORMATION. "INSIDE INFORMATION" MEANS INFORMATION OBTAINED THROUGH THE JOB THAT IS NOT PUBLIC KNOWLEDGE. EMPLOYEES AND OFFICIALS SHALL NOT USE THEIR POSITIONS IN ANY WAY TO INDUCE OR COERCE, OR TO GIVE THE APPEARANCE OF INDUCING OR COERCING, ANY EMPLOYEE, PERSON OR GROUP TO PROVIDE ANY FINANCIAL BENEFIT TO THEM OR ANOTHER PERSON OR GROUP WITH WHOM THEY ARE ASSOCIATED. ALL POTENTIAL CONFLICTS OF INTEREST, INCLUDING THOSE CONFLICTS WHICH ARE NOT INTENTIONAL, RESULTING FROM EITHER BUSINESS OR PERSONAL RELATIONSHIPS WITH MEMBERS, VENDORS, BUSINESS ASSOCIATES, OR COMPETITORS OF VACU MUST BE REPORTED BY THE EMPLOYEE OR AGENT OR ATTORNEY INVOLVED TO THE PRESIDENT WITHIN 48 HOURS. ANY POTENTIAL CONFLICT OF INTEREST ON THE PART OF AN OFFICIAL MUST BE REPORTED TO THE CHAIRMAN OF THE BOARD WITHIN 48 HOURS. FORM 990, PART VI, SECTION B, LINE 15A PERIODICALLY, THE BOARD OF DIRECTORS ENGAGES AN OUTSIDE CONSULTANT TO CONDUCT AN INDEPENDENT REVIEW OF EXECUTIVE COMPENSATION AND BENEFITS TO ENSURE THE APPROPRIATENESS OF TOTAL COMPENSATION LEVELS. THIS EVALUATION LOOKS AT THE AVERAGE COMPENSATION AND BENEFITS OF EXECUTIVES AT FINANCIAL INSTITUTIONS OF COMPARABLE SIZE, INCLUDING BANKS AND CREDIT UNIONS. THIS PHILOSOPHY RECOGNIZES THAT THE EXTENT TO WHICH WE ACHIEVE AND MAINTAIN THIS GOAL MUST BE BALANCED WITH THE OVERALL FINANCIAL HEALTH OF THE ORGANIZATION. THE CREDIT UNION HAS A COMPENSATION PHILOSOPHY OF PAYING SALARIES AND BENEFITS THAT ARE COMPETITIVE WITH EMPLOYERS IN THE SURROUNDING METROPOLITAN AREAS AND WITH PEERS IN THE CREDIT UNION AND FINANCIAL INDUSTRIES. ANNUALLY, EMPLOYEES RECEIVE PERFORMANCE REVIEWS WHICH DETERMINE MERIT INCREASES. THE PRESIDENT/CEO COMPENSATION IS APPROVED BY THE BOARD EVERY YEAR. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE THROUGH THE POSTING OF OUR ANNUAL REPORT ON OUR WEBSITE. AUDITED FINANCIAL STATEMENTS CAN BE VIEWED AT THE HEADQUARTERS. IN ADDITION, THE PUBLIC MAY ACCESS 5300 (CALL REPORT) INFORMATION FROM THE NCUA WEBSITE. FORM 990, PART XI, LINE 9: NET CHANGE IN UNREALIZED LOSS ON DEFINED BENEFIT PENSION PLAN COSTS -1,153,533. VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC PO BOX 90010 RICHMOND VA 23225 204223173 FINANCIAL SERVICES VA 11926137 6938937 N/A VIRGINIA CU INSURANCE SERVICES LLC PO BOX 90010 RICHMOND VA 23225 260379385 INSURANCE AGENCY VA 241972 436242 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC VIRGINIA CU REALTY LLC PO BOX 90010 RICHMOND VA 23225 272826524 REAL ESTATE AGENCY VA 11338810 5343324 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC JOYNER FINE PROPERTIES LLC 2727 ENTERPRISE PARKWAY RICHMOND VA 23294 540933328 REAL ESTATE AGENCY VA 162554 2350036 VIRGINIA CU REALTY LLC RVA REFERRAL LLC 2727 ENTERPRISE PARKWAY RICHMOND VA 23294 541934740 REAL ESTATE AGENCY VA JOYNER FINE PROPERTIES LLC JOYNER FOUNDATION 2727 ENTERPRISE PARKWAY RICHMOND VA 23294 CHARITABLE VA 509(A)2 LINE 10 JOYNER FOUNDATION 0 VIRGINIA STATEWIDE TITLE SERVICES 9211 FOREST HILL AVE RICHMOND VA 23235 020765781 TITLE SERIVCE VA N/A C 345355 88612 0.50000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0