VERMONT STATE EMPLOYEES CREDIT UNION: Form 990, tax year 2020
View the entire original 990 at ProPublica ↗
- Organization
- VERMONT STATE EMPLOYEES CREDIT UNION (EIN 03-0184985)
- Tax period
- 2020-01-01 to 2020-12-31
- Filed
- 2021-10-27
- IRS object ID
- 202103009349302265
- Schema version
- 2020v4.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2021-10-27T21:37:09-05:00 | ReturnTs |
| Tax Period End | 2020-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 382492570 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DOEREN MAYHEW | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 12060 S W 129TH COURT STE 201 | AddressLine1Txt |
| City | MIAMI | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 331864582 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2020-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 030184985 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | VERMONT STATE EMPLOYEES CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | VERM | BusinessNameControlTxt |
| Phone | 8023715162 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1 BAILEY AVENUE | AddressLine1Txt |
| City | MONTPELIER | CityNm |
| State Abbreviation | VT | StateAbbreviationCd |
| ZIP | 05602 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | TERENCE FIELD | PersonNm |
| Person Title | SVP FINANCE | PersonTitleTxt |
| Phone | 8023715162 | PhoneNum |
| Signature | 2021-10-26 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | TERENCE | PersonFirstNm |
| Person Last | FIELD | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | DOUGLAS J ORTH | PreparerPersonNm |
| PTIN | P01076394 | PTIN |
| Phone | 3052328272 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2020 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | ROBERT MILLER | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1 BAILEY AVENUE | AddressLine1Txt |
| City | MONTPELIER | CityNm |
| State Abbreviation | VT | StateAbbreviationCd |
| ZIP | 05602 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $52,052,858 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.VSECU.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1947 | FormationYr |
| Legal Domicile State | VT | LegalDomicileStateCd |
| Activity Or Mission | VERMONT STATE EMPLOYEES CREDIT UNION IS A STATE CHARTERED CREDIT UNION PROVIDING FINANCIAL SERVICES TO ITS MEMBERS IN THE STATE OF VERMONT. | ActivityOrMissionDesc |
| Voting Members Governing Body | 11 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 11 | VotingMembersIndependentCnt |
| Total Employee | 226 | TotalEmployeeCnt |
| Total Volunteers | 14 | TotalVolunteersCnt |
| Total Gross UBI | $57,679 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $39,349,914 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $41,472,055 | CYProgramServiceRevenueAmt |
| PY Investment Income | $2,200,898 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,621,033 | CYInvestmentIncomeAmt |
| PY Other Revenue | $1,472,441 | PYOtherRevenueAmt |
| CY Other Revenue | $1,916,699 | CYOtherRevenueAmt |
| PY Total Revenue | $43,023,253 | PYTotalRevenueAmt |
| CY Total Revenue | $45,009,787 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $285,395 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $185,399 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $15,445,613 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $16,846,986 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $20,993,118 | PYOtherExpensesAmt |
| CY Other Expenses | $21,295,928 | CYOtherExpensesAmt |
| PY Total Expenses | $36,724,126 | PYTotalExpensesAmt |
| CY Total Expenses | $38,328,313 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $6,299,127 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $6,681,474 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $842,445,629 | TotalAssetsBOYAmt |
| Total Assets EOY | $985,091,351 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $765,315,935 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $899,578,669 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $77,129,694 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $85,512,682 | NetAssetsOrFundBalancesEOYAmt |
| Mission | OUR MISSION IS DEDICATED TO IMPROVING THE QUALITY OF LIVES FOR ALL VERMONTERS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | THE VERMONT STATE EMPLOYEES CREDIT UNION (VSECU) OFFERS FINANCIAL SERVICES PRODUCTS TO ITS MEMBERS. AS OF DECEMBER 31, 2020 VSECU HAD 70,381 MEMBERS WITH 127,304 DEPOSIT ACCOUNTS AND 32,511 ACTIVE LOANS. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | Yes (1) | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | Yes (1) | TransactionWithControlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 23335 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 226 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 11 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 11 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | 0 | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | Yes (1) | InvestmentInJointVentureInd |
| Written Policy Or Procedure | Yes (1) | WrittenPolicyOrProcedureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | TERENCE FIELD | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 8023715162 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1 BAILEY AVENUE | AddressLine1Txt |
| City | MONTPELIER | CityNm |
| State Abbreviation | VT | StateAbbreviationCd |
| ZIP | 05602 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (24 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| JAMES LARSON | ||||||||
| BOD, DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| AMY SHOLLENBERGER | ||||||||
| BOD, DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| HEATHER NEUWIRTH LOVEYJOY | ||||||||
| BOD, DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| NORMAN MCELVANY | ||||||||
| BOD, CHAIR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| BEN DOYLE | ||||||||
| BOD, DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| JANET HOLLNER | ||||||||
| BOD, DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| SPENCER NEWMAN | ||||||||
| BOD, TREASURER | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MARY TREPANIER | ||||||||
| BOD SECRETARY | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| EUGENE WESCOTT | ||||||||
| SUPERVISORY COMMITTEE CHAIR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| DONNA HEATH | ||||||||
| SUPERVISORY COMMITTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MICHAEL HOGAN | ||||||||
| BOD, V. CHAIR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| JANET SPITLER | ||||||||
| BOD, DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| RENEE BEAUCHEMIN | ||||||||
| SUPERVISORY COMMITTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| GEORGE SALES | ||||||||
| SUPERVISORY COMMITTEE | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| ROBERT MILLER | ||||||||
| PRESIDENT/CEO | 40.00 | $372,554 | $0 | $34,807 | Yes (X) | |||
| TERENCE FIELD | ||||||||
| SVP-FINANCE | 40.00 | $237,141 | $0 | $45,019 | Yes (X) | |||
| YVONNE GARAND | ||||||||
| SVP-RETAIL/MARKETING | 40.00 | $227,079 | $0 | $31,725 | Yes (X) | |||
| RICHARD HOMMEL | ||||||||
| SVP-TECHNOLOGY/OPERATIONS | 40.00 | $226,999 | $0 | $33,873 | Yes (X) | |||
| VALERIE BEAUDIN | ||||||||
| SVP-LENDING | 40.00 | $179,709 | $0 | $37,072 | Yes (X) | |||
| GREGORY HUYSMANN | ||||||||
| DIRECTOR OF BUSINESS LENDI | 40.00 | $132,233 | $0 | $14,974 | Yes (X) | |||
| TREVOR THORPE | ||||||||
| VP IT INFRASTRUCTURE | 40.00 | $147,396 | $0 | $18,367 | Yes (X) | |||
| ERIC PASTI | ||||||||
| SR. VMWARE SYSTEMS ADMIN | 40.00 | $121,913 | $0 | $9,652 | Yes (X) | |||
| BRIAN BISHOP | ||||||||
| SENIOR FINANCIAL ADVISOR | 40.00 | $181,539 | $0 | $30,167 | Yes (X) | |||
| SHARI DELATTE | ||||||||
| MORTGAGE ORIGINATOR | 40.00 | $123,262 | $0 | $3,287 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,949,825 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $258,943 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 11 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| PSCU | |||||
| 560 CARILLON PARKWAY | ST PETERSBURG | FL | 33716 | CALL CENTER AND CARD SERVICES | $3,800,982 |
| FISERV INC | |||||
| PO BOX 934057 | ATLANTA | GA | 31193 | CORE AND ANCILLARY PRODUCTS | $1,365,960 |
| NCR CORP | |||||
| 14181 COLLECTIONS CENTER | CHICAGO | IL | 60693 | ATM/ITM/PTM | $731,860 |
| KERR ADVERTISING | |||||
| 67 BLISS ROAD | MONTPELIER | VT | 05602 | ADVERTISING | $724,985 |
| DOXIM | |||||
| 747 E WHITCOMB AVE | MADISON HEIGHTS | MI | 48071 | STATEMENT PROCESSING | $457,060 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 16 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INCOME ON LOANS | 522100 | $32,684,114 | $32,684,114 | |
| FEES AND CHARGES | 522100 | $8,730,262 | $8,730,262 | |
| FINANCE AND INSURANCE | 520000 | $57,679 | $57,679 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $41,472,055 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,689,092 | TotalRevenueColumnAmt |
| Exclusion | $1,689,092 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $6,786,275 | SecuritiesAmt |
| Other | $188,737 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $6,863,116 | SecuritiesAmt |
| Other | $179,955 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$76,841 | SecuritiesAmt |
| Other | $8,782 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$68,059 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$68,059 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER OPERATING | Desc |
| Business | 522100 | BusinessCd |
| Total Revenue Column | $1,916,699 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $1,916,699 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $1,916,699 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $45,009,787 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $43,263,016 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $57,679 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,689,092 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $185,399 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,425,978 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $11,101,224 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $791,022 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,609,644 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $919,118 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $20,967 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $171,513 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $251,263 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,353,397 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,857,775 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $627,095 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,420,738 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $158,525 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $86,423 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,161,656 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,283,628 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $146,542 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOAN LOSS | $3,092,889 |
| LOAN PROGRAM EXPENSE | $1,188,106 |
| ALL OTHER EXPENSES | $359,288 |
| EXAMINATION FEE | $79,448 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $36,675 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $38,328,313 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,896,176 | BOYAmt |
| EOY | $8,046,098 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,324,318 | BOYAmt |
| EOY | $42,158,073 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,202,658 | BOYAmt |
| EOY | $2,903,308 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $3,047,969 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $715,945,260 | BOYAmt |
| EOY | $826,040,316 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $868,911 | BOYAmt |
| EOY | $1,285,144 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $28,004,741 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $13,060,503 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $15,697,057 | BOYAmt |
| EOY | $14,944,238 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $59,530,118 | BOYAmt |
| EOY | $67,679,255 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,854,982 | BOYAmt |
| EOY | $1,779,091 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,126,149 | BOYAmt |
| EOY | $17,207,859 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $842,445,629 | BOYAmt |
| EOY | $985,091,351 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,667,970 | BOYAmt |
| EOY | $9,966,295 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $37,385,000 | BOYAmt |
| EOY | $385,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $715,262,965 | BOYAmt |
| EOY | $889,227,374 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $765,315,935 | BOYAmt |
| EOY | $899,578,669 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $77,129,694 | BOYAmt |
| EOY | $85,512,682 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $77,129,694 | BOYAmt |
| EOY | $85,512,682 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $842,445,629 | BOYAmt |
| EOY | $985,091,351 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $6,681,474 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $1,709,524 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$8,010 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,676,364 | OtherCostOrOtherBasisAmt |
| Book Value | $3,676,364 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $13,882,828 | OtherCostOrOtherBasisAmt |
| Depreciation | $6,249,560 | DepreciationAmt |
| Book Value | $7,633,268 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,951,041 | OtherCostOrOtherBasisAmt |
| Depreciation | $800,668 | DepreciationAmt |
| Book Value | $2,150,373 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $7,494,508 | OtherCostOrOtherBasisAmt |
| Depreciation | $6,010,275 | DepreciationAmt |
| Book Value | $1,484,233 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $14,944,238 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (7 entries)
| DescDesc | AmtAmt |
|---|---|
| SHARES | $402,560,377 |
| MONEY MARKET SHARES | $164,148,268 |
| SHARE DRAFTS | $161,715,555 |
| OTHER | $1,083,952 |
| IRA SHARES | $43,334,104 |
| SHARES OF NON-MEMBERS | $4,527,000 |
| SHARE CERTIFICATES | $111,858,118 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $889,227,374 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION IS EXEMPT, BY STATUTE INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14), FROM FEDERAL INCOME TAX. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN IRC SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED NO LIABILITY EXISTS FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2019, 2018, AND 2017 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. MANAGEMENT HAS DETERMINED THAT THE FINANCIAL IMPACT, IF ANY, OF NOT FILING UBIT-RELATED INCOME TAX RETURNS IN PREVIOUS YEARS WOULD NOT BE MATERIAL TO THE CREDIT UNION'S CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED SEPTEMBER 30, 2020 AND 2019. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (7 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|
| CAPSTONE COMMUNITY ACTION | |||||||
| 20 GABLE PLACE | BARRE | VT | 05641 | 030216254 | 501(C)(3) | $10,000 | CHARITABLE CONTRIBUTION |
| CHAMPLAIN VALLEY OFFICE OF ECONOMIC OPPORTUNITY | |||||||
| PO BOX 1603 | BURLINGTON | VT | 05402 | 030216837 | 501(C)(3) | $8,574 | CHARITABLE CONTRIBUTION |
| INTERVALE CENTER | |||||||
| 180 INTERVALE RD | BURLINGTON | VT | 05401 | 030329656 | 501(C)(3) | $8,738 | CHARITABLE CONTRIBUTION |
| LUND FAMILY CENTER | |||||||
| 50 JOY DRIVE | SOUTH BURLINGTON | VT | 05403 | 030179434 | 501(C)(3) | $13,307 | CHARITABLE CONTRIBUTION |
| UNITED WAY OF LAMOILE COUNTY | |||||||
| 20 MORRISVILLE PLAZA SUITE B | MORRISVILLE | VT | 05661 | 222774485 | 501(C)(3) | $8,416 | CHARITABLE CONTRIBUTION |
| TEENS REACHING YOUTH (TRY) FOR THE ENVIRONMENT U OF VERMONT FOUNDATION | |||||||
| 411 MAIN STREET | BURLINGTON | VT | 05401 | 451556038 | C-CORP | $10,966 | CHARITABLE CONTRIBUTION |
| CITY OF BURLINGTON | |||||||
| 149 CHURCH ST | BURLINGTON | VT | 05401 | 036000410 | GOVERNMENTAL | $15,000 | GRANT FUNDING |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 5 | Total501c3OrgCnt |
| Total Other Org | 2 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THESE ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. VERMONT STATE EMPLOYEES CREDIT UNION IS SELECTIVE IN DIRECTING ITS DONATIONS TO REPUTABLE ORGANIZATIONS CARRYING OUT PHILANTHROPIC ACTIVITIES. CERTAIN DONEES ARE VOTED UPON BY THE CREDIT UNION'S MEMBERSHIP. THEREFORE, THERE IS NO MONITORING BY VERMONT STATE EMPLOYEES CREDIT UNION SUBSEQUENT TO FUNDING THE CONTRIBUTIONS. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | 0 | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (7 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROBERT MILLER | ||||||||||||||
| PRESIDENT/CEO | $323,300 | $0 | $48,000 | $0 | $1,254 | $0 | $26,000 | $0 | $8,807 | $0 | $407,361 | $0 | $0 | $0 |
| TERENCE FIELD | ||||||||||||||
| SVP-FINANCE | $207,581 | $0 | $27,428 | $0 | $2,132 | $0 | $43,000 | $0 | $2,019 | $0 | $282,160 | $0 | $0 | $0 |
| RICHARD HOMMEL | ||||||||||||||
| SVP-TECHNOLOGY/OPERATIONS | $198,563 | $0 | $27,666 | $0 | $770 | $0 | $26,000 | $0 | $7,873 | $0 | $260,872 | $0 | $0 | $0 |
| YVONNE GARAND | ||||||||||||||
| SVP-RETAIL/MARKETING | $197,889 | $0 | $27,801 | $0 | $1,389 | $0 | $26,000 | $0 | $5,725 | $0 | $258,804 | $0 | $0 | $0 |
| VALERIE BEAUDIN | ||||||||||||||
| SVP-LENDING | $157,130 | $0 | $21,245 | $0 | $1,334 | $0 | $32,905 | $0 | $4,167 | $0 | $216,781 | $0 | $0 | $0 |
| BRIAN BISHOP | ||||||||||||||
| SENIOR FINANCIAL ADVISOR | $154,231 | $0 | $25,770 | $0 | $1,538 | $0 | $26,000 | $0 | $4,167 | $0 | $211,706 | $0 | $0 | $0 |
| TREVOR THORPE | ||||||||||||||
| VP IT INFRASTRUCTURE | $133,074 | $0 | $13,911 | $0 | $411 | $0 | $12,248 | $0 | $6,119 | $0 | $165,763 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 4B | FormAndLineReferenceDesc |
| Explanation | THREE EXECUTIVES PARTICIPATE IN A NON-QUALIFIED 457B PLAN. THE CREDIT UNION DOES NOT CONTRIBUTE TO THIS PLAN. THE BALANCE OF THE DEFERRED COMPENSATION UNDER THIS PLAN BY PARTICIPANT AS OF DECEMBER 31, 2020 IS AS FOLLOWS: TERENCE FIELD $405,342 YVONNE GARAND $362,514 VALERIE BEAUDIN $8,480 BEGINNING IN 2020, THE CREDIT UNION PROVIDED SUPPLEMENTAL RETIREMENT BENEFITS FOR THE CREDIT UNION'S PRESIDENT/CEO, ROBERT MILLER, THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOAN ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. | ExplanationTxt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | ROBERT MILLER | PersonNm |
| Relationship With Org | PRESIDENT/CEO | RelationshipWithOrgTxt |
| Loan Purpose | TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR PLAN PREMIUMS | LoanPurposeTxt |
| Loan From Organization | Yes (X) | LoanFromOrganizationInd |
| Original Principal | $3,045,000 | OriginalPrincipalAmt |
| Balance Due | $3,047,969 | BalanceDueAmt |
| Default | 0 | DefaultInd |
| Board Or Committee Approval | Yes (1) | BoardOrCommitteeApprovalInd |
| Written Agreement | Yes (1) | WrittenAgreementInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $3,047,969 | TotalBalanceDueAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | FORM 990, SCH L, PART II | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOAN ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (11 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION IS A MEMBER OWNED NOT-FOR-PROFIT ORGANIZATION. AS OF DECEMBER 31, 2020, THERE WERE APPROXIMATELY 70,400 MEMBER OWNERS OF THE CREDIT UNION. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE ORGANIZATION DOES HAVE MEMBERS WHO MAY ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY. THE MEMBERS ONLY HAVE ONE VOTE EACH TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS. THE MEMBERS VOTE AT THE ANNUAL MEETING TO ELECT THE VOLUNTEER DIRECTORS. |
| FORM 990, PART VI, SECTION A, LINE 7B | THERE ARE DECISIONS BY THE GOVERNING BODY SUBJECT TO APPROVAL BY THE MEMBERS (A VOTING MEMBER IS DEFINED AS A NATURAL PERSON WITH TAX OWNERSHIP OF A PRIMARY SHARE ACCOUNT THAT IS AGE 16 OR OLDER AS OF THE DATE OF THE ANNUAL MEETING OR IS THE DESIGNATED VOTER FOR A NON-NATURAL TAX OWNERSHIP OF A PRIMARY SHARE [BUSINESS] WITH THE EXCEPTION OF FIELD OF MEMBERSHIP CHANGES TO THE BY LAWS, ALL MEMBERSHIP CHANGES TO THE ORGANIZATION'S BY LAWS MUST BE APPROVED BY THE MEMBERSHIP. CHANGES TO THE BY LAWS MUST BE APPROVED BY THE MEMBERSHIP BY VOTE AT THE ANNUAL MEETING OR AT A DULY CALLED MEETING OF THE MEMBERSHIP. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE CEO AND SVP FINANCE REVIEW THE RETURN PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE POLICY IS REVIEWED WITH BOARD MEMBERS ANNUALLY FOR DISCLOSURE OF ANY CONFLICTS OF INTEREST. THERE IS A CONFLICT OF INTEREST SECTION OF THE EMPLOYEE HANDBOOK SIGNED BY EMPLOYEES ANNUALLY. |
| FORM 990, PART VI, SECTION B, LINE 15 | VSECU USES INDUSTRY DATA (BALANCED COMP, CUES AND CUNA) TO DETERMINE MARKET BASED PAY FOR ALL EMPLOYEES. THE EXECUTIVE COMMITTEE REVIEWS THE CEO COMPENSATION AND MAKES A RECOMMENDATION TO THE BOARD OF DIRECTORS FOR APPROVAL. |
| FORM 990, PART VI, SECTION C, LINE 19 | ALL GOVERNING DOCUMENTS ARE AVAILABLE FOR REVIEW BY ANY PERSON UPON REQUEST. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON WWW.NCUA.GOV VIA THE QUARTERLY 5300 FILING. |
| FORM 990, PART IX, LINE 11G | CONSULTING 161,167. PAYROLL PROCESSING 74,008. OTHER 16,088. |
| FORM 990, PART IX, LINE 24E | LOAN SERVICING 28,504. UNRELATED BUSINESS TAX 8,171. |
| FORM 990, PART XI, LINE 9: | NET UNREALIZED GAIN ON POST-RETIREMENT BENEFIT PLAN -8,010. |
| FORM 990, PART XII, LINE 2C: | THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. |
Schedule R IRS990ScheduleR
Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp
Related Organization Name RelatedOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | VERMONT HERITAGE FINANCIAL GROUP | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 146 | AddressLine1Txt |
| City | MONTPELIER | CityNm |
| State Abbreviation | VT | StateAbbreviationCd |
| ZIP | 05601 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Primary Activities | HOME HEATING | PrimaryActivitiesTxt |
| Legal Domicile State | VT | LegalDomicileStateCd |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | VERMONT STATE EMPLOYEES CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Entity Type | C | EntityTypeTxt |
| Share Of Total Income | $123,400 | ShareOfTotalIncomeAmt |
| Share Of EOY Assets | $278,147 | ShareOfEOYAssetsAmt |
| Ownership | 1.00000 | OwnershipPct |
| Controlled Organization | Yes (1) | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | 0 | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | 0 | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | Yes (1) | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (1) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | Yes (1) | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp
Other Organization Name OtherOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | VERMONT HERITAGE FINANCIAL GROUP | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Transaction Type | S | TransactionTypeTxt |
| Involved | $100,000 | InvolvedAmt |
| Method Of Amount Determination | ACTUAL LOAN REPAYMENT | MethodOfAmountDeterminationTxt |