Vermont State Employees Credit Union
- Assets
- $1.1b
- Revenue
- $48.4m
- Investments
- $11.5m
- Employees
- 240
- Location
- Montpelier, VT
- Founding
- 02/1987
- Data as of
- 12/2021
- EIN
- 03-0184985
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.
Form
990
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) | Role | Hours | Compensation |
|---|---|---|---|
Robert Miller President/ceo | Officer | 40 | $390,988 |
Richard Hommel Svp-Technology/operations | Officer | 40 | $246,240 |
Yvonne Garand Svp-Business Development | Officer | 40 | $245,718 |
Terence Field Svp-Finance | Officer | 40 | $243,743 |
Valerie Beaudin Svp-Lending | Officer | 40 | $213,171 |
Brian Bishop Senior Financial Advisor | 40 | $175,320 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Call Center And Card Services | 12/30/21 | $2,797,477 |
Fiserv Inc Core And Ancillary Products | 12/30/21 | $672,618 |
Lumin Online/mobile Banking | 12/30/21 | $637,517 |
Kerr Advertising Advertising | 12/30/21 | $746,222 |
Visa Usa Card Services | 12/30/21 | $509,564 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $443,349 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,466,011 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,059,943 |
| Pension plan accruals and contributions | $903,909 |
| Other employee benefits | $2,933,155 |
| Payroll taxes | $959,717 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,146 |
| Fees for services: Accounting | $152,649 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $269,182 |
| Advertising and promotion | $1,655,031 |
| Office expenses | $6,328,957 |
| Information technology | $652,299 |
| Royalties | $0 |
| Occupancy | $1,568,633 |
| Travel | $192,791 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $90,533 |
| Interest | $1,719,803 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,469,189 |
| Insurance | $160,182 |
| All other expenses | -$585,527 |
| Total functional expenses | $35,284,594 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,601,116 |
| Savings and temporary cash investments | $28,084,283 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,458,163 |
| Loans from Officers, Directors, or Controlling Persons | $3,056,288 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $873,344,255 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,440,701 |
| Net Land, buildings, and equipment | $14,120,069 |
| Investments—publicly traded securities | $124,026,841 |
| Investments—other securities | $11,494,428 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,837,329 |
| Total assets | $1,088,463,473 |
| Accounts payable and accrued expenses | $10,540,926 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $385,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $982,222,241 |
| Total liabilities | $993,148,167 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $95,315,306 |
| Total liabilities and net assets/fund balances | $1,088,463,473 |
Grants Awarded
Over the last fiscal year, Vermont State Employees Credit Union has awarded $170,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
Burlington, VT PURPOSE: CHARITABLE CONTRIBUTION | $50,000 |
Barre, VT PURPOSE: CHARITABLE CONTRIBUTION | $50,000 |
Arlington, VA PURPOSE: CHARITABLE CONTRIBUTION | $20,800 |
CLARINA HOWARD NICHOLS CENTER INC PURPOSE: CHARITABLE CONTRIBUTION | $11,100 |
Williston, VT PURPOSE: CHARITABLE CONTRIBUTION | $10,800 |
Montpelier, VT PURPOSE: CHARITABLE CONTRIBUTION | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
Northeast Credit Union Portsmouth, NH | $1,982,489,459 | $75,179,197 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Granite State Credit Union Manchester, NH | $634,204,646 | $34,223,432 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |