2018-05-15T12:17:11-05:00 2017-12-31 030210880 AM PEISCH & COMPANY LLP 24 AIRPORT ROAD SUITE 402 WEST LEBANON NH 037841663 990 2017-01-01 030196668 RIVER VALLEY CREDIT UNION RIVE 8022544800 PO BOX 8366 NORTH BRATTLEBORO VT 05304 JILL FORTIER CHIEF FINANCIAL OFFICER 8022544800 2018-05-15 1 MANDY C GILES CPA P01204048 6033060100 2017 2022-09-23 18:48:47Z JILL FORTIER PO BOX 8366 NORTH BRATTLEBORO VT 05304 7780739 0 X WWW.RIVERCU.COM X 1946 VT OPERATE A STATE CHARTERED CREDIT UNION FOR THE BENEFIT OF MEMBERS. 10 10 63 0 84191 -52009 0 0 4369480 5032101 22216 -1418 2188033 2245799 6579729 7276482 0 0 147412 153074 3036870 3304533 0 0 0 2978642 2895423 6162924 6353030 416805 923452 95673079 107155522 88505992 99064983 7167087 8090539 TO OPERATE A STATE CHARTERED CREDIT UNION TO PROVIDE LOAN AND DEPOSIT SERVICES FOR THE BENEFIT OF ITS MEMBERS. 0 0 PROGRAM SERVICES RELATE TO DAILY OPERATIONS OF A LOCALLY CONTROLLED, FULL SERVICE CREDIT UNION. WE MAKE LOANS, ACCEPT DEPOSIT ACCOUNTS, AND CONTINUALLY AND EFFICIENTLY PROVIDE OTHER RELEVANT FINANCIAL SERVICES TO A MEMBER BASE OF APPROXIMATELY 17,440 INDIVIDUALS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 37 0 1 63 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 VT X JEFFREY J MORSE 8022544800 820 PUTNEY ROAD BRATTLEBORO VT 053048366 DEBORAH CARPENTER VICE CHAIR 1.00 X 0 0 0 RUSSELL FARRAR DIRECTOR 1.00 X 0 0 0 JAMES BEDARD DIRECTOR 1.00 X 0 0 0 LARRY KRAFT SECRETARY 1.00 X 0 0 0 SAMANTHA BOVAT DIRECTOR 1.00 X 0 0 0 RICHARD CARROLL DIRECTOR 1.00 X 0 0 0 MICHAEL COONEY CHAIRPERSON 2.00 X 0 0 0 MICHAEL ROGERS TREASURER 2.00 X 0 0 0 ROBIN SWEETAPPLE DIRECTOR 1.00 X 0 0 0 JAMES VALENTE CHAIR 2.00 X 0 0 0 GEORGE ANTHES SUPERVISORY 1.00 X 0 0 0 ADAM WAITE SUPERVISORY 1.00 X 0 0 0 NADER HASHIM SUPERVISORY 1.00 X 0 0 0 JOHN MEYER SUPERVISORY 1.00 X 0 0 0 KAREN CEDERGREN VP-BRANCH ADMINISTRATION 50.00 X 78532 0 3044 KIMBERLY GOUGER VP-CONSUMER LENDING 25.00 X 55115 0 2036 JILL FORTIER VP-CFO 50.00 X 95448 0 18600 JEFFREY MORSE CEO/PRESIDENT 50.00 X 215283 0 62337 ETHAN GRIMES VP-MORTGAGE LENDING 50.00 X 74434 0 2760 518812 0 88777 1 0 1 0 BLUE CROSS BLUE SHIELD PO BOX 1950 BRATTLEBORO VT 05302 HEALTH INSURANCE 444241 IMS INC 245 COMMERCE BLVD LIVERPOOL NY 13088 STATEMENT SERVICE 101895 2 INTEREST INCOME 522100 5032101 5032101 5032101 47591 47591 53157 58662 -5505 -5505 -5505 396586 445595 -49009 -49009 -49009 SERVICE FEES 522100 993754 993754 CARD PROCESSING FEES 522100 673149 673149 LOAN FEES 522100 238779 238779 345622 255926 89696 2251304 7276482 7192291 84191 0 X 153074 518812 1820832 135918 625220 203751 5994 131301 267301 248093 54226 89639 185752 56973 PROVISION FOR LOAN LOSS 387000 DEBIT CARD FEES 345419 INTERCEPT SERVICE ATM F 192725 OTHER 171517 759483 6353030 4637195 4031654 2868685 3758650 13978 11641 82664007 93996580 231311 271521 5660905 2272902 3494473 3388003 1763430 1697473 95673079 107155522 192247 245728 3400000 7800000 84913745 91019255 88505992 99064983 X 0 0 0 0 7167087 8090539 7167087 8090539 95673079 107155522 923452 0 X 0 1 X 1 0 559567 559567 3935488 1314303 2621185 35918 35918 0 1129932 922681 207251 3388003 MEMBER DEPOSITS 91019255 91019255 X 7384153 107671 107671 7276482 0 7276482 6460701 107671 107671 6353030 0 6353030 PART X, LINE 2: GENERALLY ACCEPTED ACCOUNTING STANDARDS PRESCRIBE A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, AND PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. THE CREDIT UNION IS NOT AWARE OF ANY SUCH UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 58,662. LOSS ON SALE OF OTHER REAL ESATE OWNED 49,009. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 58,662. LOSS ON SALE OF OTHER REAL ESTATE OWNED 49,009. X 0 1 0 JEFFREY MORSE CEO/PRESIDENT 215283 0 0 0 0 0 62337 0 0 0 277620 0 0 0 PART I, LINE 4B JEFFREY MORSE - CEO/PRESIDENT - 457(F) DEFERRED COMPENSATION OF $37,000 FORM 990, PART VI, SECTION A, LINE 6 ENTITY IS A CREDIT UNION WITH 17,440 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF RVCU ELECT AT LEAST ONE MEMBER OF THE BOARD OF DIRECTORS FORM 990, PART VI, SECTION A, LINE 7B ENTITY WIDE DECISIONS INCLUDING ELECTION OF OFFICERS, MERGER AND ACQUISITION, AND CHANGES TO BY-LAWS OR GOVERNING DOCUMENTS WOULD REQUIRE MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CEO AND CFO PRIOR TO FILING. FILING IS REPORTED TO THE BOARD OF DIRECTORS AND MADE AVAILABLE FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C RELATED PARTY QUESTIONNAIRES ARE COMPLETED BY DIRECTORS ANNUALLY TO DETERMINE ANY CONFLICTING INTERESTS. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION IS REVIEWED AND APPROVED BY A COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS. OFFICER COMPENSATION IS INITIATED AND APPROVED BY THE CEO AND CONSIDERED BY THE BOARD IN ANNUAL BUDGET REPORTING. FORM 990, PART VI, SECTION C, LINE 19 RVCU MAKES ITS DOCUMENTS AVAILABLE TO THE PUBLIC BY REQUEST WITH THE EXCEPTION OF THE FINANCIAL STATEMENTS WHICH ARE POSTED IN EACH BRANCH LOBBY. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC DEBORAH CARPENTER - 190 CANOE BROOK ROAD, E DUMMERSTON, VT 05346. RUSSELL FARRAR - 2618 FLAMSTEAD ROAD, CHESTER, VT 05143. JAMES BEDARD - 186 MAPLE STREET, BRATTLEBORO, VT 05301. KAREN CEDERGREN - PO BOX 2532, W. BRATTLEBORO, VT 05303. KIMBERLY GOUGER - 7 MOSS HOLLOW LANE, NEWFANE, VT 05345. JILL FORTIER - 579 MT HERMAN STATION ROAD, NORTHFIELD, MA 01360. LARRY KRAFT - 12 PINEBROOK LANE F-8, N. SPRINGFIELD, VT 05150. SAMANTHA BOVAT - 270 HILL ROAD, BROOKLINE, VT 05345. RICHARD CARROLL - 93 SOUTHERN HEIGHTS DRIVE, VERNON, VT 05354. JEFFREY MORSE - PO BOX 538-6 NAMASCHAUG LANDING, SPOFFORD, NH 03462. MICHAEL COONEY - 146 NEWFANE ROAD, WARDSBORO, VT 05355. MICHAEL ROGERS - 33 NORCROSS LANDING, W CHESTERFIELD, NH 03466. ROBIN SWEETAPPLE - 84 OAK STREET, BRATTLEBORO, VT 05301. JAMES VALENTE - 92 GREEN STREET, BRATTLEBORO, VT 05301. GEORGE ANTHES - 39 OLIVE STREET, BRATTLEBORO, VT 05301. ETHAN GRIMES - PO BOX 201, NEWFANE, VT 05345. ADAM WAITE - 154 HIGH ST APT 103, BRATTLEBORO, VT 05301. NADER HASHIM - 655 CANOE BROOK ROAD, DUMMERSTON, VT 05346. JOHN MEYER - PO BOX 797, BRATTLEBORO, VT 05302. FORM 990, PART IX, LINE 24E PROFESS. & OUTSIDE SERVICES 135,470. POSTAGE 120,728. DEPOSIT SERVICES EXPENSE 72,395. OREO EXPENSES 68,602. TELEPHONE 52,184. DUES/SUBSCRIPTIONS 50,554. STATEMENT SERVICES 41,610. CONFERENCE EXPENSE 39,803. COLLECTION COSTS 34,946. DONATIONS 27,906. ARMORED CAR & COURIER 21,443. PAYROLL FEES 20,688. MEAL EXPENSES 19,366. CREDIT BUREAU COSTS 14,417. ATM COSTS 10,979. VERMONT EXAM. FEES 9,372. TRAINING 7,160. BOARD/COMMITTEE COSTS 7,110. ANNUAL MEETING EXPENSES 4,750.