2011-05-05T16:05:15-07:00 2010-12-31 990 2010-01-01 421132695 VERIDIAN CREDIT UNION VERI 3192365600 1827 Ansborough Waterloo IA 507013629 Keith J Mesch 3192366774 2011-05-05 2010 2016-02-24 21:20:13Z Jean Trainor 1827 Ansborough Waterloo IA 50701 225885842 0 5421 X www.veridiancu.org X 1934 IA To provide a variety of low or no cost services, low loan rates and higher savings rates to our members, and to fulfill our philosophy of "people helping people" by partnering with our members to create successful financial futures. Our current field of membership is 35 counties in central, east central and north east Iowa. 15 15 602 0 1609118 341521 0 0 82563188 83424631 107821 867865 25034180 27280947 107705189 111573443 0 0 0 0 29120673 30089493 0 0 0 61462169 56484672 90582842 86574165 17122347 24999278 1689420447 1783758774 1539092707 1608302406 150327740 175456368 To provide a variety of low or no cost services, low loan rates and higher savings rates to our members, and to fulfill our philosophy of "people helping people" by partnering with our members to create successful financial futures. Our current field of membership is 35 counties in central, east central and north east Iowa. 0 0 0 0 0 Veridian Credit Union served approximately 158,518 members at our 24 convenient branch locations. Veridian Credit Union had over 4 million member contacts at all our branches in 2010, which included 18,525 new memberships. Total loans and deposits at 12-31-10 were $1,279,631,364 and $1,583,294,229 respectively. 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 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 1 1 1 0 1 19 0 1 602 1 1 1 0 0 0 0 0 X 15 15 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 0 X Keith J Mesch 3192366774 233 Fisher Drive Waterloo IA 50701 Scott Anderson 6 X 1405 0 0 Vicki Atkins 6 X 0 0 0 Roland Cayouette 6 X 0 0 0 Thomas DeLong 6 X 157 0 0 Paul Gengler 6 X 0 0 0 DeLon Gobeli 6 X 0 0 0 Jim Kacher 6 X 1223 0 0 Bob Kressig 6 X 0 0 0 Bill Boevers 6 X 0 0 0 David Schultz 6 X 0 0 0 Ginger Shirley 6 X 819 0 0 Roosevelt Taylor 6 X 0 0 0 Creston Van Wey 6 X 1441 0 0 Elizabeth Caven 6 X 163 0 0 Gaylen Witzel 6 X 0 0 0 Michael Tryon 6 X 0 0 0 Jean Trainor 50 X 365008 0 13918 Monte Berg 50 X 211130 0 12773 Doug Gilbertson 50 X 191497 0 5924 Renee Christoffer 50 X 154405 0 9908 DyAnn Longseth 50 X 161050 0 9991 Mike Harvey 50 X 156804 0 8242 Denny Skelton 20 X 106793 0 6056 Chris McGovern 50 X 168897 0 260 Keith Hartley 50 X 108487 0 12106 Vanja Todorovic 50 X 96333 0 8978 Robert Borcherding 50 X 108953 0 12144 Stacy Koontz 50 X 109157 0 8576 Peter Halvorson 50 X 103089 0 11234 Angie Hamilton 50 X 135202 0 8817 Mirsada Ibradzic 50 X 103541 0 12060 2285554 0 140987 15 0 1 0 Wellmark Blue Cross Blue Shield of Iowa PO Box 10353 Des Moines IA 50306 Health insurance provider 2808801 National Business System 2919 West Service Road Eagan MN 55121 Statement processing 1004800 Fiserv PO Box 100256 Atlanta GA 303840256 Software services 688133 Randall and Nelson PLC 3112 Brockway Road Waterloo IA 50701 Corporate attorney fees 536559 Black Hawk County Treasurer 316 E Fifth Street Waterloo IA 50703 Property taxes 666104 39 0 Interest Income-Loans to Members 522130 73330012 73330012 0 0 Interest Income-Investments 522130 10094619 10094619 0 0 0 0 0 0 83424631 158680 158680 0 0 0 0 0 0 0 0 0 0 331247 0 104213 0 227034 0 227034 227034 0 0 0 114917371 0 114208186 0 709185 709185 709185 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Overdraft/NSF Fees 522130 8142891 8142891 0 0 Visa Interchange 522130 8200257 8200257 0 0 Fees-Sale of Real Estate Loans 522130 2926500 2926500 0 0 7784265 6175147 1609118 0 27053913 111573443 109964325 1609118 0 0 0 0 0 1408791 0 20028074 2560715 4618651 1473262 0 41823 250299 0 0 0 0 2316361 2534833 2367945 0 2566664 189366 0 334859 23977453 0 2561083 0 Provision for Loan Loss 5289176 Payment Systems 3480064 NCUSIF Insurance 3669643 Loan Servicing 3152777 Equipment/Software Expense 1074211 2678115 86574165 0 0 0 12023815 12387762 87900654 93203488 0 0 11999417 26917230 0 0 0 0 1223430474 1270818941 0 0 1140398 1148685 53466228 28630182 25095445 24836046 0 0 305083009 330307247 0 0 22747235 24139375 1689420447 1783758774 18960104 24543952 0 0 499536 447295 0 0 4097151 4348343 0 0 30054863 0 0 0 1485481053 1578962816 1539092707 1608302406 X 0 0 0 0 150327740 175456368 150327740 175456368 1689420447 1783758774 X 24999278 129350 X 0 1 1 X 0 0 1 0 5889585 5889585 0 23307083 8166784 15140299 0 1121702 1008115 113587 0 22885050 19455283 3429767 0 262808 0 262808 24836046 Mortgage Backed Securities 16143107 F Corporate Bonds 59074333 F Government Agencies 35040400 F CMO's 55827086 F Certificates of Deposit 97193686 C Managed Accounts/Mutual Funds 10280577 F Municipals 24349440 F Other 32398618 C 330307247 16930 Share Savings 337913477 Share Draft 176676543 Money Market 285473000 Certificates 675504352 IRA 103378514 1578962816 111573443 86574165 24999278 129349 0 0 0 0 129349 25128627 111872540 0 0 0 0 0 111872540 0 -299097 -299097 111573443 86873262 0 0 0 299097 299097 86574165 0 0 0 86574165 SchD_P04_S00_L02b Schedule D, Part IV, Line 2b 1. Veridian Credit Union provides financial management services to individuals eligible to receive services through the Consumer Choice Options program. As a Financial Management Services organization, Veridian Credit Union operates as a third party agent under Section 3504 of the IRS Code. Veridian Credit Union has a Medicaid provider agreement with Iowa Medicaid Enterprise, and also has a Financial Management Services agreement between the Medicaid Home and Community Based Services Waiver member and their employees. As the third party agent, Veridian Credit Union manages the Medicaid receipts, invoice payment, payroll and other tracking of individual member budgets. 2. Veridian Credit Union collects amounts from members with real estate loans each month via their contractual payment schedule. These funds are held in escrow until they need to be disbursed in accordance with the escrow instructions for each member. Amounts held in escrow are for property taxes and homeowner's insurance. SchD_P10_S00_L02 Schedule D, Part X, Line 2 Income Taxes: The Credit Union is exempt from income tax under Section 501(c)(14) of the Internal Revenue Code and Section 122 of the Credit Union Act. The Credit Union's insurance brokerage subsidiary, however, is subject to state and federal income taxes. Operations of the subsidiary resulted in no income taxes for either 2010 or 2009. The Credit Union accounts for uncertainty in income taxes in accordance with ASC 740, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return, should be recorded in the financial statements. Under this guidance, the Credit Union may recognize the tax benefits from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on technical merits of the position. The tax benefits recognized in the financial statements from such a position are being measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. This standard did not have an impact on the financial statements and the Credit Union believes it does not have any uncertain tax positions. The Credit Union recognizes interest and penalties on income taxes as a component of income tax expense. With few exceptions, the Credit Union is no longer subject to U.S. federal or state and local income tax examinations by tax authorities for years before 2007. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Depreciation Expense-Lease to GMAC ($104,213) Loss on Sale of OREO Property ($196,657) Gain - Sale of Fixed Assets $ 1,773 SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Depreciation Expense-Lease to GMAC ($104,213) Loss on Sale of OREO ($196,657) Gain - Sale of Fixed Assets $1,773 X X 1 1 X X X X X 0 0 0 Jean Trainor 301244 0 18277 0 45487 0 0 0 5181 0 370189 0 0 0 Mike Harvey 106708 0 26719 0 23378 0 0 0 5869 0 162674 0 0 0 Monte Berg 154830 0 26719 0 29581 0 0 0 11914 0 223044 0 0 0 Doug Gilbertson 138549 0 26719 0 26229 0 0 0 5181 0 196678 0 0 0 Renee Christoffer 107324 0 26719 0 20363 0 0 0 9717 0 164123 0 0 0 DyAnn Longseth 111717 0 26719 0 22614 0 0 0 8787 0 169837 0 0 0 Chris McGovern 136315 0 8086 0 24496 0 0 0 0 0 168897 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The Veridian Credit Union board of director travel policy allows certain travel expenses for board members and their spouse. Expenses include transportation, registration, meals and lodging. When the spouse of a director is also traveling, they are entitled to the same expense coverage as a director, provided the travel of the spouse has been authorized. The board of director travel policy does not prohibit first-class travel. Travel arrangements are always made for coach class unless a medical reason warrants first-class. F990_P06_S0A_L06 Form 990, Part VI, Section A, Line 6 Veridian Credit Union is a not-for-profit financial cooperative that is owned by its members. Veridian Credit Union membership is open to persons living or working in 35 surrounding counties in central, east central and northeast Iowa. Employees of the credit union's business partners are also eligible for Veridian Credit Union membership. F990_P06_S0A_L07a Form 990, Part VI, Section A, Line 7a Each member of Veridian Credit Union is an equal owner of the credit union. Each member has one vote in the election of the board of directors, regardless of how much money they have on deposit. F990_P06_S0A_L07b Form 990, Part VI, Section A, Line 7b The following types of decisions of the governing body of Veridian Credit Union are subject to approval by its members: change in the articles of incorporation, merger, change to the credit union by-laws, change in charter status, election/removal of members of the board, dissolve the organization. F990_P06_S0B_L11a Form 990, Part VI, Section B, Line 11a The Form 990 and all the required schedules are reviewed each year by the Vice President of Financial Operations. Amounts reported on the 990 are supported with various work papers containing information obtained from the general ledger accounting software and the payroll processor. The Vice President of Financial Operations reviews all work papers to ensure amounts reported on the Form 990 are proper. After the review, any questions or comments are submitted to the preparer for responses, and then another review of those items is completed until all questions and comments are resolved. The completed Form 990 as it will be filed electronically with the IRS, is posted to Veridian's board extranet for the board members to review. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c The Veridian conflict of interest policy requires annual disclosure statements to be signed by the board of directors and submitted to the CFO or Board Chair within 30 days of January 1 of each year. Any apparent conflict of interest shall be resolved by the CFO and/or Audit Committee and the individual. Veridian's Board Governance Committee also oversees this board policy. The internal audit staff monitors compliance with all policies. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The process of determining compensation for all employees of the credit union, including the CEO and other key employees is as follows: An outside, third party consultant is engaged to help determine the pay scale and merit increases. The consultants perform market surveys each year for each of our regions to determine if any changes need to be made to the pay ranges. Veridian Credit Union's board of director's approves the range adjustments. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Veridian Credit Union makes its governing documents, conflict of interest policy and financial statements available to the public upon request. F990_P11_S00_L05 Form 990, Part XI, Line 5 Change in unrealized gains(losses) on investments The Veridian Group Inc 1827 Ansborough Waterloo IA 50701 421263291 Insurance and payroll processing IA N/A C -355108 2741629 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 The Veridian Group Inc b 1000000 Actual cash transferred per general ledger records. The Veridian Group Inc p 287146 Actual cash transferred per general ledger records.