Weyco Community Credit Union
- Assets
- $89.8m
- Revenue
- $3.0m
- Investments
- $3.4m
- Employees
- 23
- Location
- Plymouth, NC
- Founding
- 08/1969
- Data as of
- 12/2022
- EIN
- 56-0709417
Organization Overview
Weyco Community Credit Union is located in Plymouth, 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 12/2022, Weyco Community Credit Union employed 23 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Weyco Community 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 12/2022, Weyco Community Credit Union generated $3.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $2.9m during the year ending 12/2022. While expenses have increased by 2.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING FINANCIAL SERVICES EXCLUSIVELY TO CREDIT UNION MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING FINANCIAL SERVICES EXCLUSIVELY TO CREDIT UNION MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eli H Roberson IV CEO | Officer | 40 | $140,788 |
Hal D Beasley Jr Director | Trustee | 2 | $0 |
Dalton L Waters Director | Trustee | 2 | $0 |
Jack B Horton Director | Trustee | 2 | $0 |
Randy L Rodgerson Director | Trustee | 2 | $0 |
John W Gray Jr Director | Trustee | 2 | $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 | $2,318,022 |
| Investment income | $504,463 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $513 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,041,923 |
| 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. | $140,788 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $800,250 |
| Pension plan accruals and contributions | $56,855 |
| Other employee benefits | $195,815 |
| Payroll taxes | $66,978 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $162,090 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $180,160 |
| Advertising and promotion | $15,047 |
| Office expenses | $597,779 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $107,816 |
| Travel | $4,489 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $483 |
| Interest | $247,525 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,958 |
| Insurance | $56,614 |
| All other expenses | $7,245 |
| Total functional expenses | $2,852,889 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,586,343 |
| Savings and temporary cash investments | $36,420,823 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $281,866 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $45,917,896 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $95,599 |
| Net Land, buildings, and equipment | $365,328 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,414,010 |
| Investments—program-related | $1,304,219 |
| Intangible assets | $0 |
| Other assets | $450,210 |
| Total assets | $89,836,294 |
| Accounts payable and accrued expenses | $197,628 |
| 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 | $79,443,305 |
| Total liabilities | $79,640,933 |
| 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 | $10,195,361 |
| Total liabilities and net assets/fund balances | $89,836,294 |
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