SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2023
Open to Public
Inspection
Name of the organization
VALLEY FIRST CREDIT UNION
 
Employer identification number

94-1439553
Return Reference Explanation
FORM 990, PART VI, SECTION A, LINE 6 VALLEY FIRST CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS.
FORM 990, PART VI, SECTION A, LINE 7A VALLEY FIRST CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY.
FORM 990, PART VI, SECTION A, LINE 8B VALLEY FIRST CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 IS REVIEWED BY THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER. A COPY IS ALSO PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE.
FORM 990, PART VI, SECTION B, LINE 12C VALLEY FIRST CREDIT UNION'S CONFLICT OF INTEREST POLICY IS DIRECTED AT THE VALLEY FIRST CREDIT UNION BOARD OF DIRECTORS, SUPERVISORY COMMITTEE, VALLEY FIRST CREDIT UNION VOLUNTEERS, AND EMPLOYEES. A CONFLICT OF INTEREST OCCURS WHEN A MEMBER'S PERSONAL INTEREST INTERFERES, OR APPEARS TO INTERFERE, WITH THE INTERESTS OF THE CREDIT UNION. IN CONNECTION WITH ANY POTENTIAL CONFLICT, THE BOARD, WITH THE ABSTENTION OR ABSENCE OF THE MEMBER, WILL DECIDE WHETHER THAT MEMBER MAY PARTICIPATE IN ANY REPORTING OR DISCUSSION ON THE ISSUE THAT GAVE RISE TO THE CONFLICT OF INTEREST. THE BOARD SHALL WITHHOLD ANY INFORMATION ON SUCH ISSUES FROM THE BOARD MATERIALS DISTRIBUTED TO THE APPLICABLE MEMBER AND TAKE ALL SUCH OTHER ACTION NECESSARY TO EFFECTUATE THIS POLICY. ALL DECISIONS REGARDING SUCH MATTERS REQUIRE THAT A QUORUM OF THE BOARD OF DIRECTORS BE PRESENT FOR RATIFICATION. ANY MEMBER WITH SUCH AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST SHALL RECUSE HIMSELF OR HERSELF FROM ANY REPORTING, DISCUSSIONS, AND VOTE ON THE ISSUE THAT GAVE RISE TO THE CONFLICT AND, IF NECESSARY, FROM THE BOARD MEETING, OR APPLICABLE PART THEREOF. ON AN ANNUAL BASIS ALL DIRECTORS OR TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS BY SIGNING THE CONFLICT OF INTEREST POLICY.
FORM 990, PART VI, SECTION B, LINE 15 VALLEY FIRST CREDIT UNION'S EXECUTIVE COMPENSATION COMMITTEE HAS RETAINED D. HILTON ASSOCIATES AS ITS COMPENSATION CONSULTANT TO ADVISE THE EXECUTIVE COMPENSATION COMMITTEE ON MARKET PRACTICES AND SPECIFIC CREDIT UNION POLICIES AND PROGRAMS. D. HILTON ASSOCIATES PERFORMS THE FOLLOWING ACTIVITIES IN DETERMINING CHIEF EXECUTIVE OFFICER AND OTHER KEY EMPLOYEES COMPENSATION OF THE ORGANIZATION. D. HILTON REPORTS DIRECTLY TO THE COMPENSATION COMMITTEE CHAIRMAN AND TAKES DIRECTION FROM THE COMMITTEE ON PRESIDENT/CHIEF EXECUTIVE OFFICER AND KEY EMPLOYEE EXECUTIVE COMPENSATION MATTERS. THE CONSULTANT'S WORK FOR THE COMMITTEE INCLUDES COMPARABLE COMPENSATION DATA ANALYSES, MARKET ASSESSMENTS, AND PREPARATION OF RELATED REPORTS. THE WORK DONE BY D. HILTON ASSOCIATES FOR THE COMMITTEE IS DOCUMENTED IN A FORMAL AGREEMENT THAT IS EXECUTED BY THE CONSULTANT AND THE COMMITTEE. THE LAST TIME THIS PROCESS OCCURRED WAS IN MARCH 2024.
FORM 990, PART VI, SECTION C, LINE 19 VALLEY FIRST CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104.
FORM 990, PART XI, LINE 9: CURRENT EXPECTED CREDIT LOSS IMPLEMENTATION -3,275,250.
FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) 2023


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