State Chartered Credit Unions In North Carolina
- Assets
- $720.5m
- Revenue
- $47.9m
- Investments
- $2.1m
- Employees
- 176
- Location
- Durham, NC
- Founding
- 08/1969
- Data as of
- 12/2021
- EIN
- 56-2180770
Organization Overview
State Chartered Credit Unions In North Carolina 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. As of 12/2021, State Chartered Credit Unions In North Carolina employed 176 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. State Chartered Credit Unions In North Carolina 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, State Chartered Credit Unions In North Carolina generated $47.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.3% each year . All expenses for the organization totaled $28.5m during the year ending 12/2021. While expenses have increased by 15.6% 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
LATINO COMMUNITY CREDIT UNION'S (LCCU) MISSION IS TO PROVIDE ETHICAL FINANCIAL PRODUCTS AND EDUCATION TO EMPOWER COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION PROGRAMS: PROVIDE MORTGAGES AND CONSUMER LOANS TO MEMBERS AT AFFORDABLE RATES. THERE WERE 10,388 LOANS PROVIDED TO 106,144 MEMBERS IN 2021. OF THE 732 HOME LOANS MADE TO MEMBERS, 520 WERE FIRST-TIME HOMEBUYERS.
OFFER COMPETITIVE RATES ON SHARE DEPOSITS AND SERVICES. LCCU OPENED 38,425 NEW ACCOUNTS IN 2021 AND PAID OUT $5,987,844 IN DIVIDENDS FOR ITS 106,144 MEMBERS.
PROVIDE FINANCIAL EDUCATION TO OVER 106,144 MEMBERS AND TO THE BROADER COMMUNITY. OFFER FREE FINANCIAL EDUCATION WORKSHOPS TO THE COMMUNITY, DEVELOP AND DISTRIBUTE CURRICULUM AND EDUCATIONAL VIDEOS TO INTERESTED PARTIES. IN 2021, LCCU PROVIDED 36 SCHOLARSHIPS FOR HIGHER EDUCATION TO MEMBERS FOR A TOTAL OF $102,000.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Luis Pastor CEO | Officer | 40 | $424,312 |
Roger Montes Senior Vice President, Branch Coordination | 40 | $165,112 | |
Vicky Garcia Senior Vice President, Product And Risk Management | 40 | $140,900 | |
Alison Yonas Senior Vice President, Finance And Strategic Investment | 40 | $140,900 | |
Silvia Rincon Senior Vice President, Member Experience | 40 | $139,136 | |
Irving Bustillo Svp, Branch Support | 40 | $101,455 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
North Carolina State Employees Credit Union Back Office Services | 12/30/21 | $6,848,816 |
Ct Wilson Construction Company Incorporated Construction Services | 12/30/21 | $1,509,424 |
Blue Cross Blue Shield Of North Carolina Health Insurance | 12/30/21 | $977,582 |
Standard Title Llc Settlements | 12/30/21 | $1,440,079 |
Beam Construction Company Inc Facilities | 12/30/21 | $533,718 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $52,077 |
| Government grants | $1,826,265 |
| All other contributions, gifts, grants, and similar amounts not included above | $200,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,078,342 |
| Total Program Service Revenue | $45,658,466 |
| Investment income | $145,578 |
| 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 | $47,882,386 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $81,300 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $455,862 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,932,036 |
| Pension plan accruals and contributions | $433,145 |
| Other employee benefits | $1,086,688 |
| Payroll taxes | $588,388 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,408 |
| Fees for services: Accounting | $63,666 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $200,846 |
| Advertising and promotion | $23,790 |
| Office expenses | $512,827 |
| Information technology | $15,764 |
| Royalties | $0 |
| Occupancy | $1,377,645 |
| Travel | $21,309 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,987,844 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $754,030 |
| Insurance | $0 |
| All other expenses | $731,767 |
| Total functional expenses | $28,488,931 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,700,448 |
| Savings and temporary cash investments | $77,106,133 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,549,522 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $610,264,358 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $241,854 |
| Net Land, buildings, and equipment | $18,330,695 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,114,552 |
| Investments—program-related | $5,749,251 |
| Intangible assets | $0 |
| Other assets | $465,517 |
| Total assets | $720,522,330 |
| Accounts payable and accrued expenses | $1,527,829 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,425,623 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $21,375,000 |
| Unsecured mortgages and notes payable | $1,500,000 |
| Other liabilities | $609,839,462 |
| Total liabilities | $635,667,914 |
| 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 | $84,854,416 |
| Total liabilities and net assets/fund balances | $720,522,330 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that State Chartered Credit Unions In North Carolina has recieved totaling $200,000.
| Awarding Organization | Amount |
|---|---|
Opportunity Finance Network Philadelphia, PA PURPOSE: FINANCE JUSTICE FUND SUBGRANT | $200,000 |
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 |