2017-05-15T10:36:52-05:00 2016-12-31 030210880 AM PEISCH & COMPANY LLP 1020 MEMORIAL DRIVE ST JOHNSBURY VT 05819 990 2016-01-01 030196668 RIVER VALLEY CREDIT UNION RIVE 8022544800 PO BOX 8366 NORTH BRATTLEBORO VT 05304 JEFFREY MORSE CHIEF FINANCIAL OFFICER 8022544800 2017-05-15 1 RICHARD F LYON P00281531 8027485654 72.15.28.186 2017-05-15 11:35:43 ED P 0E9EC6B1632589286A2AC8E709240BE2A3C17CF9 504E8AB49F12A48A750668D10C46D5BD1E8425E3 2016 2021-01-29 14:40:06Z JILL FORTIER PO BOX 8366 NORTH BRATTLEBORO VT 05304 6635974 0 X WWW.RIVERCU.COM X 1946 VT OPERATE A STATE CHARTERED CREDIT UNION FOR THE BENEFIT OF MEMBERS. 10 10 64 0 76578 -31892 0 0 4053635 4369480 13936 22216 2134032 2188033 6201603 6579729 0 0 157745 147412 2887410 3036870 0 0 0 2474141 2978642 5519296 6162924 682307 416805 90429024 95673079 83678742 88505992 6750282 7167087 TO OPERATE A STATE CHARTERED CREDIT UNION TO PROVIDE LOAN AND DEPOSIT SERVICES FOR THE BENEFIT OF ITS MEMBERS. 0 0 6162924 6503151 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 16,855 INDIVIDUALS. 6162924 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 1 0 0 0 0 0 0 0 0 0 0 0 0 1 33 0 64 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 ATHES SUPERVISORY 1.00 X 0 0 0 JOHN JAMISON SUPERVISORY 1.00 X 0 0 0 KAREN CEDERGREN VP-BRANCH ADMINISTRATION 50.00 X 75662 0 2920 KIMBERLEY GOUGER VP-CONSUMER LENDING 50.00 X 50103 0 1895 JILL FORTIER VP-CFO 50.00 X 88574 0 3302 ETHAN GRIMES VP-MORTGAGE LENDING 50.00 X 64835 0 2388 JEFFREY MORSE CEO/PRESIDENT 50.00 X 191866 0 6855 471040 0 17360 1 0 1 0 BLUE CROSS BLUE SHIELD PO BOX 1950 BRATTLEBORO VT 05302 HEALTH INSURANCE 438133 IMS INC 245 COMMERCE BLVD LIVERPOOL NY 13088 STATEMENT SERVICE 100280 2 INTEREST INCOME 522100 4369480 4369480 4369480 22216 22216 56907 56245 662 662 662 SERVICE FEES 522100 983354 983354 CARD PROCESSING FEES 522100 627919 627919 NSF AND OVERDRAFT FEES 522100 233096 233096 343002 267086 75916 2187371 6579729 6503151 76578 0 X 147412 147412 471040 471040 1748468 1748468 63227 63227 552814 552814 201321 201321 3009 3009 137234 137234 258222 258222 232514 232514 34547 34547 58667 58667 187715 187715 58070 58070 PROVISION FOR LOAN LOSS 601000 601000 DEBIT CARD FEES 272566 272566 INTERCEPT SERVICE ATM F 173535 173535 OTHER 173051 173051 788512 788512 6162924 6162924 0 0 3818960 4637195 2724395 2868685 67798 13978 78645876 82664007 233957 231311 5613667 2119194 3547358 3494473 1390680 1763430 90429024 95673079 176985 192247 3000000 3400000 80501757 84913745 83678742 88505992 X 0 0 0 0 6750282 7167087 6750282 7167087 90429024 95673079 416805 0 X X 0 1 X 1 0 555863 555863 3908112 1215607 2692505 39622 36914 2708 1110070 866673 243397 3494473 MEMBER DEPOSITS 84913745 84913745 X 6635975 56246 56246 6579729 0 6579729 6219170 56246 56246 6162924 0 6162924 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 56,246. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 56,246. X 0 0 0 JEFFREY MORSE CEO/PRESIDENT 191866 0 0 0 0 0 6855 0 0 0 198721 0 0 0 DEBORAH CARPENTER DIRECTOR PERSONAL X 73827 21269 0 1 1 KIM GOUGER OFFICER MORTGAGE X 98500 74750 0 1 1 JEFFREY MORSE PRESIDENT/CEO MORTGAGE X 140000 101230 0 1 1 STEPHEN DUCLOS OFFICER MORTGAGE X 250000 0 0 1 1 JAMES BEDARD DIRECTOR MORTGAGE X 225000 209058 0 1 1 ARTHUR SNARSKI DIRECTOR PERSONAL X 2000 0 0 1 1 LARRY KRAFT DIRECTOR PERSONAL X 29689 21138 0 1 1 MICHAEL ROGERS DIRECTOR PERSONAL X 30598 26365 0 1 1 JAMES VALENTE SUPERVISORY COMMITTEE PERSONAL X 10000 4762 0 1 1 SAMANTHA BOVAT DIRECTOR PERSONAL X 8827 7605 0 1 1 JOHN JAMISON SUPERVISORY COMMITTEE PERSONAL X 3000 1576 0 1 1 RUSSELL FARRAR DIRECTOR PERSONAL X 10500 0 0 1 1 467753 FORM 990, PART VI, SECTION A, LINE 6 ENTITY IS A CREDIT UNION WITH 16,855 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. KIMBERLEY 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 ATHES - 39 OLIVE STREET, BRATTLEBORO, VT 05301. JOHN JAMISON - 461 SUGAR HOUSE HILL RD , GUILFORD , VT 05301. ETHAN GRIMES - 442 WILLIAMS ST, BRATTLEBORO, VT 05301. FORM 990, PART IX, LINE 24E PROFESS. & OUTSIDE SERVICES : PROGRAM SERVICE EXPENSES 143,804. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 143,804. COLLECTION COSTS : PROGRAM SERVICE EXPENSES 118,182. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 118,182. POSTAGE : PROGRAM SERVICE EXPENSES 117,992. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 117,992. DEPOSIT SERVICES EXPENSE : PROGRAM SERVICE EXPENSES 71,209. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 71,209. TELEPHONE : PROGRAM SERVICE EXPENSES 56,958. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 56,958. DUES/SUBSCRIPTIONS : PROGRAM SERVICE EXPENSES 48,261. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 48,261. STATEMENT SERVICES : PROGRAM SERVICE EXPENSES 40,266. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 40,266. GAIN(LOSS) ON DISPOSAL OF ASSET : PROGRAM SERVICE EXPENSES 29,677. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 29,677. DONATIONS : PROGRAM SERVICE EXPENSES 28,411. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 28,411. CONFERENCE EXPENSE : PROGRAM SERVICE EXPENSES 26,007. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 26,007. ARMORED CAR & CURRIER : PROGRAM SERVICE EXPENSES 19,985. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 19,985. PAYROLL FEES : PROGRAM SERVICE EXPENSES 18,398. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 18,398. MEAL EXPENSES : PROGRAM SERVICE EXPENSES 16,603. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 16,603. ATM COSTS : PROGRAM SERVICE EXPENSES 13,226. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 13,226. CREDIT BUREAU COSTS : PROGRAM SERVICE EXPENSES 13,192. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 13,192. VERMONT EXAM. FEES : PROGRAM SERVICE EXPENSES 9,067. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 9,067. TRAINING : PROGRAM SERVICE EXPENSES 6,791. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,791. BOARD/COMMITTEE COSTS : PROGRAM SERVICE EXPENSES 6,194. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,194. ANNUAL MEETING EXPENSES : PROGRAM SERVICE EXPENSES 4,289. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,289. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED ITS OVERNIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.