2020-08-05T13:17:29-05:00 2018-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2018-01-01 030184985 VERMONT STATE EMPLOYEES CREDIT UNION VERM 8023715162 1 BAILEY AVENUE MONTPELIER VT 05602 TERENCE FIELD SVP FINANCE 8023715162 2020-08-03 1 DOUGLAS J ORTH P01076394 3052328272 104.11.88.150 2020-08-03 14:22:59 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2018 2020-09-23 17:36:50Z X ROBERT MILLER 1 BAILEY AVENUE MONTPELIER VT 05602 40608062 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 11 225 14 49881 21764 0 0 33578294 36839712 1125050 1866429 1008482 1593321 35711826 40299462 0 200088 0 0 14134223 14498678 0 0 0 18424999 20234376 32559222 34933142 3152604 5366320 752433621 778214523 688063757 709139295 64369864 69075228 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, 2018 VSECU HAD 66,499 MEMBERS WITH 118,712 DEPOSIT ACCOUNTS AND 33,300 ACTIVE LOANS. VSECU ALSO OFFERS 356 SAFE DEPOSIT BOXES TO ITS MEMBERS AND COLLECTED $17,775 IN FEES FOR THOSE RENTALS IN 2018. 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 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 31898 0 1 225 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 K B CHENEY BOD, DIRECTOR 1.00 X 0 0 0 A SHOLLENBERGER BOD, DIRECTOR 1.00 X 0 0 0 H NEUWIRTH LOVEYJOY BOD, DIRECTOR 1.00 X 0 0 0 N MCELVANY BOD, CHAIR 1.00 X 0 0 0 B DOYLE BOD, DIRECTOR 1.00 X 0 0 0 J HOLLNER BOD, DIRECTOR 1.00 X 0 0 0 S NEWMAN BOD, TREASURER 1.00 X 0 0 0 M TREPANIER BOD SECRETARY 1.00 X 0 0 0 N DESROCHERS SUPERVISORY COMMITEE CHAIR 1.00 X 0 0 0 G WESCOTT SUPERVISORY COMMITTEE 1.00 X 0 0 0 S MILLER SUPERVISORY COMMITTEE 1.00 X 0 0 0 M HOGAN BOD, V. CHAIR 1.00 X 0 0 0 J SPITLER BOD, DIRECTOR 1.00 X 0 0 0 ROBERT MILLER PRESIDENT/CEO 40.00 X 334401 0 30676 TERENCE FIELD SVP-FINANCE 40.00 X 219150 0 36545 YVONNE GARAND SVP-RETAIL/MARKETING 40.00 X 210401 0 38475 RICHARD HOMMEL SVP-TECHNOLOGY/OPERATIONS 40.00 X 200784 0 27691 VALERIE BEAUDIN SVP-LENDING 40.00 X 138868 0 21419 JOHN K PHALEN VP PORTFOLIO MANAGER 40.00 X 165239 0 18366 ERIC PASTI SENIOR VMWARE SYSTEMS ADMINISTRATOR 40.00 X 111172 0 5396 TREVOR THORPE VP IT INFRASTRUCTURE 40.00 X 132485 0 14920 1512500 0 193488 8 0 1 0 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 CORE AND ANCILLARY PRODUCTS 1670621 THE MEMBERS GROUP PO BOX 8467 DES MOINES IA 50301 CARD PROGRAM SERVICES 1200545 CONNOR CONTRACTING 1100 US ROUTE 2 BERLIN VT 05602 BRANCH BUILDING CONTRACTING 704714 KERR ADVERTISING 67 BLISS ROAD MONTPELIER VT 05602 ADVERTISING 655362 NCR CORPORATION 14181 COLLECTIONS CENTER DR CHICAGO IL 60693 PRINTING-POSTAGE 499291 17 INCOME ON LOANS 522100 27550449 27550449 FEES AND CHARGES 522100 9239382 9239382 NON-MEMBER ATM FEE INCOME 900099 38717 38717 MECHANICAL BREAKDOWN 524298 8800 8800 SHARED BRANCHING INCOME 900099 2364 2364 36839712 1953902 1953902 221127 308600 -87473 -87473 -87473 OTHER OPERATING 522100 1593321 1593321 1593321 40299462 38295679 49881 1953902 X 200088 1098123 9502348 721125 2322268 854814 31037 94919 177009 968688 6091377 601483 1404132 247128 68502 4190051 2252395 150097 PROVISION FOR LOAN LOSS 2424288 LOAN PROGRAM EXPENSE 1352320 ALL OTHER EXPENSES 180950 34933142 3544026 3294146 19784675 13483189 2158600 2189521 631715536 668148906 432970 1698256 27476287 11343565 16935101 16132722 59475522 54341386 4222158 4514741 14165033 14411656 752433621 778214523 9989984 7795415 52000000 50000000 626073773 651343880 688063757 709139295 X 0 0 0 0 64369864 69075228 64369864 69075228 752433621 778214523 X 5366320 -640414 -20542 X X 0 1 X 1 0 3594364 3594364 13446398 5388024 8058374 3210478 748264 2462214 7225047 5207277 2017770 16132722 SHARES 351894914 MONEY MARKET SHARES 46717551 SHARE DRAFTS 104173156 OTHER 567189 IRA SHARES 47668262 SHARE CERTIFICATES 100322808 651343880 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (INTERNAL REVENUE CODE 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 INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION 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. AS SUCH, THE CREDIT UNION HAS NOT FILED TAX RETURNS FOR REPORTING UBIT-RELATED INCOME FOR TAX YEARS PRIOR TO SEPTEMBER 30, 2018. THE IRS AND STATE, WHERE APPLICABLE, HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR YEARS IN WHICH NO TAX RETURN WAS FILED. 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, 2018 AND 2017. 1 VERMONT FOOD BANK 223021942 501(C)(3) 60000 CHARITABLE CONTRIBUTION ENERGY ACTION NETWORK 455424161 501(C)(3) 20000 CHARITABLE CONTRIBUTION INTERVALE CENTER 030329656 501(C)(3) 6000 CHARITABLE CONTRIBUTION AGE WELL 222474636 501(C)(3) 5620 CHARITABLE CONTRIBUTION VERMONT YOUTH CONSERVATION CORPS 030328834 501(C)(3) 6744 CHARITABLE CONTRIBUTION 5 5 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 0 0 ROBERT MILLER PRESIDENT/CEO 292401 0 42000 0 0 0 23942 0 6734 0 365077 0 0 0 TERENCE FIELD SVP-FINANCE 195223 0 23927 0 0 0 33864 0 2681 0 255695 0 0 0 YVONNE GARAND SVP-RETAIL/MARKETING 184323 0 26078 0 0 0 32134 0 6341 0 248876 0 0 0 RICHARD HOMMEL SVP-TECHNOLOGY/OPERATIONS 174706 0 26078 0 0 0 20562 0 7129 0 228475 0 0 0 VALERIE BEAUDIN SVP-LENDING 128387 0 10481 0 0 0 17596 0 3823 0 160287 0 0 0 JOHN K PHALEN VP PORTFOLIO MANAGER 154482 0 10757 0 0 0 14413 0 3953 0 183605 0 0 0 FORM 990, PART IV, LINE 21 AMENDMENT: THIS QUESTION (DID THE ORGANIZATION REPORT MORE THAN $5,000 OF GRANTS OR OTHER ASSISTANCE TO ANY DOMESTIC ORGANIZATION OR DOMESTIC GOVERNMENT ON PART IX, COLUMN (A), LINE 1? IF "YES," COMPLETE SCHEDULE I, PARTS I AND II) WAS INADVERTENTLY ANSWERED NO IN THE ORIGINAL FORM 990 FILED. SCHEDULE I WAS ALSO ADDED TO REPORT THE FIVE ORGANIZATIONS TO WHICH THE ORGANIZATION DONATED MORE THAN $5,000. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBER OWNED NOT-FOR-PROFIT ORGANIZATION. AS OF DECEMBER 31, 2018, THERE WERE APPROXIMATELY 66,500 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 AND MEMBERS OF THE CREDIT COMMITTEE. THE MEMBERS VOTE AT THE ANNUAL MEETING TO ELECT THE VOLUNTEER DIRECTORS AND CREDIT COMMITTEE MEMBERS. 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, LINES 1 AND 24 AMENDMENT: CHARITABLE CONTRIBUTIONS REPORTED ON LINE 24 IN PART IX (STATEMENT OF EXPENSES) OF THE ORIGINAL FORM 990 WAS RECLASSIFIED TO LINE 1, "GRANTS AND OTHER ASSISTANCE TO DOMESTIC ORGANIZATIONS." SCHEDULE I WAS ALSO ADDED TO REPORT THE FIVE ORGANIZATIONS TO WHICH THE ORGANIZATION DONATED MORE THAN $5,000. FORM 990, PART XI, LINE 9: NET UNREALIZED GAIN ON POST-RETIREMENT BENEFIT PLAN -20,542. 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 98482 522742 1.00000 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 VERMONT HERITAGE FINANCIAL GROUP INC D 250000 OUTSTANDING LOAN BALANCE