2018-05-14T14:20:24-05:00 2017-12-31 540504608 BROWN EDWARDS & COMPANY LLP 2102 LANGHORNE ROAD SUITE 200 LYNCHBURG VA 245011121 990 2017-01-01 546040482 MARTINSVILLE DUPONT CREDIT UNION DBA VALLEYSTAR CREDIT UNION MART 2766321679 P O BOX 5511 MARTINSVILLE VA 24115 DELBERT LEE MORGAN PRESIDENT AND CEO 2766321679 2018-05-14 1 SUSAN ACKLEY P00025524 4349489000 2018-05-01 2017 2022-09-23 18:48:47Z DELBERT LEE MORGAN P O BOX 5511 MARTINSVILLE VA 24115 16263077 0 X WWW.VALLEYSTAR.ORG X 1953 VA 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. 9 9 103 0 76019 -6625 0 0 8939513 10425345 1147611 1509384 4441468 4158543 14528592 16093272 0 0 0 0 5641805 6148706 0 0 0 7293368 7942982 12935173 14091688 1593419 2001584 291415246 321507233 248281332 276342035 43133914 45165198 X 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. 0 0 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. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 6405 0 1 103 1 1 1 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 1 0 0 0 VA X THE ORGANIZATION 2766321679 P O BOX 5511 MARTINSVILLE VA 24115 DAVID L DEAL DIRECTOR 1.00 X 0 0 0 MICHAEL B BRYANT SUPERVISORY COMMITTEE- CHAIR 1.00 X 0 0 0 TERRY A YOUNG SUPERVISORY COMMITTEE 1.00 X 0 0 0 GREGORY W HILL DIR. & LEGIS REP. 1.00 X 0 0 0 NORMAN W HILL DIRECTOR 1.00 X 0 0 0 G STEVE ISLEY DIRECTOR & TREASURER 1.00 X 0 0 0 JASON VIPPERMAN SUPERVISORY COMMITTEE 1.00 X 0 0 0 DOUGLAS W NUNN VICE-CHAIRMAN & DIRECTOR 1.00 X 0 0 0 NANCY S PHILLIPS DIRECTOR 1.00 X 0 0 0 BETTY JO RAY DIRECTOR & SECRETARY 1.00 X 0 0 0 JAMES B RORRER DIRECTOR 1.00 X 0 0 0 RICHARD L WOOD CHAIRMAN-DIRECTOR 1.00 X 0 0 0 DELBERT LEE MORGAN PRESIDENT/CEO 40.00 X 283391 0 43203 WES G GORDON JR CFO 40.00 X 129950 0 26503 KEVIN B LAINE VP OF FACILITIES 40.00 X 97302 0 16621 CATHY P JOHNSON VP OF RETAIL 40.00 X 110428 0 15640 ROBERT SPARROW VP ADMINISTRATION 40.00 X 95107 0 15134 TANYA F JONES VP OF LENDING 40.00 X 102874 0 14979 WILLIAM A REYNOLDS VP ACCOUNTING 40.00 X 86162 0 13901 GLORIA D CAULEY VP BRAND 40.00 X 87383 0 17908 WESLEY D WILLIAMS VP IT 40.00 X 86000 0 17790 1078597 0 181679 4 0 1 0 FRITH CONSTRUCTION COMPANY P O BOX 5028 MARTINSVILLE VA 24115 CONSTUCTION - ROANOKE PROJECT 1986950 LANTZ CONSTRUCTION COMPANY 539 SOUTH MAIN STREET BROADWAY VA 22815 CONSTRUCTION - WAYNESBORO PROJECT 482979 2 LOAN INTEREST 525990 10425345 10425345 10425345 1679189 1679189 169805 -169805 -169805 -169805 OTHER FEES 525990 2594023 2594023 OVERDRAFT PRIVILEGES AND OTHER FE 525990 1488501 1488501 NONMEMBER ATM TRANSACTIONS 525990 76019 76019 4158543 16093272 16017253 76019 0 X 1078597 3441140 393124 901286 334559 39692 129988 22919 262487 63064 244876 120686 1481648 532143 47475 PROVISION FOR LOAN LOSS 1249963 SOFTWARE MAINTENANCE 421289 INDIRECT CONTRACT EXPEN 362141 VISA CHECK CARD EXPENSE 358372 2606239 14091688 10754280 13642758 173146971 196054295 694292 240927 16114214 4903357 7976214 11210857 93294511 94433871 5548978 5924525 291415246 321507233 1043519 1276053 247237813 275065982 248281332 276342035 X 0 0 0 0 43133914 45165198 43133914 45165198 291415246 321507233 X 2001584 29700 X X 0 1 X 1 0 2780288 2780288 8820370 1862603 6957767 4513556 3040754 1472802 11210857 SAVINGS & LOAN INVESTMENTS 22430260 C FEDERAL AGENCY SECURITIES 71838867 C OTHER INVESTMENTS-LONG TERM 164744 C 94433871 MEMBERS' SHARE AND SAVINGS ACCOUNTS 274844366 POST RETIREMENT BENEFITS 221616 275065982 X 16263627 0 16263627 -170355 -170355 16093272 14262043 170355 170355 14091688 0 14091688 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 X 0 0 0 DELBERT LEE MORGAN PRESIDENT/CEO 283391 0 0 0 0 0 17003 0 26200 0 326594 0 0 0 WES G GORDON JR CFO 129950 0 0 0 0 0 7797 0 18706 0 156453 0 0 0 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.