Carolinas Credit Union Foundation Inc
- Assets
- $4.8m
- Revenue
- $2.9m
- Investments
- $1.1m
- Employees
- 3
- Location
- Columbia, SC
- Founding
- 05/1998
- Data as of
- 12/2021
- EIN
- 56-1842095
Organization Overview
Carolinas Credit Union Foundation Inc is located in Columbia, SC. The organization was established in 1998. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2021, Carolinas Credit Union Foundation Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carolinas Credit Union Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Carolinas Credit Union Foundation Inc generated $2.9m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 24.1% each year . All expenses for the organization totaled $2.2m during the year ending 12/2021. While expenses have increased by 7.4% 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.
Since 2018, Carolinas Credit Union Foundation Inc has awarded 193 individual grants totaling $5,003,093. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ASSIST CREDIT UNIONS WITH CHARITABLE GIVING BY PROVIDING SCHOLARSHIPS AND COMMUNITY GRANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR FOUNDATION SERVES AS A PHILANTROPIC PARTNER TO ALL CREDIT UNIONS IN THE CAROLINAS THROUGH: EMPOWERING SOCIAL RESPONSIBILITY EFFORTS THAT ARE SELF- DIRECTED BY CREDIT UNIONS, CHAPTERS AND BUSINESS PARTNERS; INSPIRING CREDIT UNIONS BY SHARING AND CELEBRATING PHILANTHROPIC EFFORTS; AND COLLABORATING ON PROGRAMS AND PROJECTS THAT SUPPORT OUR COOPERATIVE PRINCIPLE OF CONCERN FOR THE COMMUNITY. OUR MISSION IS TO EMPOWER AND INSPIRE CREDIT UNIONS IN THE CAROLINAS THROUGH COLLABORATIVE OPPORUNITIES TO ENRICH OUR COMMUNITIES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lauren Whaley Executive Di | Officer | 40 | $137,916 |
Leigh Brady Secretary | OfficerTrustee | $0 | |
Brian Sponaugle Vice Chair | OfficerTrustee | $0 | |
Bonnie Ciuffo Chair | OfficerTrustee | $0 | |
David Brehmer Treasurer | Officer | $0 | |
Brian Mckay Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $106,650 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,783,038 |
| Noncash contributions included in lines 1a–1f | $5,783 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,889,688 |
| Total Program Service Revenue | $0 |
| Investment income | $6,827 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $13,706 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,910,430 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,380,477 |
| Grants and other assistance to domestic individuals. | $499,100 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $159,728 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $29,080 |
| Payroll taxes | $12,034 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,508 |
| Advertising and promotion | $0 |
| Office expenses | $1,650 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,419 |
| Travel | $9,028 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,281 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,240 |
| Insurance | $2,439 |
| All other expenses | $0 |
| Total functional expenses | $2,168,184 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,618,936 |
| Savings and temporary cash investments | $1,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,227 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $24,446 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,131,111 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,804,720 |
| Accounts payable and accrued expenses | $99,645 |
| Grants payable | $0 |
| Deferred revenue | $13,016 |
| 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 | $0 |
| Total liabilities | $112,661 |
| Net assets without donor restrictions | $4,692,059 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $4,804,720 |
Grants Awarded
Over the last fiscal year, Carolinas Credit Union Foundation Inc has awarded $788,167 in support to 37 organizations.
| Grant Recipient | Amount |
|---|---|
VICTORY JUNCTION PURPOSE: GENERAL SUPPORT | $106,650 |
Cary, NC PURPOSE: GENERAL SUPPORT | $100,000 |
Raleigh, NC PURPOSE: GENERAL SUPPORT | $50,000 |
CRISTO REY RESEARCH TRIANGLE PURPOSE: GENERAL SUPPORT | $50,000 |
Raleigh, NC PURPOSE: GENERAL SUPPORT | $35,000 |
Roxboro, NC PURPOSE: GENERAL SUPPORT | $30,000 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Carolinas Credit Union Foundation Inc has recieved totaling $23,333.
| Awarding Organization | Amount |
|---|---|
Vizo Financial Corporate Credit Union Greensboro, NC PURPOSE: CHARITABLE CONTRIBUTION | $10,600 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $6,400 |
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 1 GRANT(S) FOR VARYING PURPOSES | $6,200 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $133 |
Endowment Analysis
| Beg. Balance | $1,159,259 |
| Net Contributions | $127,365 |
| Ending Balance | $1,286,624 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Morehead Cain Foundation Chapel Hill, NC | $0 | $13,275,596 |
Education Foundation Scholarship Endowment Trust Chapel Hill, NC | $389,903,195 | $25,351,334 |
Hire Heroes Usa Alpharetta, GA | $7,840,449 | $13,205,192 |
Apogee Georgia School Choice Scholarship Fund Atlanta, GA | $21,549,156 | $14,581,744 |
Amity Medical Group Inc Charlotte, NC | $3,300,228 | $10,911,191 |
Inspire Brands Foundation Inc Atlanta, GA | $11,528,068 | $11,993,911 |
Beemok Family Foundation Charleston, SC | $51,753,352 | $227,490 |
Watson-Brown Foundation Inc Thomson, GA | $0 | $9,697,974 |
Laura Holland Uzzell Foundation Morrisville, NC | $14,769,987 | $6,660,101 |
Alef Fund Inc Atlanta, GA | $10,107,377 | $6,194,898 |
University Of West Georgia Foundation Inc Carrollton, GA | $86,140,941 | $10,389,838 |
South Carolina Educational Credit For Exceptional Needs Children Fun Columbia, SC | $1,181,238 | $5,546,279 |