TIN:
SCHEDULE O
(Form 990)
Department of the Treasury
Internal Revenue Service
(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
2021
Open to Public
Inspection
Inspection
Name of the organization
VIBRANT CREDIT UNION
Employer identification number
36-6068452
36-6068452
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 5 | A MATERIAL DIVERSION OF VIBRANT CREDIT UNION'S ASSETS DID OCCUR DURING THE CALENDAR YEAR 2021. DETAILS ARE NOT CURRENTLY BEING DISCLOSED DUE TO AN ONGOING CRIMINAL INVESTIGATION. DETAILS CAN BE PROVIDED TO THE INTERNAL REVENUE SERVICE UPON REQUEST. |
| FORM 990, PART VI, SECTION A, LINE 6 | VIBRANT CREDIT UNION MEMBERS HAS MEMBERS AS PROVIDED IN ITS BYLAWS. |
| FORM 990, PART VI, SECTION A, LINE 7A | VIBRANT CREDIT UNION MEMBERS HAVE THE RIGHT TO ELECT THE MEMBERS OF THE GOVERNING BODY. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 WILL BE REVIEWED BY THE ORGANIZATION'S CONTROLLER, AND A FINAL COPY WILL BE PROVIDED TO THE BOARD PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | A CONFLICT OF INTEREST WHICH IS UNACCEPTABLE IS BROADLY DEFINED AS AN INSIDER TAKING ADVANTAGE OF THEIR UNIQUE POSITION FOR PERSONAL GAIN AT THE EXPENSE OF THE CREDIT UNION. INSIDERS ARE BROADLY DEFINED AS BOARD MEMBERS, COMMITTEE MEMBERS, MANAGEMENT, STAFF, AND SUBSTANTIAL THIRD PARTY VENDORS, AND ARE MORE THOROUGHLY DEFINED BELOW. THE TEST FOR DETERMINING WHO IS AN INSIDER REQUIRES THE FOLLOWING TWO BASIC ELEMENTS: - THE EXISTENCE OF A RELATIONSHIP GIVING ACCESS, DIRECTLY OR INDIRECTLY TO INFORMATION INTENDED TO BE AVAILABLE ONLY FOR A CORPORATE PURPOSE AND NOT FOR THE PERSONAL BENEFIT OF ANYONE. - THE INHERENT UNFAIRNESS INVOLVED WHERE AN INSIDER TAKES ADVANTAGE OF SUCH INFORMATION KNOWING IT IS UNAVAILABLE TO THOSE WITH WHOM HE/SHE IS DEALING. TO IDENTIFY ANY POTENTIAL CONFLICTS OF INTEREST, IT WILL BE NECESSARY FOR EVERY INSIDER TO PROVIDE AN ANNUAL STATEMENT OUTLINING SPECIFIC RELATIONS AND SITUATIONS. ALL NEW HIRES AND NEW DIRECTORS WILL COMPLETE THE CONFLICT OF INTEREST STATEMENTS PRIOR TO EMPLOYMENT OR ELECTION. THE PRESIDENT/CEO OR HIS/HER DESIGNEE WILL BE RESPONSIBLE FOR THE COLLECTION AND RETENTION OF ALL DIRECTORS, MANAGEMENT, AND EMPLOYEE STATEMENTS. REVIEW OF DIRECTOR, MANAGEMENT, AND EMPLOYEE STATEMENTS IS THE RESPONSIBILITY OF THE INTERNAL AUDIT DEPARTMENT. INDIRECT CONFLICTS COULD INVOLVE SITUATIONS AS ROUTINE AS THE INSIDER OR SPOUSE MAINTAINING A NORMAL CONSUMER RELATIONSHIP WITH THE CREDIT UNION. THESE SITUATIONS ARE ROUTINELY DISCLOSED TO EXAMINERS AND AUDITORS IN THE NORMAL COURSE OF THEIR REVIEW OF OPERATIONS AND SHOULD BE CONSIDERED NORMAL FOR THE FINANCIAL SERVICES INDUSTRY. THE INSIDER IN THIS CASE RECEIVES NO MATERIAL SPECIAL CONSIDERATION AND PAYS THE SAME RATES AND GETS THE SAME SERVICE AS A REGULAR MEMBER. DIRECT CONFLICTS OF INTEREST NORMALLY INVOLVE A SITUATION WHICH WILL BENEFIT THE INSIDER FINANCIALLY. A DIRECTOR WHO PURCHASES A PROPERTY WITH INSIDER CONFIDENTIAL INFORMATION, KNOWING THE CREDIT UNION IS PLANNING TO DEVELOP IT AS A BRANCH OFFICE WOULD HAVE VIOLATED HIS FIDUCIARY DUTY AS A DIRECTOR AND CREATE A CONFLICT. AN EMPLOYEE WHO RECEIVED COMMISSIONS FROM A COMPANY THAT THE CREDIT UNION DID BUSINESS WITH AS A RESULT OF THE ACTIONS OF SAID EMPLOYEE WOULD BE IN CONFLICT. THE NUMBER OF EXAMPLES IS TOO NUMEROUS TO LIST, BUT THE MAIN DETERMINANT WOULD BE IF THE INSIDER BENEFITED EITHER DIRECTLY OR INDIRECTLY BECAUSE OF THEIR UNIQUE POSITION AS AN INSIDER. IN SOME SITUATIONS, A BOARD MEMBER MAY BE ENGAGED IN SERVICES OR BUSINESS ACTIVITIES FOR WHICH VIBRANT CREDIT UNION HAS A NEED. IN THESE INSTANCES, VIBRANT CREDIT UNION MAY ENGAGE IN THESE SERVICES OR ACTIVITIES WITH THE REVIEW AND APPROVAL OF THE BOARD. APPROVAL BY THE BOARD FOR THE SERVICES BEING PROVIDED WILL BE DOCUMENTED IN MONTHLY MINUTES. EACH SITUATION MUST BE HANDLED ON A CASE BY CASE BASIS BY THE BOARD OF DIRECTORS, PRESIDENT/CEO, AND OUTSIDE COUNSEL, IF REQUIRED. |
| FORM 990, PART VI, SECTION B, LINE 15A | IN JANUARY, THE EXECUTIVE COMMITTEE COMPLETES THE PRESIDENT/CEO'S ANNUAL REVIEW BASED ON THE COMPENSATION PHILOSOPHY PLAN THAT HAS BEEN APPROVED AND ESTABLISHED. BASED ON THE COMPENSATION PHILOSOPHY PLAN, THE PRESIDENT/CEO'S COMPENSATION IS DETERMINED AND APPROVED BY THE EXECUTIVE COMMITTEE AND DOCUMENTED THROUGH THE MEETING'S MINUTES. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. |
| FORM 990, PART X, COLUMN (A), LINES 1 & 2: | IN 2021, VIBRANT CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN COLUMN (B) (END OF YEAR) FOR LINES 1 (CASH - NON-INTEREST-BEARING) AND 2 (SAVINGS AND TEMPORARY CASH INVESTMENTS) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990 IN LINES 2 (SAVINGS AND TEMPORARY CASH INVESTMENTS) AND 1 (CASH - NON-INTEREST-BEARING), RESPECTIVELY. CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE CURRENT YEAR BEGINNING OF YEAR AMOUNTS LISTED IN COLUMN (A) OF PART X. |
| FORM 990, PART XI, LINE 9: | DEFINED BENEFIT PLAN NET ASSET 482,137. |
| 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) 2021
Additional Data
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