2019-11-12T15:53:20-06:00 2018-12-31 541631262 KEITERSTEPHENSHURSTGARY & SHREAVESPC 4401 DOMINION BLVD GLEN ALLEN VA 23060 990 2018-01-01 540578719 VIRGINIA CREDIT UNION INC VIRG 8043236000 PO BOX 90010 RICHMOND VA 23225 STEPHANIE N VICK EVP/CFO 8043236000 2019-11-11 1 VIRGINIA R BELCHER P00421964 8047470000 184.80.4.98 2019-11-11 07:29:36 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 CA28E24DBE32B49B8D3C805CDF9715C1DB90BEBD 2018 2020-03-31 21:24:44Z CHRISTOPHER M SHOCKLEY PO BOX 90010 RICHMOND VA 23225 360511485 0 X WWW.VACU.ORG X 1928 VA STATE CHARTERED CREDIT UNION - SEE SCHEDULE 0DEPOSITS ARE COLLECTED FROM MEMBERS, LOANS ARE MADE TO MEMBERS, AND OTHER FINANCIAL SERVICES ARE PROVIDED IN ORDER TO PROMOTE THRIFT AMONGST MEMBERS AND HELP THEM GET AHEAD FINANCIALLY. 11 11 818 24 3596906 279454 0 0 170623459 188438790 18334796 25496335 0 0 188958255 213935125 0 164514 0 0 67126304 67254048 0 0 0 99482617 110916532 166608921 178335094 22349334 35600031 3490132611 3638027361 3188368611 3304162240 301764000 333865121 X TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS. 0 0 VIRGINIA CREDIT UNION REACHED NEW MILESTONES IN 2018, AND OUR MEMBERSHIP CONTINUED TO GROW, TOPPING 275,000 FOR THE FIRST TIME. IN 2018, THE CREDIT UNION: UNVEILED NEW TOOLS TO GIVE MEMBERS MORE CONTROL OVER THEIR DEBIT AND CREDIT CARDS, LIKE TURNING CARDS ON OR OFF, MANAGING ALERTS, SETTING TRAVEL MEMOS AND MORE. BOOSTED SECURITY AS MORE MEMBERS SIGNED ON FOR VACU VOICE ID RECOGNITION SOFTWARE. SUBSTANTIALLY COMPLETED CONSTRUCTION FOR A LARGER FACILITY IN SPOTSYLVANIA COUNTY TO REPLACE THE COSNER'S CORNER BRANCH. THE NEW COSNER EAST BRANCH WILL OPEN IN EARLY 2019. GAINED RECOGNITION FOR EXCELLENCE BY READERS OF RICHMOND MAGAZINE AND THE RICHMOND TIMES-DISPATCH. SET A NEW RECORD FOR FINANCIAL EDUCATION PROGRAMS, WITH 27,113 ATTENDING A VACU-LED WORKSHOP OR CLASS. 2018 WAS ALSO A YEAR OF GROWTH FOR THE LOCAL BUSINESSES THAT RELY ON VIRGINIA CREDIT UNION. VACU IS HELPING LOCAL BUSINESSES COMPETE BY PROVIDING BUSINESS LOANS FOR NEEDED PROJECTS AND EXPANSIONS. IN 2018, FINANCING FROM VACU HELPED OPEN A RESTORED HOTEL IN FARMVILLE, RENOVATE HISTORIC PORPERTIES NEAR DOWNTOWN RICHMOND, AND EXPAND OPERATIONS FOR A CHARLOTTESVILLE-BASED SOLAR ENERGY COMPANY. 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 115994 0 1 818 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 4787 0 0 JOHN T GRIER DIRECTOR 5.00 X 0 0 0 NEILA L GUNTER DIRECTOR 5.00 X 3423 0 0 ROB JONES DIRECTOR/BOARD VICE CHAIR 5.00 X X 1683 0 0 TRACY MCCABE DIRECTOR 5.00 X 0 0 0 ROBERT P MORRIS DIRECTOR 5.00 X 0 0 0 DEMERST B SMIT DIRECTOR 5.00 X 4883 0 0 PAUL D THOMPSON DIRECTOR/SECRETARY TREASURER 5.00 X X 3611 0 0 ERIC B TOLBERT DIRECTOR/BOARD CHAIR 10.00 X X 0 0 0 MARGARET E WHITE DIRECTOR 5.00 X 7333 0 0 JANET W WIGLESWORTH DIRECTOR 5.00 X 0 0 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 60.00 X 677950 0 257852 STEPHANIE VICK EVP/CFO 55.00 X 410697 0 96733 CHRISTOPHER N SANEDA SEVP/COO 55.00 X 548995 0 85307 TIMOTHY KELLEY EVP/MEMBER SERVICES 55.00 X 280408 0 84150 DEBORAH WREDEN EVP/PRODUCT AND DELIVERY S 55.00 X 355769 0 107343 JOHN STONE EVP FINANCIAL SERVICES/CUS 55.00 X 319511 0 59611 MICHAEL NOBLE EVP CHIEF BUSINESS BANKING 55.00 X 284401 0 63635 LEE DRANOFF EVP LENDING 55.00 X 296319 0 133839 WILLIAM DODL HCE/EVP HR 55.00 X 243540 0 1446 3443310 0 889916 105 1 1 0 ELEVATION LLC 9 WEST MAIN ST RICHMOND VA 23220 ADVERTISING 2488756 TFA NATIONAL OPERATIONS AGENCY LLC 2944 FULLER AVENESUITE 200 GRAND RAPIDS MI 49504 LOAN SERVICES 1630753 PRESIDIO NETWORKED SOLUTIONS PO BOX 822169 PHILADELPHIA PA 19182 INFORMATION TECHNOLOGY 1483790 SYCOM TECHNOLOGIES LLC PO BOX 79613 BALTIMORE MD 21279 INFORMATION TECHNOLOGY 912115 SLAIT CONSULTING 100 LANDMARK SQUARE VIRGINIA BEACH VA 23452 INFORMATION TECHNOLOGY 759236 22 INTEREST ON LOANS 522291 135205605 135205605 OTHER OPERATING INCOME 522100 33367241 29969616 3397625 FEE INCOME 522100 19865944 19865944 188438790 19541122 199281 19341841 2254824 150276749 0 146576360 2254824 3700389 5955213 5955213 213935125 190996378 3596906 19341841 164514 2267172 48955041 6800673 5723959 3507203 1281520 429784 100465 4653212 7393026 6286467 2977528 621118 451986 31690295 4413277 364004 PROVISION FOR LOAN LOSS 26585372 ATM, DEBIT, HOMEBANKING 11875834 LOAN SERVICING 10204149 OTHER MISCELLANEOUS EXP 1588495 178335094 32060362 34099586 5696793 8646510 2383550954 2579216563 5549745 5409645 109685694 54357405 53997061 55328289 907485541 847823750 16633327 18721927 85158828 88781091 3490132611 3638027361 45356339 43528158 3965262 4453933 318849446 364175447 2820197564 2892004702 3188368611 3304162240 X 0 0 0 0 301764000 333865121 301764000 333865121 3490132611 3638027361 X 35600031 -4537971 1039061 X 0 1 X 1 0 100 PART I-A, LINE 1: PAC CONTRIBUTION 0 1 X 15134947 15134947 47829033 15188581 32640452 1847938 1757757 90181 44873776 37411067 7462709 55328289 MEMBERS' SHARES 2892004702 2892004702 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, 2018 AND 2017. THE CREDIT UNION'S 2015 THROUGH 2017 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 NAT'L MS 4200 INNSLAKE DRIVE STE 301 GLEN ALLEN VA 23060 135661935 13500 BIKE MS-WALK SPONSORSHIPS GREATER RICHMOND PARTNERSHIP 901 E BYRD ST STE 801 RICHMOND VA 23219 541749303 7500 TO FURTHER ECONOMIC DEVELOPMENT IN RVA VA COUNCIL ON ECONOMIC EDUCATION 301 W MAIN ST RICHMOND VA 232844000 237087052 26000 FUND FOR TEACHING EXCELLENCE-NAME ON SOC MEDIA-WEBSITE-SPK OPP YMCA GREATER RICHMOND 2 W FRANKLIN ST 2ND FL RICHMOND VA 23220 540505986 10000 2018 JOHN ROLFE, SW CRK, ASSOCIATION ANNUAL CAMPAIGNS J SARGEANT REYNOLDS COMMUNITY COLLEGE EDUCATIONAL FOUNDATION PO BOX 26924 RICHMOND VA 232616924 541130296 7500 MIDDLE COLLEGE PROGRAM (PAYMENT 3 OF 5) FEED MORE 1415 RHOADMILLER ST RICHMOND VA 232201111 541150923 5395 STRIKE OUT HUNBER 2018 SHALOM FARMS INC 1010 W LABURNUM AVE RICHMOND VA 23227 237136747 14926 VACU DAY-GREENHOUSE SUPPLIES-MULCH MAGGIE WALKER COM LAND TRUST 1111 N 25TH ST RICHMOND VA 23223 475629011 12500 GENERAL PURPOSES CHILDRENS MIRACLE NETWORK 2924 BROOK RD RICHMOND VA 23220 870387205 12193 GENERAL PURPOSES CHESTERFIELD EDUCATION FOUNDATION 13900 HULL ST RD MIDLOTHIAN VA 23112 541595479 7500 2018 PARTNERSHIP LUNCHEON 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 X 1 1 X X X X X 0 1 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 515995 0 122590 0 39365 0 226886 0 30966 0 935802 0 0 0 STEPHANIE VICK EVP/CFO 300314 0 71688 0 38695 0 79804 0 16929 0 507430 0 0 0 CHRISTOPHER N SANEDA SEVP/COO 387776 0 113091 0 48128 0 56295 0 29012 0 634302 0 0 0 TIMOTHY KELLEY EVP/MEMBER SERVICES 200152 0 37400 0 42856 0 56395 0 27755 0 364558 0 0 0 DEBORAH WREDEN EVP/PRODUCT AND DELIVERY S 263524 0 50159 0 42086 0 92111 0 15232 0 463112 0 0 0 JOHN STONE EVP FINANCIAL SERVICES/CUS 211040 0 68977 0 39494 0 48273 0 11338 0 379122 0 0 0 MICHAEL NOBLE EVP CHIEF BUSINESS BANKING 199343 0 39021 0 46037 0 37238 0 26397 0 348036 0 0 0 LEE DRANOFF EVP LENDING 209271 0 37400 0 49648 0 106156 0 27683 0 430158 0 0 0 WILLIAM DODL HCE/EVP HR 242986 0 0 0 554 0 0 0 1446 0 244986 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. VACU ALLOWED FOR DIRECTORS TO FLY FIRST CLASS DUE TO THE LENGTH OF THE FLIGHT. NINE DIRECTORS RECEIVED THIS BENEFIT IN 2018. VACU PAYS A MONTHLY STIPEND FOR COUNTRY CLUB DUES TO A COMMERCIAL LENDING EXECUTIVE. CREDIT UNION SERVICE COMPANY OF VA LLC VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 424718 SHARED BRANCHING 0 PSCU VACU CEO CHRIS SHOCKLEY SERVES AS ASSOCIATE DIRECTOR 7990146 PLASTIC CARD PROCESSING SERVICES 0 PSCU VACU CEO CHRIS SHOCKLEY SERVES AS ASSOCIATE DIRECTOR 201607 PATRONAGE DIVIDEND 1 VHDA VACU BOARD MEMBER JANET WIGLESWORTH IS EMPLOYED BY VHDA 486419 VHDA IS MORTGAGE INVESTOR FOR VACU 0 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 1,039,061. VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC PO BOX 90010 RICHMOND VA 23225 204223173 FINANCIAL SERVICES VA 2855790 2028690 N/A VIRGINIA CU INSURANCE SERVICES LLC PO BOX 90010 RICHMOND VA 23225 260379385 INSURANCE AGENCY VA 218845 305033 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC VIRGINIA CU REALTY LLC PO BOX 90010 RICHMOND VA 23225 272826524 REAL ESTATE AGENCY VA 2437664 645464 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC