2022-05-16T11:59:28-05:00 2021-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2021-01-01 030184985 VERMONT STATE EMPLOYEES CREDIT UNION VERM 8023715162 1 BAILEY AVENUE MONTPELIER VT 05602 ROBERT MILLER PRESIDENT/CEO 8023715162 2022-05-09 1 ROBERT MILLER 999009999 DOUGLAS J ORTH P01076394 3052328272 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z ROBERT MILLER 1 BAILEY AVENUE MONTPELIER VT 05602 52569666 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 11 240 14 81613 16006 0 0 41472055 43664725 1621033 1915815 1916699 2789544 45009787 48370084 185399 443349 0 0 16846986 18322735 0 0 0 21295928 16518510 38328313 35284594 6681474 13085490 985091351 1088463473 899578669 993148167 85512682 95315306 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, 2021 VSECU HAD 70,829 MEMBERS WITH 128,917 DEPOSIT ACCOUNTS AND 30,622 ACTIVE LOANS. 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 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 19333 0 1 240 1 1 1 0 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 JAMES LARSEN BOD, DIRECTOR 1.00 X 0 0 0 HEATHER NEUWIRTH LOVEYJOY BOD, SECRETARY 1.00 X 0 0 0 NORMAN MCELVANY BOD, DIRECTOR 1.00 X 0 0 0 JANET HOLLNAR BOD, TREASURER 1.00 X 0 0 0 SPENCER NEWMAN BOD, CHAIR 1.00 X 0 0 0 EUGENE WESCOTT SUPERVISORY COMMITTEE CHAI 1.00 X 0 0 0 DONNA HEATH SUPERVISORY COMMITTEE 1.00 X 0 0 0 MICHAEL HOGAN BOD, V. CHAIR 1.00 X 0 0 0 RENEE BEAUCHEMIN SUPERVISORY COMMITTEE 1.00 X 0 0 0 GEORGE SALES BOD, DIRECTOR 1.00 X 0 0 0 JULIE LINEBERGER BOD, DIRECTOR 1.00 X 0 0 0 STEPHANIE MEUNIER BOD, DIRECTOR 1.00 X 0 0 0 OWN MILNE BOD, DIRECTOR 1.00 X 0 0 0 CARRIE SIMMONS BOD, DIRECTOR 1.00 X 0 0 0 ROBERT MILLER PRESIDENT/CEO 40.00 X 390988 0 34805 TERENCE FIELD SVP-FINANCE 40.00 X 243743 0 19096 YVONNE GARAND SVP-BUSINESS DEVELOPMENT 40.00 X 245718 0 23641 RICHARD HOMMEL SVP-TECHNOLOGY/OPERATIONS 40.00 X 246240 0 28393 VALERIE BEAUDIN SVP-LENDING 40.00 X 213171 0 20216 GREGORY HUYSMANN DIRECTOR OF BUSINESS LENDI 40.00 X 143419 0 10054 TREVOR THORPE VP IT INFRASTRUCTURE 40.00 X 150846 0 18269 ERIC PASTI SR. VMWARE SYSTEMS ADMIN 40.00 X 121601 0 19623 BRIAN BISHOP SENIOR FINANCIAL ADVISOR 40.00 X 175320 0 17775 SHARI DELATTE MORTGAGE ORIGINATOR 40.00 X 129648 0 13771 2060694 0 205643 27 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CALL CENTER AND CARD SERVICES 2797477 KERR ADVERTISING 67 BLISS ROAD MONTPELIER VT 05602 ADVERTISING 746222 FISERV INC PO BOX 934057 ATLANTA GA 31193 CORE AND ANCILLARY PRODUCTS 672618 LUMIN 560 CARILLON PARKWAY ST PETERSBURG FL 33716 ONLINE/MOBILE BANKING 637517 VISA USA 2 PROSPECT ST SUITE 2 MONTPELIER VT 05602 CARD SERVICES 509564 23 INCOME ON LOANS 522100 33973929 33973929 FEES AND CHARGES 522100 9609183 9609183 FINANCE AND INSURANCE 520000 81613 81613 43664725 1885151 1885151 4230246 4199582 30664 30664 30664 OTHER OPERATING 522100 2789544 2789544 2789544 48370084 46403320 81613 1885151 X 443349 1466011 12059943 903909 2933155 959717 15146 152649 269182 1655031 6328957 652299 1568633 192791 90533 1719803 2469189 160182 LOAN PROGRAM EXPENSE 1116303 OTHER NON-OPERATING EXP 461790 ALL OTHER EXPENSES 169004 EXAMINATION FEE 82545 -585527 35284594 8046098 9601116 42158073 28084283 2903308 2458163 3047969 3056288 826040316 873344255 1285144 1440701 25939456 11819387 14944238 14120069 67679255 124026841 1779091 11494428 17207859 20837329 985091351 1088463473 9966295 10540926 385000 385000 889227374 982222241 899578669 993148167 X 0 0 0 0 85512682 95315306 85512682 95315306 985091351 1088463473 X 13085490 -3285951 3085 X X 0 1 X 1 0 3676364 3676364 12696038 5534487 7161551 2964790 989376 1975414 6602264 5295524 1306740 14120069 SHARES 474914407 MONEY MARKET SHARES 193005094 SHARE DRAFTS 177268766 OTHER 1816826 IRA SHARES 39694612 SHARE CERTIFICATES 95522536 982222241 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. 1 CAPSTONE COMMUNITY ACTION 20 GABLE PLACE BARRE VT 05641 030216254 501(C)(3) 50000 0 CHARITABLE CONTRIBUTION CHAMPLAIN VALLEY OFFICE OF ECONOMIC OPPORTUNITY PO BOX 1603 BURLINGTON VT 05402 030216837 501(C)(3) 50000 0 CHARITABLE CONTRIBUTION CLARINA HOWARD NICHOLS CENTER INC PO BOX 517 MORRISVILLE VT 05661 030282469 501(C)(3) 11100 0 CHARITABLE CONTRIBUTION RESOURCE 329 HARVEST LANE SUITE 200 WILLISTON VT 05495 030326293 501(C)(3) 10800 0 CHARITABLE CONTRIBUTION GREATER BENNINGTON INTERFAITH COMMUNITY SERVICES 121 DEPOT ST BENNINGTON VT 05201 030369844 501(C)(3) 7400 0 CHARITABLE CONTRIBUTION US COMMITTEE FOR REFUGEE AND IMMIGRANTS INC 2231 CRYSTAL DRIVE SUITE 350 ARLINGTON VA 22202 131878704 501(C)(3) 20800 0 CHARITABLE CONTRIBUTION NORTH CENTRAL VERMONT RECOVERY CENTER 275 BROOKLYN STREET SUITE 2 MORRISVILLE VT 05661 300629279 501(C)(3) 9900 0 CHARITABLE CONTRIBUTION VERMONT COUNCIL ON RURAL DEVELOPMENT PO BOX 1384 MONTPELIER VT 05601 030354510 501(C)(3) 10000 0 CHARITABLE CONTRIBUTION 9 PART I, LINE 2: THESE ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. VERMONT STATE EMPLOYEES CREDIT UNION IS SELECTIVE IN DIRECTING ITS DONATIONS TO REPUTABLE ORGANIZATIONS CARRYING OUT PHILANTHROPIC ACTIVITIES. CERTAIN DONEES ARE VOTED UPON BY THE CREDIT UNION'S MEMBERSHIP. THEREFORE, THERE IS NO MONITORING BY VERMONT STATE EMPLOYEES CREDIT UNION SUBSEQUENT TO FUNDING THE CONTRIBUTIONS. X 1 0 X X X 0 1 0 ROBERT MILLER PRESIDENT/CEO 333427 0 56791 0 770 0 25016 0 9789 0 425793 0 0 0 RICHARD HOMMEL SVP-TECHNOLOGY/OPERATIONS 215511 0 29880 0 849 0 18996 0 9397 0 274633 0 0 0 YVONNE GARAND SVP-BUSINESS DEVELOPMENT 215278 0 28852 0 1588 0 18173 0 5468 0 269359 0 0 0 TERENCE FIELD SVP-FINANCE 212921 0 28461 0 2361 0 17425 0 1671 0 262839 0 0 0 VALERIE BEAUDIN SVP-LENDING 188791 0 22891 0 1489 0 15748 0 4468 0 233387 0 0 0 BRIAN BISHOP SENIOR FINANCIAL ADVISOR 157198 0 15761 0 2361 0 13307 0 4468 0 193095 0 0 0 TREVOR THORPE VP IT INFRASTRUCTURE 134407 0 15682 0 757 0 11746 0 6523 0 169115 0 0 0 GREGORY HUYSMANN DIRECTOR OF BUSINESS LENDI 130206 0 12540 0 673 0 5469 0 4585 0 153473 0 0 0 PART I, LINE 4B THREE EXECUTIVES PARTICIPATE IN A NON-QUALIFIED 457B PLAN. THE CREDIT UNION DOES NOT CONTRIBUTE TO THIS PLAN. THE BALANCE OF THE DEFERRED COMPENSATION UNDER THIS PLAN BY PARTICIPANT AS OF DECEMBER 31, 2021 IS AS FOLLOWS: TERENCE FIELD $470,371 YVONNE GARAND $390,705 VALERIE BEAUDIN $29,047 BEGINNING IN 2020, THE CREDIT UNION PROVIDED SUPPLEMENTAL RETIREMENT BENEFITS FOR THE CREDIT UNION'S PRESIDENT/CEO, ROBERT MILLER, THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOAN ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. ROBERT MILLER PRESIDENT/CEO TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR PLAN PREMIUMS X 3045000 3056288 0 1 1 3056288 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOAN ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBER OWNED NOT-FOR-PROFIT ORGANIZATION. AS OF DECEMBER 31, 2021, THERE WERE APPROXIMATELY 70,800 MEMBER OWNERS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A THE ORGANIZATION HAS 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. THE MEMBERS VOTE AT THE ANNUAL MEETING TO ELECT THE VOLUNTEER DIRECTORS. 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 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 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 EXECUTIVE COMMITTEE REVIEWS THE CEO COMPENSATION AND MAKES A RECOMMENDATION TO THE BOARD OF DIRECTORS FOR APPROVAL. 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 IX, LINE 24E LOAN SERVICING 28,099. UNRELATED BUSINESS TAX 1,097. PROVISION FOR LOAN LOSSES -614,723. FORM 990, PART XI, LINE 9: NET UNREALIZED GAIN ON POST-RETIREMENT BENEFIT PLAN 3,085. 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 213435 365860 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 VERMONT HERITAGE FINANCIAL GROUP O 65488 ESTIMATE