Weyco Community Credit Union
- Assets
- $96.2m
- Revenue
- $3.9m
- Investments
- $7.6m
- Employees
- 22
- Location
- Plymouth, NC
- Founding
- 08/1969
- Data as of
- 12/2023
- 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 12/2023, Weyco Community Credit Union employed 22 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 12/2023, Weyco Community Credit Union generated $3.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $3.5m during the year ending 12/2023. While expenses have increased by 4.1% per year over the past 9 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
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 Roberson IV CEO | Officer | 40 | $151,649 |
Dalton Waters Board Member | Trustee | 2 | $0 |
Jack Horton Board Member | Trustee | 2 | $0 |
Randy Rodgerson Board Member | Trustee | 2 | $0 |
Wayne Rose Board Chairperson Board Member | Trustee | 2 | $0 |
John Gray Jr Board Vice Chairpersdon Board Member | 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 | $2,720,898 |
| Investment income | $1,140,757 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$35,280 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,862,674 |
| 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. | $151,649 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $730,695 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $61,129 |
| Other employee benefits | $289,038 |
| Payroll taxes | $71,942 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,487 |
| Fees for services: Accounting | $145,986 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $178,943 |
| Advertising and promotion | $15,818 |
| Office expenses | $723,058 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $58,054 |
| Travel | $4,618 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,017 |
| Interest | $822,813 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $80,352 |
| Insurance | $59,998 |
| All other expenses | $14,829 |
| Total functional expenses | $3,521,037 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,696,670 |
| Savings and temporary cash investments | $29,563,971 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $772,357 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $54,235,383 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $64,141 |
| Net Land, buildings, and equipment | $803,129 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,631,607 |
| Investments—program-related | $1,372,950 |
| Intangible assets | $0 |
| Other assets | $28,848 |
| Total assets | $96,169,056 |
| Accounts payable and accrued expenses | $467,000 |
| 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 | $85,057,325 |
| Total liabilities | $85,524,325 |
| 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 | $10,644,731 |
| Total liabilities and net assets/fund balances | $96,169,056 |