Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INCOME ON LOANS

  total $36,028,558 · related or exempt $36,028,558

• 2b · Program service revenue: FEES AND CHARGES

  total $7,493,562 · related or exempt $7,493,562

• 2c · Program service revenue: FINANCE AND INSURANCE

  total $66,778 · unrelated business $66,778

• 3 · Investment income

  total $2,621,056 · excluded $2,621,056

• 11a · Other revenue: OTHER OPERATING

  total $992,240 · related or exempt $992,240

• 11e · Other revenue, total

  $992,240

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $651,789

• 5 · Compensation of officers, directors and key employees

  total $2,046,618

• 7 · Other salaries and wages

  total $12,227,866

• 8 · Pension plan contributions

  total $896,070

• 9 · Other employee benefits

  total $3,029,528

• 10 · Payroll taxes

  total $1,026,195

• 11b · Fees: legal

  total $382,420

• 11c · Fees: accounting

  total $160,741

• 11g · Fees: other

  total $493,125

• 12 · Advertising and promotion

  total $1,566,599

• 13 · Office expenses

  total $5,497,292

• 14 · Information technology

  total $726,329

• 16 · Occupancy

  total $1,569,256

• 17 · Travel

  total $195,237

• 19 · Conferences, conventions and meetings

  total $319,508

• 20 · Interest

  total $2,524,908

• 22 · Depreciation, depletion and amortization

  total $2,453,014

• 23 · Insurance

  total $174,100

• 24a · Other expenses: UNRELATED BUSINESS TAX

  total $533

• 24b · Other expenses: LOAN PROGRAM EXPENSE

  total $1,395,727

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $342,058

• 24d · Other expenses: ALL OTHER EXPENSES

  total $165,339

• 24e · All other expenses

  total $84,342

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,601,116 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $28,084,283 · end of year $0

• 3 · Pledges and grants receivable

  end of year $0

• 4 · Accounts receivable

  beginning of year $2,458,163 · end of year $0

• 5 · Loans and receivables from officers and key people

  beginning of year $3,056,288 · end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 7 · Other notes and loans receivable

  beginning of year $873,344,255 · end of year $0

• 8 · Inventories for sale or use

  end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,440,701 · end of year $0

• 10a · Land, buildings and equipment: cost or other basis

  $0

• 10c · Land, buildings and equipment, net

  beginning of year $14,120,069 · end of year $0

• 11 · Investments: publicly traded securities

  beginning of year $124,026,841 · end of year $0

• 12 · Investments: other securities

  beginning of year $11,494,428 · end of year $0

• 13 · Investments: program-related

  end of year $0

• 14 · Intangible assets

  end of year $0

• 15 · Other assets

  beginning of year $20,837,329 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $10,540,926

• 23 · Secured mortgages and notes payable

  beginning of year $385,000

• 25 · Other liabilities

  beginning of year $982,222,241 · end of year $0

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $95,315,306 · end of year $0

The filer's explanations (Part III)

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• VERMONT HERITAGE FINANCIAL GROUP INC

  C · HOME HEATING · VT · 100% owned · share of income $210,222 · share of assets $457,316 · controlled entity

  Directly controlled by VERMONT STATE EMPLOYEES CREDIT UNION