2025-11-14T12:23:32-06:00 2024-12-31 540504608 BROWN EDWARDS & COMPANY LLP 4951 LAKE BROOK DRIVE SUITE 375 GLEN ALLEN VA 23060 990 2024-01-01 540417722 VIRGINIA BANKERS ASSOCIATION VIRG 8046437469 4490 COX RD GLEN ALLEN VA 23060 STACY PUCKETT CFO 8046437469 2025-11-14 1 1 MELISSA A SIKES P01261580 8042826000 2025-11-14 2024 2025-03-06 01:10:19Z STACY PUCKETT 4490 COX RD GLEN ALLEN VA 23060 2057791 0 X VABANKERS.ORG X 1942 VA TO REPRESENT THE BANKING INDUSTRY AND PROVIDE SERVICES TO MEMBER BANKS. 21 21 34 20 0 0 0 0 1337236 1443693 19749 35913 695450 578185 2052435 2057791 0 0 0 0 1061691 1100559 0 0 0 294853 442164 1356544 1542723 695891 515068 14662412 15425593 1890063 2062251 12772349 13363342 THE MISSION OF THE VBA IS TO ENHANCE BANKING'S ABILITY TO COMPETE EFFECTIVELY AND PROFITABLY IN THE MARKETPLACE. 0 0 VBA PROTECTS THE INTERESTS OF COMMERCIAL AND SAVINGS BANKS IN VIRGINIA AND PROVIDES 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 24 0 1 34 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 VICTOR K BRANCH CHAIRMAN 1.00 X X 0 0 0 THOMAS F CHERRY CHAIRMAN ELECT 1.00 X X 0 0 0 LITZ H VAN DYKE IMMEDIATE PAST CHAIRMAN 1.00 X X 0 0 0 JAMES R 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 CHRISTOPHER W BERGSTROM 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 THOMAS L RANSOM BOARD MEMBER 1.00 X 0 0 0 SHANE MCLAUGHLIN BOARD MEMBER 1.00 X 0 0 0 W MARK NELSON 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 J 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 JOHN R CALDWELL CHAIRMAN VBA BENEFITS CORP 1.00 1.00 X 0 0 0 GARY R SHOOK CHAIRMAN VBA EDUCATION FOUNDATION 1.00 1.00 X 0 0 0 DENNIS A DYSART CHAIRMAN VBA MANAGEMENT SERVICES 1.00 1.00 X 0 0 0 BRANDON C LOREY CHAIRMAN GOVT RELATIONS 1.00 1.00 X 0 0 0 BRUCE WHITEHURST PRESIDENT & CEO 24.00 16.00 X 400172 266782 137440 MATTHEW BRUNING EXECUTIVE VP 28.00 12.00 X 159116 68192 35341 DEMARION JOHNSTON GENERAL COUNSEL & CORP SECRETARY 18.00 22.00 X 81529 99648 34602 STACY PUCKETT CHIEF FINANCIAL OFFICER 4.00 36.00 X 21124 190114 29492 CHANDLER OWDOM SENIOR VICE PRESIDENT 20.00 20.00 X 49365 49365 25352 LAURIE MILLIGAN COO & PRESIDENT, VBA BENEFITS CORP 1.00 40.00 X 0 300594 30334 TRACY OTTINGER SVP, MEMBER SERVICES, VBA MSI 1.00 40.00 X 0 143801 17815 JOHN SNEAD VP MEMBER SERVICES, VBA BENEFITS CORP 1.00 40.00 X 0 148130 16874 711306 1266626 327250 2 0 1 0 HOLLAND AND KNIGHT LLP PO BOX 936937 ATLANTA GA 31193 LEGAL SERVICES 120000 1 MEMBERSHIP DUES INCOME 900099 1443693 1443693 1443693 35913 35913 136917 136917 INVESTMENT IN SUBSIDIA 900099 441268 441268 441268 2057791 1884961 0 172830 849704 160149 1895 42061 46750 179048 11500 5107 23474 45703 32072 24567 32941 11209 MEMBERSHIP & SUBSCRIPTI 25849 OTHER 21489 DC BANKERS EXPENSE 19381 EDUCATION & TRAINING 6743 3081 1542723 508889 701980 639369 562514 172947 167289 34400 42786 380372 348571 58555 31801 49246 52968 11985722 12426990 1213284 1439265 14662412 15425593 91550 92737 631933 626459 1166580 1343055 1890063 2062251 X 12772349 13363342 12772349 13363342 14662412 15425593 X 515068 1454 74471 X 0 1 X 1 0 0 0 0 1443693 284879 284879 334421 -49542 380372 348571 31801 31801 INVESTMENT IN SUBSIDIARY - VBA BENEFITS CORP. 7009375 C INVESTMENT IN SUBSIDIARY - VBA MANAGEMENT SERVICES 6192525 C INVESTMENT IN SUBSIDIARY - VBA PROPERTIES, LLC -774910 C 12426990 ACCRUED INTEREST RECEIVABLE 1686 RETIREMENT ASSETS 1203778 CASH SURRENDER VALUE OF LIFE INSURANCE 146173 ACCRUED PENSION ASSET 87628 1439265 POST RETIREMENT BENEFITS 132706 RETIREMENT LIABILITY 1210349 1343055 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 267899 178599 101250 67500 31023 20683 71366 47577 11098 7399 482636 321758 0 0 LAURIE MILLIGAN COO & PRESIDENT, VBA BENEFITS CORP 0 221050 0 70500 0 9044 0 22778 0 7556 0 330928 0 0 MATTHEW BRUNING EXECUTIVE VP 126517 54221 31500 13500 1099 471 12496 5356 12242 5247 183854 78795 0 0 STACY PUCKETT CHIEF FINANCIAL OFFICER 14834 133503 6050 54450 240 2161 1559 14033 1390 12510 24073 216657 0 0 DEMARION JOHNSTON GENERAL COUNSEL & CORP SECRETARY 64599 78955 16875 20625 55 68 7247 8858 8324 10173 97100 118679 0 0 JOHN SNEAD VP MEMBER SERVICES, VBA BENEFITS COR 0 120850 0 25000 0 2280 0 9632 0 7242 0 165004 0 0 TRACY OTTINGER SVP, MEMBER SERVICES, VBA MSI 0 94562 0 25000 0 24239 0 10573 0 7242 0 161616 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 74,471. 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 MID-ATLANTIC BANKERS ASSOCIATION 4490 COX ROAD GLEN ALLEN VA 23060 993190262 PARENT ORGANIZATION VA 501(C)(6) N/A 0 VBA PROPERTIES LLC 4490 COX ROAD GLEN ALLEN VA 23060 320120415 PROPERTY MANAGEMENT VA N/A INVESTMENT 4539 766770 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 236927 6033632 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 -50146 6569240 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 2046070 CASH VBA BENEFITS CORPORATION O 1581634 CASH VBA MANAGEMENT SERVICES INC Q 2022399 CASH VBA MANAGEMENT SERVICES INC O 1572221 CASH VBA PROPERTIES LLC O 22127 CASH VBA PROPERTIES LLC Q 38200 CASH