Self Help Credit Union
- Assets
- $1.3b
- Revenue
- $52.3m
- Investments
- $794.3k
- Employees
- 0
- Location
- Durham, NC
- Founding
- 08/1969
- Data as of
- 12/2021
- EIN
- 56-1382971
Organization Overview
Self Help Credit Union is located in Durham, 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. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Self Help 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, Self Help Credit Union generated $52.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $41.0m during the year ending 12/2021. While expenses have increased by 5.7% 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
OUR MISSION IS TO CREATE OWNERSHIP AND ECONOMIC OPPORTUNITIES FOR ALL, ESPECIALLY PEOPLE OF COLOR, WOMEN, RURAL RESIDENTS,LOW-WEALTH FAMILIES AND COMMUNITIES. WE PROVIDED LOANS TO MEMBERS AT REASONABLE RATES AND PAY COMPETITIVE RATES OF INTEREST TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN TO MEMBERS AT REASONABLE RATES. A TOTAL OF 3,773 LOANS WERE ORIGINATED IN 2021. PROVIDED SERVICES AND PAID COMPETITIVE RATES OF INTEREST TO MEMBERS. TOTAL MEMBERS SERVED 87,771.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martin Eakes Ceodirector | OfficerTrustee | 0 | $85,878 |
Randy Chambers President | Officer | 0 | $84,556 |
Samantha Pratt Directorstaff | Trustee | 0 | $48,630 |
Scott Misner Director Chair | OfficerTrustee | 0 | $0 |
F David Kearns Director Treasurer | OfficerTrustee | 0 | $0 |
Deborah Mcketty Directorvice Chair | OfficerTrustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Avantus Mtg Related Serv | 12/30/21 | $276,439 |
Nationwide Property Appraisal Ser Appraisalvaluatio | 12/30/21 | $163,538 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,977,291 |
| 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 | $1,977,291 |
| Total Program Service Revenue | $48,997,312 |
| Investment income | $1,344,498 |
| 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 | $52,319,101 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,497 |
| Fees for services: Accounting | $93,040 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $301,222 |
| Office expenses | $3,518,583 |
| Information technology | $1,157,064 |
| Royalties | $0 |
| Occupancy | $2,505,972 |
| Travel | $111,141 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $39,856 |
| Interest | $8,890,223 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,408,300 |
| Insurance | $136,814 |
| All other expenses | $2,445,545 |
| Total functional expenses | $40,972,922 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,548,499 |
| Savings and temporary cash investments | $487,576,137 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,416,769 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $760,773,874 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $247,508 |
| Net Land, buildings, and equipment | $38,980,521 |
| Investments—publicly traded securities | $15,390,445 |
| Investments—other securities | $794,300 |
| Investments—program-related | $0 |
| Intangible assets | $85,317 |
| Other assets | $24,576,434 |
| Total assets | $1,341,389,804 |
| Accounts payable and accrued expenses | $17,310,971 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $842 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,093,135 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,121,995,045 |
| Total liabilities | $1,143,399,993 |
| 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 | $197,989,811 |
| Total liabilities and net assets/fund balances | $1,341,389,804 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Self Help Credit Union has recieved totaling $140,625.
| Awarding Organization | Amount |
|---|---|
Center For Community Self-Help Durham, NC PURPOSE: Charitable Lending | $140,625 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia's Own Credit Union Atlanta, GA | $3,419,402,865 | $147,500,350 |
Knoxville Tva Employees Credit Unio Knoxville, TN | $3,429,893,801 | $162,152,547 |
Robins Financial Credit Union Warner Robins, GA | $3,880,052,195 | $147,788,018 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |
Lge Community Credit Union Atlanta, GA | $1,989,595,139 | $81,568,561 |
Associated Credit Union Norcross, GA | $2,094,343,004 | $74,274,351 |
Vizo Financial Corporate Credit Union Greensboro, NC | $5,382,501,749 | $155,341,145 |
Self Help Credit Union Durham, NC | $1,341,389,804 | $52,319,101 |
Leaders Credit Union Jackson, TN | $642,989,895 | $47,507,703 |
State Chartered Credit Unions In North Carolina Durham, NC | $720,522,330 | $47,882,386 |
First South Financial Credit Union Bartlett, TN | $775,898,594 | $36,735,546 |