State Employees Credit Union Of Maryland Inc
- Assets
- $5.3b
- Revenue
- $216.3m
- Investments
- $908.4m
- Employees
- 499
- Location
- Linthicum, MD
- Founding
- 03/1998
- Data as of
- 12/2022
- EIN
- 52-0627114
Organization Overview
State Employees Credit Union Of Maryland Inc, operating under the name Secu, is located in Linthicum, MD. The organization was established in 1998. 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 12/2022, Secu employed 499 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Secu 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 12/2022, Secu generated $216.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $174.0m during the year ending 12/2022. While expenses have increased by 5.4% per year over the past 8 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 2014, Secu has awarded 51 individual grants totaling $2,765,066. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE A POSITIVE CONTRIBUTION TO THE FINANCIAL WELL-BEING OF THOSE WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEPOSIT PRODUCTS AND SERVICES:SECU PROVIDES DEPOSIT PRODUCTS AND SERVICES TO MEMBERS. THESE DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND INDIVIDUAL RETIREMENT ACCOUNTS. AS OF DECEMBER 31,2022 SECU HAD 571,320 DEPOSIT ACCOUNTS OUTSTANDING. SECU'S DEPOSIT RATES CONTINUE TO BE SOME OF THE MOST COMPETITIVE RATES OFFERED BY FEDERALLY INSURED FINANCIAL INSTITUTIONS.
FINANCIAL EDUCATION:IN 2022 SECU PROVIDED ADULT AND YOUTH FINANCIAL EDUCATION SERVICES SUCH AS WORKING WITH SCHOOLS AND SELECT EMPLOYER GROUPS.
LOAN PRODUCTS:SECU PROVIDES MORTGAGE, CONSUMER, AND BUSINESS LOANS TO MEMBERS AT COMPETITIVE RATES. THESE LOANS INCLUDE 1ST AND 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, CREDIT CARD, UNSECURED LINES OF CREDIT, NEW AND USED AUTO LOANS, AND STUDENT LOANS. AS OF DECEMBER 31, 2022, SECU HAD 126,617 LOANS OUTSTANDING TO MEMBERS TOTALING $4.01 BILLION.
TRADITIONAL/ONLINE/MOBILE BANKING:SECU OFFERS ONLINE AND MOBILE BANKING TO MEMBERS IN ADDITION TO 24 BRANCHES AND 116 ATMS THROUGHOUT THE STATE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Juancho Baino Chair/director | OfficerTrustee | 1 | $42,483 |
Sharonne Bonardi Vice Chair/director | OfficerTrustee | 1 | $41,560 |
Ellen Gardner Treasurer/director | OfficerTrustee | 1 | $32,162 |
Timothy La Valle Secretary/director | OfficerTrustee | 1 | $32,697 |
Janet Bacon Director | Trustee | 1 | $26,409 |
John Kenney Director | Trustee | 1 | $25,396 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Open Technology Solutions Llc Technology Services | 12/30/22 | $12,954,185 |
Cu Cooperative Systems Inc Atm Network & Member Online Banking | 12/30/22 | $4,159,429 |
Fidelity National Information Services Payment Processing, Banking Software | 12/30/22 | $3,531,982 |
Diebold Nixdorf Inc Atm Equipment & Maintenance | 12/30/22 | $2,349,687 |
Fiserv Inc Financial Services Software | 12/30/22 | $2,051,663 |
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 | $194,845,185 |
| Investment income | $18,804,556 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $684,869 |
| Net Gain/Loss on Asset Sales | $1,939,172 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $216,273,782 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,249,585 |
| 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. | $9,625,450 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $23,908,526 |
| Pension plan accruals and contributions | $2,773,549 |
| Other employee benefits | $3,746,455 |
| Payroll taxes | $2,476,230 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $95,404 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $32,197,050 |
| Advertising and promotion | $5,914,688 |
| Office expenses | $5,971,726 |
| Information technology | $25,676,144 |
| Royalties | $0 |
| Occupancy | $3,534,674 |
| Travel | $128,501 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $440,196 |
| Interest | $26,000,064 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,194,447 |
| Insurance | $1,454,286 |
| All other expenses | $5,045,287 |
| Total functional expenses | $174,014,189 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $186,666,835 |
| Savings and temporary cash investments | $0 |
| 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 | $4,018,705,578 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,916,315 |
| Net Land, buildings, and equipment | $39,942,379 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $908,419,348 |
| Investments—program-related | $0 |
| Intangible assets | $16,406,764 |
| Other assets | $137,543,431 |
| Total assets | $5,313,600,650 |
| Accounts payable and accrued expenses | $40,247,151 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $9,166,606 |
| 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 | $4,896,062,263 |
| Total liabilities | $4,945,476,020 |
| 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 | $368,124,630 |
| Total liabilities and net assets/fund balances | $5,313,600,650 |
Grants Awarded
Over the last fiscal year, State Employees Credit Union Of Maryland Inc has awarded $1,241,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
SECU MD FOUNDATION PURPOSE: OPERATING AND SCHOLARSHIP PROGRAM SUPPORT | $1,220,000 |
SPECIAL OLYMPICS MARYLAND PURPOSE: GENERAL SUPPORT | $15,000 |
ULMAN FOUNDATION PURPOSE: GENERAL SUPPORT | $6,000 |