2015-05-12T12:18:45-05:00 2014-12-31 410746749 CLIFTONLARSONALLEN LLP 20 E THOMAS RD STE 2300 PHOENIX AZ 85012 990 2014-01-01 741200165 VELOCITY CREDIT UNION VELO 5124697000 PO BOX 1089 AUSTIN TX 787671089 LISA BACK CFO 5124697000 2015-05-12 1 JANIS ISAACSON P00089104 6022662248 2014 2016-04-25 22:37:26Z LISA BACK PO BOX 1089 AUSTIN TX 787671089 40277106 0 X WWW.VELOCITYCU.COM X 1947 TX TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS. 6 6 246 6 145282 -130407 0 0 33381293 36976876 2395553 3300230 0 0 35776846 40277106 0 0 0 0 10836055 10802386 0 0 0 16144509 17250179 26980564 28052565 8796282 12224541 667810886 709015698 601238864 630690260 66572022 78325438 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. DURING 2014: 1) 29,890 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $538MM 2) ORIGINATED 13,161 LOANS IN 2014 WITH A BALANCE OF $306MM, AND 3) SERVICED 75,983 MEMBERS WITH DEPOSITS OF $614MM. 0 0 1 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 13213 0 1 246 1 1 1 0 0 0 0 0 X 6 6 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 CARL LYNCH CHAIRMAN 2.00 X 0 0 0 THOMAS MATTHEWS 1ST VICE CHAIRMAN 2.00 X 0 0 0 JAMES CHAPMAN 2ND VICE CHAIRMAN 2.00 X 0 0 0 JOHN CHOMOUT SECRETARY/TREASURER 2.00 X 0 0 0 MARY PAREDES DIRECTOR 2.00 X 0 0 0 JOHN ROSS DIRECTOR 2.00 X 0 0 0 DEBBIE MITCHELL PRESIDENT/CEO 40.00 X 496847 0 17676 LISA BACK CFO 40.00 X 234884 0 15529 MIKE FISHER SR. VICE-PRES. LENDING & C 40.00 X 211221 0 13368 CHERI HALL SR. VICE-PRES. HUMAN RESOU 40.00 X 180684 0 13455 JOHN PAUL SAYERS SR. VICE-PRES. IT 40.00 X 196903 0 12877 CAROL CAIN SR. VICE-PRES. MARKETING 40.00 X 179631 0 13319 LINDSEY PUTMAN SR. VICE-PRES. RISK MANAGE 40.00 X 180333 0 14980 1680503 0 101204 12 0 1 0 PULSE 1301 MCKINNEY SUITE 2500 HOUSTON TX 77010 DEBIT CARD PROCESSING AND ATM SERVICES 1692745 FIS PO BOX 4535 CAROL STREAM IL 60197 CREDIT AND DEBIT CARD PROCESSOR AND STAT 917154 CAPITOL CHEVY 6200 S IH-35 AUSTIN TX 78745 INDIRECT AUTO LOANS ORIGINATION 585974 SOUTHPOINT DODGE 5210 S IH-35 AUSTIN TX 78745 INDIRECT AUTO DEALER 537045 DON HEWLETT CHEVY 7601 IH-35 GEORGETOWN TX 78626 INDIRECT AUTO DEALER 482432 48 LOAN INTEREST 522100 25710722 25710722 FEE INCOME 522100 10770567 10625285 145282 OTHER OPERATING INCOME 522100 495587 495587 36976876 3218115 3218115 81925 190 0 0 81925 190 82115 82115 40277106 40131824 145282 0 767042 8608539 -303496 1038892 691409 104331 113026 947327 615146 2403458 1019778 169941 3582876 407054 152545 PROVISION FOR LOSSES 3347224 MEMBER DEMAND DEPOSIT S 3128303 LOAN SERVICING 955165 MISCELLANEOUS EXPENSE 201730 102275 28052565 7314451 7436660 29267714 23032919 883703 1240387 418618056 534697929 759718 657037 19205466 11120778 8337977 8084688 178040087 109710690 24589180 24155388 667810886 709015698 3291135 3590104 40053 635389 12000000 597907676 614464767 601238864 630690260 X 0 0 0 0 66572022 78325438 66572022 78325438 667810886 709015698 X 12224541 2131603 -2602728 X X 0 1 X 0 0 5000 5000 5000 1 CORNERSTONE CREDIT UNION LEAGUE 4455 LBJ FREEWAY SUITE 1100 FARMERS BRANCH TX 75244 750603700 5000 PART I-A, LINE 1: VELOCITY CREDIT UNION CONTRIBUTED $5,000 IN 2014 TO THE CUNA/AACUL NATIONAL ADVOCACY FUND. THIS CONTRIBUTION WAS REQUESTED BY CORNERSTONE CREDIT UNION LEAGUE, FOR WHICH WE ARE A MEMBER. THE FUND WAS ESTABLISHED TO POOL RESOURCES FROM ACROSS THE CREDIT UNION SYSTEM TO SUPPORT PRO-CREDIT UNION CANDIDATES RUNNING FOR FEDERAL OFFICES, AS WELL AS SUPPORT CRITICAL CREDIT UNION ISSUES IN THE LEGISLATIVE AND REGULATORY ARENAS. 4292512 4292512 9446896 6097127 3349769 568923 568923 0 4897135 4454728 442407 8084688 CREDIT UNION BUSINESS SERVICES, LLC 150000 C FEDERAL HOME LOAN BANK STOCK 2772200 C SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 4174610 F AFS OTHER SECURITIES 102613880 F 109710690 REGULAR SHARES 154385961 SHARE DRAFTS 130839835 MONEY MARKET SHARE DRAFTS 165302689 IRA ACCOUNTS 41565513 SHARE CERTIFICATES 114249181 OTHER SHARES 8121588 614464767 X X 1 1 X X X 0 1 0 DEBBIE MITCHELL PRESIDENT/CEO 329740 0 165000 0 2107 0 10400 0 7276 0 514523 0 0 0 LISA BACK CFO 170832 0 64052 0 0 0 9395 0 6134 0 250413 0 0 0 MIKE FISHER SR. VICE-PRES. LENDING & C 165249 0 45972 0 0 0 7234 0 6134 0 224589 0 0 0 CHERI HALL SR. VICE-PRES. HUMAN RESOU 141358 0 39326 0 0 0 7321 0 6134 0 194139 0 0 0 JOHN PAUL SAYERS SR. VICE-PRES. IT 154048 0 42855 0 0 0 6743 0 6134 0 209780 0 0 0 CAROL CAIN SR. VICE-PRES. MARKETING 140305 0 39326 0 0 0 7185 0 6134 0 192950 0 0 0 LINDSEY PUTMAN SR. VICE-PRES. RISK MANAGE 141007 0 39326 0 0 0 7344 0 7636 0 195313 0 0 0 PART I, LINE 4B SERP: DEBBIE MITCHELL $2,106.77 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS MUST BE APPROVED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11 THE CEO AND CFO WILL REVIEW THE FORM 990 WITH THE BOARD OF DIRECTORS. 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 WHICH ADDRESSES CONFLICTS OF INTEREST. THE CONFLICT OF INTEREST POLICY IS REVIEWED IN-DEPTH DURING NEW EMPLOYEE ORIENTATION AND MANDATORY TRAININGS. WE MONITOR EMPLOYEE ACCOUNTS, LENDING ACTIVITIES, FEE REVERSALS, ETC. TO MONITOR FOR POSSIBLE CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 IN ORDER TO DETERMINE THE CEO'S SALARY, THE BOARD OF DIRECTORS WIL REVIEW COMPENSATION DATA PROVIDED BY THE SR. VP OF HUMAN RESOURCES AND OBTAINED FROM CUNA (CREDIT UNION NATIONAL ASSOCIATION), CUES (CREDIT UNION EXECUTIVES SOCIETY), CCUL (CORNERSTONE CREDIT UNION LEAGUE), COMPEASE SALARY ADMINSTRATION AND OTHER VARIOUS SOURCES AS AVAILABLE AT LEAST EVERY OTHER YEAR. THE SALARY IS SET BASED UPON A REVIEW OF WHAT CREDIT UNION CEOS IN THE ORGANIZATION'S REGION WITH SIMILAR ASSET SIZE WERE PAID IN THE PREVIOUS YEAR. IN ORDER TO DETERMINE TOP MANAGEMENT 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 -2,636,327. CHANGE IN SERP OCI 33,599. FORM 990, PART XII, QUESTION 2B: THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED BY AN INDEPENDENT ACCOUNTANT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2014. THE ORGANIZATION DID NOT OBTAIN AUDITED FINANCIAL STATEMENTS FOR THE TAX YEAR.