2023-10-23T15:38:17-05:00 2022-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2022-01-01 030184985 VERMONT STATE EMPLOYEES CREDIT UNION VERM 8023715162 1 BAILEY AVENUE MONTPELIER VT 05602 TERENCE FIELD SENIOR VP OF FINANCE 8023715196 2023-10-23 1 TERENCE FIELD 999009999 0 JOHN J MURNANE JR P03021572 3052328272 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X ROBERT MILLER 1 BAILEY AVENUE MONTPELIER VT 05602 47202194 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. X 11 11 240 14 66778 8401 0 0 43664725 43588898 1915815 2621056 2789544 992240 48370084 47202194 443349 651789 0 0 18322735 19226277 0 0 0 16518510 18050528 35284594 37928594 13085490 9273600 1088463473 0 993148167 0 95315306 0 X OUR MISSION IS DEDICATED TO IMPROVING THE QUALITY OF LIVES FOR ALL VERMONTERS. 0 1 THE VERMONT STATE EMPLOYEES CREDIT UNION (VSECU) OFFERS FINANCIAL SERVICES PRODUCTS TO ITS MEMBERS. AS OF DECEMBER 31, 2022 VSECU HAD 71,598 MEMBERS WITH 130,026 DEPOSIT ACCOUNTS AND 31,065 ACTIVE LOANS. AT THE CLOSE OF BUSINESS ON DECEMBER 31, 2022, VERMONT STATE EMPLOYEES CREDIT UNION MERGED INTO NEW ENGLAND FEDERAL CREDIT UNION. EFFECTIVE JANUARY 1, 2023, VERMONT STATE EMPLOYEES CREDIT UNION WILL OPERATE UNDER THE LEGAL ENTITY OF NEW ENGLAND FEDERAL CREDIT UNION. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 1 35561 0 1 240 1 1 1 0 0 0 0 0 0 0 0 0 X 11 11 0 0 1 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 COLIN OWYANG 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 WILLIAM BELONGIA SUPERVISORY COMMITTEE 1.00 X 0 0 0 MICHAEL HOGAN BOD, V. CHAIR 1.00 X 0 0 0 RENEE SULLIVAN 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 470250 0 57708 TERENCE FIELD SVP-FINANCE 40.00 X 283897 0 29271 YVONNE GARAND SVP-BUSINESS DEVELOPMENT 40.00 X 294345 0 53163 RICHARD HOMMEL SVP-TECHNOLOGY/OPERATIONS 40.00 X 289219 0 48415 VALERIE BEAUDIN SVP-LENDING 40.00 X 262160 0 52417 GREGORY HUYSMANN DIRECTOR OF BUSINESS LENDI 40.00 X 167664 0 38109 TREVOR THORPE VP IT INFRASTRUCTURE 40.00 X 168827 0 19693 ERIC PASTI SR. VMWARE SYSTEMS ADMIN 40.00 X 130839 0 6060 SARA PRYCE VP BUSINESS SOLUTIONS 40.00 X 163123 0 19324 EILEEN MEAD-BELANGER VP HUMAN RESOURCES 40.00 X 132966 0 23702 JILL STOWE VP COMPLIANCE 40.00 X 131371 0 29350 2494661 0 377212 25 0 1 0 EF WALL AND ASSOCIATES INC PO BOX 259 BARRE VT 05641 CONSTRUCTION 2411139 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CALL CENTER AND CARD SERVICES 1611657 NCR CORPORATION 14181 COLLECTIONS CENTER DR CHICAGO IL 60693 ATM AND ITM MAINTENANCE 798225 FISERV INC PO BOX 934057 ATLANTA GA 31193 CORE AND ANCILLARY PRODUCTS 787837 KERR ADVERTISING 67 BLISS ROAD MONTPELIER VT 05602 ADVERTISING 704785 24 INCOME ON LOANS 522100 36028558 36028558 FEES AND CHARGES 522100 7493562 7493562 FINANCE AND INSURANCE 520000 66778 66778 43588898 2621056 2621056 OTHER OPERATING 522100 992240 992240 992240 47202194 44514360 66778 2621056 X 651789 2046618 12227866 896070 3029528 1026195 382420 160741 493125 1566599 5497292 726329 1569256 195237 319508 2524908 2453014 174100 UNRELATED BUSINESS TAX 533 LOAN PROGRAM EXPENSE 1395727 PROVISION FOR LOAN LOSS 342058 ALL OTHER EXPENSES 165339 84342 37928594 9601116 0 28084283 0 0 2458163 0 3056288 0 0 873344255 0 0 1440701 0 0 14120069 0 124026841 0 11494428 0 0 0 20837329 0 1088463473 0 10540926 385000 982222241 0 993148167 0 X 0 0 0 0 95315306 0 95315306 0 1088463473 0 X 9273600 -21855913 -82732993 X X 0 1 X 1 0 0 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 COVER HOME REPAIR INC 158 SOUTH MAIN STREET WHITE RIVER JUNCTION VT 05001 204597157 501(C)(3) 10809 0 CHARITABLE CONTRIBUTION HERITAGE FAMILY CARES 4 YOU 26 ALLEN ST RUTLAND VT 05701 831846620 501(C)(3) 10000 0 CHARITABLE CONTRIBUTION NORTHEAST ORGANIC FARMING ASSOCIATION OF VERMONT INC PO BOX 697 RICHMOND VT 05477 223260420 501(C)(3) 10626 0 CHARITABLE CONTRIBUTION PATHWAYS VERMONT INC 50 MAIN ST 127 WINOOSKI VT 05404 300604758 501(C)(3) 7824 0 CHARITABLE CONTRIBUTION PREVENT CHILD ABUSE - VERMONT 203 COUNTRY CLUB ROAD SUITE 102 MONTPELIER VT 05602 030267183 501(C)(3) 12700 0 CHARITABLE CONTRIBUTION VERMONT COUNCIL ON RURAL DEVELOPMENT 43 STATE ST MONTPELIER VT 05602 030354510 501(C)(3) 12912 0 CHARITABLE CONTRIBUTION VERMONT RECOVERY NETWORK PO BOX 3042 BURLINGTON VT 05408 320251343 501(C)(3) 8041 0 CHARITABLE CONTRIBUTION VERMONT COMMUNITY FOUNDATION 3 COURT STREET MIDDLEBURY VT 05753 222712160 501(C)(3) 7000 0 CHARITABLE CONTRIBUTION VSECU FOUNDATION 1 BAILEY AVENUE MONTPELIER VT 05601 874079773 501(C)(3) 550000 0 CHARITABLE CONTRIBUTION COMMITTEE ON TEMPORARY SHELTER PO BOX 1616 BURLINGTON VT 05402 300285606 501(C)(3) 6295 0 CHAITABLE CONTRIBUTION 10 0 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 402350 0 66704 0 1196 0 25970 0 31738 0 527958 0 0 0 YVONNE GARAND SVP-BUSINESS DEVELOPMENT 244577 0 49768 0 0 0 27000 0 26163 0 347508 0 0 0 RICHARD HOMMEL SVP-TECHNOLOGY/OPERATIONS 238944 0 50275 0 0 0 27000 0 21415 0 337634 0 0 0 VALERIE BEAUDIN SVP-LENDING 219343 0 42817 0 0 0 27000 0 25417 0 314577 0 0 0 TERENCE FIELD SVP-FINANCE 232254 0 49434 0 2209 0 26531 0 2740 0 313168 0 0 0 GREGORY HUYSMANN DIRECTOR OF BUSINESS LENDI 143168 0 24496 0 0 0 16790 0 21319 0 205773 0 0 0 TREVOR THORPE VP IT INFRASTRUCTURE 142272 0 25790 0 765 0 12811 0 6882 0 188520 0 0 0 SARA PRYCE VP BUSINESS SOLUTIONS 139287 0 23370 0 466 0 13264 0 6060 0 182447 0 0 0 JILL STOWE VP COMPLIANCE 110964 0 19316 0 1091 0 25232 0 4118 0 160721 0 0 0 EILEEN MEAD-BELANGER VP HUMAN RESOURCES 112763 0 19152 0 1051 0 19584 0 4118 0 156668 0 0 0 PART I, LINE 4B THE FOLLOWING 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, 2022 IS AS FOLLOWS: TERENCE FIELD $390,386 YVONNE GARAND $408,088 VALERIE BEAUDIN $41,248 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 0 0 1 1 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. THE LOAN BALANCE OUTSTANDING AS OF DECEMBER 31, 2022, WAS TRANSFERED TO NEW ENGLAND FEDERAL CREDIT UNION AS A RESULT OF THE MERGER. CASH AND CASH EQUIVALENTS 2022-12-31 37452603 INDEPENDENT VALUATION 030213411 NEW ENGLAND FEDERAL CREDIT UNION 141 HARVEST LANE PO BOX 527 WILLISTON VT 054957331 501(C)(1) INVESTMENTS 2022-12-31 113216437 INDEPENDENT VALUATION 030213411 NEW ENGLAND FEDERAL CREDIT UNION 141 HARVEST LANE PO BOX 527 WILLISTON VT 054957331 501(C)(1) LOANS TO MEMBERS 2022-12-31 929348485 INDEPENDENT VALUATION 030213411 NEW ENGLAND FEDERAL CREDIT UNION 141 HARVEST LANE PO BOX 527 WILLISTON VT 054957331 501(C)(1) PROPERTY AND EQUIPMENT 2022-12-31 16151472 INDEPENDENT VALUATION 030213411 NEW ENGLAND FEDERAL CREDIT UNION 141 HARVEST LANE PO BOX 527 WILLISTON VT 054957331 501(C)(1) OTHER ASSETS 2022-12-31 30667743 INDEPENDENT VALUATION 030213411 NEW ENGLAND FEDERAL CREDIT UNION 141 HARVEST LANE PO BOX 527 WILLISTON VT 054957331 501(C)(1) 1 1 0 0 0 0 0 0 0 PART I, LINE 2E: EXPLANATION OF INVOLVEMENT: THE FOLLOWING FORMER VERMONT STATE EMPLOYEES CREDIT UNION BOARD OR SUPERVISORY COMMITTEE MEMBERS BECAME MEMBERS OF THE NEW ENGLAND FEDERAL CREDIT UNION BOARD OF DIRECTORS.SPENCER NEWMAN, 1ST VICE CHAIRMIKE HOGAN, DIRECTORSTEPHANIE MEUNIER, DIRECTORGEORGE SAYLES, DIRECTORJULIE LINEBERGER, DIRECTOR GENE WESCOTT, SUPERVISORY COMMITTEE MEMBERRENE SULLIVAN, SUPERVISORY COMMITTEE MEMBER THE FOLLOWING VERMONT STATE EMPLOYEES CREDIT UNION KEY EMPLOYEES BECAME MEMBERS OF THE NEW ENGLAND FEDERAL CREDIT UNION SENIOR LEADERSHIP TEAM:ROBERT MILLER, PRESIDENT AND CHIEF OPERATING OFFICERYVONNE GARAND, CHIEF BRAND AND MARKETING OFFICERRICHARD HOMMEL, CHIEF RETAIL OFFICERVALERIE BEAUDIN, CO CHIEF LENDING OFFICERGREGORY HUYSMAN, DIRECTOR OF BUSINESS LENDINGTERENCE FIELD, SENIOR VICE PRESIDENT FINANCE FORM 990, PART III, LINE 3 AT THE CLOSE OF BUSINESS ON DECEMBER 31, 2022, VERMONT STATE EMPLOYEES CREDIT UNION MERGED INTO NEW ENGLAND FEDERAL CREDIT UNION. WHILE SERVICE TO THE MEMBERSHIP WILL CONTINUE, EFFECTIVE JANUARY 1, 2023, VERMONT STATE EMPLOYEES CREDIT UNION WILL OPERATE UNDER THE LEGAL ENTITY OF NEW ENGLAND FEDERAL CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 4 VERMONT STATE EMPLOYEES CREDIT UNION MERGED INTO NEW ENGLAND FEDERAL CREDIT UNION EFFECTIVE UPON THE CLOSE OF BUSINESS ON DECEMBER 31, 2022. SERVICES WILL CONTINUE FOR THE MEMBERS OF VERMONT STATE EMPLOYEES CREDIT UNION UNDER NEW ENGLAND FEDERAL CREDIT UNION EFFECTIVE JANUARY 1, 2023. MEMBERS OF VERMONT STATE EMPLOYEES CREDIT UNION VOTED IN FAVOR OF THE MERGER. THIS CHANGE HAS ALSO BEEN ENDORSED BY BOTH VERMONT STATE EMPLOYEES CREDIT UNION'S AND NEW ENGLAND FEDERAL CREDIT UNION'S BOARDS OF DIRECTORS AND WAS ADOPTED IN A CHARTER BYLAW CHANGE. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBER OWNED NOT-FOR-PROFIT ORGANIZATION. AS OF DECEMBER 31, 2022, THERE WERE APPROXIMATELY 71,600 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. DURING NOVEMBER 2022, MEMBERS OF VERMONT STATE EMPLOYEES CREDIT UNION VOTED IN FAVOR OF THE MERGER OF VERMONT STATE EMPLOYEES CREDIT UNION INTO NEW ENGLAND FEDERAL CREDIT UNION. 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 11G CONSULTING 382,668. PAYROLL PROCESSING 85,536. OTHER 24,921. FORM 990, PART IX, LINE 24E EXAMINATION FEE 81,218. OTHER NON-OPERATING EXPENSES 2,588. LOAN SERVICING 536. FORM 990, PART XI, LINE 9: NET EQUITY MERGED INTO NEW ENGLAND FEDERAL CREDIT UNION -82,763,895. NET UNREALIZED GAIN ON POST-RETIREMENT BENEFIT PLAN 30,902. 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. VSECU FOUNDATION 1 BAILEY AVENUE MONTPELIER VT 05601 874079773 CHARITABLE FOUNDATION VT 501(C)(3) PF VERMONT STATE EMPLOYEES CREDIT UNION 0 VERMONT HERITAGE FINANCIAL GROUP INC PO BOX 146 MONTPELIER VT 05601 HOME HEATING VT VERMONT STATE EMPLOYEES CREDIT UNION C 210222 457316 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 VERMONT HERITAGE FINANCIAL GROUP O 57783 ESTIMATE VSECU FOUNDATION B 550000 ACTUAL