Form 990 for tax year 2022
Filed by VOLUNTEER CORPORATE CREDIT UNION.
Totals
- Total revenue
- $78,897,689
- Total expenses
- $52,267,070
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $0
- Investment income
- $47,027,531
- Other revenue
- $31,870,158
- Total assets, end of year
- $1,546,022,853
- Total liabilities, end of year
- $1,412,302,239
- Net assets or fund balances, end of year
- $133,720,614
- Program services expenses (Part IX)
- $52,267,070
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $52,267,070
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 $47,027,531 · related or exempt $47,027,531
-
11a · Other revenue: OTHER
total $29,221,032 · related or exempt $29,221,032
-
11b · Other revenue: ITEM PROCESSING
total $2,648,976 · related or exempt $2,648,976
-
11d · All other revenue
total $150 · related or exempt $150
-
11e · Other revenue, total
$31,870,158
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $6,071,789 · program services $6,071,789
-
8 · Pension plan contributions
total $483,464 · program services $483,464
-
9 · Other employee benefits
total $1,554,599 · program services $1,554,599
-
11b · Fees: legal
total $31,864 · program services $31,864
-
11c · Fees: accounting
total $83,664 · program services $83,664
-
11g · Fees: other
total $582,699 · program services $582,699
-
12 · Advertising and promotion
total $296,026 · program services $296,026
-
13 · Office expenses
total $25,239 · program services $25,239
-
14 · Information technology
total $364,864 · program services $364,864
-
16 · Occupancy
total $46,639 · program services $46,639
-
17 · Travel
total $82,161 · program services $82,161
-
19 · Conferences, conventions and meetings
total $103,663 · program services $103,663
-
20 · Interest
total $37,162,223 · program services $37,162,223
-
22 · Depreciation, depletion and amortization
total $661,688 · program services $661,688
-
23 · Insurance
total $180,196 · program services $180,196
-
24a · Other expenses: OTHER OUTSIDE SERVICES
total $1,641,966 · program services $1,641,966
-
24b · Other expenses: DATA PROCESSING
total $961,087 · program services $961,087
-
24c · Other expenses: REPAIRS & MAINTENANCE
total $630,606 · program services $630,606
-
24d · Other expenses: UTILITIES
total $149,397 · program services $149,397
-
24e · All other expenses
total $1,153,236 · program services $1,153,236
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $113,066,426 · end of year $168,402,145
-
2 · Savings and temporary cash investments
beginning of year $1,266,494,978 · end of year $380,774,207
-
4 · Accounts receivable
beginning of year $5,245,732 · end of year $7,766,101
-
5 · Loans and receivables from officers and key people
beginning of year $5,910,730 · end of year $5,984,614
-
7 · Other notes and loans receivable
beginning of year $1,454,084 · end of year $54,676,905
-
9 · Prepaid expenses and deferred charges
beginning of year $793,081 · end of year $332,123
-
10a · Land, buildings and equipment: cost or other basis
$9,814,684
-
10b · Land, buildings and equipment: accumulated depreciation
$5,998,207
-
10c · Land, buildings and equipment, net
beginning of year $3,314,544 · end of year $3,816,477
-
12 · Investments: other securities
beginning of year $1,007,433,799 · end of year $923,708,457
-
15 · Other assets
beginning of year $686,126 · end of year $561,824
-
17 · Accounts payable and accrued expenses
beginning of year $45,277,971 · end of year $85,621,049
-
23 · Secured mortgages and notes payable
end of year $178,757,291
-
25 · Other liabilities
beginning of year $2,229,615,548 · end of year $1,147,923,899
-
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 $129,505,981 · end of year $133,720,614
Mission and programs · 2022
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 $52,267,070
As filed on the 2022 return.
Listed in Part VII
-
Bradley Arant Boult Cummings LLPBRADLEY ARANT BOULT CUMMINGS LLP
GENERAL COUNSEL
- Total calculated
- $0
- Hours/week
- 1
-
Debbie JonesDEBBIE JONES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Judy HesterJUDY HESTER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Brian TrotterBRIAN TROTTER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sandra YocumSANDRA YOCUM
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mike CooperMIKE COOPER
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Rick MikelsRICK MIKELS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ron SmithRON SMITH
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Todd SwimsTODD SWIMS
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
John JacowayJOHN JACOWAY
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Christina AdkisonCHRISTINA ADKISON
CHIEF EXPERIENCE OFFICER
- Total calculated
- $237,221
- From this org
- $192,789
- From related orgs
- $0
- Other
- $44,432
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $170,733
- Bonus
- $21,300
- Other
- $756
- Deferred
- $17,073
- Nontaxable benefits
- $27,359
- Filer's total
- $237,221
-
Jeffrey DatoJEFFREY DATO
EVP/COO
- Total calculated
- $340,108
- From this org
- $286,588
- From related orgs
- $0
- Other
- $53,520
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $240,094
- Bonus
- $44,688
- Other
- $1,806
- Deferred
- $24,009
- Nontaxable benefits
- $29,511
- Filer's total
- $340,108
-
Phillip CochranPHILLIP COCHRAN
SVP/CHIEF INVESTMENT OFFIC
- Total calculated
- $412,674
- From this org
- $369,561
- From related orgs
- $0
- Other
- $43,113
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $152,889
- Bonus
- $216,226
- Other
- $446
- Deferred
- $15,289
- Nontaxable benefits
- $27,824
- Filer's total
- $412,674
-
Ben WilliamsBEN WILLIAMS
VP INFORMATION TECHNOLOGY
- Total calculated
- $250,615
- From this org
- $204,315
- From related orgs
- $0
- Other
- $46,300
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $184,675
- Bonus
- $17,129
- Other
- $2,511
- Deferred
- $18,618
- Nontaxable benefits
- $27,682
- Filer's total
- $250,615
-
Jeffrey MerryJEFFREY MERRY
PRESIDENT/CEO
- Total calculated
- $631,615
- From this org
- $572,094
- From related orgs
- $0
- Other
- $59,521
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $439,230
- Bonus
- $117,947
- Other
- $14,917
- Deferred
- $30,500
- Nontaxable benefits
- $29,021
- Filer's total
- $631,615
-
Justin HoltJUSTIN HOLT
CHIEF FINANCIAL OFFICER
- Total calculated
- $220,988
- From this org
- $182,883
- From related orgs
- $0
- Other
- $38,105
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $161,500
- Bonus
- $21,094
- Other
- $289
- Deferred
- $16,150
- Nontaxable benefits
- $21,955
- Filer's total
- $220,988
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 $36,629 · assets $595,963
Directly controlled by VOLUNTEER CORPORATE CREDIT UNION
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 8 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202343149349304049
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