Spc Credit Union
- Assets
- $231.5m
- Revenue
- $12.3m
- Investments
- $0.0
- Employees
- 86
- Location
- Hartsville, SC
- Founding
- 09/1968
- Data as of
- 12/2021
- EIN
- 57-6020340
Organization Overview
Spc Credit Union is located in Hartsville, SC. The organization was established in 1968. 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, Spc Credit Union employed 86 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Spc Credit Union 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, Spc Credit Union generated $12.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $11.2m during the year ending 12/2021. While expenses have increased by 4.1% 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR, THE CREDIT UNION SERVED ITS' MEMBERS BY PROVIDING LOANS AT REASONABLE RATES. IT ALSO ACCEPTED DEPOSITS AND PAID REASONABLE RATES OF INTEREST ON THOSE DEPOSITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Weatherford President/ce | Officer | 40 | $159,256 |
Billy Byrd CFO | 40 | $125,316 | |
Latasha Cooper VP Lending | 40 | $100,151 | |
Travis Walters Chairman | Officer | 1 | $0 |
Jimmy Shelley Secretary/tr | Trustee | 1 | $0 |
Sylvester Wilson Board Member | Trustee | $0 |
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 | $11,768,475 |
| Investment income | $527,293 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,295,768 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,446,347 |
| Pension plan accruals and contributions | $286,041 |
| Other employee benefits | $379,325 |
| Payroll taxes | $250,253 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,390 |
| Fees for services: Accounting | $60,172 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,538 |
| Fees for services: Other | $18,195 |
| Advertising and promotion | $185,201 |
| Office expenses | $1,057,561 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $383,962 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,076 |
| Interest | $386,325 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $459,989 |
| Insurance | $0 |
| All other expenses | $31,948 |
| Total functional expenses | $11,162,816 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,343,199 |
| Savings and temporary cash investments | $46,378,498 |
| 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 | $133,452,117 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $5,615,866 |
| Investments—publicly traded securities | $18,423,362 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,311,650 |
| Total assets | $231,524,692 |
| Accounts payable and accrued expenses | $2,291,066 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $180,971 |
| 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 | $213,378,588 |
| Total liabilities | $215,850,625 |
| 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 | $15,674,067 |
| Total liabilities and net assets/fund balances | $231,524,692 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Self Help Credit Union Durham, NC | $1,341,389,804 | $52,319,101 |
State Chartered Credit Unions In North Carolina Durham, NC | $720,522,330 | $47,882,386 |
Credit Union Of Georgia Kennesaw, GA | $568,450,220 | $21,135,096 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $450,735,683 | $18,534,745 |
State Chartered Credit Unions In Canton, NC | $412,728,875 | $18,530,317 |
State Chartered Credit Unions In North Carolina Greensboro, NC | $337,571,406 | $18,300,511 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $454,901,827 | $18,489,124 |
Interstate Paper Federal Credit Union Jesup, GA | $308,641,899 | $18,616,471 |
Membersfirst Credit Union 2050 Lawrenceville Hwy Ste C-40 Decatur, GA | $348,729,006 | $15,204,020 |
Southeastern Federal Credit Union Valdosta, GA | $334,399,365 | $14,490,315 |
Spc Credit Union Hartsville, SC | $231,524,692 | $12,295,768 |
State Chartered Credit Unions In North Carolina Waynesville, NC | $320,707,218 | $13,383,027 |