2024-11-14T14:15:08-06:00 2023-12-31 540504608 BROWN EDWARDS & COMPANY LLP 4951 LAKE BROOK DRIVE SUITE 375 GLEN ALLEN VA 23060 990 2023-01-01 540417722 VIRGINIA BANKERS ASSOCIATION VIRG 8046437469 4490 COX RD GLEN ALLEN VA 23060 STACY PUCKETT CFO 8046437469 2024-11-14 1 0 MELISSA A SIKES P01261580 8042826000 2024-11-11 2023 2024-10-15 13:58:12Z STACY PUCKETT 4490 COX RD GLEN ALLEN VA 23060 2052435 0 X VABANKERS.ORG X 1942 VA REPRESENT THE BANKING INDUSTRY AND PROVIDE SERVICES TO MEMBER BANKS. 21 21 32 0 0 0 0 0 1168054 1337236 31061 19749 1297054 695450 2496169 2052435 0 0 0 0 746443 1061691 0 0 0 292479 294853 1038922 1356544 1457247 695891 13737595 14662412 1697683 1890063 12039912 12772349 THE MISSION OF THE VBA IS TO ENHANCE BANKING'S ABILITY TO COMPETE EFFECTIVELY AND PROFITABLY IN THE MARKETPLACE. 0 0 PROTECTING THE INTERESTS OF COMMERCIAL AND SAVINGS BANKS IN VIRGINIA AND PROVIDING CONTINUING EDUCATION FOR MEMBERS. 0 0 0 1 0 0 0 0 0 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 26 0 1 32 1 0 0 0 0 1 1 0 0 0 X 21 21 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X STACY PUCKETT 8046437469 4490 COX ROAD GLEN ALLEN VA 23060 LITZ H VANDYKE CHAIRMAN 1.00 X X 0 0 0 VICTOR K BRANCH CHAIRMAN ELECT 1.00 X X 0 0 0 CHRISTOPHER W BERGSTROM IMMEDIATE PAST CHAIRMAN 1.00 X X 0 0 0 JAMES BLACK BOARD MEMBER 1.00 X 0 0 0 DAVID P BOYLE BOARD MEMBER 1.00 X 0 0 0 JOHN J BROUGH BOARD MEMBER 1.00 X 0 0 0 JOHN CALDWELL BOARD MEMBER 1.00 X 0 0 0 THOMAS F CHERRY BOARD MEMBER 1.00 X 0 0 0 STEVEN A DELUCA BOARD MEMBER 1.00 X 0 0 0 AUBREY H HALL III BOARD MEMBER 1.00 X 0 0 0 SCOTT C HARVARD BOARD MEMBER 1.00 X 0 0 0 G LYN HAYTH III BOARD MEMBER 1.00 X 0 0 0 BRANDON C LOREY BOARD MEMBER 1.00 X 0 0 0 THOMAS L RANSOM BOARD MEMBER 1.00 X 0 0 0 SHERRI A SACKETT BOARD MEMBER 1.00 X 0 0 0 ROBERT F SHUFORD JR BOARD MEMBER 1.00 X 0 0 0 BRIAN K SKINNER BOARD MEMBER 1.00 X 0 0 0 MARIA P TEDESCO BOARD MEMBER 1.00 X 0 0 0 JOSEPH JANNEY THOMAS BOARD MEMBER 1.00 X 0 0 0 JANET N TOPE BOARD MEMBER 1.00 X 0 0 0 ROBERT C WOOD JR BOARD MEMBER 1.00 X 0 0 0 BRUCE WHITEHURST PRESIDENT & CEO 24.00 16.00 X 372522 248348 162039 MATTHEW J BRUNING SVP, GOVERNMENT RELATIONS 28.00 12.00 X 158789 68053 40285 DEMARION JOHNSTON GENERAL COUNSEL & SECRETAR 18.00 22.00 X 78486 95927 37060 STACY PUCKETT CHIEF FINANCIAL OFFICER 4.00 36.00 X 18141 163269 40041 CHANDLER OWDOM VICE PRESIDENT 20.00 20.00 X 48562 48562 27220 LAURIE MILLIGAN COO VBA BENEFITS CORP 1.00 40.00 X 0 276089 45676 TRACY OTTINGER SVP MEMBER SERVICES INC 1.00 40.00 X 0 142099 24582 JOHN SNEAD VP MEMBER SERVICES 1.00 40.00 X 0 141918 21676 676500 1184265 398579 2 0 1 0 0 MEMBERSHIP DUES INCOME 900099 1337236 1337236 1337236 19749 19749 129201 129201 INVESTMENT IN SUBSIDIA 900099 566249 566249 566249 2052435 1903485 0 148950 836231 180162 45298 21089 11900 5002 17317 104 37085 35392 20522 30697 12295 DC BANKERS EXPENSE 67413 MEMBERSHIP & SUBSCRIPTI 24322 OTHER 5513 TAXES & LICENSES 3454 2748 1356544 627081 508889 327803 639369 200485 172947 31545 34400 375495 316940 84922 58555 43441 49246 11419473 11985722 1002845 1213284 13737595 14662412 72208 91550 592196 631933 1033279 1166580 1697683 1890063 X 12039912 12772349 12039912 12772349 13737595 14662412 X 695891 4732 31814 X 0 1 X 1 0 0 0 0 1337236 131555 131555 218156 -86601 375495 316940 58555 58555 INVESTMENT IN SUBSIDIARY - VBA BENEFITS CORP. 6676957 C INVESTMENT IN SUBSIDIARY - VBA MANAGEMENT SERVICES 5783466 C INVESTMENT IN SUBSIDIARY - VBA PROPERTIES, LLC -474701 C 11985722 ACCRUED INTEREST RECEIVABLE 7553 RETIREMENT ASSETS 1033378 CASH SURRENDER VALUE OF LIFE INSURANCE 140707 ACCRUED PENSION ASSET 31646 1213284 POST RETIREMENT BENEFITS 133202 RETIREMENT LIABILITY 1033378 1166580 X PART X, LINE 2: VBA IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE AND THE TAX STATUTES OF THE COMMONWEALTH OF VIRGINIA. THE CONSOLIDATED FINANCIAL STATEMENTS PROVIDE FOR INCOME TAXES FOR ITS FOR-PROFIT SUBSIDIARIES, BENEFITS CORPORATION AND MANAGEMENT SERVICES. THESE SUBSIDIARIES FILE SEPARATE FEDERAL AND STATE INCOME TAX RETURNS. PROPERTIES IS CLASSIFIED AS A PARTNERSHIP FOR FEDERAL INCOME TAX PURPOSES AND, THEREFORE, THE CONSOLIDATED FINANCIAL STATEMENTS DO NOT INCLUDE A PROVISION FOR INCOME TAXES FOR THIS ENTITY. THE ASSOCIATION FOLLOWS FASB GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE ASSOCIATION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE-LIKELY-THAN-NOT" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. MANAGEMENT EVALUATED THE ASSOCIATION'S TAX POSITIONS AND CONCLUDED THAT THE ASSOCIATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE ASSOCIATION IS NOT CURRENTLY UNDER AUDIT BY ANY TAX JURISDICTION. X X 1 1 X X X X X 0 1 0 BRUCE WHITEHURST PRESIDENT & CEO 258336 172224 87000 58000 27186 18124 86747 57832 10494 6966 469763 313146 0 0 LAURIE MILLIGAN COO VBA BENEFITS CORP 0 216650 0 55500 0 3939 0 38660 0 7016 0 321765 0 0 MATTHEW J BRUNING SVP, GOVERNMENT RELATIONS 122644 52562 35000 15000 1145 491 15957 6839 12242 5247 186988 80139 0 0 STACY PUCKETT CHIEF FINANCIAL OFFICER 14418 129765 3500 31500 223 2004 2690 24213 1314 11824 22145 199306 0 0 DEMARION JOHNSTON GENERAL COUNSEL & SECRETAR 62448 76325 15750 19250 288 352 8807 10764 7870 9619 95163 116310 0 0 TRACY OTTINGER SVP MEMBER SERVICES INC 0 109141 0 26000 0 6958 0 17880 0 6702 0 166681 0 0 JOHN SNEAD VP MEMBER SERVICES 0 116674 0 23900 0 1344 0 14660 0 7016 0 163594 0 0 PART I, LINE 1A THE COMPANY FOLLOWS WRITTEN POLICIES REGARDING THE REIMBURSEMENT OF CLUB DUES AND COMPANION TRAVEL. PART I, LINE 3 THE PROCESS FOR REVIEW OF COMPENSATION FOR KEY EMPLOYEES AND OFFICERS INCLUDES THE FOLLOWING: REVIEW OF OTHER 990'S, REVIEW OF INDUSTRY PUBLICATIONS AND REVIEW OF COMPENSATION SURVEYS. PART I, LINE 4B THERE IS A 457F PLAN AND SPLIT DOLLAR LIFE INSURANCE POLICY FOR BRUCE WHITEHURST. FORM 990, PART VI, SECTION A, LINE 6 VIRGINIA BANKERS ASSOCIATION HAS THREE CLASSES OF MEMBERS: ACTIVE MEMBERS, ASSOCIATE MEMBERS AND FINANCIAL SERVICES MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE DIRECTORS, CHAIRMAN OF THE BOARD AND THE CHAIRMAN-ELECT OF THE BOARD ARE ELECTED BY THE ACTIVE MEMBERS. ASSOCIATE MEMBERS AND FINANCIAL SERVICES MEMBERS DO NOT HAVE THE RIGHT TO ELECT. FORM 990, PART VI, SECTION A, LINE 7B ACTIVE MEMBERS HAVE ALL THE RIGHTS AND PRIVILEGES SET FORTH IN THE BYLAWS, INCLUDING THE RIGHT TO VOTE AND HOLD OFFICE. ASSOCIATE MEMBERS AND FINANCIAL SERVICES MEMBERS DO NOT HAVE THESE RIGHTS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE EXECUTIVE COMMITTEE OF THE VIRGINIA BANKERS ASSOCIATION. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED EACH YEAR TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR REVIEW OF COMPENSATION FOR KEY EMPLOYEES AND OFFICERS INCLUDES THE FOLLOWING: REVIEW OF OTHER 990'S, REVIEW OF INDUSTRY PUBLICATION AND REVIEW OF COMPENSATION SURVEYS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: ADJUSTMENT TO PENSION LIABILITY PER AUDITED FINANCIAL STATEMENTS 31,814. VIRGINIA BANKPAC 4490 COX ROAD GLEN ALLEN VA 23060 541280225 PROTECT & PRESERVE FREE ENTERPRISE SYSTEM VA 527 N/A 0 VIRGINIA BANKERS ASSOCIATION GROUP MEDICAL & DENTAL TRUST 4490 COX ROAD GLEN ALLEN VA 23060 546198695 VEBA TRUST VA 501(C)(9) N/A VBA BENEFITS CORPORATION 0 STATE BANKERS ASSOCIATION GROUP INSURANCE TRUST 4490 COX ROAD GLEN ALLEN VA 23060 476709961 VEBA TRUST VA 501(C)(9) N/A VBA BENEFITS CORPORATION 0 VBA PROPERTIES LLC 4490 COX ROAD GLEN ALLEN VA 23060 320120415 PROPERTY MANAGEMENT VA N/A INVESTMENT -10573 779640 0 0 0.33330 VBA BENEFITS CORPORATION 4490 COX ROAD GLEN ALLEN VA 23060 541741662 PROVIDE HEALTH AND WELFARE AND RETIREMENT SERVICES TO MEMBERS OF THE VBA VA VIRGINIA BANKERS ASSOCIATION C 235728 5669795 1.00000 1 VBA MANAGEMENT SERVICES INC 4490 COX ROAD GLEN ALLEN VA 23060 541215404 PROVIDE SERVICES TO MEMBERS OF THE VBA VA VIRGINIA BANKERS ASSOCIATION C 229957 6034118 1.00000 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 VBA BENEFITS CORPORATION Q 548901 CASH VBA BENEFITS CORPORATION O 1311274 CASH VBA MANAGEMENT SERVICES INC Q 490621 CASH VBA MANAGEMENT SERVICES INC O 1217579 CASH VBA PROPERTIES LLC O 18030 CASH VBA PROPERTIES LLC Q 11701 CASH