2013-11-08T15:26:41-06:00 2012-12-31 541631262 KEITERSTEPHENSHURSTGARY & SHREAVESPC PO BOX 32066 RICHMOND VA 232942066 990 2012-01-01 540578719 VIRGINIA CREDIT UNION INC VIRG 8043236000 PO BOX 90010 RICHMOND VA 23225 ROBERT F WARREN JR 8043236000 2013-11-06 1 VIRGINIA R BELCHER P00421964 8047470000 2012 2016-02-25 16:41:14Z JANE G WATKINS PO BOX 90010 RICHMOND VA 23225 173733599 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 11 613 27 619204 -82490 0 0 111390746 114642264 13821926 12715667 0 0 125212672 127357931 0 0 0 0 36476419 39459097 0 0 0 72704599 67267460 109181018 106726557 16031654 20631374 2266779219 2385518135 2088061469 2188883278 178717750 196634857 X TO BE OUR MEMBERS' TRUSTED PROVIDER OF FINANCIAL SERVICES, HELPING THEM ACHIEVE GREATER SUCCESS. 0 0 IN 2012, VACU FURTHER STRENGTHENED ITS SOLID FINANCIAL POSITION. THE NET WORTH RATIO GREW TO 8.89% FROM 8.53% AT THE END OF 2011. THE NUMBER OF MEMBERS SERVED TOTALED ALMOST 221,000, AND TOTAL ASSETS REACHED $2.4 BILLION. MEMBERS COME TO VACU FOR FINANCIAL SERVICES THAT OFFER A GOOD VALUE AND PERSONAL SERVICE THAT HELPS THEM ACHIEVE THEIR GOALS. MEMBERS FIND A SAFE PLACE TO SAVE, AFFORDABLE LOANS, MANY FREE SERVICES, AND STRAIGHTFORWARD ANSWERS AND ADVICE. IN 2012, VACU MADE SIGNIFICANT PROGRESS FOR MEMBERS BY ADDING SERVICES THAT CAN SAVE TIME, MONEY AND HELP THEM ACHIEVE THEIR GOALS. VACU LAUNCHED A NEW, MORE USER-FRIENDLY WEBSITE PACKED WITH USEFUL INFORMATION, INTRODUCED MOBILE DEPOSIT, CONTINUED TO MEET THE NEEDS OF MEMBERS FOR AFFORDABLE LOANS, GREATLY IMPROVED THE SPEED OF CLOSING AUTO LOANS, ADDED A NEW BRANCH, AND ADDED ATM SURCHARGE REBATES. VACU PROVIDED $767 MILLION IN LOANS TO MEMBERS AND RETURNED MORE THAN $16 MILLION IN DIVIDENDS. OVER 12,000 YOUTH AND ADULTS 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 101028 0 1 613 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 5.00 X 0 0 0 RAY C GOODWIN 5.00 X 0 0 0 NEILA L GUNTER 5.00 X 0 0 0 ROBERT P MORRIS 5.00 X 1999 0 0 HERBERT A PARR 5.00 X 1886 0 0 ROSCOE C ROBERTS 5.00 X 989 0 0 ROBERT P SCHULTZE 5.00 X 0 0 0 MARGARET E WHITE 5.00 X 1339 0 0 DONALD E WILLIAMS 5.00 X 0 0 0 DEMERST B SMIT 5.00 X 853 0 0 JANET W WIGGLESWORTH 5.00 X 0 0 0 JANE G WATKINS 55.00 X 503286 0 575465 ROBERT F WARREN JR 55.00 X 255068 0 38081 CHRISTOPHER SHOCKLEY 55.00 X 294481 0 43496 CHRISTOPHER N SANEDA 55.00 X 223821 0 43771 JEAN HOLMAN 55.00 X 198313 0 16911 WILLIAM DODL 55.00 X 187736 0 40595 NEELAM THOMPSON 50.00 X 164796 0 33516 JOHN STONE 50.00 X 159205 0 19004 1993772 0 810839 27 0 1 0 FIDELITY NATIONAL INFORMATION SERVICES PO BOX 18012 ASHBURN VA 20146 INFORMATION TECHNOLOGY 1906179 ONLINE RESOURCES POA BOX 418410 BOSTON MA 02241 INFORMATION TECHNOLOGY 1530212 SLAIT CONSULTING 100 LANDMARK SQUARE VIRGINIA BEACH VA 23452 INFORMATION TECHNOLOGY 1107121 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM & SECURITY EQUIPMENT 1057550 TFA NATIONAL OPERATIONS AGENCY LLC 2944 FULLER AVENESUITE 200 GRAND RAPIDS MI 49504 LOAN SERVICES 726555 28 INTEREST ON LOANS 522291 80732421 80732421 OTHER OPERATING INCOME 522100 19043482 18485331 558151 FEE INCOME 522100 14866361 14866361 114642264 11861511 61053 11800458 47229824 46375668 854156 854156 854156 127357931 114938269 619204 11800458 1716943 28919783 3173686 3435744 2212941 675240 58596 119075 1893285 5202452 3518037 2087260 241267 276423 19527090 4330625 296366 PROVISION FOR LOAN LOSS 12335628 ATM, DEBIT, HOMEBANKING 7614748 LOAN SERVICING 5502869 NCUSIF STABILIZATION EX 1881186 1707313 106726557 63774048 39881767 1189989 1915589 1280669515 1375792201 3083873 3640415 82038239 33961875 48735674 48076364 801762704 844293266 8293410 8552410 59270006 63366123 2266779219 2385518135 34672528 23963658 1880707 1853576 100474989 100476436 1951033245 2062589608 2088061469 2188883278 X 0 0 0 0 178717750 196634857 178717750 196634857 2266779219 2385518135 X 20631374 -2714267 X 0 1 X 1 0 100 0 1 X 12895908 12895908 36570521 8960309 27610212 1609601 1277432 332169 30962209 23724134 7238075 48076364 MEMBERS' SHARES 2062589608 2062589608 X PART IV, LINE 2B: TRADITIONAL ESCROW ACCOUNTS ON BORROWER MORTGAGES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORMS 990 IN THE U.S. FEDERAL JURISDICTION AND FORMS VA 500 IN THE STATE OF VIRGINIA. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2009. X 1 1 X X X X X X 0 1 0 JANE G WATKINS 416825 0 56000 0 30461 0 557586 0 17879 0 1078751 0 0 0 ROBERT F WARREN JR 205725 0 31200 0 18143 0 30060 0 8021 0 293149 0 0 0 CHRISTOPHER SHOCKLEY 251925 0 38890 0 3666 0 23717 0 19779 0 337977 0 0 0 CHRISTOPHER N SANEDA 195075 0 27600 0 1146 0 25205 0 18566 0 267592 0 0 0 JEAN HOLMAN 153755 0 23127 0 21431 0 8609 0 8302 0 215224 0 0 0 WILLIAM DODL 164807 0 21280 0 1649 0 32974 0 7621 0 228331 0 0 0 NEELAM THOMPSON 119437 0 11081 0 34278 0 32271 0 1245 0 198312 0 0 0 JOHN STONE 143439 0 15417 0 349 0 11901 0 7103 0 178209 0 0 0 SUPPLEMENTAL INFORMATION PART III 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 VOLUNTEER HOURS THEY PUT IN SERVING THE CREDIT UNION. IN 2012, 5 DIRECTORS RECEIVED THIS BENEFIT WHICH WAS REPORTED AS TAXABLE COMPENSATION ON THE 1099-MISC. PSCU VACU CEO JANE WATKINS SERVES AS DIRECTOR 5245172 PLASTIC CARD PROCESSING SERVICES 0 CREDIT UNION SERVICE COMPANY OF VA LLC VACU CEO JANE WATKINS SERVES AS DIRECTOR 507209 SHARED BRANCHING 0 PSCU VACU CEO JANE WATKINS SERVES AS DIRECTOR 190574 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: NET CHANGE IN UNREALIZED LOSS ON DEFINED BENEFIT PENSION PLAN COSTS -2,714,267. VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC PO BOX 90010 RICHMOND VA 23225 204223173 FINANCIAL SERVICES VA 619204 343362 N/A VIRGINIA CU INSURANCE SERVICES LLC PO BOX 90010 RICHMOND VA 23225 260379385 INSURANCE AGENCY VA 107355 25952 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC VIRGINIA CU REALTY LLC PO BOX 90010 RICHMOND VA 23225 272826524 REAL ESTATE AGENCY VA 450796 117441 VIRGINIA CREDIT UNION FINANCIAL SERVICES LLC