2017-11-07T15:09:28-06:00 2016-12-31 541631262 KEITERSTEPHENSHURSTGARY & SHREAVESPC 4401 DOMINION BLVD GLEN ALLEN VA 23060 990 2016-01-01 540578719 VIRGINIA CREDIT UNION INC VIRG 8043236000 PO BOX 90010 RICHMOND VA 23225 STEPHANIE N VICK EVP/CFO 8043236000 2017-10-31 1 VIRGINIA R BELCHER P00421964 8047470000 104.129.194.95 2017-10-31 09:10:07 ED P 535C7F20781B80FCAFCCA14FB60BA8EA9BC29823 F96B5EADBE284F9EBD7E14F047F38FBCBFEB2780 2016 2018-03-14 21:41:22Z CHRISTOPHER M SHOCKLEY PO BOX 90010 RICHMOND VA 23225 302214859 0 X WWW.VACU.ORG X 1928 VA STATE CHARTERED CREDIT UNION - SEE SCHEDULE 0DEPOSITS ARE COLLECTED FROM MEMBERS, LOANS ARE MADE TO MEMBERS, AND OTHER FINANCIAL SERVICES ARE PROVIDED IN ORDER TO PROMOTE THRIFT AMONGST MEMBERS AND HELP THEM GET AHEAD FINANCIALLY. 11 11 776 31 4212707 839259 0 0 139351588 154235568 11476648 14294382 0 0 150828236 168529950 0 0 0 0 50186603 59620761 0 0 0 75663788 89320098 125850391 148940859 24977845 19589091 2920248809 3303925959 2658215713 3025047749 262033096 278878210 X TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS. 0 0 IN 2016, VACU FOUND NEW WAYS TO ENHANCE THE SERVICE IT PROVIDES. A NEW MOBILE APP WAS LAUNCHED FOR BETTER MOBILE BANKING, MICROSOFT WALLET AND MASTERPASS WERE MADE AVAILABLE, APPLE WATCH USERS WERE ABLE TO ACCESS OUR MOBILE BANKING APP, VACU VOICE ID SERVICE WAS INTRODUCED FOR FASTER AND MORE SECURE TRANSACTIONS, ENHANCED BENEFIT CHECKING GAVE ADDED BENEFITS TO MEMBERS WITH DEEPER DEPOSIT RELATIONSHIPS, ONE-TIME LOAN PAYMENTS WERE INTRODUCED AND VACU BUSINESS SERVICES GREW.IN ADDITION TO ENHANCING SERVICES, VACU MEMBERSHIP GREW TO 254,738 MEMBERS, THE HIGHEST NUMBER EVER. TO KEEP UP WITH DEMAND FROM MEMBERS FOR SERVICES WE ADDED 83 NEW EMPLOYEES. VACU ALSO SET A NEW RECORD FOR PARTICIPANTS IN OUR FINANCIAL PROGRAMS. OVER 17,289 INDIVIDUALS WERE REACHED. 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 0 0 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 108735 0 1 776 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 1 0 X SCOTT COPPOLA SVP CONTROLLER 8043236000 7500 BOULDERS VIEW DR RICHMOND VA 23225 BELINDA W BLANCHARD DIRECTOR 5.00 X 0 0 0 NEILA L GUNTER DIRECTOR/BOARD SECRETARY-TREASURER 5.00 X X 862 0 0 ROB JONES DIRECTOR 5.00 X 3163 0 0 ROBERT P MORRIS DIRECTOR 5.00 X 0 0 0 HERBERT A PARR DIRECTOR 5.00 X 0 0 0 ROSCOE C ROBERTS DIRECTOR 5.00 X 1653 0 0 DEMERST B SMIT DIRECTOR 5.00 X 2900 0 0 PAULA D THOMPSON DIRECTOR 5.00 X 1982 0 0 ERIC B TOLBERT DIRECTOR/BOARD VICE CHAIR 5.00 X X 0 0 0 MARGARET E WHITE DIRECTOR/BOARD CHAIR 10.00 X X 0 0 0 JANET W WIGLESWORTH DIRECTOR 5.00 X 0 0 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 60.00 X 523590 0 61424 STEPHANIE VICK EVP/CFO 55.00 X 250312 0 61098 CHRISTOPHER N SANEDA SEVP DATA & DIGITAL INNOV 55.00 X 382571 0 84031 JEAN HOLMAN EVP MEMBER ENGAGEMENT 55.00 X 271358 0 22583 DEBORAH WREDEN EVP/PRODUCT AND DELIVERY STRATEGY 55.00 X 271101 0 97933 WILLIAM DODL EVP HUMAN RESOURCES 55.00 X 264011 0 126282 JOHN STONE EVP FINANCIAL SERVICES 55.00 X 239846 0 43986 MICHAEL NOBLE EVP CHIEF BUSINESS BANKING OFFICER 55.00 X 213613 0 48316 JANE G WATKINS FORMER PRESIDENT/CEO 55.00 X 371787 0 23510 ROBERT F WARREN JR FORMER SVP/CFO 55.00 X 369649 0 82048 3168398 0 651211 77 1 1 0 ELEVATION LLC 9 WEST MAIN ST RICHMOND VA 23220 ADVERTISING 1945797 TFA NATIONAL OPERATIONS AGENCY LLC 2944 FULLER AVENESUITE 200 GRAND RAPIDS MI 49504 LOAN SERVICES 1014951 SYCOM TECHNOLOGIES LLC PO BOX 79613 BALTIMORE MD 21279 INFORMATION TECHNOLOGY 980197 PRESIDO NETWORKED SOLUTIONS PO BOX 822169 PHILADELPHIA PA 19182 INFORMATION TECHNOLOGY 960873 SLAIT CONSULTING 100 LANDMARK SQUARE VIRGINIA BEACH VA 23452 INFORMATION TECHNOLOGY 528004 31 INTEREST ON LOANS 522291 107416949 107416949 OTHER OPERATING INCOME 522100 28350711 24435248 3915463 FEE INCOME 522100 18467908 18467908 154235568 12084314 297244 11787070 135894977 133684909 2210068 2210068 2210068 168529950 152530173 4212707 11787070 2220579 42644147 5969600 5673376 3113059 1097689 197821 108469 3787818 7301455 4714520 2595198 476918 387280 24897708 4268374 326863 PROVISION FOR LOAN LOSS 16288912 ATM, DEBIT, HOMEBANKING 10528076 LOAN SERVICING 9837088 OTHER MISCELLANEOUS EXP 2505909 148940859 27317051 33784527 2447437 6324484 1897768565 2217796565 4820051 4677208 92155991 46371814 45986716 45784177 859780474 899406076 11232027 16113727 70896488 80039195 2920248809 3303925959 33993567 44750471 3255204 3449512 204622936 314580094 2416344006 2662267672 2658215713 3025047749 X 0 0 0 0 262033096 278878210 262033096 278878210 2920248809 3303925959 X 19589091 -1536590 -1207387 X 0 1 X 1 0 100 PART I-A, LINE 1: PAC CONTRIBUTION 0 1 X 13690588 13690588 39075036 12909242 26165794 1847938 1654447 193491 37542429 31808125 5734304 45784177 MEMBERS' SHARES 2662267672 2662267672 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, 2016 AND 2015. THE CREDIT UNION'S 2013 THROUGH 2016 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 1 1 X X X X X 1 1 0 CHRISTOPHER SHOCKLEY PRESIDENT/CEO 427188 0 85000 0 11402 0 33221 0 28203 0 585014 0 0 0 STEPHANIE VICK EVP/CFO 192132 0 32000 0 26180 0 43329 0 17769 0 311410 0 0 0 CHRISTOPHER N SANEDA SEVP DATA & DIGITAL INNOV 306483 0 70833 0 5255 0 56285 0 27746 0 466602 0 0 0 JEAN HOLMAN EVP MEMBER ENGAGEMENT 191957 0 49000 0 30401 0 10750 0 11833 0 293941 0 0 0 DEBORAH WREDEN EVP/PRODUCT AND DELIVERY STRATEGY 222318 0 45825 0 2958 0 70378 0 27555 0 369034 0 0 0 WILLIAM DODL EVP HUMAN RESOURCES 214989 0 45028 0 3994 0 115428 0 10854 0 390293 0 0 0 JOHN STONE EVP FINANCIAL SERVICES 191371 0 47448 0 1027 0 33034 0 10952 0 283832 0 0 0 MICHAEL NOBLE EVP CHIEF BUSINESS BANKING OFFICER 169214 0 43192 0 1207 0 20320 0 27996 0 261929 0 0 0 JANE G WATKINS FORMER PRESIDENT/CEO 172442 0 153480 0 45865 0 10149 0 13361 0 395297 0 0 0 ROBERT F WARREN JR FORMER SVP/CFO 76793 0 16800 0 276056 0 77535 0 4513 0 451697 0 0 0 SCHEDULE J, PART 1A: VACU POLICY IS TO PAY FOR THE TRAVEL EXPENSES FOR ONE COMPANION FOR BOARD MEMBERS ATTENDING OUT OF TOWN CONFERENCES OR MEETINGS IN ACKNOWLEDGEMENT OF THE NUMBER OF HOURS THEY PUT IN SERVING THE CREDIT UNION. IN 2016, FIVE DIRECTORS RECEIVED THIS BENEFIT WHICH WAS REPORTED AS TAXABLE COMPENSATION ON THE 1099-MISC WHEN IN EXCESS OF $600. CREDIT UNION SERVICE COMPANY OF VA LLC VACU CEO CHRIS SHOCKLEY SERVES AS DIRECTOR 399577 SHARED BRANCHING 0 VHDA VACU BOARD MEMBER,JANET WIGLESWORTH IS EMPLOYED BY VHDA 424482 VHDA IS MORTGAGE INVESTOR FOR VACU 0 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 LOSS ON DEFINED BENEFIT PENSION PLAN COSTS -1,207,387. VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC PO BOX 90010 RICHMOND VA 23225 204223173 FINANCIAL SERVICES VA 3373592 1820515 N/A VIRGINIA CU INSURANCE SERVICES LLC PO BOX 90010 RICHMOND VA 23225 260379385 INSURANCE AGENCY VA 171616 166983 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC VIRGINIA CU REALTY LLC PO BOX 90010 RICHMOND VA 23225 272826524 REAL ESTATE AGENCY VA 2904732 906995 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC