2016-11-14T08:52:47-06:00 2015-12-31 541631262 KEITERSTEPHENSHURSTGARY & SHREAVESPC PO BOX 32066 RICHMOND VA 232942066 990 2015-01-01 540578719 VIRGINIA CREDIT UNION INC VIRG 8043236000 PO BOX 90010 RICHMOND VA 23225 STEPHANIE N VICK EVP/CFO 8043236000 2016-11-10 1 VIRGINIA R BELCHER P00421964 8047470000 2015 2017-02-10 21:41:12Z CHRISTOPHER M SHOCKLEY PO BOX 90010 RICHMOND VA 23225 223286736 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 11 699 30 2741534 26216 0 0 126179683 139351588 10550192 11476648 0 0 136729875 150828236 0 0 0 0 44129427 50186603 0 0 0 64731506 75663788 108860933 125850391 27868942 24977845 2681181830 2920248809 2441761876 2658215713 239419954 262033096 TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS. 0 0 IN ADDITION TO ENHANCING SERVICES, VACU RAISED RATES ON DEPOSIT PRODUCTS, FROM SAVINGS AND CHECKING PLUS ACCOUNTS TO SAVING CERTIFICATES AND MONEY MARKET SAVINGS. IN 2015 NEW MORTGAGE LOANS TO MEMBERS TOPPED $215 MILLION. SEVERAL NEW PROGRAMS ENABLED MORE MEMBERS TO BUY A HOME, AND ADDITIONAL STAFF HELPED SERVE MEMBERS' INCREASED DEMAND FOR HOME PURCHASES AND CONTINUED REQUESTS FOR REFINANCES. THE EDUCATIONAL SEMINARS AND ONLINE RESOURCES ON HOME BUYING AND SELLING HELPED MEMBERS GAIN KNOWLEDGE AND CONFIDENCE WHEN CONTEMPLATING SUCH MAJOR FINANCIAL DECISIONS. 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 0 0 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 105309 0 1 699 1 1 1 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 X THE ORGANIZATION 8043236000 PO BOX 90010 RICHMOND VA 23225 BELINDA W BLANCHARD DIRECTOR 5.00 X 0 0 0 RAY C GOODWIN DIRECTOR 5.00 X 1000 0 0 NEILA L GUNTER DIRECTOR 5.00 X 1028 0 0 ROBERT P MORRIS DIRECTOR 5.00 X 354 0 0 HERBERT A PARR DIRECTOR 5.00 X 699 0 0 ROSCOE C ROBERTS DIRECTOR 5.00 X 1047 0 0 ROB JONES DIRECTOR 5.00 X 0 0 0 MARGARET E WHITE DIRECTOR 5.00 X 0 0 0 ERIC B TOLBERT DIRECTOR 5.00 X 0 0 0 DEMERST B SMIT DIRECTOR 5.00 X 2169 0 0 JANET W WIGGLESWORTH DIRECTOR 5.00 X 912 0 0 JANE G WATKINS PRESIDENT/CEO 55.00 X 3956382 0 236049 ROBERT F WARREN JR SVP/CFO 55.00 X 326085 0 90431 CHRISTOPHER SHOCKLEY EVP/MS 55.00 X 383374 0 62402 CHRISTOPHER N SANEDA SVP/CIO 55.00 X 315433 0 77273 JEAN HOLMAN SVP/MARKETING 55.00 X 236054 0 20731 WILLIAM DODL SVP/HR 55.00 X 233134 0 97749 DEBORAH WREDEN SVP/PRODUCT & DELIVERY 55.00 X 212449 0 83526 JOHN STONE VP/FINANCIAL SERVICES 50.00 X 221141 0 34218 5891261 0 702379 61 0 1 0 OFFICIAL PAYMENTS CORP PO BOX 418410 BOSTON MA 02241 INFORMATION TECHNOLOGY 1539707 ELEVATION LLC 9 WEST MAIN ST RICHMOND VA 23220 ADVERTISING 1352544 TFA NATIONAL OPERATIONS AGENCY LLC 2944 FULLER AVENESUITE 200 GRAND RAPIDS MI 49504 LOAN SERVICES 1052854 PRESIDO NETWORKED SOLUTIONS PO BOX 822169 PHILADELPHIA PA 19182 INFORMATION TECHNOLOGY 924518 SYCOM TECHNOLOGIES LLC PO BOX 79613 BALTIMORE MD 21279 INFORMATION TECHNOLOGY 892017 29 INTEREST ON LOANS 522291 97283175 97283175 OTHER OPERATING INCOME 522100 25715163 23169063 2546100 FEE INCOME 522100 16353250 16353250 139351588 10321373 195434 10125939 350950 73262825 351955 72106545 -1005 1156280 1155275 1155275 150828236 137960763 2741534 10125939 5061932 32234282 5056886 5052510 2780993 1012200 108097 126238 3273780 6715391 4467066 2490950 428502 301534 19900188 4370805 330974 PROVISION FOR LOAN LOSS 12167799 ATM, DEBIT, HOMEBANKING 8751101 LOAN SERVICING 7632329 OTHER MISCELLANEOUS EXP 3586834 125850391 27405152 27317051 1909566 2447437 1682896186 1897768565 3904339 4820051 88601488 42614772 45440324 45986716 838987052 859780474 12686400 11232027 67952811 70896488 2681181830 2920248809 37719334 33993567 2718374 3255204 231522813 204622936 2169801355 2416344006 2441761876 2658215713 X 0 0 0 0 239419954 262033096 239419954 262033096 2681181830 2920248809 X 24977845 -2364703 X 0 1 X 1 0 100 PART I-A, LINE 1: PAC CONTRIBUTION 0 1 X 13735308 13735308 38427147 11873277 26553870 1780056 1534565 245491 34658977 29206930 5452047 45986716 MEMBERS' SHARES 2416344006 2416344006 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, 2015 AND 2014. THE CREDIT UNION'S 2012 THROUGH 2015 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 1 1 X X X X X 0 1 0 JANE G WATKINS PRESIDENT/CEO 498418 0 102432 0 3355532 0 212179 0 23870 0 4192431 0 0 0 ROBERT F WARREN JR SVP/CFO 258971 0 40320 0 26794 0 79243 0 11188 0 416516 0 0 0 CHRISTOPHER SHOCKLEY EVP/MS 329732 0 49600 0 4042 0 36433 0 25969 0 445776 0 0 0 CHRISTOPHER N SANEDA SVP/CIO 272760 0 40000 0 2673 0 51112 0 26161 0 392706 0 0 0 JEAN HOLMAN SVP/MARKETING 183156 0 29632 0 23266 0 10140 0 10591 0 256785 0 0 0 WILLIAM DODL SVP/HR 182419 0 29216 0 21499 0 87934 0 9815 0 330883 0 0 0 DEBORAH WREDEN SVP/PRODUCT & DELIVERY 182466 0 28000 0 1983 0 55504 0 28022 0 295975 0 0 0 JOHN STONE VP/FINANCIAL SERVICES 178188 0 42487 0 466 0 24345 0 9873 0 255359 0 0 0 SCHEDULE J, PART 1A: VACU POLICY IS TO PAY FOR THE TRAVEL EXPENSES FOR ONE COMPANION FOR BOARD MEMBERS ATTENDING OUT OF TOWN CONFERENCES OR MEETINGS IN ACKNOWLEDGEMENT OF THE NUMBER OF HOURS THEY PUT IN SERVING THE CREDIT UNION. IN 2015, SIX DIRECTORS RECEIVED THIS BENEFIT WHICH WAS REPORTED AS TAXABLE COMPENSATION ON THE 1099-MISC WHEN IN EXCESS OF $600. CREDIT UNION SERVICE COMPANY OF VA LLC VACU CEO JANE WATKINS SERVED AS DIRECTOR UNTIL APRIL 2015 370176 SHARED BRANCHING 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 11 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 -2,364,703. VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC PO BOX 90010 RICHMOND VA 23225 204223173 FINANCIAL SERVICES VA 2131784 1297349 N/A VIRGINIA CU INSURANCE SERVICES LLC PO BOX 90010 RICHMOND VA 23225 260379385 INSURANCE AGENCY VA 153932 102684 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC VIRGINIA CU REALTY LLC PO BOX 90010 RICHMOND VA 23225 272826524 REAL ESTATE AGENCY VA 1782418 706905 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC