VELOCITY CREDIT UNION: Form 990, tax year 2010

View the entire original 990 at ProPublica ↗

Organization: VELOCITY CREDIT UNION (EIN 74-1200165)
Tax period: 2010-01-01 to 2010-12-31
Filed: 2011-05-12
IRS object ID: 201131329349303748
Schema version: 2010v3.2
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule D
Schedule J
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2011-05-12T18:20:14-05:00	Timestamp
Tax Period End Date	2010-12-31	TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	CLIFTON GUNDERSON LLP	BusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

Field	Value	IRS element (for citing)
Address Line1	335 N WILMOT ROAD SUITE 300	AddressLine1
City	TUCSON	City
State	AZ	State
ZIP Code	85711	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990	ReturnType
Tax Period Begin Date	2010-01-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	741200165	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	VELOCITY CREDIT UNION	BusinessNameLine1

Field	Value	IRS element (for citing)
Name Control	VELO	NameControl
Phone	5124697000	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	PO BOX 1089	AddressLine1
City	AUSTIN	City
State	TX	State
ZIP Code	787671089	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	GRADY CHANDLER	Name
Title	CFO	Title
Phone	5124697000	Phone
Date Signed	2011-05-05	DateSigned
Authorize Third Party	1	AuthorizeThirdParty

Preparer Preparer

Field	Value	IRS element (for citing)
Name	JON W MITCHELL CPA	Name
Phone	5207903500	Phone
Date Prepared	2011-05-04	DatePrepared

Field	Value	IRS element (for citing)
Tax Year	2010	TaxYear
Build TS	2016-02-24 21:20:13Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Name Of Principal Officer Person	DEBBIE MITCHELL	NameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

Field	Value	IRS element (for citing)
Address Line1	PO BOX 1089	AddressLine1
City	AUSTIN	City
State	TX	State
ZIP Code	787671089	ZIPCode

Field	Value	IRS element (for citing)
Gross Receipts	138103311	GrossReceipts
Group Return For Affiliates	0	GroupReturnForAffiliates
Organization501c	X	Organization501c
Web Site	WWW.VELOCITYCU.COM	WebSite
Type Of Organization Corporation	X	TypeOfOrganizationCorporation
Year Formation	1947	YearFormation
State Legal Domicile	TX	StateLegalDomicile
Activity Or Mission Description	TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS.	ActivityOrMissionDescription
Nbr Voting Members Governing Body	7	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	7	NbrIndependentVotingMembers
Total Nbr Employees	240	TotalNbrEmployees
Total Nbr Volunteers	7	TotalNbrVolunteers
Total Gross UBI	160085	TotalGrossUBI
Net Unrelated Business Txbl Income	-263290	NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year	0	ContributionsGrantsPriorYear
Contributions Grants Current Year	0	ContributionsGrantsCurrentYear
Program Service Revenue Prior Year	32004334	ProgramServiceRevenuePriorYear
Program Service Revenue CY	32406367	ProgramServiceRevenueCY
Investment Income Prior Year	1715197	InvestmentIncomePriorYear
Investment Income Current Year	2704207	InvestmentIncomeCurrentYear
Other Revenue Prior Year	0	OtherRevenuePriorYear
Other Revenue Current Year	0	OtherRevenueCurrentYear
Total Revenue Prior Year	33719531	TotalRevenuePriorYear
Total Revenue Current Year	35110574	TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year	0	GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY	0	GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year	0	BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	10595191	SalariesEtcPriorYear
Salaries Etc Current Year	11260349	SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year	0	TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	0	TotalFundrsngExpCurrentYear
Other Expense Prior Year	21139155	OtherExpensePriorYear
Other Expenses Current Year	16566931	OtherExpensesCurrentYear
Total Expenses Prior Year	31734346	TotalExpensesPriorYear
Total Expenses Current Year	27827280	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	1985185	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	7283294	RevenuesLessExpensesCY
Total Assets BOY	487072048	TotalAssetsBOY
Total Assets EOY	515103841	TotalAssetsEOY
Total Liabilities BOY	450385739	TotalLiabilitiesBOY
Total Liabilities EOY	471510077	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	36686309	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	43593764	NetAssetsOrFundBalancesEOY
Info In Schedule O Part III	X	InfoInScheduleOPartIII
Mission Description	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.	MissionDescription
Significant New Program Services	0	SignificantNewProgramServices
Significant Change	0	SignificantChange
Description	VELOCITY CREDIT UNION PROVIDES LOANS TO MEMBERS AT LOWER INTEREST RATES, ACCEPTS DEPOSITS, AND PAYS HIGHER DIVIDEND RATES. DURING 2010: 1) 22,335 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $331MM 2) ORIGINATED 7,548 LOANS IN 2010 WITH A BALANCE OF $137MM, AND 3) SERVICED 71,683 MEMBERS WITH DEPOSITS OF $468MM.	Description
Described In501 C3	0	DescribedIn501C3
Schedule B Required	0	ScheduleBRequired
Political Activities	0	PoliticalActivities
Donor Advised Funds	0	DonorAdvisedFunds
Conservation Easements	0	ConservationEasements
Collections Of Art	0	CollectionsOfArt
Credit Counseling	0	CreditCounseling
Term Or Permanent Endowments	0	TermOrPermanentEndowments
Report Land Bldg Equip	1	ReportLandBldgEquip
Report Invest Oth Securities	0	ReportInvestOthSecurities
Report Prog Rel Invest	0	ReportProgRelInvest
Report Other Assets	0	ReportOtherAssets
Report Other Liabilities	0	ReportOtherLiabilities
Report Fin48 Footnote	0	ReportFin48Footnote
Independent Audit Financial Stmt	0	IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt	0	ConsolidatedAuditFinancialStmt
School	0	School
Foreign Office	0	ForeignOffice
Foreign Activities	0	ForeignActivities
More Than5000 K To Organizations	0	MoreThan5000KToOrganizations
More Than5000 K To Individuals	0	MoreThan5000KToIndividuals
Professional Fundraising	0	ProfessionalFundraising
Fundraising Activities	0	FundraisingActivities
Gaming	0	Gaming
Hospital	0	Hospital
Grants To Organizations	0	GrantsToOrganizations
Grants To Individuals	0	GrantsToIndividuals
Schedule J Required	1	ScheduleJRequired
Tax Exempt Bonds	0	TaxExemptBonds
Loan To Officer Or DQP	0	LoanToOfficerOrDQP
Grant To Related Person	0	GrantToRelatedPerson
Bsnss Rltnshp With Organization	0	BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member	0	BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp	0	OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions	0	DeductibleNonCashContributions
Deductible Contributions Of Art	0	DeductibleContributionsOfArt
Terminated	0	Terminated
Partial Liquidation	0	PartialLiquidation
Disregarded Entity	0	DisregardedEntity
Related Entity	0	RelatedEntity
Related Org Controlled Entity	0	RelatedOrgControlledEntity
Transaction Related Entity	0	TransactionRelatedEntity
Activities Conducted Partnership	0	ActivitiesConductedPartnership
Schedule O Required	1	ScheduleORequired
Number Forms Transmitted With1096	17290	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Compliance With Backup Witholding	1	ComplianceWithBackupWitholding
Number Of Employees	240	NumberOfEmployees
Employment Tax Returns Filed	1	EmploymentTaxReturnsFiled
Unrelated Business Income	1	UnrelatedBusinessIncome
Form990-T Filed	1	Form990-TFiled
Foreign Financial Account	0	ForeignFinancialAccount
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTrans
Taxable Party Notification	0	TaxablePartyNotification
Non Deductible Contributions	0	NonDeductibleContributions
Quid Pro Quo Contributions	0	QuidProQuoContributions
Form8282 Property Disposed Of	0	Form8282PropertyDisposedOf
Funds To Pay Premiums	0	FundsToPayPremiums
Premiums Paid	0	PremiumsPaid
Form8899 Filed	0	Form8899Filed
Form1098 C Filed	0	Form1098CFiled
Indoor Tanning Services	0	IndoorTanningServices
Info In Schedule O Part VI	X	InfoInScheduleOPartVI
Nbr Voting Governing Body Members	7	NbrVotingGoverningBodyMembers
Number Independent Voting Members	7	NumberIndependentVotingMembers
Family Or Business Relationship	0	FamilyOrBusinessRelationship
Delegation Of Management Duties	0	DelegationOfManagementDuties
Changes To Organizing Docs	0	ChangesToOrganizingDocs
Material Diversion Or Misuse	0	MaterialDiversionOrMisuse
Members Or Stockholders	1	MembersOrStockholders
Election Of Board Members	1	ElectionOfBoardMembers
Decisions Subject To Approval	1	DecisionsSubjectToApproval
Minutes Of Governing Body	1	MinutesOfGoverningBody
Minutes Of Committees	1	MinutesOfCommittees
Officer Mailing Address	0	OfficerMailingAddress
Local Chapters	1	LocalChapters
Policies Reference Chapters	1	PoliciesReferenceChapters
Form990 Provided To Governing Body	1	Form990ProvidedToGoverningBody
Conflict Of Interest Policy	1	ConflictOfInterestPolicy
Annual Disclosure Covered Persons	1	AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement	1	RegularMonitoringEnforcement
Whistleblower Policy	0	WhistleblowerPolicy
Document Retention Policy	1	DocumentRetentionPolicy
Compensation Process CEO	1	CompensationProcessCEO
Compensation Process Other	0	CompensationProcessOther
Investment In Joint Venture	0	InvestmentInJointVenture
Upon Request	X	UponRequest

The Books Are In Care Of TheBooksAreInCareOf

Name Business NameBusiness

Field	Value	IRS element (for citing)
Business Name Line1	LISA BACK	BusinessNameLine1

Field	Value	IRS element (for citing)
Telephone Number	5124697167	TelephoneNumber

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	610 E 11TH STREET	AddressLine1
City	AUSTIN	City
State	TX	State
ZIP Code	78701	ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (14 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Individual Trustee Or DirectorIndividualTrusteeOrDirector	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation	OfficerOfficer	Highest Compensated EmployeeHighestCompensatedEmployee
MARY PAREDES
DIRECTOR	0.50	X	670	0	0
JAMES CHAPMAN
VICE CHAIRPERSON	0.50	X	7582	0	0
JOHN CHOMOUT
SECRETARY/TREASURER	0.50	X	7350	0	0
ROGER NAPIER
DIRECTOR	0.50	X	0	0	100
THOMAS MATTHEWS
VICE CHAIRPERSON	0.50	X	8419	0	0
CARL LYNCH
CHAIRMAN	0.50	X	1673	0	0
JOHN ROSS
DIRECTOR	0.50	X	804	0	0
DEBBIE MITCHELL
PRESIDENT/CEO	40.00		364792	0	17028	X
HENRY GRADY CHANDLER
EXECUTIVE VICE PRESIDENT	40.00		334272	0	27970	X
MIKE FISHER
VICE-PRES. LENDING	40.00		140468	0	12005		X
CHERI HALL
VICE-PRES. BRANCH SERVICES	40.00		140468	0	22470		X
KASHA BARTHOLOMEW
VICE-PRES. HR	40.00		138613	0	12005		X
JOE PUTMAN
VICE.-PRES. RISK MNGMT.	40.00		138923	0	27970		X
JOHN PAUL SAYERS
VICE-PRES. IT	40.00		140468	0	12993		X

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	1424502	TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs	0	TotalReportableCompFrmRltdOrgs
Total Other Compensation	132541	TotalOtherCompensation
Number Individuals GT100 K	11	NumberIndividualsGT100K
Formers Listed	0	FormersListed
Total Comp GT150 K	1	TotalCompGT150K
Compensation From Other Sources	0	CompensationFromOtherSources

Contractor Compensation ContractorCompensation (5 entries)

Address Line1AddressOfContractor/AddressUS/AddressLine1	CityAddressOfContractor/AddressUS/City	StateAddressOfContractor/AddressUS/State	ZIP CodeAddressOfContractor/AddressUS/ZIPCode	Description Of ServicesDescriptionOfServices	CompensationCompensation
PULSE
1301 MCKINNEY SUITE 2500	HOUSTON	TX	77010	ATM SERVICES	1250393
SST
PO BOX 3999	ST JOSEPH	MO	64503	LOAN SERVICE PROVIDER	769477
FIDELITY NATIONAL INFO SERVICES
PO BOX 18012	ASHBURN	VA	20146	STATEMENT PROCESSING	548443
UNITED GUARANTY
PO BOX 60955	CHARLOTTE	NC	28260	LOAN DEFAULT INSURANCE	342868
HARLAND
PO BOX 535120	ATLANTA	GA	30353	INFORMATION TECHNOLOGY SERVICES	325868

Field	Value	IRS element (for citing)
Number Of Contractors GT100 K	20	NumberOfContractorsGT100K

Program Service Revenue ProgramServiceRevenue (3 entries)

DescriptionDescription	Business CodeBusinessCode	Total Revenue ColumnTotalRevenueColumn	Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome	Unrelated Business RevenueUnrelatedBusinessRevenue
LOAN INTEREST	522100	21670882	21670882
FEE INCOME	522100	10474860	10314775	160085
OTHER OPERATING INCOME	522100	260625	260625

Field	Value	IRS element (for citing)
Total Program Service Revenue	32406367	TotalProgramServiceRevenue

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	2929823	TotalRevenueColumn
Related Or Exempt Function Income	2929823	RelatedOrExemptFunctionIncome

Gross Amount Sales Assets GrossAmountSalesAssets

Field	Value	IRS element (for citing)
Securities	102756534	Securities
Other	10587	Other

Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses

Field	Value	IRS element (for citing)
Securities	102982305	Securities
Other	10432	Other

Gain Or Loss GainOrLoss

Field	Value	IRS element (for citing)
Securities	-225771	Securities
Other	155	Other

Net Gain Or Loss Investments NetGainOrLossInvestments

Field	Value	IRS element (for citing)
Total Revenue Column	-225616	TotalRevenueColumn
Related Or Exempt Function Income	-225771	RelatedOrExemptFunctionIncome
Exclusion	$155	ExclusionAmount

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	35110574	TotalRevenueColumn
Related Or Exempt Function Income	34950334	RelatedOrExemptFunctionIncome
Unrelated Business Revenue	160085	UnrelatedBusinessRevenue
Exclusion	$155	ExclusionAmount

Comp Current Officers Directors CompCurrentOfficersDirectors

Field	Value	IRS element (for citing)
Total	770660	Total

Other Salaries And Wages OtherSalariesAndWages

Field	Value	IRS element (for citing)
Total	8119061	Total

Pension Plan Contributions PensionPlanContributions

Field	Value	IRS element (for citing)
Total	1139251	Total

Other Employee Benefits OtherEmployeeBenefits

Field	Value	IRS element (for citing)
Total	581151	Total

Payroll Taxes PayrollTaxes

Field	Value	IRS element (for citing)
Total	650226	Total

Fees For Services Legal FeesForServicesLegal

Field	Value	IRS element (for citing)
Total	10821	Total

Fees For Services Accounting FeesForServicesAccounting

Field	Value	IRS element (for citing)
Total	120160	Total

Fees For Services Other FeesForServicesOther

Field	Value	IRS element (for citing)
Total	910853	Total

Advertising Advertising

Field	Value	IRS element (for citing)
Total	798268	Total

Office Expenses OfficeExpenses

Field	Value	IRS element (for citing)
Total	2390287	Total

Occupancy Occupancy

Field	Value	IRS element (for citing)
Total	980292	Total

Conferences Meetings ConferencesMeetings

Field	Value	IRS element (for citing)
Total	151886	Total

Interest Interest

Field	Value	IRS element (for citing)
Total	5389308	Total

Depreciation Depletion DepreciationDepletion

Field	Value	IRS element (for citing)
Total	470165	Total

Insurance Insurance

Field	Value	IRS element (for citing)
Total	1425614	Total

Other Expenses OtherExpenses (5 entries)

DescriptionDescription	TotalTotal
MEMBER DEMAND DEPOSIT S	2024919
PROVISION FOR LOSSES	1033601
LOAN SERVICING	553385
MISCELLANEOUS EXPENSE	207468
ASSOCIATION DUES	99904

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	27827280	Total

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	6632970	BOY
EOY	7307067	EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
BOY	27175714	BOY
EOY	69783253	EOY

Accounts Receivable AccountsReceivable

Field	Value	IRS element (for citing)
BOY	706275	BOY
EOY	583000	EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

Field	Value	IRS element (for citing)
BOY	313469640	BOY
EOY	328860152	EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
BOY	897145	BOY
EOY	760575	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	19565935	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	10923988	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	8867673	BOY
EOY	8641947	EOY

Investments Other Securities InvestmentsOtherSecurities

Field	Value	IRS element (for citing)
BOY	115284226	BOY
EOY	87191939	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	14038405	BOY
EOY	11975908	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	487072048	BOY
EOY	515103841	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	3646943	BOY
EOY	3233899	EOY

Deferred Revenue DeferredRevenue

Field	Value	IRS element (for citing)
BOY	12125	BOY
EOY	13371	EOY

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
BOY	446726671	BOY
EOY	468262807	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	450385739	BOY
EOY	471510077	EOY

Field	Value	IRS element (for citing)
Do Not Follow SFAS117	X	DoNotFollowSFAS117

Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund

Field	Value	IRS element (for citing)
BOY	0	BOY
EOY	0	EOY

Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc

Field	Value	IRS element (for citing)
BOY	36686309	BOY
EOY	43593764	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	36686309	BOY
EOY	43593764	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	487072048	BOY
EOY	515103841	EOY

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	X	InfoInScheduleOPartXI
Reconcilation Revenue Expenses	7283294	ReconcilationRevenueExpenses
Reconcilation Other Changes	-375839	ReconcilationOtherChanges
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	0	AccountantCompileOrReview
FS Audited	1	FSAudited
Audit Committee	0	AuditCommittee
Financial Statement Separate	X	FinancialStatementSeparate
Federal Grant Audit Required	0	FederalGrantAuditRequired

Schedule D IRS990ScheduleD

Land Land

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	4267412	OtherCostOrOtherBasis
Book Value	4267412	BookValue

Buildings Buildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	9356181	OtherCostOrOtherBasis
Depreciation	5327910	Depreciation
Book Value	4028271	BookValue

Other Land Buildings OtherLandBuildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	5942342	OtherCostOrOtherBasis
Depreciation	5596078	Depreciation
Book Value	346264	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	8641947	TotalOfBookValueLandBuildings

Other Securities OtherSecurities (4 entries)

DescriptionDescription	Book ValueBookValue	Method Of ValuationMethodOfValuation
CREDIT UNION BUSINESS SERVICES, LLC	150000	C
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN	3664388	F
FEDERAL HOME LOAN BANK STOCK	293351	C
AFS OTHER SECURITIES	83084200	F

Field	Value	IRS element (for citing)
Total Of Book Value Securities	87191939	TotalOfBookValueSecurities

Other Liabilities OtherLiabilities (6 entries)

DescriptionDescription	AmountAmount
REGULAR SHARES	$87,746,829
SHARE DRAFTS	$87,887,841
MONEY MARKET SHARE DRAFTS	$143,529,461
IRA ACCOUNTS	$35,445,790
SHARE CERTIFICATES	$106,954,262
OTHER SHARES	$6,698,624

Field	Value	IRS element (for citing)
Total Of Amounts	468262807	TotalOfAmounts

Form990 Schedule D Part XIV Form990ScheduleDPartXIV

Field	Value	IRS element (for citing)
Identifier	DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:	Identifier
Return Reference	PART X:	ReturnReference
Explanation	SEPT. 30, 2010 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.	Explanation

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
Travel For Companions	X	TravelForCompanions
Written Policy Re T And E Expenses	1	WrittenPolicyReTAndEExpenses
Substantiation Required	1	SubstantiationRequired
Written Employment Contract	X	WrittenEmploymentContract
Compensation Survey	X	CompensationSurvey
Board Or Committee Approval	X	BoardOrCommitteeApproval
Severance Payment	0	SeverancePayment
Supplemental Nonqual Retire Plan	1	SupplementalNonqualRetirePlan
Equity Based Comp Arrangement	0	EquityBasedCompArrangement

Form990 Schedule J Part II Form990ScheduleJPartII (7 entries)

Base Compensation Filing OrgBaseCompensationFilingOrg	Comp Based On Related OrgsCompBasedOnRelatedOrgs	Bonus Filing OrgBonusFilingOrg	Bonus Related OrgsBonusRelatedOrgs	Other Compensation Filing OrgOtherCompensationFilingOrg	Other Compensation Related OrgsOtherCompensationRelatedOrgs	Deferred Comp Filing OrgDeferredCompFilingOrg	Deferred Comp Related OrgsDeferredCompRelatedOrgs	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg	Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs	Total Compensation Filing OrgTotalCompensationFilingOrg	Total Compensation Related OrgsTotalCompensationRelatedOrgs	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg	Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs
DEBBIE MITCHELL
364792	0	0	0	0	0	11058	0	5970	0	381820	0	0	0
HENRY GRADY CHANDLER
334272	0	0	0	0	0	22000	0	5970	0	362242	0	0	0
MIKE FISHER
140468	0	0	0	0	0	6035	0	5970	0	152473	0	0	0
CHERI HALL
140468	0	0	0	0	0	16500	0	5970	0	162938	0	0	0
KASHA BARTHOLOMEW
138613	0	0	0	0	0	6035	0	5970	0	150618	0	0	0
JOE PUTMAN
138923	0	0	0	0	0	22000	0	5970	0	166893	0	0	0
JOHN PAUL SAYERS
140468	0	0	0	0	0	7023	0	5970	0	153461	0	0	0

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (8 entries)

IdentifierIdentifier	ExplanationExplanation	Return ReferenceReturnReference
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 BOARD OF DIRECTORS AND GET THEIR APPROVAL PRIOR TO FILING THE RETURN. THIS APPROVAL WILL BE DOCUMENTED WITHIN THE MEETING MINUTES.
	DIRECTORS SIGN AN OATH OF OFFICE WHEN ELECTED OR RE-ELECTED WHICH ADDRESSES CONFLICT OF INTEREST. EMPLOYEE ACCOUNTS, LENDING SERVICES, FEE REVERSALS, ETC. ARE MONITORED IN PART TO REVIEW FOR CONFLICTS OF INTEREST AS WELL AS OTHER POSSIBLE "CONFLICTS".	FORM 990, PART VI, SECTION B, LINE 12C
	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 B, LINE 15A
	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.	FORM 990, PART VI, SECTION C, LINE 19
CHANGES IN NET ASSETS OR FUND BALANCES:	NET UNREALIZED GAINS ON INVESTMENTS: 734,649. CHANGE IN PRIOR SERVICE COST RESERVE ACCOUNT -1,110,488. TOTAL TO FORM 990, PART XI, LINE 5: -375,839.	FORM 990, PART XI, LINE 5: