West Virginia Public Employees Credit Union
- Assets
- $83.9m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 17
- Location
- Charleston, WV
- Founding
- Data as of
- 12/2023
- EIN
- 55-0613214
Organization Overview
West Virginia Public Employees Credit Union, operating under the name The State Credit Union, is located in Charleston, WV. As of 12/2023, State Credit Union employed 17 individuals. State 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 12/2023, State Credit Union generated $4.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $3.0m during the year ending 12/2023. While expenses have increased by 4.6% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
STATE EMPLOYEES' CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVES APPROXIMATELY 13,000 MEMBERS BY PROVIDING SERVICES FOR FINANCIAL HEALTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brent Gray CEO | Officer | 40 | $149,958 |
David Fletcher Treasurer | OfficerTrustee | $0 | |
Robert Mallory Director | Trustee | $0 | |
Charles Mcdaniel Vice-Preside | OfficerTrustee | $0 | |
Karl Shanholtzer President | OfficerTrustee | $0 | |
John Smolder Secretary | OfficerTrustee | $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 | $3,461,838 |
| Investment income | $606,594 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$14,798 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,053,634 |
| 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. | $153,009 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $806,190 |
| Pension plan accruals and contributions | $81,763 |
| Other employee benefits | $238,509 |
| Payroll taxes | $75,889 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,536 |
| 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 | $0 |
| Advertising and promotion | $16,067 |
| Office expenses | $274,490 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,325 |
| Travel | $933 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,187 |
| Interest | $463,691 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $82,529 |
| Insurance | $31,267 |
| All other expenses | $124,401 |
| Total functional expenses | $3,019,033 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $572,867 |
| Savings and temporary cash investments | $27,401,266 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $130,432 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $52,033,998 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $50,477 |
| Net Land, buildings, and equipment | $835,673 |
| Investments—publicly traded securities | $1,662,457 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,172,576 |
| Total assets | $83,859,746 |
| Accounts payable and accrued expenses | $703,695 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $68,365,569 |
| Total liabilities | $69,069,264 |
| 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 | $14,790,482 |
| Total liabilities and net assets/fund balances | $83,859,746 |