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Nonprofiteer
← VOLUNTEER CORPORATE CREDIT UNION

Form 990 for tax year 2023

Filed by VOLUNTEER CORPORATE CREDIT UNION.

Totals

Total revenue
$118,810,831
Total expenses
$98,234,687
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$101,009,331
Other revenue
$17,801,500
Total assets, end of year
$1,830,519,716
Total liabilities, end of year
$1,671,903,203
Net assets or fund balances, end of year
$158,616,513
Program services expenses (Part IX)
$98,234,687
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$98,234,687

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $101,009,331 · related or exempt $101,009,331

  • 11a · Other revenue: OTHER

    total $15,168,078 · related or exempt $15,168,078

  • 11b · Other revenue: ITEM PROCESSING

    total $2,633,122 · related or exempt $2,633,122

  • 11d · All other revenue

    total $300 · related or exempt $300

  • 11e · Other revenue, total

    $17,801,500

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $6,916,156 · program services $6,916,156

  • 8 · Pension plan contributions

    total $607,126 · program services $607,126

  • 9 · Other employee benefits

    total $2,094,565 · program services $2,094,565

  • 11b · Fees: legal

    total $76,717 · program services $76,717

  • 11c · Fees: accounting

    total $113,435 · program services $113,435

  • 11g · Fees: other

    total $1,311,584 · program services $1,311,584

  • 12 · Advertising and promotion

    total $385,330 · program services $385,330

  • 13 · Office expenses

    total $22,831 · program services $22,831

  • 14 · Information technology

    total $390,476 · program services $390,476

  • 16 · Occupancy

    total $49,728 · program services $49,728

  • 17 · Travel

    total $101,802 · program services $101,802

  • 19 · Conferences, conventions and meetings

    total $140,072 · program services $140,072

  • 20 · Interest

    total $80,579,348 · program services $80,579,348

  • 22 · Depreciation, depletion and amortization

    total $657,603 · program services $657,603

  • 23 · Insurance

    total $209,438 · program services $209,438

  • 24a · Other expenses: OTHER OUTSIDE SERVICES

    total $1,690,224 · program services $1,690,224

  • 24b · Other expenses: DATA PROCESSING

    total $920,392 · program services $920,392

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $703,120 · program services $703,120

  • 24d · Other expenses: UTILITIES

    total $154,380 · program services $154,380

  • 24e · All other expenses

    total $1,110,360 · program services $1,110,360

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $168,402,145 · end of year $155,042,013

  • 2 · Savings and temporary cash investments

    beginning of year $380,774,207 · end of year $844,928,965

  • 4 · Accounts receivable

    beginning of year $7,766,101 · end of year $10,680,596

  • 5 · Loans and receivables from officers and key people

    beginning of year $5,984,614 · end of year $6,059,422

  • 7 · Other notes and loans receivable

    beginning of year $54,676,905 · end of year $32,980,599

  • 9 · Prepaid expenses and deferred charges

    beginning of year $332,123 · end of year $452,032

  • 10a · Land, buildings and equipment: cost or other basis

    $9,544,307

  • 10b · Land, buildings and equipment: accumulated depreciation

    $6,164,736

  • 10c · Land, buildings and equipment, net

    beginning of year $3,816,477 · end of year $3,379,571

  • 12 · Investments: other securities

    beginning of year $923,708,457 · end of year $776,346,217

  • 15 · Other assets

    beginning of year $561,824 · end of year $650,301

  • 17 · Accounts payable and accrued expenses

    beginning of year $85,621,049 · end of year $121,972,194

  • 23 · Secured mortgages and notes payable

    beginning of year $178,757,291 · end of year $303,051,268

  • 25 · Other liabilities

    beginning of year $1,147,923,899 · end of year $1,246,879,741

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $133,720,614 · end of year $158,616,513

Mission and programs · 2023

Mission

TO SERVE AS THE PRIMARY FINANCIAL PARTNER WITH CREDIT UNIONS IN PROVIDING SUPERIOR PRODUCTS, SERVICES AND SUPPORT.

Activities or mission (Part I)

INSPIRING CREDIT UNIONS TO REACH NEW HEIGHTS BY PROVIDING DYNAMIC PAYMENT SOLUTIONS, CUSTOM INVESTMENT SERVICES, AND UNPARALLELED MEMBER SERVICE.

  • VOLUNTEER CORPORATE CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE THAT SERVES NATURAL PERSON CREDIT UNIONS NATIONALLY. IT WAS ORGANIZED FOR THE EXPRESS PURPOSE OF PROVIDING LOW-COST FINANCIAL SERVICES AND COMPETITIVE INVESTMENT AND LENDING RATES TO ITS MEMBER/OWNERS.

    Expenses $98,234,687

As filed on the 2023 return.

Listed in Part VII

  • Bradley Arant Boult Cummings LLP

    GENERAL COUNSEL

    Total calculated
    $0
    Hours/week
    1

  • Debbie Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Judy Hester

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brian Trotter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Erin Walter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mike Cooper

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Rick Mikels

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ron Smith

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Todd Swims

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • John Jacoway

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Justin Holt

    CHIEF FINANCIAL OFFICER

    Total calculated
    $236,726
    From this org
    $202,766
    From related orgs
    $0
    Other
    $33,960
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,630
    Bonus
    $21,803
    Other
    $333
    Deferred
    $18,063
    Nontaxable benefits
    $15,897
    Filer's total
    $236,726

  • Christina Adkison

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $247,154
    From this org
    $206,548
    From related orgs
    $0
    Other
    $40,606
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,685
    Bonus
    $23,049
    Other
    $814
    Deferred
    $18,269
    Nontaxable benefits
    $22,337
    Filer's total
    $247,154

  • Jeffrey Dato

    EVP/COO

    Total calculated
    $357,054
    From this org
    $304,737
    From related orgs
    $0
    Other
    $52,317
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $261,515
    Bonus
    $41,416
    Other
    $1,806
    Deferred
    $26,152
    Nontaxable benefits
    $26,165
    Filer's total
    $357,054

  • Phillip Cochran

    SVP/CHIEF INVESTMENT OFFIC

    Total calculated
    $465,374
    From this org
    $423,645
    From related orgs
    $0
    Other
    $41,729
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,441
    Bonus
    $262,739
    Other
    $465
    Deferred
    $18,708
    Nontaxable benefits
    $23,021
    Filer's total
    $465,374

  • Ben Williams

    VP IT STRATEGIC PROJECTS

    Total calculated
    $248,029
    From this org
    $212,412
    From related orgs
    $0
    Other
    $35,617
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,826
    Bonus
    $25,052
    Other
    $2,534
    Deferred
    $18,483
    Nontaxable benefits
    $17,134
    Filer's total
    $248,029

  • Jeffrey Merry

    PRESIDENT/CEO

    Total calculated
    $685,202
    From this org
    $633,776
    From related orgs
    $0
    Other
    $51,426
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $492,904
    Bonus
    $131,182
    Other
    $9,690
    Deferred
    $28,203
    Nontaxable benefits
    $23,223
    Filer's total
    $685,202

  • Larry Wade Stapleton

    VP, MARKETING AND COMMUNIC

    Total calculated
    $177,301
    From this org
    $153,576
    From related orgs
    $0
    Other
    $23,725
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,337
    Bonus
    $13,118
    Other
    $1,121
    Deferred
    $13,934
    Nontaxable benefits
    $9,791
    Filer's total
    $177,301

  • Josh Yates

    DIRECTOR SOFTWARE DEVELOPMENT

    Total calculated
    $190,070
    From this org
    $153,052
    From related orgs
    $0
    Other
    $37,018
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,000
    Bonus
    $11,812
    Other
    $240
    Deferred
    $14,100
    Nontaxable benefits
    $22,918
    Filer's total
    $190,070

  • Jeff Cantrell

    VP INFORMATION TECHNOLOGY

    Total calculated
    $155,329
    From this org
    $131,714
    From related orgs
    $0
    Other
    $23,615
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,231
    Bonus
    $5,000
    Other
    $483
    Deferred
    $10,750
    Nontaxable benefits
    $12,865
    Filer's total
    $155,329

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • SYMPHONY LLC

    TN · income $97,981 · assets $696,103

    Directly controlled by VOLUNTEER CORPORATE CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
4 June 2024
IRS schema version
2023v5.0
Source object
202431639349301208

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