2021-10-27T21:37:09-05:00 2020-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2020-01-01 030184985 VERMONT STATE EMPLOYEES CREDIT UNION VERM 8023715162 1 BAILEY AVENUE MONTPELIER VT 05602 TERENCE FIELD SVP FINANCE 8023715162 2021-10-26 1 TERENCE FIELD 999009999 DOUGLAS J ORTH P01076394 3052328272 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z ROBERT MILLER 1 BAILEY AVENUE MONTPELIER VT 05602 52052858 0 X WWW.VSECU.COM X 1947 VT VERMONT STATE EMPLOYEES CREDIT UNION IS A STATE CHARTERED CREDIT UNION PROVIDING FINANCIAL SERVICES TO ITS MEMBERS IN THE STATE OF VERMONT. 11 11 226 14 57679 0 0 0 39349914 41472055 2200898 1621033 1472441 1916699 43023253 45009787 285395 185399 0 0 15445613 16846986 0 0 0 20993118 21295928 36724126 38328313 6299127 6681474 842445629 985091351 765315935 899578669 77129694 85512682 OUR MISSION IS DEDICATED TO IMPROVING THE QUALITY OF LIVES FOR ALL VERMONTERS. 0 0 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. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 23335 0 1 226 1 1 1 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 1 1 X TERENCE FIELD 8023715162 1 BAILEY AVENUE MONTPELIER VT 05602 JAMES LARSON BOD, DIRECTOR 1.00 X 0 0 0 AMY SHOLLENBERGER BOD, DIRECTOR 1.00 X 0 0 0 HEATHER NEUWIRTH LOVEYJOY BOD, DIRECTOR 1.00 X 0 0 0 NORMAN MCELVANY BOD, CHAIR 1.00 X 0 0 0 BEN DOYLE BOD, DIRECTOR 1.00 X 0 0 0 JANET HOLLNER BOD, DIRECTOR 1.00 X 0 0 0 SPENCER NEWMAN BOD, TREASURER 1.00 X 0 0 0 MARY TREPANIER BOD SECRETARY 1.00 X 0 0 0 EUGENE WESCOTT SUPERVISORY COMMITTEE CHAIR 1.00 X 0 0 0 DONNA HEATH SUPERVISORY COMMITTEE 1.00 X 0 0 0 MICHAEL HOGAN BOD, V. CHAIR 1.00 X 0 0 0 JANET SPITLER BOD, DIRECTOR 1.00 X 0 0 0 RENEE BEAUCHEMIN SUPERVISORY COMMITTEE 1.00 X 0 0 0 GEORGE SALES SUPERVISORY COMMITTEE 1.00 X 0 0 0 ROBERT MILLER PRESIDENT/CEO 40.00 X 372554 0 34807 TERENCE FIELD SVP-FINANCE 40.00 X 237141 0 45019 YVONNE GARAND SVP-RETAIL/MARKETING 40.00 X 227079 0 31725 RICHARD HOMMEL SVP-TECHNOLOGY/OPERATIONS 40.00 X 226999 0 33873 VALERIE BEAUDIN SVP-LENDING 40.00 X 179709 0 37072 GREGORY HUYSMANN DIRECTOR OF BUSINESS LENDI 40.00 X 132233 0 14974 TREVOR THORPE VP IT INFRASTRUCTURE 40.00 X 147396 0 18367 ERIC PASTI SR. VMWARE SYSTEMS ADMIN 40.00 X 121913 0 9652 BRIAN BISHOP SENIOR FINANCIAL ADVISOR 40.00 X 181539 0 30167 SHARI DELATTE MORTGAGE ORIGINATOR 40.00 X 123262 0 3287 1949825 0 258943 11 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CALL CENTER AND CARD SERVICES 3800982 FISERV INC PO BOX 934057 ATLANTA GA 31193 CORE AND ANCILLARY PRODUCTS 1365960 NCR CORP 14181 COLLECTIONS CENTER CHICAGO IL 60693 ATM/ITM/PTM 731860 KERR ADVERTISING 67 BLISS ROAD MONTPELIER VT 05602 ADVERTISING 724985 DOXIM 747 E WHITCOMB AVE MADISON HEIGHTS MI 48071 STATEMENT PROCESSING 457060 16 INCOME ON LOANS 522100 32684114 32684114 FEES AND CHARGES 522100 8730262 8730262 FINANCE AND INSURANCE 520000 57679 57679 41472055 1689092 1689092 6786275 188737 6863116 179955 -76841 8782 -68059 -68059 OTHER OPERATING 522100 1916699 1916699 1916699 45009787 43263016 57679 1689092 X 185399 1425978 11101224 791022 2609644 919118 20967 171513 251263 1353397 5857775 627095 1420738 158525 86423 4161656 2283628 146542 PROVISION FOR LOAN LOSS 3092889 LOAN PROGRAM EXPENSE 1188106 ALL OTHER EXPENSES 359288 EXAMINATION FEE 79448 36675 38328313 5896176 8046098 20324318 42158073 7202658 2903308 3047969 715945260 826040316 868911 1285144 28004741 13060503 15697057 14944238 59530118 67679255 2854982 1779091 14126149 17207859 842445629 985091351 12667970 9966295 37385000 385000 715262965 889227374 765315935 899578669 X 0 0 0 0 77129694 85512682 77129694 85512682 842445629 985091351 X 6681474 1709524 -8010 X X 0 1 X 1 0 3676364 3676364 13882828 6249560 7633268 2951041 800668 2150373 7494508 6010275 1484233 14944238 SHARES 402560377 MONEY MARKET SHARES 164148268 SHARE DRAFTS 161715555 OTHER 1083952 IRA SHARES 43334104 SHARES OF NON-MEMBERS 4527000 SHARE CERTIFICATES 111858118 889227374 X PART X, LINE 2: 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. 1 CAPSTONE COMMUNITY ACTION 20 GABLE PLACE BARRE VT 05641 030216254 501(C)(3) 10000 CHARITABLE CONTRIBUTION CHAMPLAIN VALLEY OFFICE OF ECONOMIC OPPORTUNITY PO BOX 1603 BURLINGTON VT 05402 030216837 501(C)(3) 8574 CHARITABLE CONTRIBUTION INTERVALE CENTER 180 INTERVALE RD BURLINGTON VT 05401 030329656 501(C)(3) 8738 CHARITABLE CONTRIBUTION LUND FAMILY CENTER 50 JOY DRIVE SOUTH BURLINGTON VT 05403 030179434 501(C)(3) 13307 CHARITABLE CONTRIBUTION UNITED WAY OF LAMOILE COUNTY 20 MORRISVILLE PLAZA SUITE B MORRISVILLE VT 05661 222774485 501(C)(3) 8416 CHARITABLE CONTRIBUTION TEENS REACHING YOUTH (TRY) FOR THE ENVIRONMENT U OF VERMONT FOUNDATION 411 MAIN STREET BURLINGTON VT 05401 451556038 C-CORP 10966 CHARITABLE CONTRIBUTION CITY OF BURLINGTON 149 CHURCH ST BURLINGTON VT 05401 036000410 GOVERNMENTAL 15000 GRANT FUNDING 5 2 PART I, LINE 2: 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. X 1 0 X X X 0 1 0 ROBERT MILLER PRESIDENT/CEO 323300 0 48000 0 1254 0 26000 0 8807 0 407361 0 0 0 TERENCE FIELD SVP-FINANCE 207581 0 27428 0 2132 0 43000 0 2019 0 282160 0 0 0 RICHARD HOMMEL SVP-TECHNOLOGY/OPERATIONS 198563 0 27666 0 770 0 26000 0 7873 0 260872 0 0 0 YVONNE GARAND SVP-RETAIL/MARKETING 197889 0 27801 0 1389 0 26000 0 5725 0 258804 0 0 0 VALERIE BEAUDIN SVP-LENDING 157130 0 21245 0 1334 0 32905 0 4167 0 216781 0 0 0 BRIAN BISHOP SENIOR FINANCIAL ADVISOR 154231 0 25770 0 1538 0 26000 0 4167 0 211706 0 0 0 TREVOR THORPE VP IT INFRASTRUCTURE 133074 0 13911 0 411 0 12248 0 6119 0 165763 0 0 0 PART I, LINE 4B 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. ROBERT MILLER PRESIDENT/CEO TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR PLAN PREMIUMS X 3045000 3047969 0 1 1 3047969 FORM 990, SCH L, PART II 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. 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. VERMONT HERITAGE FINANCIAL GROUP PO BOX 146 MONTPELIER VT 05601 HOME HEATING VT VERMONT STATE EMPLOYEES CREDIT UNION C 123400 278147 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 VERMONT HERITAGE FINANCIAL GROUP S 100000 ACTUAL LOAN REPAYMENT