2011-11-09T16:19:43-06:00 2010-12-31 KEITERSTEPHENSHURSTGARY & SHREAVESPC PO BOX 32066 RICHMOND VA 232942066 990 2010-01-01 540578719 VIRGINIA CREDIT UNION INC VIRG 8043236000 PO BOX 90010 RICHMOND VA 23225 ROBERT F WARREN JR 8043236000 2011-11-08 1 8047470000 2010 2016-03-07 17:11:31Z JANE G WATKINS PO BOX 90010 RICHMOND VA 23225 199739994 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 11 588 28 156761 -244811 0 0 112293665 112215916 16406667 15684559 10007751 0 138708083 127900475 0 0 0 0 32666045 32969916 0 0 0 104441489 79723817 137107534 112693733 1600549 15206742 1941835457 2094078800 1792519679 1928986391 149315778 165092409 X TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS. 0 0 2010 WAS A YEAR OF MILESTONES FOR VACU. THE NUMBER OF MEMBERS CLIMBED ABOVE 200,000 AND TOTAL ASSETS EXCEEDED $2 BILLION. DESPITE A STILL-WEAK ECONOMY, VACU MOVED AHEAD WITH ENHANCEMENTS IN VALUE, CONVENIENCE, SERVICE AND TECHNOLOGY. IMPROVEMENTS INCLUDE A NEW BRANCH IN RICHMOND'S EAST END, EIGHT ENHANCED ENVELOPE-FREE ATMS, THE ADDITION OF FREE ATMS IN ALL WAWA STORES IN VIRGINIA, AND A NEW CHECKING ACCOUNT FOR YOUNG PEOPLE. VACU PROVIDED $609 MILLION IN LOANS TO MEMBERS AND RETURNED MORE THAN $26 MILLION IN DIVIDENDS. MEMBERS RECEIVE TRUSTWORTHY ADVICE, HELPFUL SERVICE, AND BENEFICIAL EDUCATION, SUCH AS SEMINARS FOR FIRST-TIME HOMEBUYERS. VACU CONTINUED A COMMITMENT TO FINANCIAL EDUCATION FOR THE COMMUNITY AS WELL. MORE THAN 9,000 PEOPLE PARTICIPATED IN VACU'S PROGRAMS IN SCHOOLS, PUBLIC LIBRARIES AND CREDIT UNION FACILITIES. 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 0 1 120631 0 1 588 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 0 1 1 1 1 0 1 0 X X THE ORGANIZATION 8043236000 PO BOX 90010 RICHMOND VA 23225 BELINDA W BLANCHARD 5.00 X 360 0 0 RAY C GOODWIN 5.00 X 246 0 0 NEILA L GUNTER 5.00 X 0 0 0 ROBERT P MORRIS 5.00 X 0 0 0 HERBERT A PARR 5.00 X 845 0 0 ROSCOE C ROBERTS 5.00 X 246 0 0 RAYMOND D VAUGHAN 5.00 X 0 0 0 MARGARET E WHITE 5.00 X 0 0 0 DONALD E WILLIAMS 5.00 X 287 0 0 DEMERST B SMIT 5.00 X 964 0 0 JANET W WIGGLESWORTH 5.00 X 0 0 0 JANE G WATKINS 55.00 X 378282 0 270401 ROBERT F WARREN JR 55.00 X 196429 0 42585 CHRISTOPHER SHOCKLEY 55.00 X 189128 0 27907 CHRISTOPHER N SANEDA 55.00 X 167538 0 24723 WILLIAM JONES 55.00 X 163596 0 37323 JEAN HOLMAN 55.00 X 165102 0 96725 WILLIAM DODL 55.00 X 141519 0 46535 MICHAEL BRUNSON 50.00 X 143907 0 15064 1548449 0 561263 19 0 1 0 ONLINE RESOURCES PO BOX 418410 BOSTON MA 02241 INFORMATION TECHNOLOGY 1552995 GLMG INC GENERAL CONTRACTORS 56 JOSEPH MILLS DR FREDERICKSBURG VA 22404 BUILDING CONTRACTOR 1540112 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM & SECURITY EQUIPMENT 1409134 PLANIT TECHNOLOGY 100 LANDMARK SQUARE VIRGINIA BEACH VA 23452 INFORMATION TECHNOLOGY 607459 FIDELITY NATIONAL INFORMATION SERVICES PO BOX 18012 ASHBURN VA 20146 INFORMATION TECHNOLOGY 560140 25 INTEREST ON LOANS 522291 81999241 81999241 FEE INCOME 522100 15184603 15184603 OTHER OPERATING INCOME 522100 15032072 14929285 102787 112215916 14738707 53974 14684733 72785371 71839519 945852 945852 945852 127900475 113058981 156761 14684733 1107680 24304026 2767645 2810364 1980201 483798 83050 112789 1522431 4781459 2982411 1887487 203441 214760 28163946 4047220 251649 PROVISION FOR LOAN LOSS 17780746 ATM, DEBIT, HOMEBANKING 6943059 NCUSIF STABILIZATION EX 4582891 LOAN SERVICING 3986856 OTHER MISCELLANEOUS EXP 1695824 112693733 19874378 20421208 43600000 2038543 902510 1204199468 1202833359 2912844 2967722 74648764 27224262 45853144 47424502 466950149 726678869 123175266 37393556 33231665 55457074 1941835457 2094078800 13100872 14040697 1689955 1791619 25068498 61457913 1752660354 1851696162 1792519679 1928986391 X 0 0 0 0 149315778 165092409 149315778 165092409 1941835457 2094078800 X 15206742 569889 X 0 1 1 X 0 100 0 1 12895908 12895908 34713889 7149811 27564078 1289667 910408 379259 25749300 19164043 6585257 47424502 MEMBERS' SHARES 1851696162 1851696162 127900475 112693733 15206742 569889 569889 15776631 PART IV, LINE 2B: TRADITIONAL ESCROW ACCOUNTS ON BORROWER MORTGAGES. PART XI, LINE 8 - OTHER ADJUSTMENTS: NET CHANGE IN UNREALIZED LOSS ON DEFINED BENEFIT PENSION PLAN COSTS SCHEDULE D, PART X, QUESTION 2: THE FASB ISSUED NEW GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE CREDIT UNION ADOPTED THIS NEW GUIDANCE FOR THE YEAR ENDED DECEMBER 31, 2009. MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRED ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORMS 990 IN THE U.S. FEDERAL JURISDICTION AND FORMS VA 500 IN THE STATE OF VIRGINIA. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2010. X 1 1 X X X X X 0 1 0 JANE G WATKINS 356022 0 500 0 21760 0 260860 0 18560 0 657702 0 0 0 ROBERT F WARREN JR 177911 0 500 0 18018 0 37811 0 8334 0 242574 0 0 0 CHRISTOPHER SHOCKLEY 185969 0 500 0 2659 0 18366 0 19029 0 226523 0 0 0 CHRISTOPHER N SANEDA 166070 0 500 0 968 0 15182 0 18813 0 201533 0 0 0 WILLIAM JONES 161471 0 500 0 1625 0 32549 0 6575 0 202720 0 0 0 JEAN HOLMAN 139104 0 500 0 25498 0 91952 0 8004 0 265058 0 0 0 WILLIAM DODL 138369 0 500 0 2650 0 36994 0 17347 0 195860 0 0 0 MICHAEL BRUNSON 125312 0 500 0 18095 0 10290 0 6527 0 160724 0 0 0 SUPPLEMENTAL INFORMATION PART III 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 VOLUNTEER HOURS THEY PUT IN SERVING THE CREDIT UNION. IN 2010, 6 DIRECTORS RECEIVED THIS BENEFIT WHICH WAS REPORTED AS TAXABLE COMPENSATION ON THE 1099-MISC. PSCU FINANCIAL SERVICES VACU CEO JANE WATKINS SERVES AS DIRECTOR 4614807 CREDIT CARD PROCESSING SERVICES 0 CREDIT UNION SERVICE COMPANY OF VA LLC VACU CEO JANE WATKINS SERVES AS DIRECTOR 632732 SHARED BRANCHING 0 CUSO PARTNERS LLC VACU CFO ROBERT WARREN SERVES AS DIRECTOR 47387 BROKERAGE SERVICES 0 CUSO PARTNERS LLC VACU CFO ROBERT WARREN SERVES AS DIRECTOR 32447 DIVIDEND PAYMENTS 1 PSCU FINANCIAL SERVICES VACU CEO JANE WATKINS SERVES AS DIRECTOR 380454 PATRONAGE DIVIDEND 1 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET CHANGE IN UNREALIZED LOSS ON DEFINED BENEFIT PENSION PLAN COSTS 569,889. TOTAL TO FORM 990, PART XI, LINE 5: 569,889. VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC PO BOX 90010 RICHMOND VA 23225 204223173 FINANCIAL SERVICES VA 156761 194323 N/A VIRGINIA CU INSURANCE SERVICES LLC PO BOX 90010 RICHMOND VA 23225 260379385 INSURANCE AGENCY VA 74987 90045 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC VIRGINIA CU REALTY LLC PO BOX 90010 RICHMOND VA 23225 272826524 REAL ESTATE AGENCY VA 27800 34292 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC