2018-05-14T09:26:28-05:00 2017-12-31 410746749 CLIFTONLARSONALLEN LLP 20 E THOMAS RD STE 2300 PHOENIX AZ 85012 990 2017-01-01 741200165 VELOCITY CREDIT UNION VELO 5124697000 POST OFFICE BOX 1089 AUSTIN TX 787671089 LISA BACK CFO 5124697000 2018-05-09 1 LISA ADAMS P00854368 6022662248 2017 2022-09-23 18:48:47Z LISA BACK POST OFFICE BOX 1089 AUSTIN TX 787671089 49707730 0 X WWW.VELOCITYCU.COM X 1947 TX TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS. 7 7 282 7 124219 -89914 0 0 45588557 47189170 1735711 2445761 0 0 47324268 49634931 0 0 0 0 13934054 14607177 0 0 0 25288874 39816135 39222928 54423312 8101340 -4788381 843913671 863230758 750094137 771449427 93819534 91781331 X VELOCITY CREDIT UNION IS A FINANCIAL INSTITUTION FORMED BY AN ORGANIZED GROUP OF PEOPLE WITH A COMMON BOND. MEMBERS OF THE CREDIT UNION POOL THEIR ASSETS TO PROVIDE LOANS AND OTHER FINANCIAL SERVICES TO EACH OTHER. THESE FACTORS ALLOW US TO PAY DIVIDENDS TO OUR MEMBERS AND OFFER OUR MEMBERS LOWER LOAN RATES, HIGHER SAVINGS RATES AND FEWER SERVICE FEES. 0 0 VELOCITY CREDIT UNION PROVIDES LOANS TO MEMBERS AT LOWER INTEREST RATES, ACCEPTS DEPOSITS, AND PAYS HIGHER DIVIDEND RATES. 2017: 1) 38,597 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $657MM 2) ORIGINATED 10,965 LOANS IN 2017 WITH A BALANCE OF $267MM, AND 3) SERVICED 86,825 MEMBERS WITH DEPOSITS OF $701MM. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 14258 0 1 282 1 1 1 0 0 0 0 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 LISA BACK 5124697000 610 E 11TH STREET AUSTIN TX 78701 CARL LYNCH CHAIRPERSON 2.00 X 1112 0 0 THOMAS MATTHEWS 1ST VICE CHAIR 2.00 X 2548 0 0 JAMES CHAPMAN 2ND VICE CHAIR 2.00 X 5448 0 0 JOHN CHOMOUT SECRETARY/TREASURER 2.00 X 1242 0 0 MARY PAREDES DIRECTOR 2.00 X 1298 0 0 JOHN ROSS DIRECTOR 2.00 X 358 0 0 KASHA BARTHOLOMEW DIRECTOR 2.00 X 272 0 0 DEBBIE MITCHELL PRESIDENT/CEO 40.00 X 406488 0 18516 LISA BACK CFO 40.00 X 227593 0 16314 JACK JORDAN COO 40.00 X 224502 0 30765 CHERI HALL SR. VICE-PRES. HUMAN RESOU 40.00 X 154852 0 13726 CAROL CAIN SR. VICE-PRES. MARKETING 40.00 X 154857 0 13726 DANIEL PENBERG SR. VP I.T. 40.00 X 138489 0 18839 FELIX GONZALEZ SR. VP LENDING 40.00 X 173911 0 26815 JOSE LUIS BARALT SR. VP RETAIL DELIVERY 40.00 X 131640 0 27113 JOHN PAUL SAYERS FORMER SR. VICE-PRES. IT 40.00 X 117166 0 6480 LINDSEY PUTMAN FORMER SR. VICE-PRES. RISK MANAGE 40.00 X 210114 0 4320 CHERYL BLANCO FORMER SR. VICE-PRES. BRANCH SERV 40.00 X 104270 0 8512 2056160 0 185126 14 1 1 0 FIS PO BOX 4535 CAROL STREAM IL 60197 CARD SERVICES VENDOR 2282418 MASTERCARD PO BOX 31279 TAMPA FL 33631 CARD ISSUER 1092505 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 ONLINE BANKING SOFTWARE 779904 MAXWELL DODGE PO BOX 203685 AUSTIN TX 78720 INDIRECT AUTO DEALER 719564 SOUTH POINT HYUNDAI 4610 S IH 35 AUSTIN TX 78745 INDIRECT AUTO DEALER 465844 40 LOAN INTEREST 522100 34059228 34059228 FEE INCOME 522100 12180957 12180957 OTHER OPERATING INCOME 522100 824766 824766 FEE INCOME 522100 124219 124219 47189170 2494610 2494610 1492 22458 0 72799 1492 -50341 -48849 -48849 49634931 49510712 124219 0 2243295 8567363 1742279 1260267 793973 167858 115902 1007059 710976 3224873 1039911 206895 4632899 838645 170139 PROVISION FOR LOSSES 23063549 MEMBER DEMAND DEPOSIT S 2967950 LOAN SERVICING 1223561 MISCELLANEOUS EXPENSE 315284 130634 54423312 6611372 6180755 55286019 109027090 411358 946701 3134813 3205033 669198321 638447985 1027431 1005576 24803547 12605773 12832582 12197774 72440166 67820034 22971609 24399810 843913671 863230758 4767830 4781937 539819 457747 55000000 65000000 689786488 701209743 750094137 771449427 X 0 0 0 0 93819534 91781331 93819534 91781331 843913671 863230758 X -4788381 38783 2711395 X X 0 0 0 6530055 6530055 11540053 6697749 4842304 568923 568923 0 6164516 5339101 825415 12197774 SUPPLEMENTAL EXECUTIVE RETIREMENT P 4578467 C FEDERAL HOME LOAN BANK STOCK 5138200 C AFS OTHER SECURITIES, NET 58103367 C 67820034 REGULAR SHARES 194525428 SHARE DRAFTS 164056367 MONEY MARKET SHARE DRAFTS 162981905 IRA ACCOUNTS 40319527 SHARE CERTIFICATES 125770551 OTHER SHARES 13555965 701209743 X X 1 1 X X X 1 1 0 DEBBIE MITCHELL PRESIDENT/CEO 404479 0 0 0 2009 0 10800 0 7716 0 425004 0 0 0 LISA BACK CFO 227593 0 0 0 0 0 8598 0 7716 0 243907 0 0 0 JACK JORDAN COO 224502 0 0 0 0 0 8416 0 22349 0 255267 0 0 0 CHERI HALL SR. VICE-PRES. HUMAN RESOU 154852 0 0 0 0 0 6010 0 7716 0 168578 0 0 0 CAROL CAIN SR. VICE-PRES. MARKETING 154857 0 0 0 0 0 6010 0 7716 0 168583 0 0 0 DANIEL PENBERG SR. VP I.T. 138489 0 0 0 0 0 5370 0 13469 0 157328 0 0 0 FELIX GONZALEZ SR. VP LENDING 173911 0 0 0 0 0 4966 0 21849 0 200726 0 0 0 JOSE LUIS BARALT SR. VP RETAIL DELIVERY 131640 0 0 0 0 0 5264 0 21849 0 158753 0 0 0 JOHN PAUL SAYERS FORMER SR. VICE-PRES. IT 117166 0 0 0 0 0 2880 0 3600 0 123646 0 0 0 LINDSEY PUTMAN FORMER SR. VICE-PRES. RISK MANAGE 210114 0 0 0 0 0 785 0 3535 0 214434 0 0 0 CHERYL BLANCO FORMER SR. VICE-PRES. BRANCH SERV 104270 0 0 0 0 0 2554 0 5958 0 112782 0 0 0 PART I, LINES 4A-B JOE PUTMAN - SEVERANCE PAYMENT - $186,549.90; JOHN PAUL SAYERS - SEVERANCE PAYMENT - $42,546.46; CHERYL BLANCO - SEVERANCE PAYMENT - $34,579.54; DEBORAH MITCHELL, LISA BACK AND JACK JORDAN PARTICIPATE IN A A NONQUALIFIED RETIREMENT PLAN. LISA BACK CHIEF FINANCIAL OFFICER SPLIT DOLLAR INSURANCE X 1400000 1447434 0 1 1 JACK JORDON CHIEF OPERATING OFFICER SPLIT DOLLAR INSURANCE X 1700000 1757599 0 1 1 3205033 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. 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 CU WOULD BE THE ACQUIRED CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND CFO WILL REVIEW THE FORM 990 WITH THE BOARD OF DIRECTORS. THE REVIEW WILL BE DOCUMENTED IN THE MEETING MINUTES. 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. FORM 990, PART VI, SECTION B, LINE 15 IN ORDER 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 CEOS 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. TO DETERMINE KEY EMPLOYEES' SALARIES, THE CEO IN CONJUNCTION WITH THE SR. VP OF HUMAN RESOURCES, UTILIZE THE COMPEASE SALARY ADMINISTRATION PROGRAM. 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 2,717,301. CHANGE IN SERP OCI -5,906. FORM 990, PART XII, QUESTION 2B: THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED BY AN INDEPENDENT ACCOUNTANT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017. THE ORGANIZATION DID NOT OBTAIN AUDITED FINANCIAL STATEMENTS FOR THE TAX YEAR.