Virginia Credit Union Inc

“All members are considered equal and each has one vote. A member must be 16 years old to vote.”

“Members elect the board of directors as their terms expire. Members may also vote on amendments to the articles of incorporation or dissolution of the credit union.”

“Members elect the board of directors as their terms expire. Members may also vote on amendments to the articles of incorporation or dissolution of the credit union.”

“Prior to filing with the irs, the board of directors is provided with a copy of the 990 return prepared by an external cpa firm. The return is also reviewed by members of management prior to filing.”

“All individuals are given the statement of our fraud and standards of conduct policies upon employment or affiliation with the vacu official family. Employees and official family members must sign this statement at this time, and annually thereafter, acknowledging their receipt and understanding of these policies. By signing the fraud and standards of conduct policy statement they are also stating that they have not committed any conduct in violation of the vacu fraud or standards of conduct policies; nor are they aware of others who are doing so, or have previously done so. Under the standards of conduct, employees and officials shall refrain from any private business or professional activity or from having any direct or indirect financial interest that would place them in a position where there is conflict between their private interest and the interest of the credit union. Employees and officials shall not engage in any private business or professional activity or enter into any financial transaction for their private gain, the gain of members of their family, another employee, or associate which involves the direct or indirect use, or appearance of use, of inside information. "inside information" means information obtained through the job that is not public knowledge. Employees and officials shall not use their positions in any way to induce or coerce, or to give the appearance of inducing or coercing, any employee, person or group to provide any financial benefit to them or another person or group with whom they are associated. All potential conflicts of interest, including those conflicts which are not intentional, resulting from either business or personal relationships with members, vendors, business associates, or competitors of vacu must be reported by the employee or agent or attorney involved to the president within 48 hours. Any potential conflict of interest on the part of an official must be reported to the chairman of the board within 48 hours.”

“Periodically, the board of directors engages an outside consultant to conduct an independent review of executive compensation and benefits to ensure the appropriateness of total compensation levels. This evaluation looks at the average compensation and benefits of executives at financial institutions of comparable size, including banks and credit unions. This philosophy recognizes that the extent to which we achieve and maintain this goal must be balanced with the overall financial health of the organization. The credit union has a compensation philosophy of paying salaries and benefits that are competitive with employers in the surrounding metropolitan areas and with peers in the credit union and financial industries. Annually, employees receive performance reviews which determine merit increases. The president/ceo compensation is approved by the board every year.”

“Governing documents and conflict of interest policy are not available to the public. Financial statements are available through the posting of our annual report on our website. Audited financial statements can be viewed at the headquarters. In addition, the public may access 5300 (call report) information from the ncua website.”

“Net change in unrealized gain on defined benefit pension plan costs -10,417,248.”