State Chartered Credit Unions Inc
- Assets
- $50.0b
- Revenue
- $1.6b
- Investments
- $9.9b
- Employees
- 7,630
- Location
- Raleigh, NC
- Founding
- 08/1969
- Data as of
- 06/2021
- EIN
- 56-0475645
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.
Form
990
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Lord President | Officer | 40 | $2,881,758 |
Rex Spivey Chief Financial Officer | Officer | 40 | $492,781 |
Chris Ayer Chief Information Officer | Officer | 40 | $454,176 |
Jerry Harmon Chief Lending Officer | Officer | 40 | $444,532 |
Wallace W Umphlett Evp - Financial Advisory Services | Officer | 40 | $382,942 |
Leigh Brady Evp - Organization Development | Officer | 40 | $357,556 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Davie Construction Company Branch Construction Labor | 6/29/21 | $10,541,451 |
Loomis Armored Us Llc Armored Car Service | 6/29/21 | $6,052,637 |
Accurate Title Group Appraisal And Title Services | 6/29/21 | $20,618,474 |
Mcdonald York Building Company Branch Construction Labor | 6/29/21 | $8,662,593 |
Deloitte Consultng Llc Consulting And Implementation | 6/29/21 | $5,202,960 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,150,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $165,583,592 |
| Compensation of current officers, directors, key employees. | $8,542,041 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $436,193,266 |
| Pension plan accruals and contributions | $42,860,769 |
| Other employee benefits | $54,583,746 |
| Payroll taxes | $33,886,522 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $561,151 |
| Fees for services: Accounting | $273,883 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,557,429 |
| Advertising and promotion | $293,593 |
| Office expenses | $28,096,775 |
| Information technology | $16,632,359 |
| Royalties | $0 |
| Occupancy | $45,096,510 |
| Travel | $400,641 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $10 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,186,414 |
| Insurance | $975,935 |
| All other expenses | $3,275,905 |
| Total functional expenses | $1,206,510,123 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $787,972,820 |
| Savings and temporary cash investments | $13,636,254,844 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $23,727,536,787 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $47,391,916 |
| Net Land, buildings, and equipment | $1,062,770,185 |
| Investments—publicly traded securities | $338,912 |
| Investments—other securities | $9,876,016,559 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $864,776,234 |
| Total assets | $50,003,058,257 |
| Accounts payable and accrued expenses | $28,403,411 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $190,412,558 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $45,875,715,138 |
| Total liabilities | $46,094,531,107 |
| 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 | $3,908,527,150 |
| Total liabilities and net assets/fund balances | $50,003,058,257 |
Grants Awarded
Over the last fiscal year, State Chartered Credit Unions Inc has awarded $1,150,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Raleigh, NC PURPOSE: COVID RELIEF ASSISTANCE | $1,000,000 |
Raleigh, NC PURPOSE: UNRESTRICTED | $150,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Delta Community Credit Union Atlanta, GA | $9,023,056,278 | $296,340,741 |
Eastman Credit Union Kingsport, TN | $7,123,603,375 | $291,234,788 |
Georgia's Own Credit Union Atlanta, GA | $3,419,402,865 | $147,500,350 |
Knoxville Tva Employees Credit Unio Knoxville, TN | $3,429,893,801 | $162,152,547 |
Robins Financial Credit Union Warner Robins, GA | $3,880,052,195 | $147,788,018 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |
Lge Community Credit Union Atlanta, GA | $1,989,595,139 | $81,568,561 |
Associated Credit Union Norcross, GA | $2,094,343,004 | $74,274,351 |
Vizo Financial Corporate Credit Union Greensboro, NC | $5,382,501,749 | $155,341,145 |
Self Help Credit Union Durham, NC | $1,341,389,804 | $52,319,101 |
Leaders Credit Union Jackson, TN | $642,989,895 | $47,507,703 |