2023-11-13T19:17:06-06:00 2022-12-31 541631262 KEITER STEPHENS HURST GARY & SHREAVES 4401 DOMINION BLVD GLEN ALLEN VA 23060 990 2022-01-01 540578719 VIRGINIA CREDIT UNION INC VIRG 8043236000 PO BOX 90010 RICHMOND VA 23225 STEPHANIE N VICK EVP/CFO 8043236000 2023-11-13 1 STEPHANIE VICK XXX-XX-XXXX 0 VIRGINIA R BELCHER P00421964 8047470000 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z CHRISTOPHER M SHOCKLEY PO BOX 90010 RICHMOND VA 23225 512414756 0 X WWW.VACU.ORG X 1928 VA STATE CHARTERED CREDIT UNION 11 11 912 17 26458745 76636 0 0 228504977 238703973 34584002 30889640 0 0 263088979 269593613 1177898 1267500 0 0 115237200 110342524 0 0 0 96024429 107874049 212439527 219484073 50649452 50109540 4993101039 5086460688 4540778043 4734669474 452322996 351791214 X TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS. 0 0 FOR THIS YEAR'S ANNUAL REPORT, WE ARE HIGHLIGHTING HOW THE CREDIT UNION PROVES ITS COMMITMENT THROUGH THE WIDE RANGE OF FINANCIAL EDUCATION SERVICES AND COMMUNITY PARTNERSHIPS. THOSE EDUCATIONAL EFFORTS IN 2022 REACHED MORE THAN 90,000 INDIVIDUALS OF ALL AGES, A 50 PERCENT INCREASE OVER 2021. THE CREDIT UNION STRIVES TO IMPROVE FINANCIAL WELLNESS AND RESILIENCE FOR MEMBERS AND THE COMMUNITY. A FEW HIGHLIGHTS FROM 2022 ARE YOUTUBE, VCU, FINANCIAL SUCCESS FOR WOMEN AND NBC12. CHILDREN'S MONEY HABITS AND ATTITUDES ARE FORMED BY AGE SEVEN, SO EARLY FINANCIAL LITERACY IS ESSENTIAL. IN 2022, THE CREDIT UNION CREATED A YOUTUBE CHANNEL CATERED TO YOUNG VIEWERS. AFTER JUST A FEW MONTHS 4-10 PLATFORMS HAD REACHED 18,500 VIEWS. DESIGNED FOR AGES 4-10, THE VIDEOS AND THE ACCOMPANYING LESSONS CAN BE VIEWED AT VACU.ORG/KIDS. THE CREDIT UNION'S PARTNERSHIP WITH VIRGINIA COMMONWEALTH UNIVERSITY IS REACHING NEW HEIGHTS. THE VIRGINIA CREDIT UNION FINANCIAL SUCCESS CENTER AT VCU HAD MORE THAN 10,000 STUDENTS, FACULTY OR STAFF TAKE AN ONLINE CLASS OR PARTICIPATE IN FINANCIAL COACHING LAST YEAR. THE CENTER IS HELPING STUDENTS CHART A PATH TO FINANCIAL SUCCESS BEYOND GRADUATION. IN OCTOBER, VACU ORGANIZED ITS SECOND ONLINE SERIES OF WEBINARS SPECIFICALLY FOR WOMEN. THE KEYNOTE SPEAKER WAS PROFESSIONAL COMMUNICATOR LIZA MICKENS, THE GREAT-GREAT GRANDDAUGHTER OF MAGGIE L. WALKER. THE SERIES WAS FILLED WITH PRACTICAL ADVICE, AND ATTENDEES COULD ASSESS THEIR FINANCIAL KNOWLEDGE BOTH BEFORE AND AFTER THE MONTH-LONG PROGRAM TO TRACK PROGRESS AND IDENTIFY AREAS FOR GROWTH. THE VICE PRESIDENT FOR FINANCIAL EDUCATION, CHERRY DALE, WAS FEATURED IN 35 SEGMENTS ON NBC12 DURING 2022, OFFERING HELPFUL ADVICE ON MANAGING CREDIT, SAVING FOR THE FUTURE, BORROWING WISELY AND GUIDING YOUNG PEOPLE IN LEARNING TO MANAGE MONEY. AS MEMBERS OF VACU, ALL OF US CAN BE JUSTIFIABLY PROUD OF THESE IMPORTANT EFFORTS TO BOOST FINANCIAL KNOWLEDGE AND HEALTH. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 1 1 0 0 1 136444 0 1 912 1 1 1 0 0 0 0 0 0 0 1 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 0 1 0 X SCOTT COPPOLA SVP CONTROLLER 8043236000 7500 BOULDERS VIEW DR RICHMOND VA 23225 MELINA DAVIS DIRECTOR/BOARD VICE CHAIR 5.00 X X 2425 0 0 JOHN T GRIER DIRECTOR 5.00 X 665 0 0 PATRICIA GREEN DIRECTOR 5.00 X 2318 0 0 BRIAN K JACKSON DIRECTOR 5.00 X 2610 0 0 TRACY MCCABE DIRECTOR 5.00 X 665 0 0 KIMBERLY BAINE DIRECTOR 5.00 X 1149 0 0 ERIC B TOLBERT DIRECTOR 5.00 X 3271 0 0 ROBERT BOLLING DIRECTOR/SECRETARY TREASUR 5.00 X X 5506 0 0 KENNETH E AMPY DIRECTOR/BOARD CHAIR 10.00 X X 6044 0 0 ROB JONES DIRECTOR 5.00 X 10048 0 0 PAUL THOMPSON DIRECTOR 5.00 X 2162 0 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 60.00 X 1926018 0 290928 STEPHANIE VICK EVP/CFO 55.00 X 772554 0 69768 CHRISTOPHER N SANEDA SEVP/COO 55.00 X 1099386 0 183553 LAURA STEVENS MORTGAGE LOAN OFFICER 70.00 X 619346 0 68298 MARYANN FATHEDDIN EVP HUMAN RESOURCES 55.00 X 488037 0 70644 JOHN STONE EVP FIN SER/CUSO PRES 55.00 X 545372 0 55610 MICHAEL NOBLE EVP CHIEF BUS BANKING OFFI 55.00 X 485117 0 69646 LEE DRANOFF EVP LENDING 55.00 X 488254 0 105590 6460947 0 914037 178 0 1 0 FIS PO BOX 18012 ASHBURN VA 20146 INFORMATION TECHNOLOGY 3657642 ELEVATION LLC 9 WEST MAIN ST RICHMOND VA 23220 ADVERTISING 1881277 ADRENALINE LLC 195 NEW HAMPSHIRE AVENUE SUITE 115 PORTSMOUTH NH 03801 ARCHITECTURE/ENGINEERING 1802567 SYCOM TECHNOLOGIES LLC PO BOX 79613 BALTIMORE MD 21279 INFORMATION TECHNOLOGY 1741707 EPLUS TECHNOLOGY PO BOX 404398 ATLANTA GA 303844398 INFORMATION TECHNOLOGY 1564764 27 INTEREST ON LOANS 522291 149016233 149016233 OTHER OPERATING INCOME 522100 60329905 34511578 25818327 FEE INCOME 522100 29357835 29357835 238703973 29054649 640418 28414231 122357 244533777 0 242821143 122357 1712634 1834991 1834991 269593613 212885646 26458745 30249222 1267500 4704071 82700052 9462671 8881332 4594398 1252074 451973 105828 8758329 11462163 9031110 5529294 571618 296318 28491040 6009390 482289 ATM, DEBIT, HOMEBANKING 15437416 LOAN SERVICING 15404253 PROVISION FOR LOAN LOSS 2887952 OTHER MISCELLANEOUS EXP 1703002 219484073 266824337 148163882 8074032 14191416 2741199716 3234250478 6958766 9169075 139853561 68443150 68442749 71410411 1743933376 1440547665 9586350 11151550 148081713 157576211 4993101039 5086460688 59532763 63907214 4930108 4986547 182503132 192666911 4293812040 4473108802 4540778043 4734669474 X 0 0 0 0 452322996 351791214 452322996 351791214 4993101039 5086460688 X 50109540 -140224074 -10417248 X 0 1 X 1 0 0 1 X 19214542 19214542 59639958 20662098 38977860 4764029 1575368 3188661 56235032 46205684 10029348 71410411 MEMBERS' SHARES 4473108802 4473108802 X PART IV, LINE 2B: TRADITIONAL ESCROW ACCOUNTS ON BORROWER MORTGAGES AS WELL AS AN ESCROW CHECKING ACCOUNT FOR EARNEST MONEY DEPOSITS FROM THE REAL ESTATE AGENCY SUBSIDIARY. PART X, LINE 2: THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2022 AND 2021. THE CREDIT UNION'S 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION. 1 JR ACHIEVEMENT 1801 LIBBIE AVE STE 203 RICHMOND VA 23226 540803325 22800 0 JA FINANCE PARK VOLUNTEER ROOM SPONSORSHIP YMCA GREATER RICHMOND 2 W FRANKLIN ST 2ND FL RICHMOND VA 23220 540505986 20875 0 ANNUAL CAMPAIGN VCU SCHOOL OF BUSINESS FOUNDATION 301 W MAIN ST RICHMOND VA 232844000 1000000 0 VACU FINANCIAL SUCCESS CENTER AT VCU NEXT UP CONTRIBUTION 3409 MOORE STREET RICHMOND VA 23230 8500 0 GENERAL SUPPORT GREATER RICHMOND PARTNERSHIP 800 E CANAL ST STE 925 RICHMOND VA 23219 541749303 10000 0 2022 -2023 SPONSOR FEEDMORE 1415 RHOADMILLER STREET RICHMOND VA 23220 541150923 11603 0 STRIKE OUT HUNGER CHILDRENS HOSPITAL BOX 980693 RICHMOND VA 23298 18500 0 LEMONAID SPONSOR VCU ATHLETICS FUND 111 N FOURTH STREET BOX 842039 RICHMOND VA 232192201 7500 0 A10 RECEPTION SPONSOR C-FIT COMMUNITY PO BOX 602 CHESTERFILED VA 23832 9250 0 YEAR 3 PLEDGE MAGGIE WALKER COM LAND TR 203 N ROBINSON STREET RICHMOND VA 23220 10000 0 GENERAL SUPPORT ALZHEIMERS ASSOCIATION 4600 COX RD 130 GLEN ALLEN VA 23060 10000 0 WALK TO END ALZHEIMERS SPONSOR UVA RECTOR & VISITORS PO BOX 400222 CHARLOTTESVILLE VA 22904 22010 0 VIRGINIA ATHLETIC FOUNDATION COMMUNITIES IN SCHOOLS 413 STUART CIR RICHMOND VA 23220 10000 0 ULTIMATE BACKPACK FREDERICKSBURG REGIONAL FOOD BANK 3631 LEE HILL DR FREDERICKSBURG VA 22408 6045 0 STRIKE OUT HUNGER SHALOM FARMS 1010 W LABURNUM AVENUE RICHMOND VA 23227 15000 0 GENERAL SUPPORT CMN HOSPITALS 205 WEST 700 SOUTH SALT LAKE CITY UT 84101 25000 0 GENERAL SUPPORT DEVELOPING MEN OF COLOR 907 FLOYD AVENUE RICHMOND VA 23284 7500 0 GENERAL SUPPORT TALENTED POWERED BY CUES 2601 CROSSROAD DR SUITE 105 MADISON WI 53718 10000 0 GENERAL SUPPORT PART I, LINE 2: THE ORGANIZATION CLOSELY MONITORS CONTRIBUTION RECIPIENTS TO AFFIRM THAT THEIR ACTIVITES ALIGN WITH VACU'S INTERESTS IN SUPPORTING VIRGINIA COMMUNITIES. X X 1 1 X X X X X 0 1 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 767704 0 250860 0 907454 0 256822 0 34106 0 2216946 0 873000 0 CHRISTOPHER N SANEDA SEVP/COO 556808 0 184091 0 358487 0 152800 0 30753 0 1282939 0 325000 0 STEPHANIE VICK EVP/CFO 456688 0 289641 0 26225 0 49681 0 20087 0 842322 0 0 0 LAURA STEVENS MORTGAGE LOAN OFFICER 612679 0 6667 0 0 0 44135 0 24163 0 687644 0 0 0 JOHN STONE EVP FIN SER/CUSO PRES 337674 0 184659 0 23039 0 41313 0 14297 0 600982 0 0 0 LEE DRANOFF EVP LENDING 332202 0 111244 0 44808 0 75428 0 30162 0 593844 0 0 0 MARYANN FATHEDDIN EVP HUMAN RESOURCES 348368 0 113039 0 26630 0 57057 0 13587 0 558681 0 0 0 MICHAEL NOBLE EVP CHIEF BUS BANKING OFFI 344833 0 109133 0 31151 0 40484 0 29162 0 554763 0 0 0 PART I, LINE 1A VACU POLICY IS TO PAY FOR THE TRAVEL EXPENSE FOR ONE COMPANION FOR BOARD MEMBERS ATTENDING OUT-OF-TOWN CONFERENCES OR MEETINGS IN ACKNOWLEDGMENT OF THE NUMBER OF HOURS THEY PUT IN SERVING THE CREDIT UNION. 9 DIRECTORS RECEIVED THIS BENEFIT IN 2022. CREDIT UNION SERVICE COMPANY OF VA LLC VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 271928 SHARED BRANCHING 0 PSCU VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 13534199 PLASTIC CARD PROCESSING SERVICES 0 PSCU VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 212295 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 11B 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. FORM 990, PART XI, LINE 9: NET CHANGE IN UNREALIZED GAIN ON DEFINED BENEFIT PENSION PLAN COSTS -10,417,248. VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC PO BOX 90010 RICHMOND VA 23225 204223173 FINANCIAL SERVICES VA 25783747 12580991 N/A VIRGINIA CU INSURANCE SERVICES LLC PO BOX 90010 RICHMOND VA 23225 260379385 INSURANCE AGENCY VA 299763 716409 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC VIRGINIA CU REALTY LLC PO BOX 90010 RICHMOND VA 23225 272826524 REAL ESTATE AGENCY VA 2205029 3177341 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC JOYNER FINE PROPERTIES LLC 2727 ENTERPRISE PARKWAY SUITE 200 HENRICO VA 23294 540933328 REAL ESTATE AGENCY VA 22646037 8207902 VIRGINIA CU REALTY LLC RVA REFERRAL LLC 2727 ENTERPRISE PARKWAY SUITE 200 HENRICO VA 23294 541934740 REAL ESTATE AGENCY VA JOYNER FINE PROPERTIES LLC VIRGINIA STATEWIDE TITLE SERVICES LLC 9211 FOREST HILL AVE RICHMOND VA 23235 020765781 TITLE SERVICE VA N/A C 1515267 232394 0.50000 0 1 0 1 0 0 1 0 0 0 1 1 1 1 1 1 1 1 1 1