2014-05-06T15:05:39-05:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP 20 E THOMAS RD STE 2300 PHOENIX AZ 85012 990 2013-01-01 741200165 VELOCITY CREDIT UNION VELO 5124697000 PO BOX 1089 AUSTIN TX 787671089 LISA BACK CFO 5124697000 2014-04-29 1 JANIS ISAACSON P00089104 6022662248 2013 2015-11-30 17:44:51Z LISA BACK PO BOX 1089 AUSTIN TX 787671089 66355814 0 X WWW.VELOCITYCU.COM X 1947 TX TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS. 6 6 230 6 150301 -107289 0 0 32411748 33381293 2088599 2395553 0 0 34500347 35776846 0 0 0 0 12148177 10836055 0 0 0 16996090 16144509 29144267 26980564 5356080 8796282 640246674 667810886 586722091 601238864 53524583 66572022 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. DURING 2013: 1) 25,042 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $421MM 2) ORIGINATED 10,486 LOANS IN 2013 WITH A BALANCE OF $211MM, AND 3) SERVICED 72,799 MEMBERS WITH DEPOSITS OF $598MM. 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 13314 0 1 230 1 1 1 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 0 1 1 1 0 X LISA BACK 5124697000 610 E 11TH STREET AUSTIN TX 78701 CARL LYNCH CHAIRMAN 2.00 X 0 0 0 THOMAS MATTHEWS 1ST VICE CHAIRMAN 2.00 X 0 0 0 JAMES CHAPMAN 2ND VICE CHAIRMAN 2.00 X 0 0 0 JOHN CHOMOUT SECRETARY/TREASURER 2.00 X 0 0 0 MARY PAREDES DIRECTOR 2.00 X 0 0 0 JOHN ROSS DIRECTOR 2.00 X 0 0 0 DEBBIE MITCHELL PRESIDENT/CEO 40.00 X 453403 0 24322 LISA BACK CFO 40.00 X 224957 0 14968 MIKE FISHER SR. VICE-PRES. LENDING & COLLECTION 40.00 X 205427 0 12952 CHERI HALL SR. VICE-PRES. HUMAN RESOURCES 40.00 X 176473 0 13029 JOHN PAUL SAYERS SR. VICE-PRES. IT 40.00 X 191847 0 12492 CAROL CAIN SR. VICE-PRES. MARKETING 40.00 X 175109 0 12974 LINDSEY PUTMAN SR. VICE-PRES. RISK MANAGEMENT 40.00 X 175791 0 19869 1603007 0 110606 13 0 1 0 PULSE 1301 MCKINNEY SUITE 2500 HOUSTON TX 77010 DEBIT CARD PROCESSING AND ATM SERVICES 2523761 LOCKTON COMPANIES 2100 ROSEE AVE STE 1200 DALLAS TX 75201 LENDING INSURANCE 783850 DGU INSURANCE ASSOCIATES LLC 263 BROAD ST RED BANK NJ 07701 LENDING INSURANCE 675364 CAPITOL CHEVEROLET 701 HIGHWAY 71 W BASTROP TX 78602 INDIRECT AUTO LOANS ORIGINATIONS 405488 HARLAND FINANCIAL SOLUTIONS PO BOX 535120 ATLANTA GA 30353 INFORMATION TECHNOLOGY SERVICES 367841 30 LOAN INTEREST 522100 22269246 22269246 FEE INCOME 522100 10692476 10542175 150301 OTHER OPERATING INCOME 522100 419571 419571 33381293 2282747 2282747 30638569 53205 30578968 0 59601 53205 112806 112806 35776846 35626545 150301 0 717650 8375801 92805 981606 668193 116818 110647 765100 569679 2144732 945190 149878 3968371 453684 636100 MEMBER DEMAND DEPOSIT S 3148449 PROVISION FOR LOSSES 2195434 LOAN SERVICING 680019 MISCELLANEOUS EXPENSE 158534 101874 26980564 6879809 7314451 82404045 29267714 768846 883703 376979714 418618056 725173 759718 19268785 10930808 8633558 8337977 146664485 178040087 17191044 24589180 640246674 667810886 5502261 3291135 24938 40053 581194892 597907676 586722091 601238864 X 0 0 0 0 53524583 66572022 53524583 66572022 640246674 667810886 X 8796282 -2695355 6946512 X X 0 1 X 0 0 4267411 4267411 9446895 5909906 3536989 577237 577237 0 4977242 4443665 533577 8337977 CREDIT UNION BUSINESS SERVICES, LLC 150000 C FEDERAL HOME LOAN BANK STOCK 4360100 C SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 4043906 F AFS OTHER SECURITIES 169486081 F 178040087 REGULAR SHARES 137184591 SHARE DRAFTS 115491867 MONEY MARKET SHARE DRAFTS 165387392 IRA ACCOUNTS 44249569 SHARE CERTIFICATES 127189383 OTHER SHARES 8404874 597907676 X 1 1 X X X 0 1 0 DEBBIE MITCHELL PRESIDENT/CEO 321527 0 130000 0 1876 0 10200 0 14122 0 477725 0 0 0 LISA BACK CFO 162770 0 62187 0 0 0 8998 0 5970 0 239925 0 0 0 MIKE FISHER SR. VICE-PRES. LENDING & COLLECTION 160794 0 44633 0 0 0 6982 0 5970 0 218379 0 0 0 CHERI HALL SR. VICE-PRES. HUMAN RESOURCES 138292 0 38181 0 0 0 7059 0 5970 0 189502 0 0 0 JOHN PAUL SAYERS SR. VICE-PRES. IT 150240 0 41607 0 0 0 6522 0 5970 0 204339 0 0 0 CAROL CAIN SR. VICE-PRES. MARKETING 136928 0 38181 0 0 0 7004 0 5970 0 188083 0 0 0 LINDSEY PUTMAN SR. VICE-PRES. RISK MANAGEMENT 137610 0 38181 0 0 0 7032 0 12837 0 195660 0 0 0 PART I, LINE 4B SERP: DEBBIE MITCHELL $1,876.01 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS MUST BE APPROVED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11 THE CEO AND CFO WILL REVIEW THE FORM 990 WITH THE BOARD OF DIRECTORS. THE REVIEW WILL BE DOCOMENTED IN THE MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS SIGN AN OATH OF OFFICE WHEN ELECTED OR RE-ELECTED WHICH ADDRESSES CONFLICTS OF INTEREST. THE CONFLICT OF INTEREST POLICY IS REVIEWED IN-DEPTH DURING NEW EMPLOYEE ORIENTATION AND MANDATORY TRAININGS. WE MONITOR EMPLOYEE ACCOUNTS, LENDING ACTIVITIES, FEE REVERSALS, ETC. TO MONITOR FOR POSSIBLE CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 IN ORDER TO DETERMINE THE CEO'S SALARY, THE BOARD OF DIRECTORS WIL REVIEW COMPENSATION DATA PROVIDED BY THE SR. VP OF HUMAN RESOURCES AND OBTAINED FROM CUNA (CREDIT UNION NATIONAL ASSOCIATION), CUES (CREDIT UNION EXECUTIVES SOCIETY), TCUL (TEXAS CREDIT UNION LEAGUE), COMPEASE SALARY ADMINSTRATION 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 WITH SIMILAR ASSET SIZE WERE PAID IN THE PREVIOUS YEAR. IN ORDER TO DETERMINE TOP MANAGEMENT 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 6,968,362. CHANGE IN SERP OCI -21,850. FORM 990, PART XII, QUESTION 2B: THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED BY AN INDEPENDENT ACCOUNTANT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2013. THE ORGANIZATION DID NOT OBTAIN AUDITED FINANCIAL STATEMENTS FOR THE TAX YEAR.