2017-06-05T22:08:06-05:00
2016-12-31
382492570
DOEREN MAYHEW
12060 S W 129TH COURT STE 201
MIAMI
FL
331864582
990
2016-01-01
030184985
VERMONT STATE EMPLOYEES CREDIT UNION
VERM
8023715162
1 BAILEY AVENUE
MONTPELIER
VT
05602
TERENCE FIELD
SVP FINANCE
8023715162
2017-06-05
1
DOUGLAS J ORTH
P01076394
3052328272
40.141.134.7
2017-06-05
23:06:45
ED
P
6C9B1A35775087DBDB8A6D25ECA509C7F6C27838
1353DC092BF0A9AADCA388267C2932B6E10091D4
2016
2017-02-10 21:41:12Z
ROBERT MILLER
1 BAILEY AVENUE
MONTPELIER
VT
05602
49331418
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
222
17
0
0
0
0
28186699
30223336
1271036
1321020
495127
649108
29952862
32193464
0
0
0
0
11778316
13115281
0
0
0
15248667
14993997
27026983
28109278
2925879
4084186
681748420
717392980
624227255
655880194
57521165
61512786
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, 2016 VSECU HAD APPROXIMATELY 61,000 MEMBERS OF WHICH 23,000 MEMBERS HAVE ACTIVE LOANS. THE TOTAL NUMBER OF DEPOSIT AND SHARE ACCOUNTS WAS 108,388 AND THE TOTAL NUMBER OF LOANS WAS 31,147. VSECU ALSO OFFERS 356 SAFE DEPOSIT BOXES TO MEMBERS AND COLLECTED $17,185 IN FEES FOR THOSE RENTALS IN 2016.
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
30680
0
1
222
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
T MACAIG
BOD
1.00
1.00
X
0
0
0
N MCELVANY
BOD, TREASURER
1.00
1.00
X
0
0
0
A STICKNEY
BOD, VICE CHAIR
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, SECRETARY
1.00
1.00
X
0
0
0
M TREPANIER
BOD
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
S NEWMAN
BOD
1.00
1.00
X
0
0
0
M HOGAN
BOD
1.00
1.00
X
0
0
0
ROBERT MILLER
PRESIDENT/CEO
40.00
40.00
X
314240
0
40029
TERENCE FIELD
SVP-FINANCE
40.00
40.00
X
201762
0
16944
YVONNE GARAND
SVP-MARKETING
40.00
40.00
X
181967
0
34669
RICHARD HOMMEL
SVP-RETAIL
40.00
40.00
X
171996
0
34906
CHARLES KARPARIS
SVP-LENDING
40.00
40.00
X
184527
0
29144
1054492
0
155692
5
0
1
0
THE MEMBERS GROUP
PO BOX 8467
DES MOINES
IA
50301
DEBIT AND CREDIT CARD PROGRAM & TRANSACT
1172417
FISERV
PO BOX 99924
GRAPEVINE
TX
76099
CORE OPERATING SYSTEM
1167767
NCR CORP
14181 COLLECTIONS CENTER DRIVE
CHICAGO
IL
60693
ATM-NCR MACHINES
429359
IDS
747 E WHITCOMB AVENUE
MADISON HEIGHTS
MI
48071
STATEMENT PRODUCTION & DAILY NOTICES
410934
KERR ADVERTISING ATTN NILDA KERR
67 BLISS ROAD
MONTPELIER
VT
05602
ADVERTISING-RADIO-TV
407856
15
INCOME ON LOANS
522100
23124963
23124963
FEES AND CHARGES
522100
7098373
7098373
30223336
1212655
1212655
17151232
95087
17000000
137954
151232
-42867
108365
108365
MISCELLANEOUS INCOME
522100
649108
649108
649108
32193464
30980809
0
1212655
1210184
1210184
8616450
8616450
646766
646766
1869424
1869424
772457
772457
321979
321979
37216
37216
80654
80654
65285
65285
920589
920589
3587762
3587762
557083
557083
1129556
1129556
365413
365413
2962313
2962313
1628261
1628261
150585
150585
PROVISION FOR LOAN LOSS
1441800
1441800
LOAN PROGRAM EXPENSE
1440443
1440443
ALL OTHER EXPENSES
175407
175407
ATM EXPENSE
68937
68937
60714
60714
28109278
28109278
0
0
3439802
3363217
24332259
20228887
1835494
1974371
531865293
589904296
571233
629681
28563850
12613758
15963740
15950092
91450391
71233365
4383401
4121929
7906807
9987142
681748420
717392980
7037429
9508014
15000000
37000000
602189826
609372180
624227255
655880194
X
0
0
0
0
57521165
61512786
57521165
61512786
681748420
717392980
X
4084186
-194795
102230
X
X
0
1
X
1
0
3594364
3594364
13000547
4577274
8423273
1473808
586496
887312
10495131
7449988
3045143
15950092
REGULAR SHARES
364073389
MONEY MARKET SHARES
7432242
SHARE DRAFTS
97850001
CLUB ACCOUNTS
459185
IRA SHARES
54017257
SHARE CERTIFICATES
85540106
609372180
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 2015, 2014, AND 2013 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
289240
0
25000
0
0
0
18111
0
21918
0
354269
0
0
0
TERENCE FIELD
SVP-FINANCE
179262
0
22500
0
0
0
14255
0
2689
0
218706
0
0
0
YVONNE GARAND
SVP-MARKETING
160817
0
21150
0
0
0
13634
0
21035
0
216636
0
0
0
RICHARD HOMMEL
SVP-RETAIL
150996
0
21000
0
0
0
13296
0
21610
0
206902
0
0
0
CHARLES KARPARIS
SVP-LENDING
162527
0
22000
0
0
0
13960
0
15184
0
213671
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/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:
NET UNREALIZED GAIN ON POST-RETIREMENT BENEFIT PLAN 102,230.
FORM 990, PART XII, LINE 2C:
THE PROCESS THAT THE COMMITTEE GOES THROUGH FOR ASSUMING RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS HAS NOT CHANGED FROM THE PRIOR YEAR.
VERMONT HERITAGE FINANCIAL GROUP
PO BOX 146
MONTPELIER
VT
05601
HOME HEATING
VT
VERMONT STATE EMPLOYEES CREDIT UNION
C
156028
339179
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
75224
FMV
VERMONT HERITAGE FINANCIAL GROUP INC
O
49550
FMV