2011-05-12T18:20:14-05:00 2010-12-31 CLIFTON GUNDERSON LLP 335 N WILMOT ROAD SUITE 300 TUCSON AZ 85711 990 2010-01-01 741200165 VELOCITY CREDIT UNION VELO 5124697000 PO BOX 1089 AUSTIN TX 787671089 GRADY CHANDLER 5124697000 2011-05-05 1 JON W MITCHELL CPA 5207903500 2011-05-04 2010 2016-02-24 21:20:13Z DEBBIE MITCHELL PO BOX 1089 AUSTIN TX 787671089 138103311 0 X WWW.VELOCITYCU.COM X 1947 TX TO PROVIDE THE BEST PROGRAMS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS. 7 7 240 7 160085 -263290 0 0 32004334 32406367 1715197 2704207 0 0 33719531 35110574 0 0 0 0 10595191 11260349 0 0 0 21139155 16566931 31734346 27827280 1985185 7283294 487072048 515103841 450385739 471510077 36686309 43593764 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 2010: 1) 22,335 LOANS TO MEMBERS AND MEMBER BUSINESSES FOR A TOTAL OF $331MM 2) ORIGINATED 7,548 LOANS IN 2010 WITH A BALANCE OF $137MM, AND 3) SERVICED 71,683 MEMBERS WITH DEPOSITS OF $468MM. 0 0 0 0 0 0 0 0 1 0 0 0 0 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 0 1 17290 0 1 240 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 0 1 1 0 0 X LISA BACK 5124697167 610 E 11TH STREET AUSTIN TX 78701 MARY PAREDES 0.50 X 670 0 0 JAMES CHAPMAN 0.50 X 7582 0 0 JOHN CHOMOUT 0.50 X 7350 0 0 ROGER NAPIER 0.50 X 0 0 100 THOMAS MATTHEWS 0.50 X 8419 0 0 CARL LYNCH 0.50 X 1673 0 0 JOHN ROSS 0.50 X 804 0 0 DEBBIE MITCHELL 40.00 X 364792 0 17028 HENRY GRADY CHANDLER 40.00 X 334272 0 27970 MIKE FISHER 40.00 X 140468 0 12005 CHERI HALL 40.00 X 140468 0 22470 KASHA BARTHOLOMEW 40.00 X 138613 0 12005 JOE PUTMAN 40.00 X 138923 0 27970 JOHN PAUL SAYERS 40.00 X 140468 0 12993 1424502 0 132541 11 0 1 0 PULSE 1301 MCKINNEY SUITE 2500 HOUSTON TX 77010 ATM SERVICES 1250393 SST PO BOX 3999 ST JOSEPH MO 64503 LOAN SERVICE PROVIDER 769477 FIDELITY NATIONAL INFO SERVICES PO BOX 18012 ASHBURN VA 20146 STATEMENT PROCESSING 548443 UNITED GUARANTY PO BOX 60955 CHARLOTTE NC 28260 LOAN DEFAULT INSURANCE 342868 HARLAND PO BOX 535120 ATLANTA GA 30353 INFORMATION TECHNOLOGY SERVICES 325868 20 LOAN INTEREST 522100 21670882 21670882 FEE INCOME 522100 10474860 10314775 160085 OTHER OPERATING INCOME 522100 260625 260625 32406367 2929823 2929823 102756534 10587 102982305 10432 -225771 155 -225616 -225771 155 35110574 34950334 160085 155 770660 8119061 1139251 581151 650226 10821 120160 910853 798268 2390287 980292 151886 5389308 470165 1425614 MEMBER DEMAND DEPOSIT S 2024919 PROVISION FOR LOSSES 1033601 LOAN SERVICING 553385 MISCELLANEOUS EXPENSE 207468 ASSOCIATION DUES 99904 27827280 6632970 7307067 27175714 69783253 706275 583000 313469640 328860152 897145 760575 19565935 10923988 8867673 8641947 115284226 87191939 14038405 11975908 487072048 515103841 3646943 3233899 12125 13371 446726671 468262807 450385739 471510077 X 0 0 0 0 36686309 43593764 36686309 43593764 487072048 515103841 X 7283294 -375839 X 0 1 0 X 0 4267412 4267412 9356181 5327910 4028271 5942342 5596078 346264 8641947 CREDIT UNION BUSINESS SERVICES, LLC 150000 C SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 3664388 F FEDERAL HOME LOAN BANK STOCK 293351 C AFS OTHER SECURITIES 83084200 F 87191939 REGULAR SHARES 87746829 SHARE DRAFTS 87887841 MONEY MARKET SHARE DRAFTS 143529461 IRA ACCOUNTS 35445790 SHARE CERTIFICATES 106954262 OTHER SHARES 6698624 468262807 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: SEPT. 30, 2010 YEAR END AUDITED FINANCIAL STATEMENTS FOOTNOTE: THE CREDIT UNION ADOPTED THIS STANDARD ON OCTOBER 1, 2009. AS A RESULT OF THE IMPLEMENTATION OF THIS STANDARD, THE CREDIT UNION DID NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. X 1 1 X X X 0 1 0 DEBBIE MITCHELL 364792 0 0 0 0 0 11058 0 5970 0 381820 0 0 0 HENRY GRADY CHANDLER 334272 0 0 0 0 0 22000 0 5970 0 362242 0 0 0 MIKE FISHER 140468 0 0 0 0 0 6035 0 5970 0 152473 0 0 0 CHERI HALL 140468 0 0 0 0 0 16500 0 5970 0 162938 0 0 0 KASHA BARTHOLOMEW 138613 0 0 0 0 0 6035 0 5970 0 150618 0 0 0 JOE PUTMAN 138923 0 0 0 0 0 22000 0 5970 0 166893 0 0 0 JOHN PAUL SAYERS 140468 0 0 0 0 0 7023 0 5970 0 153461 0 0 0 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 CFO WILL REVIEW THE FORM 990 WITH THE BOARD OF DIRECTORS AND GET THEIR APPROVAL PRIOR TO FILING THE RETURN. THIS APPROVAL WILL BE DOCUMENTED WITHIN THE MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS SIGN AN OATH OF OFFICE WHEN ELECTED OR RE-ELECTED WHICH ADDRESSES CONFLICT OF INTEREST. EMPLOYEE ACCOUNTS, LENDING SERVICES, FEE REVERSALS, ETC. ARE MONITORED IN PART TO REVIEW FOR CONFLICTS OF INTEREST AS WELL AS OTHER POSSIBLE "CONFLICTS". FORM 990, PART VI, SECTION B, LINE 15A IN ORDER TO DETERMINE THE CEO'S SALARY, THE BOARD OF DIRECTORS REVIEWS COMPENSATION DATA PROVIDED BY THE SR. VP OF HUMAN RESOURCES AND OBTAINED FROM CUNA (CREDIT UNION NATIONAL ASSOCIATION), CUES (CREDIT UNION EXECUTIVES SOCIETY), TCUL (TEXAS CREDIT UNION LEAGUE) AND OTHER VARIOUS SOURCES AS AVAILABLE. 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. FORM 990, PART VI, SECTION C, LINE 19 UNAUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE BY POSTING AT EACH BRANCH. THE ANNUAL REPORT IS PROVIDED UPON REQUEST AND IS AVAILABLE ON THE ORGANIZATION'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT RELEASED. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 734,649. CHANGE IN PRIOR SERVICE COST RESERVE ACCOUNT -1,110,488. TOTAL TO FORM 990, PART XI, LINE 5: -375,839.