State Chartered Credit Unions In North Carolina is located in Kinston, 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 12/2021, State Chartered Credit Unions In North Carolina employed 5 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. State Chartered Credit Unions In North Carolina 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 12/2021, State Chartered Credit Unions In North Carolina generated $793.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $624.8k during the year ending 12/2021. While expenses have increased by 0.4% per year over the past 7 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
TO PROVIDE PROVIDENT SAVINGS AND CREDIT SERVICES TO MEMBERS, PARTICULARLY IN LOW-INCOME COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GKCU PROVIDED A WIDE RANGE OF FINANCIAL SERVICES TO 3,971 MEMBERS, INCLUDING NEW LENDING OF $2.5 MILLION DURING 2021.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Jaimie Spruill CEO | Officer | 40 | $69,278 |
Faith Bynum Director | Trustee | 1 | $0 |
Jimmy Cochran Chairperson | Trustee | 1 | $0 |
Preston Harris Director | Trustee | 1 | $0 |
Joshua Kelly Secretary/treasurer | Trustee | 1 | $0 |
Robert Swinson IV Director | Trustee | 1 | $0 |
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 | $4,140 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $4,140 |
Total Program Service Revenue | $773,273 |
Investment income | $5,900 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $10,042 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $793,355 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $71,316 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $147,374 |
Pension plan accruals and contributions | $5,909 |
Other employee benefits | $35,829 |
Payroll taxes | $17,283 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $1,900 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $31,103 |
Advertising and promotion | $196 |
Office expenses | $71,020 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $27,167 |
Travel | $127 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $35,179 |
Payments to affiliates | $891 |
Depreciation, depletion, and amortization | $11,673 |
Insurance | $13,563 |
All other expenses | $0 |
Total functional expenses | $624,837 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $559,625 |
Savings and temporary cash investments | $3,590,743 |
Pledges and grants receivable | $175,000 |
Accounts receivable, net | $44,448 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $8,319,610 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $16,698 |
Net Land, buildings, and equipment | $307,106 |
Investments—publicly traded securities | $0 |
Investments—other securities | $120,579 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $147,932 |
Total assets | $13,281,741 |
Accounts payable and accrued expenses | $52,302 |
Grants payable | $0 |
Deferred revenue | $180,859 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
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 | $11,346,954 |
Total liabilities | $11,580,115 |
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 | $1,701,626 |
Total liabilities and net assets/fund balances | $13,281,741 |
Over the last fiscal year, we have identified 1 grants that State Chartered Credit Unions In North Carolina has recieved totaling $10,000.
Awarding Organization | Amount |
---|---|
Carolinas Credit Union Foundation Inc Columbia, SC PURPOSE: GENERAL SUPPORT | $10,000 |
Organization Name | Assets | Revenue |
---|---|---|
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 |
State Chartered Credit Unions In North Carolina Durham, NC | $720,522,330 | $47,882,386 |
First South Financial Credit Union Bartlett, TN | $775,898,594 | $36,735,546 |
Southeast Financial Credit Union Franklin, TN | $457,364,506 | $24,675,556 |
Volunteer Corporate Credit Union Nashville, TN | $2,404,399,500 | $49,925,746 |
Memphis City Employees Credit Union Memphis, TN | $441,662,639 | $21,190,840 |