State Chartered Credit Unions Inc

State Chartered Credit Unions Inc 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 06/2020, State Chartered Credit Unions Inc employed 7,700 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 06/2020, State Chartered Credit Unions Inc generated $1.7b in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $1.5b during the year ending 06/2020. While expenses have increased by 9.1% per year over the past 5 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

2020

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 IS OWNED BY OUR 2.5 MILLION MEMBERS. SECU PROVIDES SERVICES TO OUR MEMBERS THROUGH 270 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, 2020, THERE WERE 829,000 PERSONAL LOANS AND 183,000 FIRST AND SECOND MORTGAGE LOANS OUTSTANDING. THE CREDIT UNION RECEIVED $1,692,752,969 IN REVENUES FROM INTEREST ON LOANS, INTEREST ON INVESTMENTS, AND OTHER NON-INTEREST SOURCES DURING THE YEAR ENDED JUNE 30, 2020. THE COST OF PROVIDING SERVICES TO CREDIT UNION MEMBERS WAS $1,486,066,717 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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State Chartered Credit Unions Inc Board, Officers & Key Employees

Vendor Name (Service)Compensation
Mcdonald York Building Company
Branch Construction
$14,795,974
Mainline Information Systems
Software
$9,227,533
Barnhill Contracting Company
Branch Construction
$17,320,740
David Construction Company
Branch Construction
$10,105,348
Fidelity National Information Services I
Software
$7,184,828
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$1,470,845,061
Investment income $222,510,131
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $88,877
Net Gain/Loss on Asset Sales -$691,100
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,692,752,969

State Chartered Credit Unions Inc Grants Awarded

Over the last fiscal year, State Chartered Credit Unions Inc has awarded $2,250,000 in support to 3 organizations.

Grant RecipientAmount

Baton Rouge, LA

PURPOSE: COVID RELIEF ASSISTANCE

$1,000,000

FEEDING THE CAROLINAS

Org PageRecipient Profile

Clemmons, NC

PURPOSE: COVID RELIEF ASSISTANCE

$1,000,000

CAROLINAS CREDIT UNION FOUNDATION

Org PageRecipient Profile

Columbia, SC

PURPOSE: COVID RELIEF ASSISTANCE

$250,000
View Grant Profile

State Chartered Credit Unions Inc Peer Organizations

Organization NameAssets
Delta Community Credit Union
Atlanta, GA
$309,453,420
Eastman Credit Union
Kingsport, TN
$251,106,306
Georgia's Own Credit Union
Atlanta, GA
$142,869,720
Robins Financial Credit Union
Warner Robins, GA
$144,241,424
Vizo Financial Corporate Credit Union
Greensboro, NC
$115,178,255
Knoxville Tva Employees Credit Unio
Knoxville, TN
$127,770,701
Atlanta Postal Credit Union
Atlanta, GA
$91,838,431
Associated Credit Union
Norcross, GA
$84,842,941
Georgia United Credit Union
Duluth, GA
$78,453,973
Lge Community Credit Union
Marietta, GA
$79,578,841
Self Help Credit Union
Durham, NC
$58,486,696
Volunteer Corporate Credit Union
Nashville, TN
$40,461,745

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