Form 990 for tax year 2023
Filed by VIZO FINANCIAL CORPORATE CREDIT UNION.
Totals
- Total revenue
- $312,063,561
- Total expenses
- $251,198,292
- Contributions and grants received
- $0
- Grants paid
- $269,800
- Program service revenue
- $27,513,467
- Investment income
- $248,777,931
- Other revenue
- $35,772,163
- Total assets, end of year
- $6,042,910,980
- Total liabilities, end of year
- $5,487,508,061
- Net assets or fund balances, end of year
- $555,402,919
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
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.
-
2a · Program service revenue: CORRESPONDENT SERVICES
total $22,401,313 · related or exempt $22,401,313
-
2b · Program service revenue: INCOME ON LOANS
total $5,112,154 · related or exempt $5,112,154
-
3 · Investment income
total $248,777,931 · related or exempt $248,777,931
-
11a · Other revenue: GAIN ON U.S. CENTRAL S
total $36,450,492 · related or exempt $36,450,492
-
11b · Other revenue: EQUITY METHOD INCOME F
total -$678,329 · related or exempt -$678,329
-
11e · Other revenue, total
$35,772,163
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $269,800
-
5 · Compensation of officers, directors and key employees
total $2,283,136
-
7 · Other salaries and wages
total $11,772,486
-
8 · Pension plan contributions
total $1,489,426
-
9 · Other employee benefits
total $4,773,912
-
10 · Payroll taxes
total $964,220
-
11b · Fees: legal
total $108,925
-
11c · Fees: accounting
total $312,357
-
11g · Fees: other
total $1,634,370
-
12 · Advertising and promotion
total $301,652
-
13 · Office expenses
total $2,043,792
-
14 · Information technology
total $2,689,407
-
16 · Occupancy
total $263,271
-
17 · Travel
total $327,346
-
19 · Conferences, conventions and meetings
total $556,927
-
20 · Interest
total $205,623,313
-
21 · Payments to affiliates
total $602,291
-
22 · Depreciation, depletion and amortization
total $2,168,578
-
23 · Insurance
total $283,037
-
24a · Other expenses: CORRESPONDENT SERVICES
total $11,864,225
-
24b · Other expenses: MISCELLANEOUS EXPENSE
total $673,018
-
24c · Other expenses: MAINTENANCE
total $192,803
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $5,852,040 · end of year $9,253,581
-
2 · Savings and temporary cash investments
beginning of year $2,533,257,378 · end of year $3,064,455,531
-
4 · Accounts receivable
beginning of year $75,163,625 · end of year $56,752,424
-
5 · Loans and receivables from officers and key people
beginning of year $8,387,648 · end of year $8,056,970
-
7 · Other notes and loans receivable
beginning of year $121,202,563 · end of year $34,585,561
-
9 · Prepaid expenses and deferred charges
beginning of year $1,659,619 · end of year $1,952,169
-
10a · Land, buildings and equipment: cost or other basis
$11,771,399
-
10b · Land, buildings and equipment: accumulated depreciation
$10,388,382
-
10c · Land, buildings and equipment, net
beginning of year $2,732,555 · end of year $1,383,017
-
11 · Investments: publicly traded securities
beginning of year $3,851,140,505 · end of year $2,781,191,124
-
12 · Investments: other securities
beginning of year $73,504,822 · end of year $14,857,194
-
14 · Intangible assets
beginning of year $176,447 · end of year $0
-
15 · Other assets
beginning of year $67,720,431 · end of year $70,423,409
-
17 · Accounts payable and accrued expenses
beginning of year $68,761,972 · end of year $55,633,357
-
23 · Secured mortgages and notes payable
beginning of year $1,300,000,000 · end of year $750,000,000
-
25 · Other liabilities
beginning of year $4,878,475,028 · end of year $4,681,874,704
-
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 $493,560,633 · end of year $555,402,919
Mission and programs · 2023
Mission
DRIVING CREDIT UNION SUCCESS THROUGH PROVEN EXCELLENCE, EXPERTISE, AND ENGAGED PARTNERSHIPS.
Activities or mission (Part I)
VIZO FINANCIAL IS THE CREDIT UNIONS' "CREDIT UNION" OFFERING LIQUIDITY SERVICES, INVESTMENT SERVICES, AND CORRESPONDENT SERVICES TO ITS MEMBERS.
-
SETTLEMENT AND PAYMENT SERVICES: WE PROVIDE AGGREGATED PAYMENT SERVICES SO CREDIT UNIONS CAN EFFICIENTLY, AND COST EFFECTIVELY SERVE THEIR MEMBERS, PROVIDING THEM TOOLS FOR MOVING MONEY ELECTRONICALLY.
-
FUNDS MANAGEMENT & LIQUIDITY SERVICES: ONE OF THE KEY SERVICES WE PROVIDE MEMBERS IS A COMPLETE LINE OF COMPETITIVE SHORT-TERM DEPOSIT PRODUCTS COMBINED WITH LINES-OF-CREDIT SO THAT THEY CAN MORE EFFECTIVELY MANAGE THEIR CASH FLOW NEEDS.
-
ASSET-LIABILITY MANAGEMENT (ALM) AND RISK MANAGEMENT SERVICES: ALM SERVICES INCLUDE BOTH CONSULTING AND MODELING RISKS INHERENT IN A CREDIT UNION'S BALANCE SHEET. OUR RISK MANAGEMENT SERVICES INCLUDE COMPLIANCE/REGULATORY TRAINING, INFORMATION SYSTEM RISK ASSESSMENTS, BUSINESS CONTINUITY PLANNING, AND ENTERPRISE RISK MANAGEMENT BEST PRACTICES. THESE SERVICES ARE DESIGNED TO HELP CREDIT UNIONS BEST UNDERSTAND AND MITIGATE RISKS THEY ENCOUNTER IN THEIR OPERATIONS.
As filed on the 2023 return.
Listed in Part VII
-
Derek FuzzellDEREK FUZZELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Scott WoodsSCOTT WOODS
BOARD CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 3
-
Jerry KingJERRY KING
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Jeff CheliusJEFF CHELIUS
BOARD VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 3
-
Scott WeaverSCOTT WEAVER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Daniel BerryDANIEL BERRY
BOARD TREASURER
- Total calculated
- $0
- Hours/week
- 3
-
Mark VolponiMARK VOLPONI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Genice DecorteGENICE DECORTE
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 3
-
Paul HughesPAUL HUGHES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
David BrehmerDAVID BREHMER
PRESIDENT/CEO
- Total calculated
- $1,350,708
- From this org
- $1,308,278
- From related orgs
- $0
- Other
- $42,430
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $556,336
- Bonus
- $149,625
- Other
- $602,317
- Deferred
- $29,700
- Nontaxable benefits
- $12,730
- Filer's total
- $1,350,708
-
Mark BrownMARK BROWN
SVP/CHIEF FINANCIAL OFFICER
- Total calculated
- $475,835
- From this org
- $363,469
- From related orgs
- $0
- Other
- $112,366
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $254,433
- Bonus
- $77,520
- Other
- $31,516
- Deferred
- $75,858
- Nontaxable benefits
- $36,508
- Filer's total
- $475,835
-
Fred EiselFRED EISEL
EXECUTIVE VICE PRESIDENT
- Total calculated
- $456,593
- From this org
- $390,385
- From related orgs
- $0
- Other
- $66,208
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $290,967
- Bonus
- $77,777
- Other
- $21,641
- Deferred
- $29,700
- Nontaxable benefits
- $36,508
- Filer's total
- $456,593
-
Jeffrey StonerJEFFREY STONER
SVP/CHIEF STRATEGY & TECHNOLOGY OFFICER
- Total calculated
- $467,161
- From this org
- $346,804
- From related orgs
- $0
- Other
- $120,357
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $268,468
- Bonus
- $75,240
- Other
- $3,096
- Deferred
- $83,849
- Nontaxable benefits
- $36,508
- Filer's total
- $467,161
-
Rodney MayRODNEY MAY
SVP/CHIEF ENGAGEMENT OFFICER
- Total calculated
- $445,178
- From this org
- $319,475
- From related orgs
- $0
- Other
- $125,703
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $247,424
- Bonus
- $70,395
- Other
- $1,656
- Deferred
- $89,195
- Nontaxable benefits
- $36,508
- Filer's total
- $445,178
-
Lori GallLORI GALL
SVP/CHIEF RISK OFFICER
- Total calculated
- $404,111
- From this org
- $301,881
- From related orgs
- $0
- Other
- $102,230
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $233,748
- Bonus
- $65,037
- Other
- $3,096
- Deferred
- $77,572
- Nontaxable benefits
- $24,658
- Filer's total
- $404,111
-
Joseph BertottoJOSEPH BERTOTTO
SVP/CHIEF CULTURE OFFICER
- Total calculated
- $385,388
- From this org
- $273,315
- From related orgs
- $0
- Other
- $112,073
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $205,446
- Bonus
- $60,065
- Other
- $7,804
- Deferred
- $87,812
- Nontaxable benefits
- $24,261
- Filer's total
- $385,388
-
Janice ApplebyJANICE APPLEBY
SVP/CHIEF HUMAN RESOURCES OFFICER
- Total calculated
- $338,267
- From this org
- $260,862
- From related orgs
- $0
- Other
- $77,405
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $202,799
- Bonus
- $56,487
- Other
- $1,576
- Deferred
- $64,162
- Nontaxable benefits
- $13,243
- Filer's total
- $338,267
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
- 1a · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 4B
- CERTAIN MEMBERS OF MANAGEMENT PARTICIPATE IN A 457(F) PLAN. BENEFIT INFORMATION AS OF DECEMBER 31, 2023 FOR EACH OF THE PARTICIPANTS IS AS FOLLOWS: DAVID BREHMER: $529,651 BENEFIT PAYOUT THE 457(F) BENEFIT EXPENSE ACCRUED DURING 2023 FOR EACH OF THE PARTICPANTS REPORTED IN PART VII IS AS FOLLOWS: JANICE APPLEBY: $42,680 LORI GALL: $52,684 RODNEY MAY: $63,613 JEFFREY STONER: $57,663 JOSEPH BERTOTTO: $66,052 MARK BROWN: $49,609
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
-
CHARITABLE CONTRIBUTION
-
CHARITABLE CONTRIBUTION
-
CHARITABLE CONTRIBUTION
-
CHARITABLE CONTRIBUTION
-
CHARITABLE CONTRIBUTION
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.
-
MY CU SERVICES LLC
PAYMENT SERVICES · PA · income $12,801,570 · assets $20,432,408
Directly controlled by VIZO FINANCIAL CORPORATE CREDIT UNION
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 3 July 2024
- IRS schema version
- 2023v5.1
- Source object
- 202401859349301700
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