2022-11-15T06:58:18-06:00 2021-12-31 541631262 KEITER STEPHENS HURST GARY & SHREAVES 4401 DOMINION BLVD GLEN ALLEN VA 23060 990 2021-01-01 540578719 VIRGINIA CREDIT UNION INC VIRG 8043236000 PO BOX 90010 RICHMOND VA 23225 STEPHANIE N VICK EVP/CFO 8043236000 2022-11-15 1 STEPHANIE VICK XXX-XX-XXXX VIRGINIA R BELCHER P00421964 8047470000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z CHRISTOPHER M SHOCKLEY PO BOX 90010 RICHMOND VA 23225 847300209 0 X WWW.VACU.ORG X 1928 VA STATE CHARTERED CREDIT UNION 11 11 907 20 33803328 316823 0 0 228723869 228504977 50562437 34584002 0 0 279286306 263088979 1191000 1177898 0 0 108992144 115237200 0 0 0 139198254 96024429 249381398 212439527 29904908 50649452 4532757612 4993101039 4115236218 4540778043 417521394 452322996 X TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS. 0 0 THERE'S NEVER BEEN A BETTER TIME TO BE A MEMBER OF VIRGINIA CREDIT UNION. AS THE CORONAVIRUS PANDEMIC STRETCHED INTO ITS SECOND YEAR, VIRGINIA CREDIT UNION PROVED AGAIN AND AGAIN ITS VALUE TO MEMBERS. DESPITE AREAS OF CONTINUED UNCERTAINTY IN THE ECONOMY, THE CREDIT UNION'S STRONG FINANCIAL POSITION ENABLED VACU TO RETURN REAL VALUE TO ITS MEMBERS. THE BENEFITS OF MEMBERSHIP WERE SPREAD ACROSS MANY PRODUCTS AND SERVICES, HELPING ALL TYPES OF MEMBERS. VACU MADE OVER $800 MILLION IN HOME LOANS TO MEMBERS, A NEAR RECORD. MEMBERS RECEIVED 90,000 NEW CREDIT CARDS AND 200,000 NEW DEBIT CARDS WITH CONTACTLESS FEATURES, OFFERING ENHANCED SECURITY AND CONVENIENCE. VACU CREDIT CARD HOLDERS WERE REWARDED WITH APPROXIMATELY $4.5 MILLION IN STATEMENT CREDITS BASED ON THEIR SPENDING OR TRANSFERRING A BALANCE FROM ANOTHER CARD TO VACU IN THE FINAL TWO MONTHS OF 2021. MEMBERS EARNED MORE THE $17.7 MILLION IN DIVIDENDS ON SAVINGS ACCOUNTS, CHECKING ACCOUNTS, CERTIFICATES, AND OTHER DEPOSITS. VACU PROVIDED MORE THAT 1,100 LOAN EXTENSIONS TO MEMBERS AFFECTED BY THE PANDEMIC-CAUSED BY JOB LOSS, FAMILY INCOME LOSS, ILLNESS OR OTHER FACTORS. THE FINANCIAL SUCCESS CENTER OF VACU HAD OVER 7,300 STUDENTS, FACULTY, AND STAFF TAKE ONLINE CLASS OR PARTICIPATE IN FINANCIAL COACHING. THAT IS A 229% INCREASE OVER THE PREVIOUS SCHOOL YEAR. AN IMPORTANT CONSTANT OF VIRGINIA CREDIT UNION IS HELPING MEMBERS BECOME EMPOWERED THROUGH DEEPER FINANCIAL KNOWLEDGE. THIS YEAR VACU HOSTED ITS FIRST-EVER FINANCIAL SUCCESS FOR WOMEN SERIES, AN ONLINE EDUCATIONAL EXPERIENCE THAT BROKE NEW GROUND WITH ITS FORMAT AND DELIVERY, AND SHOWED MEASURABLE GAINS IN KNOWLEDGE AMONG ITS PARTICIPANTS. 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 1 0 1 0 0 0 0 0 1 0 0 0 0 1 1 0 0 1 124403 0 1 907 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 2051 0 0 JOHN T GRIER DIRECTOR 5.00 X 665 0 0 PATRICIA GREEN DIRECTOR 5.00 X 2061 0 0 BRIAN K JACKSON DIRECTOR 5.00 X 1320 0 0 TRACY MCCABE DIRECTOR 5.00 X 665 0 0 DEMERST B SMIT DIRECTOR 5.00 X 1933 0 0 ERIC B TOLBERT DIRECTOR 5.00 X 665 0 0 ROBERT BOLLING DIRECTOR 5.00 X 1917 0 0 KENNETH E AMPY DIRECTOR/SECRETARY TREASURER 5.00 X X 2396 0 0 ROB JONES DIRECTOR/BOARD CHAIR 10.00 X X 2282 0 0 PAUL THOMPSON DIRECTOR 5.00 X 1731 0 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 60.00 X 1028992 0 259335 STEPHANIE VICK EVP/CFO 55.00 X 575911 0 63943 CHRISTOPHER N SANEDA SEVP/COO 55.00 X 1059452 0 154037 LAURA STEVENS MORTGAGE LOAN OFFICER 70.00 X 928095 0 58166 MARYANN FATHEDDIN EVP HUMAN RESOURCES 55.00 X 464866 0 67368 JOHN STONE EVP FIN SER/CUSO PRES 55.00 X 464052 0 51220 MICHAEL NOBLE EVP CHIEF BUS BANKING OFFICER 55.00 X 523501 0 66645 LEE DRANOFF EVP LENDING 55.00 X 493330 0 124364 5555885 0 845078 173 0 1 0 ELEVATION LLC 9 WEST MAIN ST RICHMOND VA 23220 ADVERTISING 1976382 SYCOM TECHNOLOGIES LLC PO BOX 79613 BALTIMORE MD 21279 INFORMATION TECHNOLOGY 1511440 EPLUS TECHNOLOGY PO BOX 404398 ATLANTA GA 303844398 INFORMATION TECHNOLOGY 1312487 PRESIDO NETWORKED SOLUTIONS 7601 ORA GLEN DRIVE SUITE 100 GREENBELT MD 20770 INFORMATION TECHNOLOGY 1107922 FIS PO BOX 18012 ASHBURN VA 20146 INFORMATION TECHNOLOGY 725527 16 INTEREST ON LOANS 522291 140253924 140253924 OTHER OPERATING INCOME 522100 59927978 27220834 32707144 FEE INCOME 522100 28323075 28323075 228504977 15594283 1096184 14498099 208338 602992611 0 584211230 208338 18781381 18989719 18989719 263088979 195797833 33803328 33487818 1177898 3509354 88853489 9495807 9073597 4304953 1069573 676194 113317 7416084 10083767 8639883 4425799 347791 223095 23151973 5464552 357687 LOAN SERVICING 20231583 ATM, DEBIT, HOMEBANKING 15525283 OTHER MISCELLANEOUS EXP 3928622 PROVISION FOR LOAN LOSS -5630774 212439527 34164942 266824337 9194179 8074032 2750330266 2741199716 7667720 6958766 133175605 64732856 67281925 68442749 1539613213 1743933376 14943950 9586350 109561417 148081713 4532757612 4993101039 60163344 59532763 5098746 4930108 261765618 182503132 3788208510 4293812040 4115236218 4540778043 X 0 0 0 0 417521394 452322996 417521394 452322996 4532757612 4993101039 X 50649452 -21569947 5722097 X 0 1 X 1 0 20000 PART I-A, LINE 1: PAC CONTRIBUTION 0 1 X 19214542 19214542 59652130 19227574 40424556 3160217 2200780 959437 51148716 43304502 7844214 68442749 MEMBERS' SHARES 4293812040 4293812040 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, 2021 AND 2020. THE CREDIT UNION'S 2018 THROUGH 2020 TAX YEARS ARE OPEN FOR EXAMINATION. 1 JR ACHIEVEMENT 1801 LIBBIE AVE STE 203 RICHMOND VA 23226 540803325 7500 0 JA FINANCE PARK VOLUNTEER ROOM SPONSORSHIP VA COUNCIL ON ECONOMIC EDUCATION 301 W MAIN ST RICHMOND VA 232844000 237087052 40500 0 GENERAL SUPPORT YMCA GREATER RICHMOND 2 W FRANKLIN ST 2ND FL RICHMOND VA 23220 540505986 12500 0 ANNUAL CAMPAIGN LONGWOOD UNIVERSITY 201 HIGH ST FARMVILLE VA 23909 7500 0 PERSONAL FINANCE SPONSOR VCU SCHOOL OF BUSINESS FOUNDATION 301 W MAIN ST RICHMOND VA 232844000 1000000 0 VACU FINANCIAL SUCCESS CENTER AT VCU VCU FOUNDATION 301 W MAIN ST RICHMOND VA 232844000 7500 0 MEN OF COLOR AND SCHOLARSHIP FUND NEXT UP CONTRIBUTION 3409 MOORE STREET RICHMOND VA 23230 7500 0 GENERAL SUPPORT GREATER RICHMOND PARTNERSHIP 800 E CANAL ST STE 925 RICHMOND VA 23219 541749303 7500 0 2021 -2022 SPONSOR FEEDMORE 1415 RHOADMILLER STREET RICHMOND VA 23220 541150923 5490 0 STRIKE OUT HUNGER CHILDRENS HOSPITAL BOX 980693 RICHMOND VA 23298 25000 0 GENERAL SUPPORT VCU ATHLETICS FUND 111 N FOURTH STREET BOX 842039 RICHMOND VA 232192201 19444 0 GENERAL SUPPORT 11 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 X 1 1 X X X X X 0 1 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 727987 0 234995 0 66010 0 226077 0 33258 0 1288327 0 0 0 CHRISTOPHER N SANEDA SEVP/COO 521609 0 157426 0 380417 0 123584 0 30453 0 1213489 0 350000 0 LAURA STEVENS MORTGAGE LOAN OFFICER 894612 0 33333 0 150 0 38057 0 20109 0 986261 0 0 0 STEPHANIE VICK EVP/CFO 428326 0 125291 0 22294 0 44343 0 19600 0 639854 0 0 0 LEE DRANOFF EVP LENDING 311308 0 137683 0 44339 0 94902 0 29462 0 617694 0 0 0 MICHAEL NOBLE EVP CHIEF BUS BANKING OFFICER 308018 0 181303 0 34180 0 38183 0 28462 0 590146 0 0 0 MARYANN FATHEDDIN EVP HUMAN RESOURCES 326231 0 92358 0 46277 0 50337 0 17031 0 532234 0 0 0 JOHN STONE EVP FIN SER/CUSO PRES 308050 0 134450 0 21552 0 37270 0 13950 0 515272 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. 8 DIRECTORS RECEIVED THIS BENEFIT IN 2021. VACU PAYS A MONTHLY STIPEND TOWARDS CLUB DUES TO ONE COMMERCIAL LENDING EXECUTIVE. CREDIT UNION SERVICE COMPANY OF VA LLC VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 286128 SHARED BRANCHING 0 PSCU VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 12668177 PLASTIC CARD PROCESSING SERVICES 0 PSCU VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 385498 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 5,722,097. VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC PO BOX 90010 RICHMOND VA 23225 204223173 FINANCIAL SERVICES VA 33138895 8823107 N/A VIRGINIA CU INSURANCE SERVICES LLC PO BOX 90010 RICHMOND VA 23225 260379385 INSURANCE AGENCY VA 259387 606413 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC VIRGINIA CU REALTY LLC PO BOX 90010 RICHMOND VA 23225 272826524 REAL ESTATE AGENCY VA 3666887 3588573 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC JOYNER FINE PROPERTIES LLC 2727 ENTERPRISE PARKWAY SUITE 200 HENRICO VA 23294 540933328 REAL ESTATE AGENCY VA 28132437 2555316 VIRGINIA CU REALTY LLC RVA REFERRAL LLC 2727 ENTERPRISE PARKWAY SUITE 200 HENRICO VA 23294 541934740 REAL ESTATE AGENCY VA JOYNER FINE PROPERTIES LLC JOYNER FOUNDATION 2727 ENTERPRISE PARKWAY RICHMOND VA 23294 CHARITABLE VA 509(A)2 LINE 10 JOYNER FOUNDATION 0 VIRGINIA STATEWIDE TITLE SERVICES LLC 9211 FOREST HILL AVE RICHMOND VA 23235 020765781 TITLE SERIVCE VA N/A C 2490376 487167 0.50000 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0