2013-05-02T13:17:47-05:00 2012-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2012-01-01 030184985 Vermont State Employees Credit Union % TERENCE FIELD VERM 8023715162 PO Box 67 Suite MONTPELIER VT 056010067 Terence Field 8023713181 2013-05-01 true Michael J Rowe CPA 6174399700 2013-03-26 2012 2016-02-25 16:41:14Z Terence Field PO Box 67 Montpeiler VT 056010067 49742494 false 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 11 178 17 0 0 0 23954106 24117267 2998421 3972135 375261 552346 27327788 28641748 0 0 0 0 8781795 9898296 0 0 0 16130233 15174479 24912028 25072775 2415760 3568973 573474952 601900067 526666841 551541089 46808111 50358978 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. false false 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. false false false false false false false false true false false false true false false false false false false false false false false false false false false true false false false false false false false false false false false true true false false true 26341 0 true 178 true false false false false false false X 11 11 true false false false true true true true true false false false true true true false true true false true true X TERENCE FIELD 8023715162 PO BOX 67 MONTPELIER VT 056010067 M JEROME DIAMOND 1.0 X 0 0 0 JANA BAGWELL 1.0 X 0 0 0 JUDY P ROSENSTREICH 1.0 X X 0 0 0 KIMBERLY B CHENEY 1.0 X 0 0 0 EDWARD FRIIHAUF 1.0 X 0 0 0 THOMAS G JOSLIN 1.0 X 0 0 0 TERENCE D MACAIG 1.0 X 0 0 0 Jason Aldous 1.0 X 0 0 0 Heather Jarvis 1.0 X 0 0 0 Todd Bailey 1.0 X X 0 0 0 Kate Paine 1.0 X 0 0 0 STEVEN D POST 40.0 X 402050 0 30166 TERENCE FIELD 40.0 X 164162 0 14377 YVONNE M GARAND 40.0 X 144223 0 27031 LISA HOMMEL 40.0 X 109077 0 25252 CHARLES D KARPARIS 40.0 X 140230 0 25093 STEVEN KOENEMANN 40.0 X 114112 0 17406 Richard Hommel 40.0 X 108638 0 9064 1182492 0 148389 7 false true false 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 13 0 LOANS 18293078 18293078 FEE INCOME 5824189 5824189 24117267 1726431 1726431 0 0 0 0 0 21403766 1942684 21055388 45358 348378 1897326 2245704 2245704 0 0 0 MISCELLANEOUS INCOME 900099 458793 458793 CUSO EARNINGS 900099 -5490 -5490 HEALTH INSURANCE REBATE 900099 99043 99043 552346 28641748 24669613 3972135 0 0 0 0 1182492 0 6113448 661615 1334653 606088 0 80966 104101 0 0 0 2438807 845655 1150674 847948 0 938829 165333 0 0 6038017 0 997126 103188 MEMBER INSURANCE EXPENSE 239942 PROVISION FOR LOAN LOSS 937000 EXAMINATION FEES 59363 ASSOCIATION DUES 70463 157067 25072775 1589531 2452627 30845657 23392705 0 0 38750 42651 0 0 0 0 353896850 410657386 0 0 445230 593586 22459468 8755493 13061024 13703975 148303764 131665661 15269288 9512139 0 0 0 0 10024858 9879337 573474952 601900067 4237361 4038303 0 0 0 0 0 0 0 0 0 0 8692834 8089608 0 0 513736646 539413178 526666841 551541089 X 0 0 0 0 46808111 50358978 46808111 50358978 573474952 601900067 X 3568973 -7548 -10558 X false false 3510423 3510423 11104125 3113686 7990439 634664 384218 250446 5851341 4127361 1723980 1358915 1130228 228687 13703975 0 SHARE ACCOUNTS 539413178 539413178 X X X false false false STEVEN D POST 402050 0 0 0 0 0 17964 0 12202 0 432216 0 0 0 TERENCE FIELD 164162 0 0 0 0 0 11838 0 2539 0 178539 0 0 0 YVONNE M GARAND 144223 0 0 0 0 0 10091 0 16940 0 171254 0 0 0 CHARLES D KARPARIS 140230 0 0 0 0 0 10743 0 14350 0 165323 0 0 0 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. Vermont Heritage Financial Group PO Box 146 Montpelier VT 056011046 030360238 Home heating VT na C Corp 131992 204113 1.00000 false false false false false false false false false false false false true true false false false false Vermont Heritage Financial Group o 49550 FMV Vermont Heritage Financial Group n 68860 FMV