VERMONT STATE EMPLOYEES CREDIT UNION: Form 990, tax year 2012
View the entire original 990 at ProPublica ↗
- Organization
- VERMONT STATE EMPLOYEES CREDIT UNION (EIN 03-0184985)
- Tax period
- 2012-01-01 to 2012-12-31
- Filed
- 2013-05-02
- IRS object ID
- 201311229349300736
- Schema version
- 2012v2.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2013-05-02T13:17:47-05:00 | Timestamp |
| Tax Period End Date | 2012-12-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | WOLF & COMPANY PC | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 99 HIGH STREET 21ST FLOOR | AddressLine1 |
| City | BOSTON | City |
| State | MA | State |
| ZIP Code | 02110 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2012-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 030184985 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Vermont State Employees Credit Union | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| In Care Of Name | % TERENCE FIELD | InCareOfName |
| Name Control | VERM | NameControl |
| Phone | 8023715162 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO Box 67 | AddressLine1 |
| Address Line2 | Suite | AddressLine2 |
| City | MONTPELIER | City |
| State | VT | State |
| ZIP Code | 056010067 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Terence Field | Name |
| Title | VP - Finance | Title |
| Phone | 8023713181 | Phone |
| Date Signed | 2013-05-01 | DateSigned |
| Authorize Third Party | true | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Michael J Rowe CPA | Name |
| Phone | 6174399700 | Phone |
| Date Prepared | 2013-03-26 | DatePrepared |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2012 | TaxYear |
| Build TS | 2016-02-25 16:41:14Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | Terence Field | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO Box 67 | AddressLine1 |
| City | Montpeiler | City |
| State | VT | State |
| ZIP Code | 056010067 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 49742494 | GrossReceipts |
| Group Return For Affiliates | false | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | WWW.VSECU.COM | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1947 | YearFormation |
| State Legal Domicile | VT | StateLegalDomicile |
| Activity Or Mission Description | VERMONT STATE EMPLOYEES CREDIT UNION IS A STATE CHARTERED CREDIT UNION PROVIDING FINANCIAL SERVICES TO ITS MEMBERS IN THE STATE OF VERMONT. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 11 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 11 | NbrIndependentVotingMembers |
| Total Nbr Employees | 178 | TotalNbrEmployees |
| Total Nbr Volunteers | 17 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 23954106 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 24117267 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 2998421 | InvestmentIncomePriorYear |
| Investment Income Current Year | 3972135 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 375261 | OtherRevenuePriorYear |
| Other Revenue Current Year | 552346 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 27327788 | TotalRevenuePriorYear |
| Total Revenue Current Year | 28641748 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 8781795 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 9898296 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 16130233 | OtherExpensePriorYear |
| Other Expenses Current Year | 15174479 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 24912028 | TotalExpensesPriorYear |
| Total Expenses Current Year | 25072775 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 2415760 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 3568973 | RevenuesLessExpensesCY |
| Total Assets BOY | 573474952 | TotalAssetsBOY |
| Total Assets EOY | 601900067 | TotalAssetsEOY |
| Total Liabilities BOY | 526666841 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 551541089 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 46808111 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 50358978 | NetAssetsOrFundBalancesEOY |
| Mission Description | OUR MISSION IS TO BE THE PREFERRED FINANCIAL INSTITUTION OF ALL PRESENT AND FUTURE MEMBERS AND TO HELP THEM ACHIEVE THEIR FINANCIAL OBJECTIVES BY RESPONDING TO THEIR SPECIFIC NEEDS WITH THE HIGHEST QUALITY PERSONALIZED SERVICES PROVIDED IN A MANNER THAT WILL INSURE THE CONTINUED FINANCIAL STRENGTH OF THE CREDIT UNION. | MissionDescription |
| Significant New Program Services | false | SignificantNewProgramServices |
| Significant Change | false | SignificantChange |
| Description | The Vermont State Employees Credit Union offers a full line of financial services products to its members. As of December 31, 2012 the Credit Union had approximately 49,605 members, total loans to members of 25,649 ($407,581,500), deposit and share products of 91,094 ($539,413,178). The credit union also offers 356 safe deposit boxes to members, $15,267 in fees were collected for these rentals. | Description |
| Described In501 C3 | false | DescribedIn501C3 |
| Schedule B Required | false | ScheduleBRequired |
| Political Activities | false | PoliticalActivities |
| Donor Advised Funds | false | DonorAdvisedFunds |
| Conservation Easements | false | ConservationEasements |
| Collections Of Art | false | CollectionsOfArt |
| Credit Counseling | false | CreditCounseling |
| Term Or Permanent Endowments | false | TermOrPermanentEndowments |
| Report Land Bldg Equip | true | ReportLandBldgEquip |
| Report Invest Oth Securities | false | ReportInvestOthSecurities |
| Report Prog Rel Invest | false | ReportProgRelInvest |
| Report Other Assets | false | ReportOtherAssets |
| Report Other Liabilities | true | ReportOtherLiabilities |
| Report Fin48 Footnote | false | ReportFin48Footnote |
| Independent Audit Financial Stmt | false | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | false | ConsolidatedAuditFinancialStmt |
| School | false | School |
| Foreign Office | false | ForeignOffice |
| Foreign Activities | false | ForeignActivities |
| More Than5000 K To Organizations | false | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividuals |
| Professional Fundraising | false | ProfessionalFundraising |
| Fundraising Activities | false | FundraisingActivities |
| Gaming | false | Gaming |
| Hospital | false | Hospital |
| Grants To Organizations | false | GrantsToOrganizations |
| Grants To Individuals | false | GrantsToIndividuals |
| Schedule J Required | true | ScheduleJRequired |
| Tax Exempt Bonds | false | TaxExemptBonds |
| Loan To Officer Or DQP | false | LoanToOfficerOrDQP |
| Grant To Related Person | false | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | false | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | false | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | false | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | false | DeductibleNonCashContributions |
| Deductible Contributions Of Art | false | DeductibleContributionsOfArt |
| Terminated | false | Terminated |
| Partial Liquidation | false | PartialLiquidation |
| Disregarded Entity | false | DisregardedEntity |
| Related Entity | true | RelatedEntity |
| Related Org Controlled Entity | true | RelatedOrgControlledEntity |
| Transaction Related Entity | false | TransactionRelatedEntity |
| Activities Conducted Partnership | false | ActivitiesConductedPartnership |
| Schedule O Required | true | ScheduleORequired |
| Number Forms Transmitted With1096 | 26341 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | true | ComplianceWithBackupWitholding |
| Number Of Employees | 178 | NumberOfEmployees |
| Employment Tax Returns Filed | true | EmploymentTaxReturnsFiled |
| Unrelated Business Income | false | UnrelatedBusinessIncome |
| Foreign Financial Account | false | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTrans |
| Taxable Party Notification | false | TaxablePartyNotification |
| Non Deductible Contributions | false | NonDeductibleContributions |
| Indoor Tanning Services | false | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 11 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 11 | NumberIndependentVotingMembers |
| Family Or Business Relationship | true | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | false | DelegationOfManagementDuties |
| Changes To Organizing Docs | false | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuse |
| Members Or Stockholders | true | MembersOrStockholders |
| Election Of Board Members | true | ElectionOfBoardMembers |
| Decisions Subject To Approval | true | DecisionsSubjectToApproval |
| Minutes Of Governing Body | true | MinutesOfGoverningBody |
| Minutes Of Committees | true | MinutesOfCommittees |
| Officer Mailing Address | false | OfficerMailingAddress |
| Local Chapters | false | LocalChapters |
| Form990 Provided To Governing Body | false | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | true | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | true | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | true | RegularMonitoringEnforcement |
| Whistleblower Policy | false | WhistleblowerPolicy |
| Document Retention Policy | true | DocumentRetentionPolicy |
| Compensation Process CEO | true | CompensationProcessCEO |
| Compensation Process Other | false | CompensationProcessOther |
| Investment In Joint Venture | true | InvestmentInJointVenture |
| Written Policy Or Procedure | true | WrittenPolicyOrProcedure |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | TERENCE FIELD | NamePerson |
| Telephone Number | 8023715162 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 67 | AddressLine1 |
| City | MONTPELIER | City |
| State | VT | State |
| ZIP Code | 056010067 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (18 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer |
|---|---|---|---|---|---|---|
| M JEROME DIAMOND | ||||||
| CHAIRMAN | 1.0 | X | 0 | 0 | 0 | |
| JANA BAGWELL | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| JUDY P ROSENSTREICH | ||||||
| treasurer | 1.0 | X | 0 | 0 | 0 | X |
| KIMBERLY B CHENEY | ||||||
| VICE CHAIRMAN | 1.0 | X | 0 | 0 | 0 | |
| EDWARD FRIIHAUF | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| THOMAS G JOSLIN | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| TERENCE D MACAIG | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| Jason Aldous | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| Heather Jarvis | ||||||
| DIRECTOR | 1.0 | X | 0 | 0 | 0 | |
| Todd Bailey | ||||||
| Secretary | 1.0 | X | 0 | 0 | 0 | X |
| Kate Paine | ||||||
| director | 1.0 | X | 0 | 0 | 0 | |
| STEVEN D POST | ||||||
| President/CEO | 40.0 | 402050 | 0 | 30166 | X | |
| TERENCE FIELD | ||||||
| SVP - Finance | 40.0 | 164162 | 0 | 14377 | X | |
| YVONNE M GARAND | ||||||
| SVP - BUS DEVELOPMENT OFFICER | 40.0 | 144223 | 0 | 27031 | X | |
| LISA HOMMEL | ||||||
| SVP-PRODUCT OPERATIONS OFFICER | 40.0 | 109077 | 0 | 25252 | X | |
| CHARLES D KARPARIS | ||||||
| SVP - Lending Officer | 40.0 | 140230 | 0 | 25093 | X | |
| STEVEN KOENEMANN | ||||||
| INFORMATION SYSTEMS OFFICER | 40.0 | 114112 | 0 | 17406 | X | |
| Richard Hommel | ||||||
| SVP-Retail | 40.0 | 108638 | 0 | 9064 | X | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 1182492 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 148389 | TotalOtherCompensation |
| Number Individuals GT100 K | 7 | NumberIndividualsGT100K |
| Formers Listed | false | FormersListed |
| Total Comp GT150 K | true | TotalCompGT150K |
| Compensation From Other Sources | false | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| Kerr Advertising | |||||
| 67 Bliss RD | MONTPELIER | VT | 050628831 | Advertising | 449240 |
| Symquest | |||||
| po box 2384 | SOUTH BURLINGTON | VT | 05407 | network services | 490811 |
| CIGNA Health Insurance | |||||
| PO Box 644546 | PITTSBURGH | PA | 15264 | Health Insurance | 1351792 |
| dell | |||||
| po box 643561 | PITTSBURGH | PA | 15264 | computer | 200938 |
| Open Solutions Inc | |||||
| PO Box 416564 | BOSTON | MA | 02241 | Core Processing Sys | 340592 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 13 | NumberOfContractorsGT100K |
| Total Contributions | 0 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (2 entries)
| DescriptionDescription | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|
| LOANS | 18293078 | 18293078 |
| FEE INCOME | 5824189 | 5824189 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 24117267 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 1726431 | TotalRevenueColumn |
| Exclusion | $1,726,431 | ExclusionAmount |
Income From Invest Bond Proceeds IncomeFromInvestBondProceeds
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Royalties Revenue RoyaltiesRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Rental Income Or Loss RentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | 0 | Real |
| Personal | 0 | Personal |
Net Rental Income Or Loss NetRentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 21403766 | Securities |
| Other | 1942684 | Other |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 21055388 | Securities |
| Other | 45358 | Other |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 348378 | Securities |
| Other | 1897326 | Other |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 2245704 | TotalRevenueColumn |
| Exclusion | $2,245,704 | ExclusionAmount |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Gaming NetIncomeFromGaming
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income Or Loss NetIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Other Revenue Misc OtherRevenueMisc (3 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| MISCELLANEOUS INCOME | 900099 | 458793 | 458793 |
| CUSO EARNINGS | 900099 | -5490 | -5490 |
| HEALTH INSURANCE REBATE | 900099 | 99043 | 99043 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 552346 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 28641748 | TotalRevenueColumn |
| Related Or Exempt Function Income | 24669613 | RelatedOrExemptFunctionIncome |
| Exclusion | $3,972,135 | ExclusionAmount |
Grants To Domestic Orgs GrantsToDomesticOrgs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Foreign Grants ForeignGrants
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1182492 | Total |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 6113448 | Total |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 661615 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1334653 | Total |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 606088 | Total |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 80966 | Total |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 104101 | Total |
Fees For Services Lobbying FeesForServicesLobbying
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2438807 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 845655 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1150674 | Total |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 847948 | Total |
Royalties Royalties
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 938829 | Total |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 165333 | Total |
Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 6038017 | Total |
Payments To Affiliates PaymentsToAffiliates
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 997126 | Total |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 103188 | Total |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal |
|---|---|
| MEMBER INSURANCE EXPENSE | 239942 |
| PROVISION FOR LOAN LOSS | 937000 |
| EXAMINATION FEES | 59363 |
| ASSOCIATION DUES | 70463 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 157067 | Total |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 25072775 | Total |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1589531 | BOY |
| EOY | 2452627 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 30845657 | BOY |
| EOY | 23392705 | EOY |
Pledges And Grants Receivable PledgesAndGrantsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 38750 | BOY |
| EOY | 42651 | EOY |
Receivables From Officers Etc ReceivablesFromOfficersEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Receivables From Disqual Persons ReceivablesFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 353896850 | BOY |
| EOY | 410657386 | EOY |
Inventories For Sale Or Use InventoriesForSaleOrUse
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 445230 | BOY |
| EOY | 593586 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 22459468 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 8755493 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 13061024 | BOY |
| EOY | 13703975 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 148303764 | BOY |
| EOY | 131665661 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 15269288 | BOY |
| EOY | 9512139 | EOY |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Intangible Assets IntangibleAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 10024858 | BOY |
| EOY | 9879337 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 573474952 | BOY |
| EOY | 601900067 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4237361 | BOY |
| EOY | 4038303 | EOY |
Grants Payable GrantsPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Escrow Account Liability EscrowAccountLiability
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Loans From Officers Directors LoansFromOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 8692834 | BOY |
| EOY | 8089608 | EOY |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 513736646 | BOY |
| EOY | 539413178 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 526666841 | BOY |
| EOY | 551541089 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 46808111 | BOY |
| EOY | 50358978 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 46808111 | BOY |
| EOY | 50358978 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 573474952 | BOY |
| EOY | 601900067 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 3568973 | ReconcilationRevenueExpenses |
| Reconciliation Unrealized Invest | -7548 | ReconciliationUnrealizedInvest |
| Reconcilation Other Changes | -10558 | ReconcilationOtherChanges |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | false | AccountantCompileOrReview |
| FS Audited | false | FSAudited |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Art Public Exhibition Amts | ArtPublicExhibitionAmts | |
| Held Works Of Art Amts | HeldWorksOfArtAmts | |
| Current Year Minus3 Years | CurrentYearMinus3Years | |
| Current Year Minus4 Years | CurrentYearMinus4Years |
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 3510423 | OtherCostOrOtherBasis |
| Book Value | 3510423 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 11104125 | OtherCostOrOtherBasis |
| Depreciation | 3113686 | Depreciation |
| Book Value | 7990439 | BookValue |
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 634664 | OtherCostOrOtherBasis |
| Depreciation | 384218 | Depreciation |
| Book Value | 250446 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 5851341 | OtherCostOrOtherBasis |
| Depreciation | 4127361 | Depreciation |
| Book Value | 1723980 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 1358915 | OtherCostOrOtherBasis |
| Depreciation | 1130228 | Depreciation |
| Book Value | 228687 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 13703975 | TotalOfBookValueLandBuildings |
| Federal Income Tax Liability | 0 | FederalIncomeTaxLiability |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | SHARE ACCOUNTS | Description |
| Amount | $539,413,178 | Amount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 539413178 | TotalOfAmounts |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | X | CompensationCommittee |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | false | SeverancePayment |
| Supplemental Nonqual Retire Plan | false | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | false | EquityBasedCompArrangement |
Form990 Schedule J Part II Form990ScheduleJPartII (4 entries)
| TitleTitle | Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| STEVEN D POST | ||||||||||||||
| President/CEO | 402050 | 0 | 0 | 0 | 0 | 0 | 17964 | 0 | 12202 | 0 | 432216 | 0 | 0 | 0 |
| TERENCE FIELD | ||||||||||||||
| SVP - Finance | 164162 | 0 | 0 | 0 | 0 | 0 | 11838 | 0 | 2539 | 0 | 178539 | 0 | 0 | 0 |
| YVONNE M GARAND | ||||||||||||||
| SVP - BUS DEVELOPMENT OFFICER | 144223 | 0 | 0 | 0 | 0 | 0 | 10091 | 0 | 16940 | 0 | 171254 | 0 | 0 | 0 |
| CHARLES D KARPARIS | ||||||||||||||
| SVP - Lending Officer | 140230 | 0 | 0 | 0 | 0 | 0 | 10743 | 0 | 14350 | 0 | 165323 | 0 | 0 | 0 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (12 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| PAGE 6 PART VI, Q6 | PAGE 6 PART VI, Q6: GOVERNANCE, MANAGEMENT, DISCLOSURE, QUESTION #6 | THE CREDIT UNION IS A MEMBER OWNED NOT-FOR-PROFIT ORGANIZATION. AS OF DECEMBER 31, 2012, THERE WERE APPROXIMATELY 46,923 MEMBER OWNERS OF THE CREDIT UNION. |
| PAGE 6 PART VI, Q7a | PAGE 6 PART VI: GOVERNANCE, MANAGEMENT, DISCLOSURE, QUESTION #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. |
| PAGE 6 PART VI, Q7b | PAGE 6 PART VI: GOVERNANCE, MANAGEMENT, DISCLOSURE, QUESTION #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 OTHER 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. |
| PAGE 6 PART VI, Q11 | PAGE 6 PART VI: GOVERNANCE, MANAGEMENT, DISCLOSURE, QUESTION #11 | THE 990 TAX RETURN IS AVAILABLE TO BOARD MEMBERS UPON REQUEST. NO REVIEW WAS OR WILL BE CONDUCTED. THE CEO/CFO REVIEW THE RETURN. |
| PAGE 6 PART VI, Q12 | PAGE 6 PART VI: GOVERNANCE, MANAGEMENT, DISCLOSURE, QUESTION #12 | 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. |
| PAGE 6 PART VI, Q15a | PAGE 6 PART VI: GOVERNANCE, MANAGEMENT, DISCLOSURE, QUESTION #15a | 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. |
| PAGE 6 PART VI, Q15b | PAGE 6 PART VI: GOVERNANCE, MANAGEMENT, DISCLOSURE, QUESTION #15b | 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. |
| PAGE 4 Part IV Q26 | PAGE 4 Part IV Q26 Part X Lines 5 & 6 Schedule L Part II | Some of the officers or directors of the credit union have loans outstanding at the end of the years 12/31/2011 & 12/31/2012. These loans were made in the ordinary course of business of the credit union with terms available to all credit union members. Pursuant to the instructions for Schedule L these loans are not listed on Part X line 5 or 6 or on Schedule L part II. Loans outstanding are $1,906,129 & $2,221,371 at the end of 12/31/2012 & 12/31/2011 respectively. |
| PAGE 6 Part VI Q19 | PAGE 6 Part VI Q 19 | All governing documents are available for review by any person upon request. |
| Reconciliation of change in net assets | Page 12 Part XI | Other Changes in Net Assets consists of the following: Unrealized Loss in Investments (7,548) Unrealized Loss in IRC 457F Plan 3,721 FAS 158 Pension Adjustments (14,279) |
| Audit of Financial Statements | Form 990 page 12 Part XII | The Vermont State Employee Credit Union has a financial statement audit performed on a fiscal year ended August 31st basis. The audit is overseen by a board designated audit committee made up of independent members of the credit union. |
| Related Parties | Page 6 Part VI Section A line 2 | Richard Hammel and Lisa Hammel are spouses. |
Schedule R IRS990ScheduleR
Form990 Schedule R Part IV Form990ScheduleRPartIV
Name Of Related Org NameOfRelatedOrg
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Vermont Heritage Financial Group | BusinessNameLine1 |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO Box 146 | AddressLine1 |
| City | Montpelier | City |
| State | VT | State |
| ZIP Code | 056011046 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 030360238 | EIN |
| Primary Activity | Home heating | PrimaryActivity |
| Legal Domicile State | VT | LegalDomicileState |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | na | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Type Of Entity | C Corp | TypeOfEntity |
| Share Of Total Income | 131992 | ShareOfTotalIncome |
| Share Of EOY Assets | 204113 | ShareOfEOYAssets |
| Percentage Ownership | 1.00000 | PercentageOwnership |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Ann Rents Royalties | false | ReceiptOfIntAnnRentsRoyalties |
| Gift Grant Or Cap Contr To Other Org | false | GiftGrantOrCapContrToOtherOrg |
| Gift Grant Or Cap Contr Fr Other Org | false | GiftGrantOrCapContrFrOtherOrg |
| Loans Or Guarantees To Other Org | false | LoansOrGuaranteesToOtherOrg |
| Loans Or Guarantees From Other Org | false | LoansOrGuaranteesFromOtherOrg |
| Sale Of Assets To Other Org | false | SaleOfAssetsToOtherOrg |
| Purchase Of Assets From Other Org | false | PurchaseOfAssetsFromOtherOrg |
| Exchange Of Assets | false | ExchangeOfAssets |
| Rental Of Facilities To Other Orgs | false | RentalOfFacilitiesToOtherOrgs |
| Rental Of Facilities Fr Other Orgs | false | RentalOfFacilitiesFrOtherOrgs |
| Perform Of Services For Other Orgs | false | PerformOfServicesForOtherOrgs |
| Perform Of Services By Other Orgs | false | PerformOfServicesByOtherOrgs |
| Sharing Of Facilities | true | SharingOfFacilities |
| Sharing Of Paid Employees | true | SharingOfPaidEmployees |
| Reimbursement Paid To Other Org | false | ReimbursementPaidToOtherOrg |
| Reimbursement Paid By Other Org | false | ReimbursementPaidByOtherOrg |
| Other Transfer To Other Org | false | OtherTransferToOtherOrg |
| Other Transfer From Other Org | false | OtherTransferFromOtherOrg |
Transactions Related Orgs Table TransactionsRelatedOrgsTable (2 entries)
| Transaction TypeTransactionType | Amount InvolvedAmountInvolved | Method Of Amt DeterminationMethodOfAmtDetermination |
|---|---|---|
| Vermont Heritage Financial Group | ||
| o | 49550 | FMV |
| Vermont Heritage Financial Group | ||
| n | 68860 | FMV |
Comments