2019-05-13T19:17:19-05:00 2018-12-31 410746749 CLIFTONLARSONALLEN LLP 20 E THOMAS RD STE 2300 PHOENIX AZ 85012 990 2018-01-01 741200165 VELOCITY CREDIT UNION VELO 5124697000 POST OFFICE BOX 1089 AUSTIN TX 787671089 LISA BACK CFO 5124697000 2019-05-13 1 MARY C GREEN P00447183 6022662248 67.137.57.251 2019-05-13 10:58:37 US P BDD94ABC06CE44B87E32B5EBD21962A8C355A7BE 60B77A11AD647D36801C5C9DB910492A7F4ED932 2018 2019-02-21 02:37:17Z LISA BACK POST OFFICE BOX 1089 AUSTIN TX 787671089 54291397 0 X WWW.VELOCITYCU.COM X 1947 TX TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS. 8 8 260 8 90117 -78929 0 0 47189170 47923882 2445761 3101219 0 1771961 49634931 52797062 0 0 0 3497000 14607177 15880275 0 0 0 39816135 22725888 54423312 42103163 -4788381 10693899 863230758 839665435 771449427 735926991 91781331 103738444 X 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. 0 0 VELOCITY CREDIT UNION PROVIDES LOANS TO MEMBERS AT LOWER INTEREST RATES, ACCEPTS DEPOSITS, AND PAYS HIGHER DIVIDEND RATES.2018: 1) 39,530 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $643MM 2) ORIGINATED 10,123 LOANS IN 2018 WITH A BALANCE OF $265MM, AND 3) SERVICED 87,899 MEMBERS WITH DEPOSITS OF $703MM. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 16059 0 260 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X LISA BACK 5124697000 610 E 11TH STREET AUSTIN TX 78701 JAMES CHAPMAN CHAIRPERSON 2.00 X X 23725 0 0 KASHA BARTHOLOMEW 1ST VICE CHAIR 2.00 X X 2734 0 0 THOMAS MATTHEWS 2ND VICE CHAIR 2.00 X X 5239 0 0 JOHN CHOMOUT SECRETARY/TREASURER 2.00 X X 6563 0 0 MARY PAREDES DIRECTOR 2.00 X 4301 0 0 JOHN ROSS DIRECTOR 2.00 X 2168 0 0 CARL LYNCH DIRECTOR 2.00 X 3248 0 0 XAVIER ZARATE DIRECTOR 2.00 X 1668 0 0 DEBBIE MITCHELL PRESIDENT/CEO 40.00 X 528488 0 252726 LISA BACK CFO 40.00 X 328450 0 17210 JACK JORDAN COO 40.00 X 326871 0 28122 CHERI HALL SR. VICE-PRES. HUMAN RESOU 40.00 X 199646 0 14797 CAROL CAIN SR. VICE-PRES. MARKETING 40.00 X 200451 0 14351 DANIEL PENBERG SR. VP IT 40.00 X 200209 0 21510 FELIX GONZALEZ SR. VP LENDING 40.00 X 202986 0 31073 STEVE LANGEHENNIG VP ACCOUNTING 40.00 X 175477 0 20549 2212224 0 400338 14 0 1 0 FIS PO BOX 4535 CAROL STREAM IL 60197 CARD SERVICES VENDOR 2160170 MASTERCARD PO BOX 31279 TAMPA FL 33631 CARD ISSUER 1224125 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 ONLINE BANKING SOFTWARE 838977 MAXWELL DODGE PO BOX 203685 AUSTIN TX 78720 INDIRECT AUTO DEALER 671014 AMERICAN EXPRESS PO BOX 650448 DALLAS TX 752650448 CREDIT CARD PROCESSOR 496126 26 LOAN INTEREST 522100 33709576 33709576 FEE INCOME 522100 12841519 12841519 OTHER OPERATING INCOME 522100 1282670 1282670 NON MEMBER ATM FEE INCOME 522100 90117 90117 47923882 3101219 3101219 2536899 1494335 1042564 1042564 1042564 LIFE INSURANCE PROCEEDS 900099 729397 729397 729397 52797062 47833765 90117 4873180 3497000 1315217 10695445 1505505 1504502 859606 209031 124120 1375777 830455 3454937 1106941 193616 1193328 787766 154116 PROVISION FOR LOSSES 8112388 MEMBER DEMAND DEPOSIT S 3375776 LOAN SERVICING 1384976 ASSOCIATION DUES 139259 283402 42103163 6180755 5320784 109027090 81223875 946701 447501 3205033 3276826 638447985 627059555 1005576 1382731 52252546 9293716 12197774 42958830 63241567 47585251 28978277 30410082 863230758 839665435 4781937 5402815 457747 376487 65000000 27000000 701209743 703147689 771449427 735926991 X 0 0 0 0 91781331 103738444 91781331 103738444 863230758 839665435 X 10693899 -703955 1967169 X X 0 0 0 10652175 10652175 34253084 2886325 31366759 568923 568923 0 6778364 5838468 939896 42958830 FEDERAL HOME LOAN BANK STOCK 4199800 C AFS OTHER SECURITIES, NET 43385451 C 47585251 REGULAR SHARES 205513736 SHARE DRAFTS 173217354 MONEY MARKET SHARE DRAFTS 150992009 IRA ACCOUNTS 40660519 SHARE CERTIFICATES 127790651 OTHER SHARES 4973420 703147689 X X 1 1 X X 0 1 0 DEBBIE MITCHELL PRESIDENT/CEO 388124 0 127000 0 13364 0 241796 0 10930 0 781214 0 0 0 LISA BACK CFO 256889 0 63761 0 7800 0 8754 0 8456 0 345660 0 0 0 JACK JORDAN COO 255310 0 63761 0 7800 0 9773 0 18349 0 354993 0 0 0 CHERI HALL SR. VICE-PRES. HUMAN RESOU 160028 0 39618 0 0 0 6190 0 8607 0 214443 0 0 0 CAROL CAIN SR. VICE-PRES. MARKETING 160833 0 39618 0 0 0 5946 0 8405 0 214802 0 0 0 DANIEL PENBERG SR. VP IT 161262 0 38947 0 0 0 6210 0 15300 0 221719 0 0 0 FELIX GONZALEZ SR. VP LENDING 176460 0 26526 0 0 0 7044 0 24029 0 234059 0 0 0 STEVE LANGEHENNIG VP ACCOUNTING 146247 0 29230 0 0 0 5489 0 15060 0 196026 0 0 0 PART I, LINE 4B DEBORAH MITCHELL PARTICIPATES IN A 457(F) SERP PLAN. THE 2018 ACCRUAL WAS $230,796 AND INCLUDED IN COLUMN C ON PART II OF SCHEDULE J. LISA BACK AND JACK JORDAN PARTICIPATE IN A LOAN REGIME SPLIT DOLLAR LIFE INSURANCE AGREEMENT. THE CREDIT UNION DEPOSITED FUNDS INTO A LIFE INSURANCE POLICY ON THE PARTICIPANT'S LIFE. DURING LIFE, AND SUBJECT TO THE POLICY GENERATING SUFFICIENT VALUES, THE PARTICIPANT CAN BORROW FROM THE POLICY. AT DEATH, THE ORGANIZATION RECOVERS ITS PREMIUMS PLUS INTEREST PLUS ADDITIONAL KEY-PERSON INSURANCE PROCEEDS. LISA BACK CHIEF FINANCIAL OFFICER SPLIT DOLLAR LIFE INSURANCE X 1400000 1479857 0 1 1 JACK JORDON CHIEF OPERATING OFFICER SPLIT DOLLAR LIFE INSURANCE X 1700000 1796969 0 1 1 3276826 SCHEDULE L, PART II, LOANS TO AND/OR FROM INTERESTED PERSONS: ADDITIONAL INFORMATION ON SPLIT DOLLAR LOANS: THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT THE IRS REFERS TO AS "COLLATERAL ASSIGNMENT SPLIT DOLLAR" (CASD). ALTHOUGH THE IRS REQUIRES REPORTING IN PART II ABOVE, FOR LOANS TO INTERESTED PERSONS, CASD IS NOT AN ACTUAL LOAN. THERE IS NEITHER A TRANSFER OF FUNDS TO THE PARTICIPANT NOR AN OBLIGATION FOR THE PARTICIPANT TO PAY THOSE FUNDS BACK. INSTEAD, THE CREDIT UNION RECOVERS ITS OUTLAYS PLUS INTEREST FROM THE UNDERLYING POLICY. THE RECOVER RIGHT IS A KEY ADVANTAGE OF CASD. WITH TRADITIONAL DEFERRED COMPENSATION, THE CREDIT UNION PAYS THE BENEFIT FROM CORPORATE ASSETS. WITH CASD, THE CREDIT UNION DEPOSITS DOLLARS DIRECTLY INTO A LIFE INSURANCE POLICY WITH THE CREDIT UNION HOLDING THE LIEN ON THE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES AND SUBJECT TO VESTING REQUIREMENTS, THE PARTICIPANT MAY BORROW FROM THE CASH VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. BORROWING IS CAREFULLY MONITORED AND LIMITED TO ASSURE THAT THE POLICY WILL REMAIN IN EFFECT UNTIL THE PARTICIPANTS DEATH AND WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO REPLY THE CREDIT UNION'S OUTLAY PLUS INTEREST. ANY REMAINING DEATH PROCEEDS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE EXECUTIVE'S BENEFICIARY AS AGREED UP BY THE PARTIES. FORM 990, PART VI, SECTION A, LINE 6 PARTICIPATION IN THIS CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF A COMMUNITY CHARTER; PERSONS WHO LIVE, WORK, WORSHIP, ATTEND SCHOOL IN, AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED IN BASTROP, CALDWELL, HAYS, WILLIAMSON, OR TRAVIS COUNTIES, TEXAS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS MUST BE APPROVED BY THE MEMBERSHIP. FOR EXAMPLE, THE MEMBERSHIP MUST VOTE ON 1) CHARTER CONVERSIONS (STATE TO FEDERAL AND/OR CONVERSION FROM A CREDIT UNION TO A BANK); 2) CHANGES IN DEPOSIT INSURANCE; 3) BOARD ELECTIONS WHEN THERE IS MORE THAN ONE CANDIDATE PRESENTED FOR EACH POSITION; 4) MERGERS WHEN THE CU WOULD BE THE ACQUIRED CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND CFO WILL REVIEW THE FORM 990 WITH THE BOARD OF DIRECTORS PRIOR TO FILING THE RETURN. THE REVIEW WILL BE DOCUMENTED IN THE MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS SIGN AN OATH OF OFFICE WHEN ELECTED OR RE-ELECTED TO OFFICE WHICH ADDRESSES CONFLICTS OF INTEREST. IN ADDITION, ALL DIRECTORS AND EMPLOYEES ARE REQUIRED TO REVIEW AND SIGN OUR CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS IN ORDER TO ENSURE THEY ARE AWARE OF THEIR RESPONSIBILITIES REGARDING DISCLOSURE. THE CONFLICT OF INTEREST POLICY REQUIRES DISCLOSURE OF ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 IN ORDER TO DETERMINE THE CEO'S SALARY, THE BOARD OF DIRECTORS WILL REVIEW COMPENSATION DATA PROVIDED BY THE SR. VP OF HUMAN RESOURCES AND OBTAINED FROM CUNA (CREDIT UNION NATIONAL ASSOCIATION), CUES (CREDIT UNION EXECUTIVES SOCIETY), CORNERSTONE CREDIT UNION LEAGUE, COMPEASE SALARY ADMINISTRATION AND OTHER VARIOUS SOURCES AS AVAILABLE AT LEAST EVERY OTHER YEAR. THE SALARY IS SET BASED UPON A REVIEW OF WHAT CREDIT UNION CEO'S IN THE ORGANIZATION'S REGION, AND ACROSS THE COUNTRY, WITH SIMILAR ASSET SIZE WERE PAID IN THE PREVIOUS YEAR. THE BOARD OF DIRECTORS ALSO COMPARES THE CEO'S SALARY WITH THE CURRENT PARAMETERS SET WITHIN OUR SALARY ADMINISTRATION GUIDELINES. THE COMPENSATION DECISION IS DOCUMENTD IN THE BOARD MINUTES AS WELL AS THE PERSONNEL FILE. TO DETERMINE KEY EMPLOYEES' SALARIES, THE CEO IN CONJUNCTION WITH THE SR. VP OF HUMAN RESOURCES, UTILIZE THE COMPEASE SALARY ADMINISTRATION PROGRAM. FORM 990, PART VI, SECTION C, LINE 19 UNAUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE BY POSTING AT EACH BRANCH. THE ANNUAL REPORT IS PROVIDED TO ALL MEMBERS AT THE CREDIT UNION'S ANNUAL MEETING AND UPON REQUEST THROUGHOUT THE YEAR. THE ANNUAL REPORT IS ALSO AVAILABLE ON THE ORGANIZATION'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY WOULD BE RELEASED TO MEMBERS UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN PRIOR SERVICE COST RESERVE ACCOUNT 1,967,169. FORM 990, PART XII, QUESTION 2B: THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED BY AN INDEPENDENT ACCOUNTANT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2018. THE ORGANIZATION DID NOT OBTAIN AUDITED FINANCIAL STATEMENTS FOR THE TAX YEAR. VELOCITY RE HOLDINGS LLC 610 E 11TH ST AUSTIN TX 787012621 825470280 HOLDS PROPERTY TX 2536899 32770542 VELOCITY CREDIT UNION