Vermont State Employees Credit Union

Organization Overview

Vermont State Employees Credit Union is located in Montpelier, VT. The organization was established in 1987. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Vermont State Employees Credit Union employed 240 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermont State Employees Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Vermont State Employees Credit Union generated $48.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $35.3m during the year ending 12/2021. While expenses have increased by 3.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2018, Vermont State Employees Credit Union has awarded 31 individual grants totaling $499,865. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

VERMONT STATE EMPLOYEES CREDIT UNION IS A STATE CHARTERED CREDIT UNION PROVIDING FINANCIAL SERVICES TO ITS MEMBERS IN THE STATE OF VERMONT.

Describe the Organization's Program Activity:

Part 3 - Line 4a

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.


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Board, Officers & Key Employees

Name (title)Compensation
Robert Miller
President/ceo
$390,988
Richard Hommel
Svp-Technology/operations
$246,240
Yvonne Garand
Svp-Business Development
$245,718
Terence Field
Svp-Finance
$243,743
Valerie Beaudin
Svp-Lending
$213,171
Brian Bishop
Senior Financial Advisor
$175,320

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Pscu
Call Center And Card Services
$2,797,477
Fiserv Inc
Core And Ancillary Products
$672,618
Lumin
Online/mobile Banking
$637,517
Kerr Advertising
Advertising
$746,222
Visa Usa
Card Services
$509,564
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$43,664,725
Investment income $1,885,151
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $30,664
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $48,370,084

Grants Awarded

Over the last fiscal year, Vermont State Employees Credit Union has awarded $170,000 in support to 8 organizations.

Grant RecipientAmount

CHAMPLAIN VALLEY OFFICE OF ECONOMIC OPPORTUNITY

Org PageRecipient Profile

Burlington, VT

PURPOSE: CHARITABLE CONTRIBUTION

$50,000

CAPSTONE COMMUNITY ACTION

Org PageRecipient Profile

Barre, VT

PURPOSE: CHARITABLE CONTRIBUTION

$50,000

US COMMITTEE FOR REFUGEE AND IMMIGRANTS INC

Org PageRecipient Profile

Arlington, VA

PURPOSE: CHARITABLE CONTRIBUTION

$20,800

CLARINA HOWARD NICHOLS CENTER INC

PURPOSE: CHARITABLE CONTRIBUTION

$11,100

Williston, VT

PURPOSE: CHARITABLE CONTRIBUTION

$10,800

VERMONT COUNCIL ON RURAL DEVELOPMENT

Org PageRecipient Profile

Montpelier, VT

PURPOSE: CHARITABLE CONTRIBUTION

$10,000
View Grant Profile

Peer Organizations

Organization NameAssets
Municipal Credit Union
New York, NY
$220,924,766
Metro Credit Union
Chelsea, MA
$92,937,477
Northeast Credit Union
Portsmouth, NH
$75,179,197
Sunmark Credit Union
Latham, NY
$61,777,524
Jeanne Darc Credit Union
Lowell, MA
$59,293,841
Vermont State Employees Credit Union
Montpelier, VT
$48,370,084
Harvard University Employees Credit Union
Cambridge, MA
$42,695,601
Sharon & Cresent United Credit Union
Sharon, MA
$40,886,511
St Annes Credit Union Of Fall River Mass
Fall River, MA
$34,865,858
Granite State Credit Union
Manchester, NH
$34,223,432
Leominster Credit Union
Leominster, MA
$30,410,755
St Marys Credit Union Inc
Marlborough, MA
$32,310,700

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