2014-11-17T10:37:46-06:00 2013-12-31 541631262 KEITERSTEPHENSHURSTGARY & SHREAVESPC PO BOX 32066 RICHMOND VA 232942066 990 2013-01-01 540578719 VIRGINIA CREDIT UNION INC VIRG 8043236000 PO BOX 90010 RICHMOND VA 23225 ROBERT F WARREN JR SVP/CFO 8043236000 2014-11-17 1 VIRGINIA R BELCHER P00421964 8047470000 2013 2015-11-30 17:44:51Z JANE G WATKINS PO BOX 90010 RICHMOND VA 23225 161587445 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 11 638 28 1311155 0 0 0 114642264 116220235 12715667 11134749 0 0 127357931 127354984 0 0 0 0 39459097 41248460 0 0 0 67267460 64046687 106726557 105295147 20631374 22059837 2385518135 2545894840 2188883278 2323675004 196634857 222219836 X TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS. 0 0 IN 2013, VACU CONTINUED TO FOCUS ON PROVIDING AFFORDABLE LOANS TO MEET MEMBERS' NEEDS AND A SAFE PLACE FOR MEMBERS TO SAVE. THE NET WORTH RATIO GREW TO 9.18% FROM 8.89% AT THE END OF 2012. THE NUMBER OF MEMBERS SERVED TOTALED MORE THAN 230,000 AND TOTAL ASSETS REACHED $2.5 BILLION. VACU MEMBERS GAINED ACCESS TO NEARLY 60 FREE ATMS WITHIN THE STATE. VACU ALSO STREAMLINED MOBILE AND ONLINE LOAN APPLICATIONS TO MAKE IT EASIER FOR MEMBERS TO COMPLETE APPLICATIONS ANYWHERE FROM A SMARTPHONE, TABLET OR PC. VACU OFFERED NEW MORTGAGE PRODUCTS INCLUDING VHDA LOANS TO HELP FIRST-TIME HOMEBUYERS. SERVICE ENHANCEMENTS INCLUDED INTRODUCING BUSINESS SERVICES TO MEET THE NEEDS OF MEMBERS WITH SMALL BUSINESSES AND TRANSITIONING DEBIT CARDS TO MASTERCARD TO OFFER MORE BENEFITS AT NO ADDITIONAL COST TO MEMBERS OR THE CREDIT UNION. VACU GRANTED $814 MILLION IN LOANS TO MEMBERS AND RETURNED ALMOST $13 MILLION IN DIVIDENDS. OVER 13,000 INDIVIDUALS PARTICIPATED IN FINANCIAL EDUCATION OFFERED BY VACU. 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 97222 0 1 638 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 X THE ORGANIZATION 8043236000 PO BOX 90010 RICHMOND VA 23225 BELINDA W BLANCHARD DIRECTOR 5.00 X 2315 0 0 RAY C GOODWIN DIRECTOR 5.00 X 0 0 0 NEILA L GUNTER DIRECTOR 5.00 X 2324 0 0 ROBERT P MORRIS DIRECTOR 5.00 X 2518 0 0 HERBERT A PARR DIRECTOR 5.00 X 2295 0 0 ROSCOE C ROBERTS DIRECTOR 5.00 X 3905 0 0 ROBERT P SCHULTZE DIRECTOR 5.00 X 0 0 0 MARGARET E WHITE DIRECTOR 5.00 X 1876 0 0 DONALD E WILLIAMS DIRECTOR 5.00 X 0 0 0 DEMERST B SMIT DIRECTOR 5.00 X 2183 0 0 JANET W WIGGLESWORTH DIRECTOR 5.00 X 1106 0 0 JANE G WATKINS PRESIDENT/CEO 55.00 X 567722 0 809603 ROBERT F WARREN JR SVP/CFO 55.00 X 270788 0 56489 CHRISTOPHER SHOCKLEY EVP/MS 55.00 X 312037 0 47688 CHRISTOPHER N SANEDA SVP/CIO 55.00 X 240454 0 53399 JEAN HOLMAN SVP/MARKETING 55.00 X 207898 0 17508 WILLIAM DODL SVP/HR 55.00 X 200018 0 57480 DEBORAH WREDEN SVP/PRODUCT & DELIVERY 55.00 X 165930 0 47831 JOHN STONE VP/FINANCIAL SERVICES 50.00 X 168684 0 23307 2152053 0 1113305 34 0 1 0 ONLINE RESOURCES POA BOX 418410 BOSTON MA 02241 INFORMATION TECHNOLOGY 1594979 SYCOM TECHNOLOGIES LLC PO BOX 70909 RICHMOND VA 23255 INFORMATION TECHNOLOGY 1453535 TFA NATIONAL OPERATIONS AGENCY LLC 2944 FULLER AVENESUITE 200 GRAND RAPIDS MI 49504 LOAN SERVICES 801795 ELEVATION LLC 9 WEST MAIN ST RICHMOND VA 23220 ADVERTISING 607105 FIDELITY NATIONAL INFORMATION SERVICES PO BOX 18012 ASHBURN VA 20146 INFORMATION TECHNOLOGY 577996 20 INTEREST ON LOANS 522291 81889150 81889150 OTHER OPERATING INCOME 522100 19961096 18727451 1233645 FEE INCOME 522100 14369989 14369989 116220235 10453130 77510 10375620 34914080 34232461 681619 681619 681619 127354984 115668209 1311155 10375620 2082848 29834870 3383016 3651647 2296079 422653 38342 109500 2158660 5223110 3574243 2274999 390713 276360 16030940 4308644 324010 PROVISION FOR LOAN LOSS 10388109 ATM, DEBIT, HOMEBANKING 8963056 LOAN SERVICING 5933191 OTHER MISCELLANEOUS EXP 1996878 1633279 105295147 39881767 23350589 1915589 2143418 1375792201 1481091804 3640415 5967005 81956213 35452291 48076364 46503922 844293266 909833014 8552410 11534200 63366123 65470888 2385518135 2545894840 23963658 21152630 1853576 2342556 100476436 193064851 2062589608 2107114967 2188883278 2323675004 X 0 0 0 0 196634857 222219836 196634857 222219836 2385518135 2545894840 X 22059837 3525142 X 0 1 X 1 0 100 PART I-A, LINE 1: PAC CONTRIBUTION 0 1 X 12895908 12895908 37083466 9897638 27185828 1609601 1392278 217323 30367238 24162375 6204863 46503922 MEMBERS' SHARES 2107114967 2107114967 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, 2013 AND 2012. THE CREDIT UNION'S 2010 THROUGH 2013 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 1 1 X X X X X X 0 1 0 JANE G WATKINS PRESIDENT/CEO 465483 0 75680 0 26559 0 791191 0 18412 0 1377325 0 0 0 ROBERT F WARREN JR SVP/CFO 216163 0 33600 0 21025 0 48153 0 8336 0 327277 0 0 0 CHRISTOPHER SHOCKLEY EVP/MS 266381 0 41600 0 4056 0 27376 0 20312 0 359725 0 0 0 CHRISTOPHER N SANEDA SVP/CIO 206878 0 32320 0 1256 0 34787 0 18612 0 293853 0 0 0 JEAN HOLMAN SVP/MARKETING 160921 0 23800 0 23177 0 9041 0 8467 0 225406 0 0 0 WILLIAM DODL SVP/HR 173317 0 24900 0 1801 0 49536 0 7944 0 257498 0 0 0 DEBORAH WREDEN SVP/PRODUCT & DELIVERY 141921 0 22788 0 1221 0 30273 0 17558 0 213761 0 0 0 JOHN STONE VP/FINANCIAL SERVICES 150997 0 17312 0 375 0 16440 0 6867 0 191991 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 2013, 8 DIRECTORS RECEIVED THIS BENEFIT WHICH WAS REPORTED AS TAXABLE COMPENSATION ON THE 1099-MISC. PSCU VACU CEO JANE WATKINS SERVES AS DIRECTOR 5694461 PLASTIC CARD PROCESSING SERVICES 0 CREDIT UNION SERVICE COMPANY OF VA LLC VACU CEO JANE WATKINS SERVES AS DIRECTOR 470683 SHARED BRANCHING 0 PSCU VACU CEO JANE WATKINS SERVES AS DIRECTOR 214342 PATRONAGE DIVIDEND 1 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 11 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 3,525,142. VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC PO BOX 90010 RICHMOND VA 23225 204223173 FINANCIAL SERVICES VA 774841 521367 N/A VIRGINIA CU INSURANCE SERVICES LLC PO BOX 90010 RICHMOND VA 23225 260379385 INSURANCE AGENCY VA 124454 25643 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC VIRGINIA CU REALTY LLC PO BOX 90010 RICHMOND VA 23225 272826524 REAL ESTATE AGENCY VA 572877 259548 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC