2012-05-07T12:35:02-05:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP 335 N WILMOT ROAD SUITE 300 TUCSON AZ 85711 990 2011-01-01 741200165 VELOCITY CREDIT UNION VELO 5124697000 PO BOX 1089 AUSTIN TX 787671089 GRADY CHANDLER 5124697000 2012-04-26 1 JON W MITCHELL CPA P00022644 5207903500 2012-04-26 2011 2016-02-24 21:20:13Z DEBBIE MITCHELL PO BOX 1089 AUSTIN TX 787671089 54730716 0 X WWW.VELOCITYCU.COM X 1947 TX TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS. 7 7 229 7 151657 -145838 0 0 32406367 32365042 2704207 2648041 0 0 35110574 35013083 0 0 0 0 11260349 11659581 0 0 0 16566931 16090686 27827280 27750267 7283294 7262816 515103841 613123173 471510077 564972503 43593764 48150670 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 2011: 1) 22,312 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $344MM 2) ORIGINATED 7,938 LOANS IN 2011 WITH A BALANCE OF $146MM, AND 3) SERVICED 72,572 MEMBERS WITH DEPOSITS OF $561MM. 0 0 0 0 0 0 0 0 1 1 0 0 1 1 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 0 1 15927 1 1 229 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 0 1 1 0 0 X LISA BACK 5124697167 610 E 11TH STREET AUSTIN TX 78701 MARY PAREDES 0.50 X 670 0 0 JAMES CHAPMAN 0.50 X 1559 0 0 JOHN CHOMOUT 0.50 X 1467 0 0 ROGER NAPIER 0.50 X 0 0 100 THOMAS MATTHEWS 0.50 X 1454 0 0 CARL LYNCH 0.50 X 1259 0 0 JOHN ROSS 0.50 X 937 0 0 DEBBIE MITCHELL 40.00 X 404096 0 17631 HENRY GRADY CHANDLER 40.00 X 370889 0 22812 MIKE FISHER 40.00 X 147690 0 10739 CHERI HALL 40.00 X 147690 0 10443 KASHA BARTHOLOMEW 40.00 X 146077 0 10739 JOE PUTMAN 40.00 X 146405 0 11055 JOHN PAUL SAYERS 40.00 X 147690 0 11106 1517883 0 94625 10 0 1 0 PULSE 1301 MCKINNEY SUITE 2500 HOUSTON TX 77010 ATM SERVICES 1998032 DGU INSURANCE ASSOCIATES LLC 263 BROAD ST RED BANK NJ 07701 LOAN SERVICING 448797 GROUP & PENSION ADMIN INC PO BOX 971587 DALLAS TX 75397 HEALTH PLAN ADMINISTRATION 350053 SST PO BOX 3999 ST JOSEPH MO 64503 LOAN SERVICING 308665 HARLAND PO BOX 535120 ATLANTA GA 30353 INFORMATION TECHNOLOGY SERVICES 304911 17 LOAN INTEREST 522100 22125669 22125669 FEE INCOME 522100 9924911 9773254 151657 OTHER OPERATING INCOME 522100 314462 314462 32365042 2362252 2362252 20003422 19717633 285789 285789 285789 35013083 34861426 151657 0 822874 8203119 1347215 629741 656632 77070 103470 901890 690266 2214420 967168 184213 4827936 367301 1473359 MEMBER DEMAND DEPOSIT S 2422658 PROVISION FOR LOSSES 1121652 LOAN SERVICING 421108 MISCELLANEOUS EXPENSE 227237 90938 27750267 7307067 5432279 69783253 80147118 583000 559726 328860152 342369754 760575 545976 19567108 10979679 8641947 8587429 87191939 157293816 11975908 18187075 515103841 613123173 3233899 3697807 13371 14545 468262807 561260151 471510077 564972503 X 0 0 0 0 43593764 48150670 43593764 48150670 515103841 613123173 X 7262816 -2705910 X X 0 1 0 X 0 4267412 4267412 9446895 5510267 3936628 5852801 5469412 383389 8587429 CREDIT UNION BUSINESS SERVICES, LLC 150000 C SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 3787950 F FEDERAL HOME LOAN BANK STOCK 2307900 C AFS OTHER SECURITIES 151047966 F 157293816 REGULAR SHARES 94793714 SHARE DRAFTS 101778317 MONEY MARKET SHARE DRAFTS 154368902 IRA ACCOUNTS 42798768 SHARE CERTIFICATES 159337844 OTHER SHARES 8182606 561260151 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: SEPT. 30, 2011 YEAR END AUDITED FINANCIAL STATEMENTS FOOTNOTE: THE CREDIT UNION ADOPTED THIS STANDARD ON OCTOBER 1, 2009. AS A RESULT OF THE IMPLEMENTATION OF THIS STANDARD, THE CREDIT UNION DID NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. X 1 1 X X X 0 1 0 DEBBIE MITCHELL 294096 0 110000 0 0 0 11661 0 5970 0 421727 0 0 0 HENRY GRADY CHANDLER 270789 0 100100 0 0 0 16842 0 5970 0 393701 0 0 0 MIKE FISHER 128408 0 19282 0 0 0 4769 0 5970 0 158429 0 0 0 CHERI HALL 128408 0 19282 0 0 0 4473 0 5970 0 158133 0 0 0 KASHA BARTHOLOMEW 126795 0 19282 0 0 0 4769 0 5970 0 156816 0 0 0 JOE PUTMAN 127123 0 19282 0 0 0 5085 0 5970 0 157460 0 0 0 JOHN PAUL SAYERS 128408 0 19282 0 0 0 5136 0 5970 0 158796 0 0 0 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 CFO WILL REVIEW THE FORM 990 WITH THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS AND GET THEIR APPROVAL PRIOR TO FILING THE RETURN. THEY WILL REVIEW THE FORMS IN DETAIL WITH THE BOARD AT THE NEXT SCHEDULED BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS SIGN AN OATH OF OFFICE WHEN ELECTED OR RE-ELECTED WHICH ADDRESSES CONFLICT 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 15A IN ORDER TO DETERMINE THE CEO'S SALARY, THE BOARD OF DIRECTORS REVIEWS 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) AND OTHER VARIOUS SOURCES AS AVAILABLE. 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. FORM 990, PART VI, SECTION C, LINE 19 UNAUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE BY POSTING AT EACH BRANCH. THE ANNUAL REPORT IS PROVIDED UPON REQUEST AND IS AVAILABLE ON THE ORGANIZATION'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT RELEASED. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 350,234. CHANGE IN PRIOR SERVICE COST RESERVE ACCOUNT -3,056,144. TOTAL TO FORM 990, PART XI, LINE 5: -2,705,910. FORM 990, PART XII, QUESTION 2B THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED BY AN INDEPENDENT ACCOUNTANT FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2011. THE ORGANIZATION DID NOT OBTAIN AUDITED FINANCIAL STATEMENTS FOR THE TAX YEAR.