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 2021-01-29 14:40:06Z 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