Vermont State Employees Credit Union

Nonprofit profile at a glance

EIN
030184985
IRS 990 coverage
2010–2022
Forms available
Form 990 2022
Location
Montpelier, VT, USA
Phone
8023715162
Rating confidence
Limited

Official website

Reported finances

Revenue
$47,202,194
Expenses
$37,928,594
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

25 people listed

Executive titles in this filing

  • ROBERT MILLER (PRESIDENT/CEO)

Highest reported compensation

  • ROBERT MILLER (PRESIDENT/CEO): $527,958 total reported compensation
  • YVONNE GARAND (SVP-BUSINESS DEVELOPMENT): $347,508 total reported compensation
  • RICHARD HOMMEL (SVP-TECHNOLOGY/OPERATIONS): $337,634 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our mission is dedicated to improving the quality of lives for all vermonters.

What it reported doing in 2022

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.

Operating model

Revenue model
Earned-program. 92% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 82
  • Accountability: 91
  • Sustainability: 42
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 3rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 97.6%; rating input score 98; 29th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 19.6%; rating input score 83; 83rd percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 7.6%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: 3.2% per year; rating input score 100; 34th percentile among comparable filings
  • Revenue growth: 5.8% per year; rating input score 100; 54th percentile among comparable filings
  • Asset growth: 1.5% per year; rating input score 100; 17th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 11 of 11 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $528K · 25 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $6.3M reported
  • Consistency: 9 of 10 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes grants, executive pay, and related organizations
  • Filing history: 13 filing years from 2010 to 2022
  • Contacts: How to reach this organization
  • Money network: 22 filed money-flow records
  • Related organizations: 11 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 29/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.