2024-11-12T09:07:23-06:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 540674170 UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION UNIV 4349642001 3300 BERKMAR DRIVE CHARLOTTESVILLE VA 22901 PETER HOLMAN SVP/CFO 4349642003 2024-11-10 1 0 JOHN J MURNANE JR P03021572 3052328272 2024-11-10 2023 2024-10-15 13:58:12Z SUSAN GRUBER 3300 BERKMAR DRIVE CHARLOTTESVILLE VA 22901 68847937 0 X WWW.UVACREDITUNION.ORG X 1954 VA THE MISSION OF THE UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION IS TO 1) ENCOURAGE THRIFT AMONG MEMBERSHIP, THUS CREATING A LENDABLE POOL OF FUNDS 2) MAKE MEMBER LOANS AT A REASONABLE RATE OF INTEREST 3) PAY A FAIR RATE OF RETURN ON MEMBER SAVINGS 4) PROVIDE HELPFUL MEMBER FINANCIAL SERVICE. 16 16 325 16 77831 39352 0 0 31167844 44375771 11785687 15370400 8270516 8297152 51224047 68043323 25000 37500 0 0 24992590 27768931 0 0 0 20418990 31969901 45436580 59776332 5787467 8266991 1409418311 1446557883 1311929880 1337345020 97488431 109212863 X THE MISSION OF THE UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC. IS TO 1) ENCOURAGE THRIFT AMONG MEMBERSHIP, THUS CREATING A LENDABLE POOL OF FUNDS 2) MAKE MEMBER LOANS AT A REASONABLE RATE OF INTEREST 3) PAY A FAIR RATE OF RETURN ON MEMBER SAVINGS 4) PROVIDE HELPFUL MEMBER FINANCIAL SERVICE. 0 0 DURING 2023, UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION, INC., A STATE-CHARTERED CREDIT UNION LOCATED IN CENTRAL VIRGINIA, PROVIDED FINANCIAL SERVICES TO MEMBERS WHO LIVE, WORK, OR ATTEND SCHOOL IN THE COUNTIES OF ALBEMARLE, AMHERST, AUGUSTA, BATH, BEDFORD, BUCKINGHAM, CAMPBELL, CULPEPER, CUMBERLAND, FAUQUIER, FLUVANNA, GREENE, HIGHLAND, LOUISA, MADISON, NELSON, ORANGE, RAPPHANNOCK, ROCKBRIDGE, ROCKINGHAM, AS WELL AS THE CITIES OF CHARLOTTESVILLE, HARRISONBURG, LYNCHBURG, STAUNTON, & WAYNESBORO. THE CREDIT UNION CONTINUED TO FULFILL ITS EXEMPT PURPOSE BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION. AS OF THE END OF 2023, THE CREDIT UNION SERVED 80,094 MEMBERS. PROVIDE 40,195 LOANS INCLUDING HOME EQUITY, SHARE SECURED, FIRST MORTGAGE, CREDIT CARD, UNSECURED, NEW AND USED VEHICLE, RECREATIONAL VEHICLES, AND LINE OF CREDIT WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $823,637,000 AS OF DECEMBER 31, 2023. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 1 0 1 0 0 1 15682 0 1 325 1 1 1 0 0 0 0 0 0 0 X 16 16 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 VA X PETER HOLMAN 4349642015 3300 BERKMAR DRIVE CHARLOTTESVILLE VA 22901 JEFFREY C MOSCICKI CHAIRPERSON 1.00 X 0 0 0 CYNTHIA MURRAY BOD MEMBER 1.00 X 0 0 0 LYNNE RICHMAN BELL BOD MEMBER 1.00 X 0 0 0 PAMELA W HIGGINS V. CHAIRPERSON 1.00 X 0 0 0 ROB W FREER BOD SECRETARY 1.00 X 0 0 0 LISA P HEUCHERT BOD MEMBER 1.00 X 0 0 0 MARIE C MELTON BOD MEMBER 1.00 X 0 0 0 ROBERT NEIL BOD MEMBER 1.00 X 0 0 0 BENJAMIN MCCARTNEY BOD MEMBER 1.00 X 0 0 0 KENNETH EADES BOD TREASURER 1.00 X 0 0 0 J BARRETT JONES BOD MEMBER 1.00 X 0 0 0 PETER HOLMAN CFO 40.00 X 282288 0 61761 SUSAN GRUBER CEO/PRESIDENT 40.00 X 675062 0 33000 BELINDA TUCKER COO 40.00 X 282213 0 0 DAVID ESWORTHY SVP RETAIL 40.00 X 206820 0 13564 ETHAN DUNSTAN SVP BUSINESS BANKING 40.00 X 195517 0 37457 GEORGE FISHER CIO 40.00 X 212977 0 54790 BRENDAN MCCORMICK SVP INTERNAL AUDIT 40.00 X 186493 0 43176 BONNIE WILKINS SVP COMMERCIAL CREDIT 40.00 X 171630 0 28365 JOE RAICHEL CLO 40.00 X 286293 0 52655 KAREN SCHEMMEL BUSINESS ANALYSIS MGR 40.00 X 167905 0 17227 JANINE WILLIAMS VP CREDIT UNION AFFAIRS 40.00 X 161145 0 40982 JONATHON NEEL VP TECHNOLOGY 40.00 X 171521 0 41496 SUZANNE HESS VP ACCOUNTING 40.00 X 180795 0 26084 ANNE LESKO CHRO 40.00 X 202260 0 45571 3382919 0 496128 48 0 1 0 FIS 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 DEBIT/CREDIT CARD PROCESSING 1730540 Q2EBANKING PO BOX 205970 DALLAS TX 75320 ONLINE/MOBILE BANKING 1289523 FISERV PO BOX 934057 ATLANTA GA 31193 OPERATING SYSTEM SOFTWARE 763656 PLAYFLY HOLDINGS PO BOX 743049 LOS ANGELES CA 90074 VIRGINIA SPORT PROPERTIES SPONSORSHIP 648270 MICHAEL WALTERS ADVERTISING 444 N WABASH AVENUE SUITE 4W CHICAGO IL 60611 ADVERTISING AGENCY 430036 34 INTEREST ON LOANS 522100 38475105 38475105 FEES/CHARGES/OTHER 522100 5822835 5822835 FINANCE & INSURANCE 520000 77831 77831 44375771 14997592 14997592 370943 372988 -2045 -2045 -2045 804434 431626 372808 372808 372808 OTHER INCOME 522100 8186631 8186631 COMMISION FROM SALES OF SECURITIE 522100 112566 112566 8299197 68043323 67965492 77831 0 X 37500 2824061 19199034 1672281 2544494 1529061 110585 142426 145581 1214370 1779182 7685332 1495709 937708 589434 10299081 1854950 PROVISION FOR LOAN LOSS 2325993 LOAN SERVICING 2266183 MISC. EXPENSES 927247 OPERATING FEES 196120 59776332 12418905 8768152 235007438 184843049 1943500 1314838 8627700 20749839 717175383 811059934 9169391 10074284 48225224 20929716 27586465 27295508 365729090 352607254 31760439 29845025 1409418311 1446557883 15020461 16783410 10000000 30000000 1286909419 1290561610 1311929880 1337345020 X 0 0 0 0 97488431 109212863 97488431 109212863 1409418311 1446557883 X 8266991 3843978 -386537 X X 0 1 X 1 0 8705224 8705224 19793404 7344929 12448475 865386 865386 0 17678309 12388478 5289831 1182901 330923 851978 27295508 SHARE DRAFTS 319350793 SHARES 408383670 MONEY MARKET 270757022 IRA SHARES 32012559 CERTIFICATES OF DEPOSIT 260057566 1290561610 X 68416311 0 68416311 -372988 -372988 68043323 60149320 372988 372988 59776332 0 59776332 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL AND STATE INCOME TAXES. HOWEVER, THE CREDIT UNION'S WHOLLY OWNED CUSO IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATECHARTERED CREDIT UNION AS DEFINED IN THE INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2022, 2021, AND 2020 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON FORM 990 AS A REDUCTION OF REVENUE BUT INCLUDED IN EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS. -372,988. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON FORM 990 AS A REDUCTION OF REVENUE BUT INCLUDED IN EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS. 372,988. 1 SCHOLARSHIPS 25 37500 FORM 990, SCH I, PART I, LINE 2 THE CREDIT UNION AWARDED A $1,500 SCHOLARSHIP TO 25 COLLEGE-BOUND SENIORS AT EACH OF THE PARTICIPATING HIGH SCHOOL IN THE CREDIT UNION'S MEMBERSHIP AREA. X X 1 1 X X 0 1 0 SUSAN GRUBER CEO/PRESIDENT 551347 0 109375 0 14340 0 33000 0 0 0 708062 0 0 0 PETER HOLMAN CFO 271014 0 10974 0 300 0 29401 0 32360 0 344049 0 0 0 JOE RAICHEL CLO 273999 0 11004 0 1290 0 30015 0 22640 0 338948 0 0 0 BELINDA TUCKER COO 280288 0 635 0 1290 0 0 0 0 0 282213 0 0 0 GEORGE FISHER CIO 203755 0 8532 0 690 0 22430 0 32360 0 267767 0 0 0 ANNE LESKO CHRO 195161 0 6799 0 300 0 21189 0 24382 0 247831 0 0 0 ETHAN DUNSTAN SVP BUSINESS BANKING 186508 0 7719 0 1290 0 20826 0 16631 0 232974 0 0 0 BRENDAN MCCORMICK SVP INTERNAL AUDIT 177176 0 7337 0 1980 0 20027 0 23149 0 229669 0 0 0 DAVID ESWORTHY SVP RETAIL 197735 0 7682 0 1403 0 13156 0 408 0 220384 0 0 0 JONATHON NEEL VP TECHNOLOGY 165229 0 5992 0 300 0 18141 0 23355 0 213017 0 0 0 SUZANNE HESS VP ACCOUNTING 168773 0 11334 0 688 0 17633 0 8451 0 206879 0 0 0 JANINE WILLIAMS VP CREDIT UNION AFFAIRS 152875 0 6980 0 1290 0 17685 0 23297 0 202127 0 0 0 BONNIE WILKINS SVP COMMERCIAL CREDIT 162766 0 6884 0 1980 0 18573 0 9792 0 199995 0 0 0 KAREN SCHEMMEL BUSINESS ANALYSIS MGR 161073 0 6142 0 690 0 16721 0 506 0 185132 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES NON-QUALIFIED DEFERRED COMPENSATION PLANS FOR CERTAIN MEMBERS OF MANAGEMENT. FOR PURPOSES OF THIS SECTION THE TWO PLANS REPORTED ARE 457(F) PLANS AND SPLIT DOLLAR INSURANCE AGREEMENTS. SPLIT DOLLAR INSURANCE AGREEMENTS INVOLVE METHODS OF PAYING FOR INSURANCE COVERAGE FOR THE EMPLOYEES BY SPLITTING THE ELEMENTS OF A LIFE INSURANCE POLICY. UNDER THE AGREEMENTS, THE EMPLOYEES ARE THE OWNERS OF THE POLICIES AND MAKE COLLATERAL ASSIGNMENTS TO THE CREDIT UNION IN RETURN FOR LOANS EQUAL TO THE AMOUNT OF PREMIUMS PAID ON BEHALF OF THE EMPLOYEES. AT THE TIME OF DEATH, THE LOAN AMOUNT WILL BE REPAID TO THE CREDIT UNION AND THE BALANCE OF THE INSURANCE BENEFIT WILL BE PAID TO THE EMPLOYEES' DESIGNATED BENEFICIARIES. THE FOLLOWING EXECUTIVES PARTICIPATE IN THE SPLIT DOLLAR LIFE INSURANCE PLAN: SUSAN GRUBER, CEO/PRESIDENT ALISON DETUNCQ, FORMER CEO/PRESIDENT KAREN GILLISPIE, FORMER VP OPERATIONS LESLIE ROBINSON, SVP ADMINISTRATION KEITH O'NEIL, COO KAREN GILLISPIE FORMER EXECUTIVE EMPLOYEE TO FUND DEFERRED COMPENSATION X 160000 800000 0 1 1 LESLIE ROBINSON EXECUTIVE EMPLOYEE TO FUND DEFERRED COMPENSATION X 130000 1300001 0 1 1 ALISON DETUNCQ FORMER CEO/PRESIDENT TO FUND DEFERRED COMPENSATION X 5573323 5437887 0 1 1 KEITH O'NEIL EXECUTIVE EMPLOYEE TO FUND DEFERRED COMPENSATION X 225000 1195512 0 1 1 SUSAN GRUBER CEO/PRESIDENT TO FUND DEFERRED COMPENSATION X 12000000 12016439 0 1 1 20749839 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II OF SCHEDULE L AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION IS OWNED BY ITS MEMBERSHIP. EACH MEMBER OWNS ONE SHARE WHICH ENTITLES THAT INDIVIDUAL TO ONE VOTE IN THE ELECTION OF THE CREDIT UNION'S VOLUNTEER BOARD OF DIRECTORS. MEMBERSHIP IS SECURED BY A $5 PAR VALUE WHICH THE MEMEBER MUST MAINTAIN IN HIS OR HER PRIMARY SHARE SAVINGS ACCOUNT. MEMBERSHIP IS OPEN TO ANY PERSON WHO LIVES, WORKS, OR ATTENDS SCHOOL IN THE CITY OF CHARLOTTESVILLE OR THE COUNTIES OF ALBEMARLE, FLUVANNA, GREENE, LOUISA, MADISON, NELSON, OR ORANGE. ANY ONE RELATED TO A CURRENT MEMBER BY BLOOD, MARRIAGE, OR ADOPTION IS ALSO ELIGIBLE TO JOIN. FORM 990, PART VI, SECTION A, LINE 7A THE UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION IS A MEMBER-OWNED FINANCIAL INSTITUTION. EACH MEMBER OWNS ONE SHARE WHICH ENTITLES THAT INDIVIDUAL TO ONE VOTE WHICH MAY BE EXCERCISED ANNUALLY FOR THE ELECTION OF A VOLUNTEER BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE SENIOR VICE PRESIDENT WHERE ALL THE DATA USED TO COMPILE THE FORM 990 CAME FROM THE AUDITED FINANCIALS AND WORKPAPERS BY THE EXTERNAL AUDITORS. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS AND DIRECTORS ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST STATEMENT ANNUALLY. IF ANY INDIVIDUAL WERE TO REPORT A CONFLICT OF INTEREST, THE SPECIFIC SITUATION WOULD BE REVIEWED AND MANAGED AS DEEMED APPROPRIATE BY THE REMAINING BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION RETAINS THE SERVICES OF AN EXTERNAL COMPENSATION CONSULTING FIRM WHICH PROVIDES MARKET AND PEER GROUP COMPENSATION COMPARISON DATA. THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS UTILIZES THIS DATA DURING THE PROCESS OF DETERMINING AND APPROVING COMPENSATION FOR THE CREDIT UNION'S CEO. THE CEO IN CONJUNCTION WITH THE CREDIT UNION'S HUMAN RESOURCES DEPARTMENT UTILIZES THIS DATA WHEN DETERMINING AND APPROVING THE COMPENSATION FOR THE CREDIT UNION'S OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY HAVE NOT BEEN MADE READILY AVAILABLE TO THE GENERAL PUBLIC. IF WE WERE TO RECEIVE A REQUEST FOR ANY SUCH DOCUMENTS, WE WOULD CAREFULLY CONSIDER THE REQUEST AND RESPOND APPROPRIATELY. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED MONTHLY IN THE BRANCH FACILITIES. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICS 1,214,370. FORM 990, PART XI, LINE 9: RECLASSIFICATION FOR NET INVESTMENT (GAINS)/LOSSES INCLUDED IN OTHER OPERATING INCOME -13,027. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -373,510. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. MEMBER OPTIONS LLC 1936 ARLINGTON BLVD CHARLOTTESVILLE VA 22901 061652426 CONSUMER MORTGAGE ORIGINATIONS VA 2005352 5661400 UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION