Vermont State Employees Credit Union

“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.”

“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.”

“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.”

“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.”

“The ceo and svp finance review the return prior to filing.”

“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.”

“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.”

“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.”

“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.”

“Consulting 382,668. Payroll processing 85,536. Other 24,921.”

“Examination fee 81,218. Other non-operating expenses 2,588. Loan servicing 536.”

“Net equity merged into new england federal credit union -82,763,895. Net unrealized gain on post-retirement benefit plan 30,902.”

“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.”