2016-06-02T13:10:05-05:00
2015-12-31
382492570
DOEREN MAYHEW
12060 S W 129TH COURT STE 201
MIAMI
FL
331864582
990
2015-01-01
030184985
VERMONT STATE EMPLOYEES CREDIT UNION
VERM
8023715162
1 BAILEY AVENUE
MONTPELIER
VT
05602
TERRENCE FIELD
SVP FINANCE
8023715162
2016-06-02
1
DOUGLAS J ORTH
P01076394
3052328272
2015
2016-09-27 15:27:22Z
ROBERT MILLER
1 BAILEY AVENUE
MONTPELIER
VT
05602
41104330
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
212
17
0
0
0
0
25732074
28186699
1192778
1271036
1145636
495127
28070488
29952862
0
0
0
0
11372176
11778316
0
0
0
14864325
15248667
26236501
27026983
1833987
2925879
654837276
681748420
600457547
624227255
54379729
57521165
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, 2015 VSECU HAD APPROXIMATELY 59,000 MEMBERS OF WHICH 22,000 MEMBERS HAVE ACTIVE LOANS. THE TOTAL NUMBER OF DEPOSIT AND SHARE ACCOUNTS WAS 105,226 AND THE TOTAL NUMBER OF LOANS WAS 30,255. VSECU ALSO OFFERS 356 SAFE DEPOSIT BOXES TO MEMBERS AND COLLECTED $17,475 IN FEES FOR THOSE RENTALS IN 2015.
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
60531
0
1
212
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
CHAIRPERSON BOD
1.00
1.00
X
0
0
0
J P ROSENSTREICH
BOD
1.00
1.00
X
0
0
0
T MACAIG
BOD
1.00
1.00
X
0
0
0
W FRIIHAUF
V.CHAIRPERSON BOD
1.00
1.00
X
0
0
0
H JARVIS
BOD
1.00
1.00
X
0
0
0
N MCELVANY
BOD TREASURER
1.00
1.00
X
0
0
0
A STICKNEY
BOD SECRETARY
1.00
1.00
X
0
0
0
J HOLLNER
BOD
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
1.00
1.00
X
0
0
0
N DESROCHERS
SC CHAIRPERSON
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
ROBERT MILLER
PRESIDENT/CEO
40.00
40.00
X
300630
0
22370
TERENCE FIELD
SVP-FINANCE
40.00
40.00
X
143721
0
36629
THOMAS BECK
SVP-IT
40.00
40.00
X
194122
0
10698
YVONNE GARAND
SVP-MARKETING
40.00
40.00
X
120432
0
47513
RICHARD HOMMEL
SVP-RETAIL
40.00
40.00
X
138823
0
18843
CHARLES KARPARIS
SVP-LENDING
40.00
40.00
X
148721
0
18369
1046449
0
154422
9
0
1
0
FISERV
PO BOX 99924
GRAPEVINE
TX
76099
CORE OPERATING SYSTEM
892304
RUSSELL CONTRUCTION
170 SOUTH MAIN STREET
RUTLAND
VT
05701
BUIDLINGS AND SERVICE REPAIR
622205
KERR ADVERTISING
67 BLISS ROAD
MONTPELIER
VT
05602
ADVERTISING
417753
NCR CORP
14181 COLLENCTIONS CENTER DRIVE
CHICAGO
IL
60693
ATM-NCR MACHINES
347090
DELL
PO BOX 643561
PITTSBURG
PA
15264
COMPUTER HARDWARE
209086
16
INCOME ON LOANS
522100
21158512
21158512
FEES AND CHARGES
522100
7028187
7028187
28186699
1339822
1339822
10996827
85855
11015151
136317
-18324
-50462
-68786
-68786
MISCELLANEOUS INCOME
522100
495127
495127
495127
29952862
28613040
0
1339822
1200871
1200871
7507374
7507374
602383
602383
1773622
1773622
694066
694066
124188
124188
32557
32557
82190
82190
51635
51635
787483
787483
3320500
3320500
568337
568337
1093935
1093935
333491
333491
3654508
3654508
1538967
1538967
149683
149683
PROVISION FOR LOAN LOSS
1821100
1821100
LOAN PROGRAM EXPENSE
1446834
1446834
ASSOCIATION DUES
87641
87641
EXAMINATION FEES
68530
68530
87088
87088
27026983
27026983
0
0
3460196
3439802
14316101
24332259
1851839
1835494
480213328
531865293
536961
571233
28059727
12095987
15068267
15963740
128552966
91450391
2379146
4383401
8458472
7906807
654837276
681748420
5355133
7037429
6000000
15000000
589102414
602189826
600457547
624227255
X
0
0
0
0
54379729
57521165
54379729
57521165
654837276
681748420
X
2925879
-127338
342895
X
0
1
X
1
0
3594364
3594364
12691008
4189932
8501076
1439636
495476
944160
10334719
7410579
2924140
15963740
REGULAR SHARES
351498322
MONEY MARKET SHARES
7374355
SHARE DRAFTS
89721798
CLUB ACCOUNTS
289043
IRA SHARES
56653720
SHARE CERTIFICATES
96652588
602189826
X
PART X, LINE 2:
THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE 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 THE INTERNAL REVENUE CODE (IRC) SECTION 504(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 UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNNICAL 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. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITON OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2014, 2013, AND 2012 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.
X
X
X
0
0
0
ROBERT MILLER
PRESIDENT/CEO
275630
0
25000
0
0
0
18000
0
4370
0
323000
0
0
0
TERENCE FIELD
SVP-FINANCE
136406
0
7315
0
0
0
36000
0
629
0
180350
0
0
0
THOMAS BECK
SVP-IT
185002
0
9120
0
0
0
6145
0
4553
0
204820
0
0
0
YVONNE GARAND
SVP-MARKETING
113284
0
7148
0
0
0
42000
0
5513
0
167945
0
0
0
RICHARD HOMMEL
SVP-RETAIL
132718
0
6105
0
0
0
12488
0
6355
0
157666
0
0
0
CHARLES KARPARIS
SVP-LENDING
141498
0
7223
0
0
0
14384
0
3985
0
167090
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, 2015, THERE WERE APPROXIMATELY 59,000 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 11
THE 990 TAX RETURN IS AVAILABLE TO THE BOARD MEMBERS UPON REQUEST. NO REVIEW WAS OR WILL BE CONDUCTED. THE CEO/CFO REVIEW THE RETURN.
FORM 990, PART VI, SECTION B, LINE 12C
THE ORGANIZATION REVIEWS AND MONITORS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. THE POLICY IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS. AT THAT TIME, EACH BOARD MEMBER IS ASKED TO DISCLOSE TO THE OTHER BOARD MEMBERS ANY POTENTIAL CONFLICT OF INTEREST THAT A BOARD MEMBER MAY HAVE.
FORM 990, PART VI, SECTION B, LINE 15
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:
EQUITY ACQUIRED THROUGH MERGER 424,826. NET UNREALIZED LOSS ON POST-RETIREMENT BENEFIT PLAN -81,931.
VERMONT HERITAGE FINANCIAL GROUP
PO BOX 146
MONTPELIER
VT
05601
HOME HEATING
VT
VERMONT STATE EMPLOYEES CREDIT UNION
C
165199
382665
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
150000
OUTSTANDING LOAN BALANCE
VERMONT HERITAGE FINANCIAL GROUP INC
N
84017
FMV
VERMONT HERITAGE FINANCIAL GROUP INC
O
49550
FMV