VALLEYSTAR CREDIT UNION: Form 990, tax year 2017
View the entire original 990 at ProPublica ↗
- Organization
- VALLEYSTAR CREDIT UNION (EIN 54-6040482)
- Tax period
- 2017-01-01 to 2017-12-31
- Filed
- 2018-05-14
- IRS object ID
- 201831349349304133
- Schema version
- 2017v2.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2018-05-14T14:20:24-05:00 | ReturnTs |
| Tax Period End | 2017-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 540504608 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BROWN EDWARDS & COMPANY LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2102 LANGHORNE ROAD SUITE 200 | AddressLine1Txt |
| City | LYNCHBURG | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 245011121 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2017-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 546040482 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MARTINSVILLE DUPONT CREDIT UNION | BusinessNameLine1Txt |
| Business Name Line2 | DBA VALLEYSTAR CREDIT UNION | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | MART | BusinessNameControlTxt |
| Phone | 2766321679 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | P O BOX 5511 | AddressLine1Txt |
| City | MARTINSVILLE | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24115 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | DELBERT LEE MORGAN | PersonNm |
| Person Title | PRESIDENT AND CEO | PersonTitleTxt |
| Phone | 2766321679 | PhoneNum |
| Signature | 2018-05-14 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | SUSAN ACKLEY | PreparerPersonNm |
| PTIN | P00025524 | PTIN |
| Phone | 4349489000 | PhoneNum |
| Preparation | 2018-05-01 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2017 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | DELBERT LEE MORGAN | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | P O BOX 5511 | AddressLine1Txt |
| City | MARTINSVILLE | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24115 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $16,263,077 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.VALLEYSTAR.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1953 | FormationYr |
| Legal Domicile State | VA | LegalDomicileStateCd |
| Activity Or Mission | MARTINSVILLE DUPONT CREDIT UNION'S (DBA VALLEYSTAR CREDIT UNION) PRIMARY EXEMPT PURPOSE IS TO RETURN EXCESS EARNINGS TO ALL ITS MEMBERS IN THE FORM OF BETTER DEPOSIT/LOAN RATES AND LOWER FEES. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 103 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $76,019 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | -$6,625 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $8,939,513 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $10,425,345 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,147,611 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,509,384 | CYInvestmentIncomeAmt |
| PY Other Revenue | $4,441,468 | PYOtherRevenueAmt |
| CY Other Revenue | $4,158,543 | CYOtherRevenueAmt |
| PY Total Revenue | $14,528,592 | PYTotalRevenueAmt |
| CY Total Revenue | $16,093,272 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $5,641,805 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $6,148,706 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $7,293,368 | PYOtherExpensesAmt |
| CY Other Expenses | $7,942,982 | CYOtherExpensesAmt |
| PY Total Expenses | $12,935,173 | PYTotalExpensesAmt |
| CY Total Expenses | $14,091,688 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $1,593,419 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $2,001,584 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $291,415,246 | TotalAssetsBOYAmt |
| Total Assets EOY | $321,507,233 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $248,281,332 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $276,342,035 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $43,133,914 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $45,165,198 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | MARTINSVILLE DUPONT CREDIT UNION'S (DBA VALLEYSTAR CREDIT UNION) PRIMARY EXEMPT PURPOSE IS TO RETURN EXCESS EARNINGS TO ALL ITS MEMBERS IN THE FORM OF BETTER DEPOSIT/LOAN RATES AND LOWER FEES. VALLEYSTAR CREDIT UNION IS A MEMBER-OWNED FINANCIAL COOPERATIVE WHERE ALL MEMBERS BENEFIT EQUALLY, ALL MEMBERS HAVE AN EQUAL VOTE, AND ALL DIRECTORS AND OFFICIALS SERVE AS VOLUNTEERS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | PROGRAM SERVICE ACCOMPLISHMENTS INCLUDE LESS EXPENSIVE LOAN PRODUCTS RELATIVE TO OTHER FINANCIAL INSTITUTIONS, HIGHER DEPOSIT ACCOUNT RATES, LOWER FEES, STRONG COMMUNITY INVOLVEMENT BY VOLUNTEERS AND EMPLOYEES, AND FINANCIAL EDUCATION. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Temp Or Permanent Endowments | 0 | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | 0 | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 6405 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 103 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Form8899 Filedind | 0 | Form8899Filedind |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | 0 | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | 0 | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | 0 | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | VA | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE ORGANIZATION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2766321679 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | P O BOX 5511 | AddressLine1Txt |
| City | MARTINSVILLE | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24115 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (21 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd |
|---|---|---|---|---|---|---|
| DAVID L DEAL | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| MICHAEL B BRYANT | ||||||
| SUPERVISORY COMMITTEE- CHAIR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| TERRY A YOUNG | ||||||
| SUPERVISORY COMMITTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |
| GREGORY W HILL | ||||||
| DIR. & LEGIS REP. | 1.00 | Yes (X) | $0 | $0 | $0 | |
| NORMAN W HILL | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| G STEVE ISLEY | ||||||
| DIRECTOR & TREASURER | 1.00 | Yes (X) | $0 | $0 | $0 | |
| JASON VIPPERMAN | ||||||
| SUPERVISORY COMMITTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |
| DOUGLAS W NUNN | ||||||
| VICE-CHAIRMAN & DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| NANCY S PHILLIPS | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| BETTY JO RAY | ||||||
| DIRECTOR & SECRETARY | 1.00 | Yes (X) | $0 | $0 | $0 | |
| JAMES B RORRER | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| RICHARD L WOOD | ||||||
| CHAIRMAN-DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| DELBERT LEE MORGAN | ||||||
| PRESIDENT/CEO | 40.00 | $283,391 | $0 | $43,203 | Yes (X) | |
| WES G GORDON JR | ||||||
| CFO | 40.00 | $129,950 | $0 | $26,503 | Yes (X) | |
| KEVIN B LAINE | ||||||
| VP OF FACILITIES | 40.00 | $97,302 | $0 | $16,621 | Yes (X) | |
| CATHY P JOHNSON | ||||||
| VP OF RETAIL | 40.00 | $110,428 | $0 | $15,640 | Yes (X) | |
| ROBERT SPARROW | ||||||
| VP ADMINISTRATION | 40.00 | $95,107 | $0 | $15,134 | Yes (X) | |
| TANYA F JONES | ||||||
| VP OF LENDING | 40.00 | $102,874 | $0 | $14,979 | Yes (X) | |
| WILLIAM A REYNOLDS | ||||||
| VP ACCOUNTING | 40.00 | $86,162 | $0 | $13,901 | Yes (X) | |
| GLORIA D CAULEY | ||||||
| VP BRAND | 40.00 | $87,383 | $0 | $17,908 | Yes (X) | |
| WESLEY D WILLIAMS | ||||||
| VP IT | 40.00 | $86,000 | $0 | $17,790 | Yes (X) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,078,597 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $181,679 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 4 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (2 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FRITH CONSTRUCTION COMPANY | |||||
| P O BOX 5028 | MARTINSVILLE | VA | 24115 | CONSTUCTION - ROANOKE PROJECT | $1,986,950 |
| LANTZ CONSTRUCTION COMPANY | |||||
| 539 SOUTH MAIN STREET | BROADWAY | VA | 22815 | CONSTRUCTION - WAYNESBORO PROJECT | $482,979 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 2 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | LOAN INTEREST | Desc |
| Business | 525990 | BusinessCd |
| Total Revenue Column | $10,425,345 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $10,425,345 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $10,425,345 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,679,189 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $1,679,189 | RelatedOrExemptFuncIncomeAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $169,805 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$169,805 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$169,805 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$169,805 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| OTHER FEES | 525990 | $2,594,023 | $2,594,023 | |
| OVERDRAFT PRIVILEGES AND OTHER FE | 525990 | $1,488,501 | $1,488,501 | |
| NONMEMBER ATM TRANSACTIONS | 525990 | $76,019 | $76,019 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $4,158,543 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $16,093,272 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $16,017,253 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $76,019 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,078,597 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,441,140 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $393,124 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $901,286 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $334,559 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $39,692 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $129,988 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $22,919 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $262,487 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $63,064 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $244,876 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $120,686 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,481,648 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $532,143 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $47,475 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOAN LOSS | $1,249,963 |
| SOFTWARE MAINTENANCE | $421,289 |
| INDIRECT CONTRACT EXPEN | $362,141 |
| VISA CHECK CARD EXPENSE | $358,372 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,606,239 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,091,688 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,754,280 | BOYAmt |
| EOY | $13,642,758 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $173,146,971 | BOYAmt |
| EOY | $196,054,295 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $694,292 | BOYAmt |
| EOY | $240,927 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $16,114,214 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $4,903,357 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,976,214 | BOYAmt |
| EOY | $11,210,857 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $93,294,511 | BOYAmt |
| EOY | $94,433,871 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,548,978 | BOYAmt |
| EOY | $5,924,525 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $291,415,246 | BOYAmt |
| EOY | $321,507,233 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,043,519 | BOYAmt |
| EOY | $1,276,053 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $247,237,813 | BOYAmt |
| EOY | $275,065,982 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $248,281,332 | BOYAmt |
| EOY | $276,342,035 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $43,133,914 | BOYAmt |
| EOY | $45,165,198 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $43,133,914 | BOYAmt |
| EOY | $45,165,198 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $291,415,246 | BOYAmt |
| EOY | $321,507,233 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $2,001,584 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | $29,700 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,780,288 | OtherCostOrOtherBasisAmt |
| Book Value | $2,780,288 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $8,820,370 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,862,603 | DepreciationAmt |
| Book Value | $6,957,767 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,513,556 | OtherCostOrOtherBasisAmt |
| Depreciation | $3,040,754 | DepreciationAmt |
| Book Value | $1,472,802 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $11,210,857 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (3 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| SAVINGS & LOAN INVESTMENTS | $22,430,260 | C |
| FEDERAL AGENCY SECURITIES | $71,838,867 | C |
| OTHER INVESTMENTS-LONG TERM | $164,744 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $94,433,871 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBERS' SHARE AND SAVINGS ACCOUNTS | $274,844,366 |
| POST RETIREMENT BENEFITS | $221,616 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $275,065,982 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $16,263,627 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $16,263,627 | RevenueSubtotalAmt |
| Other Revenues Not Included | -$170,355 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | -$170,355 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $16,093,272 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $14,262,043 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $170,355 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $170,355 | ExpensesNotReportedAmt |
| Expenses Subtotal | $14,091,688 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $14,091,688 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART X, LINE 2: | THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN 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. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELASES TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). 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 FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2016,2015, AND 2014 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: | NET REALIZED LOSS ON SALE OF ASSETS |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | NET REALIZED LOSS ON SALE OF ASSETS |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DELBERT LEE MORGAN | ||||||||||||||
| PRESIDENT/CEO | $283,391 | $0 | $0 | $0 | $0 | $0 | $17,003 | $0 | $26,200 | $0 | $326,594 | $0 | $0 | $0 |
| WES G GORDON JR | ||||||||||||||
| CFO | $129,950 | $0 | $0 | $0 | $0 | $0 | $7,797 | $0 | $18,706 | $0 | $156,453 | $0 | $0 | $0 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (6 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION B, LINE 11B | THE BOD PERSONNEL COMMITTEE WILL REVIEW THE COMPLETED 990 FORM AND REPORT TO THE BOARD. |
| FORM 990, PART VI, SECTION B, LINE 12C | ON-GOING TRAINING; ON-GOING HANDBOOK REVIEWS |
| FORM 990, PART VI, SECTION C, LINE 19 | PER THE VIRGINIA CODE, VALLEYSTAR CREDIT UNION IS NOT REQUIRED TO DISCLOSE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS TO THE PUBLIC. |
| FORM 990, PART IX, LINE 24E | VISA PROGRAM EXPENSES 261,422. TRAINING/EDUCATION 205,582. TELEPHONE 165,798. POSTAGE 158,107. OTHER LOSSES 147,983. ATM EXPENSES 126,819. MISCELLANEOUS OPERATING EXPENSES 117,849. CREDIT REPORTS 117,335. MAINTENANCE 106,148. STATIONERY AND SUPPLIES 102,441. LOAN PROFESSIONAL 100,052. COLLECTION EXPENSES 99,253. TRADE SHOWS 85,062. LOAN FORMS AND GUIDES 63,490. BANK CHARGES 63,204. SUPRV/EXAM FEE 62,689. STATEMENT PREP 58,747. CHECKFREE BILL PAY FEES 58,451. CORP AND PALMETTO BILLINGS 52,287. JANITORIAL 46,980. DUES AND MEMBERSHIPS 43,522. PAYROLL SERVICE 32,660. BUSINESS CONTINUITY 31,948. DESIGN 30,315. TAXES 28,510. PACKAGE OF PROTECTION 25,294. ANNUAL PLANNING SESSION 24,968. MILEAGE REIMBURSEMENT 24,332. FIDELITY BOND 18,019. MORTGAGE LOAN EXPENSES 17,937. VISA GOLD PROGRAM EXPENSES 15,992. VULNERABILITY ASSESSMENT 14,649. HARDWARE MAINTENANCE 14,085. DRAFT CHARGES 14,077. BROKER COMMISSIONS 11,418. CHEXSYSTEMS 9,864. NEWSLETTER 8,974. BRANCH EXPERIENCE/TECHNOLOGY 8,871. INTERNET RELATED EXPENSE 8,848. IRA EXPENSES 8,635. PERIODICALS 5,443. ANNUAL MEETING 4,138. PROFITSTAR SERVICE BUREAU 4,041. |
| FORM 990, PART XI, LINE 9: | UNREALIZED LOSS ON INVESTMENTS AVAILABLE-FOR-SALE -245,954. EQUITY ACQUIRED THROUGH MERGER 275,654. |
| FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, QUESTION 2C | THE SUPERVISORY COMMITTEE HAS OVERSIGHT AUTHORITY OF THE AUDIT. THERE HAVE BEEN NO CHANGES FROM THE PRIOR YEAR. |
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