2018-11-13T13:29:02-06:00 2017-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2017-01-01 030184985 VERMONT STATE EMPLOYEES CREDIT UNION VERM 8023715162 1 BAILEY AVENUE MONTPELIER VT 05602 TERENCE FIELD SVP FINANCE 8023715162 2018-11-13 1 DOUGLAS J ORTH P01076394 3052328272 64.95.240.2 2018-11-13 10:40:05 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2017 2019-02-21 02:37:17Z ROBERT MILLER 1 BAILEY AVENUE MONTPELIER VT 05602 48074662 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 11 214 14 0 0 0 0 30223336 33578294 1321020 1125050 649108 1008482 32193464 35711826 0 0 0 0 13115281 14134223 0 0 0 14993997 18424999 28109278 32559222 4084186 3152604 717392980 752433621 655880194 688063757 61512786 64369864 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, 2017 VSECU HAD 63,888 MEMBERS WITH 116,718 DEPOSIT ACCOUNTS AND 32,318 ACTIVE LOANS. VSECU ALSO OFFERS 356 SAFE DEPOSIT BOXES TO ITS MEMBERS AND COLLECTED $17,630 IN FEES FOR THOSE RENTALS IN 2017. 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 29501 0 1 214 1 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, CHAIRPERSON 1.00 1.00 X 0 0 0 J P ROSENSTREICH BOD 1.00 1.00 X 0 0 0 H WRIGHT BOD 1.00 1.00 X 0 0 0 N MCELVANY BOD, VICE CHAIR 1.00 1.00 X 0 0 0 A STICKNEY BOD, 1.00 1.00 X 0 0 0 J HOLLNER BOD, TREASURER 1.00 1.00 X 0 0 0 B KIDDER BOD 1.00 1.00 X 0 0 0 M LAPERLE BOD 1.00 1.00 X 0 0 0 M TREPANIER BOD SECRETARY 1.00 1.00 X 0 0 0 N DESROCHERS SUPERVISORY COMMITEE CHAIR 1.00 1.00 X 0 0 0 J HEALY SUPERVISORY COMMITTEE 1.00 1.00 X 0 0 0 S MILLER SUPERVISORY COMMITTEE 1.00 1.00 X 0 0 0 M HOGAN BOD 1.00 1.00 X 0 0 0 H NEUWRITH BOD 1.00 1.00 X 0 0 0 ROBERT MILLER PRESIDENT/CEO 40.00 40.00 X 324034 0 25532 TERENCE FIELD SVP-FINANCE 40.00 40.00 X 220700 0 18573 YVONNE GARAND SVP-RETAIL/MARKETING 40.00 40.00 X 210301 0 20414 RICHARD HOMMEL SVP-TECHNOLOGY/OPERATIONS 40.00 40.00 X 199989 0 21739 CHARLES KARPARIS SVP-LENDING 40.00 40.00 X 207732 0 21657 1162756 0 107915 5 0 1 0 THE MEMBERS GROUP PO BOX 8467 DES MOINES IA 50301 CARD PROGRAM SERVICES 1324632 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 CORE AND ANCILLARY PRODUCTS 851289 COONOR CONTRACTING 1100 US ROUTE 2 BERLIN VT 05602 BRANCH BUILDING CONTRACTING 728274 IDSCOM-LASERTEC 747 E WHITCOMB AVE MADISON HEIGHTS MI 48071 PRINTING-POSTAGE 424237 KERR ADVERTISING 67 BLISS ROAD MONTPELIER VT 05602 ADVERTISING 407373 22 INCOME ON LOANS 522100 24839725 24839725 FEES AND CHARGES 522100 8738569 8738569 33578294 1169580 1169580 12010200 308106 12005443 357393 4757 -49287 -44530 -44530 MISCELLANEOUS INCOME 522100 1008482 1008482 1008482 35711826 34542246 0 1169580 1270671 9118587 709077 2188288 847600 47419 104790 558017 924959 5542514 548017 1357013 330941 132008 3090463 2052298 142188 PROVISION FOR LOAN LOSS 1962155 LOAN PROGRAM EXPENSE 1316472 ALL OTHER EXPENSES 178735 LOSSES ON DISPOSITION O 137010 32559222 3363217 3544026 20228887 19784675 1974371 2158600 589904296 633827695 629681 432970 31291289 14356188 15950092 16935101 71233365 59475522 4121929 4222158 9987142 12052874 717392980 752433621 9508014 9989984 37000000 52000000 609372180 626073773 655880194 688063757 X 0 0 0 0 61512786 64369864 61512786 64369864 717392980 752433621 X 3152604 -376001 80475 X X 0 1 X 1 0 3594364 3594364 14819929 4977592 9842337 1544656 690210 854446 11332340 8688386 2643954 16935101 REGULAR SHARES 374558876 MONEY MARKET SHARES 9694687 SHARE DRAFTS 98739668 CLUB ACCOUNTS 460870 IRA SHARES 51205299 SHARE CERTIFICATES 91414373 626073773 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, 2017. 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, 2017 AND 2016. X X X 0 0 0 ROBERT MILLER PRESIDENT/CEO 282034 0 42000 0 0 0 20250 0 5282 0 349566 0 0 0 TERENCE FIELD SVP-FINANCE 192102 0 27035 0 1563 0 16084 0 2489 0 239273 0 0 0 YVONNE GARAND SVP-RETAIL/MARKETING 183789 0 24899 0 1613 0 13784 0 6630 0 230715 0 0 0 RICHARD HOMMEL SVP-TECHNOLOGY/OPERATIONS 175827 0 23600 0 562 0 14957 0 6782 0 221728 0 0 0 CHARLES KARPARIS SVP-LENDING 181740 0 25156 0 836 0 15517 0 6140 0 229389 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBER OWNED NOT-FOR-PROFIT ORGANIZATION. AS OF DECEMBER 31, 2016, THERE WERE APPROXIMATELY 61,000 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 990 TAX RETURN IS AVAILABLE TO THE BOARD MEMBERS UPON REQUEST. NO REVIEW WAS OR WILL BE CONDUCTED. 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 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 PROCESS FOR DETERMINING COMPENSATION OF THE CEO IS SET BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE OF THE BOARD CONSISTS OF THE CHAIRMAN, VICE CHAIRMAN, TREASURER AND SECRETARY. THE PROCESS FOR DETERMINING COMPENSATION FOR THE CEO INCLUDES AN EVALUATION OF COMPARABLE SALARIES TO INDUSTRY GATHERED DATA BY THE EXECUTIVE COMMITTEE. THE PROCESS FOR DETERMINING COMPENSATION OF THE OFFICERS IS SET BY THE CEO AND DOES NOT NECESSARILY INCLUDE A REVIEW BY INDEPENDENT PERSONS. IT DOES INCLUDE AN EVALUATION OF COMPARABLE SALARIES TO INDUSTRY GATHERED DATA. 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 XI, LINE 9: NET UNREALIZED GAIN ON POST-RETIREMENT BENEFIT PLAN 80,475. 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 155652 441879 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 300000 OUTSTANDING LOAN BALANCE VERMONT HERITAGE FINANCIAL GROUP INC N FMV VERMONT HERITAGE FINANCIAL GROUP INC O FMV