EXPECTMORE DELIVERMORE f
We know our members f EXPECT MORE we provide them with a high standard DO MOREGROW MOREDELIVER M ,, to our members.We strive to connect which in turn will allow th Strategic partnership is no It’s what we do.
E fromVolCorp, foryourMembers.
from us.And since they, EXPECT MORE of products and services so they can MOREBE MORE , and.We don’t just sell t them with the best tools to succeed, eir members to succeed. ot just a slogan atVolCorp. It’s who we are.
Survey Results shows re satisfied or very satisfied ucts and services!
enior LeadershipTeam, Supervisory Commi
JOHN JACOWAY Board Chairman
Over the last several years, we have seen a tremendous amount of change in our industry and the critical nature of keeping up with it just escalates. It is no different for a corporate than it is for a natural persons credit union. Technology evolves, competition heats up, expectations build, and the drive to keep up with it and serve the members to the best of our ability intensifies.You know the story.You are living it in your shops as well. It is a healthy challenge, and we embrace it.
AtVolCorp, we have talked a lot about this ever-changing landscape and the need for VolCorp to continue to evolve and to keep moving forward with no sense of complacency. As you know, in 2023, to this tune, we rolled out a premier identity management platform (OKTA) to keep your data, your institution, and your corporate safe from bad actors.We also converted our electronic payments platform toAptys, a much enhanced and nimbler platform for navigating the rapidly evolving payments landscape. Lock step with this momentum, in 2024, VolCorp underwent the challenge of converting our entire item processing platform.The conversion toTranZact was done in stages and, to the delight of both our members and our team, it went very smoothly. Completing three conversions in an 18-month period (including theAptys conversion in 2023) is no small task.
CHAIRMAN& P’RESIDENTS REPORT DOEXPECTGROW MOREMORE
But, all of the users on these systems and the VolCorp staffreally rose to the occasion and did a phenomenal job of ge ing it done.All of our payments services and the users of those services are now be er positioned for the future and we are very excited about that.
These are just the major projects we completed to highlight the year. But, the day-to-day effort our team makes to help make your day smoother and simpler is what drives us.We processed tens of millions of transactions, loaned out hundreds of millions of dollars, answered tens of thousands of member phone calls and emails, and employed 70 of the most dedicated employees we canfind to support you.
Our wholly owned CUSO, Symphony LLC., also made great strides in 2024. In fact, compared to 2023, the number of engagements Symphony completed exactly doubled, a 100% increase, and they have now provided services to credit unions in 12 states across the country. For such a young company, seeing the value proposition speak for itself and for the demand for the services offered jump so quickly is so rewarding for us.As you know, Symphony was created completely based upon feedback from you as to what pain points you needed help addressing.
continued...
JMEFFERRY President and Chief ExOfficer ecutive
We honed in on that and created an entity which is helping credit unions all over our membership and all over the country.With about a dozen service offerings now, Symphony is helping the smallest of the small credit unions and the biggest of the big ones as credit unions of all
...compared to 2023, the number of engagements Symphony completed exactly doubled...
shapes and sizes see the value in what Symphony can provide.
Speaking of valuing your feedback, we always like to report back how we are doing based on the feedback we receive in our annual member survey of over 330 credit unions of all sizes in over 20 states across the country. Our goal is to serve you in a way which positions us, not as your vendor, but as yourTrusted Strategic Partner. In 2024, a remarkable 99% of respondents said they were either very satisfied or satisfied with the full breadth of theirVolCorp relationship.We love that data point, but we are more focused on the 1% who were not able to say that.We will aim to do what you need from us to get back to 100% satisfaction from our credit unions.And, as it relates to doing what you need from us, the member survey also asked some specific questions geared towards
understanding how we can help support your strategic pursuits.We received some very helpful feedback and have already started pu ing some of that feedback to work as we look into the future and how we can further strengthen the partnership we enjoy with our credit unions.We have some great projects underway and will be able to roll those out in due time. Stay tuned.
You hear us report all the time about how grateful we are for the opportunity to serve you.We still are.We talk about how much we love what we do.We still do.And, you hear about how hard we want to work to keep your trust and be your
“All of our payments services and the users of those services are now be er positioned for the future and we are very excited about that.”
partner, not just a vendor.We are still working, and we still want to keep that trust.Thank you for le ing us do what we do for you and thank you for makingVolCorp a special place doing special things for special people…you and your members.
DELIVERBE MOREMOREMORE
TREASURERS ’ REPORT
RON SMITH Treasurer
2024 was a year of change for many credit unions andVolCorp was no exception. Fortunately for us all, the changes were for the be er.Although liquidity was never stressed atVolCorp or our member credit unions during recent years, at the economic level, change arrived in the form of stable interest rates during the majority year and increased liquidity across the network.At the organizational level,VolCorp completed another multi-staged conversion with a move to a superior check processing platform, as well as continued investment in other service offerings, technology, and security.
While the inevitability of change and evolution can be daunting, assurance can come from areas that are constant.Throughout our history,VolCorp has maintained a strongfinancial foundation because of support from our member credit unions. Our gratitude goes well beyond a simple‘thank you’and influences every decision we make.
A member centric focus is evident inVolCorp’s financial metrics.To support your se lement and liquidity needs,VolCorp’s balance sheet must be composed of high credit quality, liquid assets.Throughout 2024,VolCorp held no investments which failed to meet regulatory or
policy requirements.Assets remain heavily concentrated in risk-free or low-risk assets such as the Federal Reserve Bank, government guaranteed securities, and agency securities. On December 31, 2024, cash and cash equiva-
the interest rate environment, which combined with an elevated balance sheet as compared to prior years to produce net interest income of $26.7 million.Total fee or non-interest operating income totaled $7.3 million.A er diligently
“VolCorp completed another multi-staged conversion with a move to a superior check processing platform, as well as continued investment in other service offerings, technology, and security.”
lents represented 46% of assets, and the combined balance of cash, cash equivalents, and marketable securities holdings were 97% of assets.At year-end 2024, variable rate holdings represented over 90 percent of the securities portfolio, contributing to a net unrealized loss of less than 1 percent of the total book value of securities, and over 99% of holdings were issued or guaranteed by U.S. government agencies.While risk is unavoidable for any business, especially credit unions, we maintain VolCorp’s members’risk should be centered on serving your mission and members, not with your corporate credit union.Asset quality reflects this standard, withVolCorp’s year-end Tier 1 risk-based capital ratio of 104.77 percent, much greater than its respective“well capitalized”threshold of 6.00 percent.
Your support enabled our collectivefinancial footing to further strengthen during 2024.Tier 1 capital grew over $11 million during the year to reach $179.8 million at year-end. Both member share andVolCorp’s earnings benefited from
managed operating expenses of $19.4 million and net non-operating income of $268 thousand, 2024’s net income rested at $14.9 million.At year-end,VolCorp’sTier 1 capital or leverage ratio stood at 10.84%, securely above the 5.00 percentfloor for a corporate credit union to be considered“well capitalized”. And, looking back through time, the importance of a strong Retained Earnings ratio cannot be underestimated andVolCorp’s sat comfortably at 6.82% at year-end.
VolCorp’sALCO meets monthly overseeing asset-liability management, investments, and credit risk.The commi ee monitors liquidity to ensure funds are available to members in times of need, while also allowing earnings and growth opportunities for both the corporate and member credit unions.A review of the audited financial statements indicates operations are sound.VolCorp is well-positioned to serve its members in 2025 and for many years to come.
SUPERVISORY C’OMMITTEES REPORT
NICK ARVON Committee Chair
The focus of the Supervisory Commi ee is to oversee management practices and policies, safeguard member assets and ensure thatVolCorp’sfinancial reporting objectives are met.To administer these responsibilities the Commi ee must establish audits, inspect or cause to be inspected the securities portfolio, cash and other accounts of VolCorp, inspect or cause to be inspected the internal controls overfinancial reporting, to opine on the financial statements at the end of thefiscal year and to cause a full report of these audits to be made to the Board.
In accordance with these responsibilities, the independent accountingfirm of Carr, Riggs & Ingram, LLC was engaged to perform VolCorp’s annual audit.Their le er renders an“unmodified”opinion on the consolidated financial statements ofVolunteer Corporate Credit Union as of December 31, 2024, and the year then ended. Mrs. Marla Mackie, CPA, was engaged by the Commi ee to perform the internal audit function for
VolCorp during 2024.All audits and their recommendations were reported to the Supervisory Commi ee. Information Security reports were provided to the Commi ee monthly by Mr. Cody Lee, Information Security Officer.
Based on the results of the internal audits, security reports, external audit and the joint examination byTennessee Department of Financial Institutions and the National Credit UnionAdministration conducted during 2024, the Commi ee believes that it has properly represented the interests of the membership and its responsibilities toVolCorp.
NAICKRVON
Committee Chair
WestVirginia Federal Credit Union
BLAKE WOOD
UPS Employees Credit Union
S CM UPERVISORYOMMITTEEEMBERS
PAM CASE
Jack Daniel Employees Credit Union
DAVID KING
The Commi ee would like to commend the board of directors, management and stafffor their support and commitment to the audit and review process and for their continuing dedication of services to member credit unions.
Heritage South Community Credit Union
KWARENOODALL
Veritas Federal Credit Union
PHILLIP COCHRAN ChiefOfficer Investment Series 7 & 63
LEADERSH
JEFF DATO EVPand Chief Operating Officer
JM EFF E Presiden Chief Execut
ERRY nt and Officer ive
HOLT ChiefOfficer Financial
CHRISTINA ADKISON Chief Experience Officer
ENIOR HIPTEAM DELIVERBE MOREMOREMORE
JUSTIN
DEBBIE JONES
UT Federal Credit Union
NICK
ARVON
WestVirginiaFederal Credit Union
Vice-Chairman
Leaders Credit Union
2024 BO DIREC
RON SMITH Treasurer Enbright Credit
Union
JAC Chairma Southeast Fi Credit Un
TODD SWIMS
JOHN
BRIAN TROTTER
EPB Employees
Credit Union
JUDY HESTER
Northern Kentucky Federal Credit Union
MIKE COOPER
Secretary
AllWealth Federal Credit Union
ERIN WALTER
Brown-Forman
EmployeesCredit Union
OARD OF CTORS DELIVERBE
ADDRESS
2460 AtriumWay Nashville,TN37214
ONLINE volcorp.org vportfolio.org symphonycuso.org volcorpdesign.org
NUMBERS
(615)232-7900
(800)470-3444
OperationsFax:(615)232-7979
EXTENSIONS
1-MemberServices/Operations/ItemProcessing/ACH
2-InvestmentSales
3-Marketing andBusinessDevelopment
4- Administration andPresident’sOffice
8-Symphony CUSO
9-DialByNameDirectory
0-Operator
HOURS
Monday,Tuesday,Wednesday and Friday: 7:30 a.m. to 4:30 p.m. (Central time). Thursday: 8:30 a.m. to 4:30 p.m. (Central time).
Our Member Services Department closes at 4:15 p.m. (Central time) each day.
Office closings are coordinated with the Federal Reserve Bank holiday schedule.