Vizo Financial Corporate Credit Union
- Assets
- $6.0b
- Revenue
- $312.1m
- Investments
- $14.9m
- Employees
- 186
- Location
- Greensboro, NC
- Founding
- 08/1969
- Data as of
- 12/2023
- EIN
- 56-1295697
Organization Overview
Vizo Financial Corporate Credit Union is located in Greensboro, NC. The organization was established in 1969. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Vizo Financial Corporate Credit Union employed 186 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Vizo Financial Corporate Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2023, Vizo Financial Corporate Credit Union generated $312.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 50.1% each year . All expenses for the organization totaled $251.2m during the year ending 12/2023. While expenses have increased by 50.9% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Vizo Financial Corporate Credit Union has awarded 18 individual grants totaling $402,715. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
VIZO FINANCIAL IS THE CREDIT UNIONS' "CREDIT UNION" OFFERING LIQUIDITY SERVICES, INVESTMENT SERVICES, AND CORRESPONDENT SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Derek Fuzzell Director | Trustee | 2 | $0 |
Scott Woods Board Chairperson | Trustee | 3 | $0 |
Jerry King Director | Trustee | 2 | $0 |
Jeff Chelius Board Vice Chairperson | Trustee | 3 | $0 |
Scott Weaver Director | Trustee | 2 | $0 |
Daniel Berry Board Treasurer | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry Ebp Processing Partner | 12/30/23 | $1,908,007 |
Cu Answers Core Data Processor Partner | 12/30/23 | $937,627 |
Fiserv Inc Processing And Ancillary | 12/30/23 | $667,190 |
Alogent Deposit Capture Platform | 12/30/23 | $564,207 |
Aptys Fintech Payment Provider | 12/30/23 | $527,828 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $27,513,467 |
| Investment income | $248,777,931 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $312,063,561 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $269,800 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,283,136 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,772,486 |
| Pension plan accruals and contributions | $1,489,426 |
| Other employee benefits | $4,773,912 |
| Payroll taxes | $964,220 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $108,925 |
| Fees for services: Accounting | $312,357 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,634,370 |
| Advertising and promotion | $301,652 |
| Office expenses | $2,043,792 |
| Information technology | $2,689,407 |
| Royalties | $0 |
| Occupancy | $263,271 |
| Travel | $327,346 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $556,927 |
| Interest | $205,623,313 |
| Payments to affiliates | $602,291 |
| Depreciation, depletion, and amortization | $2,168,578 |
| Insurance | $283,037 |
| All other expenses | $0 |
| Total functional expenses | $251,198,292 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,253,581 |
| Savings and temporary cash investments | $3,064,455,531 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,752,424 |
| Loans from Officers, Directors, or Controlling Persons | $8,056,970 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $34,585,561 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,952,169 |
| Net Land, buildings, and equipment | $1,383,017 |
| Investments—publicly traded securities | $2,781,191,124 |
| Investments—other securities | $14,857,194 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $70,423,409 |
| Total assets | $6,042,910,980 |
| Accounts payable and accrued expenses | $55,633,357 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $750,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,681,874,704 |
| Total liabilities | $5,487,508,061 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $555,402,919 |
| Total liabilities and net assets/fund balances | $6,042,910,980 |
Grants Awarded
Over the last fiscal year, Vizo Financial Corporate Credit Union has awarded $249,800 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
CAROLINAS CREDIT UNION FOUNDATION PURPOSE: CHARITABLE CONTRIBUTION | $65,900 |
THE CREDIT UNIONS CARE FOUNDATION OF VIRGINIA PURPOSE: CHARITABLE CONTRIBUTION | $50,000 |
WORLDWIDE FOUNDATION FOR CREDIT UNIONS PURPOSE: CHARITABLE CONTRIBUTION | $15,000 |
THE CREDIT UNION FOUNDATION OF MARYLAND AND THE DISTRICT OF COLUMBIA PURPOSE: CHARITABLE CONTRIBUTION | $51,200 |
CROSSSTATE CREDIT UNION FOUNDATION PURPOSE: CHARITABLE CONTRIBUTION | $67,700 |