State Chartered Credit Unions Inc

Organization Overview

State Chartered Credit Unions Inc is located in Raleigh, NC. The organization was established in 1969. 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 06/2021, State Chartered Credit Unions Inc employed 7,630 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. State Chartered Credit Unions Inc 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 06/2021, State Chartered Credit Unions Inc generated $1.6b in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $1.2b during the year ending 06/2021. While expenses have increased by 3.8% per year over the past 6 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

IMPROVE ECONOMIC LIFE, SOCIAL CONDITION, PROVIDE CREDIT & BROADEN ECONOMIC AWARENESS OF MEMBERS THROUGH PROGRAMS OF CONSUMER PROTECTION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE STATE EMPLOYEES' CREDIT UNION (SECU) IS OWNED BY OUR 2.6 MILLION MEMBERS. SECU PROVIDES SERVICES TO OUR MEMBERS THROUGH 273 BRANCH OFFICES, OVER 1,000 ATMS, 24/7 CONTACT CENTERS, AND A WEBSITE - WWW.NCSECU.ORG. AS A CREDIT UNION, MEMBERS DEPOSIT FUNDS INTO SHARE ACCOUNTS, WHICH ARE THEN LOANED TO OTHER MEMBERS. THE CREDIT UNION OFFERS SHARE ACCOUNTS OF VARIOUS TYPES - MEMBERSHIP SHARES, SHARE DRAFTS, MONEY MARKET SHARES, IRA SHARES, AND SHARE TERM CERTIFICATES. LOANS TO MEMBERS CONSIST OF MORTGAGE, HOME EQUITY, AUTO, AND OTHER CONSUMER LOANS. AT JUNE 30, 2021, THERE WERE 843,000 PERSONAL LOANS AND 179,000 FIRST AND SECOND MORTGAGE LOANS OUTSTANDING. THE CREDIT UNION RECEIVED $1,642,530,781 IN REVENUES FROM INTEREST ON LOANS, INTEREST ON INVESTMENTS, AND OTHER NON-INTEREST SOURCES DURING THE YEAR ENDED JUNE 30, 2021. THE COST OF PROVIDING SERVICES TO CREDIT UNION MEMBERS WAS $1,209,584,218 FOR THE YEAR. THE COST OF SERVICES CONSISTS OF INTEREST PAID ON SHARE ACCOUNTS, SALARIES, BUILDING EXPENSES, EQUIPMENT EXPENSES, AND OTHER OPERATIONAL EXPENSES.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Davie Construction Company
Branch Construction Labor
$10,541,451
Accurate Title Group
Appraisal And Title Services
$20,618,474
Loomis Armored Us Llc
Armored Car Service
$6,052,637
Deloitte Consultng Llc
Consulting And Implementation
$5,202,960
Mcdonald York Building Company
Branch Construction Labor
$8,662,593
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$1,510,791,750
Investment income $123,729,279
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income -$1,999,917
Net Gain/Loss on Asset Sales $6,935,574
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,639,456,686

Grants Awarded

Over the last fiscal year, State Chartered Credit Unions Inc has awarded $1,150,000 in support to 2 organizations.

Grant RecipientAmount

FEEDING THE CAROLINAS

Org PageRecipient Profile

Raleigh, NC

PURPOSE: COVID RELIEF ASSISTANCE

$1,000,000

DORTHEA DIX PARK CONSERVATORY

Org PageRecipient Profile

Raleigh, NC

PURPOSE: UNRESTRICTED

$150,000
View Grant Profile

Peer Organizations

Organization NameAssets
Delta Community Credit Union
Atlanta, GA
$296,340,741
Eastman Credit Union
Kingsport, TN
$291,234,788
Georgia's Own Credit Union
Atlanta, GA
$147,500,350
Knoxville Tva Employees Credit Unio
Knoxville, TN
$162,152,547
Robins Financial Credit Union
Warner Robins, GA
$147,788,018
Atlanta Postal Credit Union
Atlanta, GA
$86,141,254
Georgia United Credit Union
Duluth, GA
$80,835,681
Lge Community Credit Union
Atlanta, GA
$81,568,561
Associated Credit Union
Norcross, GA
$74,274,351
Vizo Financial Corporate Credit Union
Greensboro, NC
$155,341,145
Self Help Credit Union
Durham, NC
$52,319,101
Leaders Credit Union
Jackson, TN
$47,507,703

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