State Chartered Credit Unions In North Carolina
- Assets
- $435.2m
- Revenue
- $26.9m
- Investments
- $0.0
- Employees
- 131
- Location
- Winston Salem, NC
- Founding
- 08/1969
- Data as of
- 12/2023
- EIN
- 56-6043259
Organization Overview
State Chartered Credit Unions In North Carolina is located in Winston Salem, 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, State Chartered Credit Unions In North Carolina employed 131 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 12/2023, State Chartered Credit Unions In North Carolina generated $26.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $20.1m during the year ending 12/2023. While expenses have increased by 5.7% 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
AS A MEMBER OWNED COOPERATIVE, OUR PRIMARY RESPONSIBILITY IS TO CONTRIBUTE TO THE WELL BEING OF OUR MEMBERS WHO DEPEND ON US TO PROVIDE A FULL RANGE OF DIVERSE PRODUCTS SO THAT WE MAY BE THEIR PRIMARY FINANCIAL INSTITUTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION PROGRAMS. LOANS TO MEMBERS. TOTAL NUMBER OF LOANS EQUAL 29,639. SERVICES TO ALL MEMBERS. TOTAL NUMBER OF MEMBERS EQUAL 49,15 CHECKING ACCOUNTS, SAVINGS ACCOUNTS, CONSUMER LOANS, MORTGAGE LOANS THROUGH HIGHLAND RESIDENTIAL MORTGAGE. MEMBERS FINANCIAL PLANNING. REMOTE ACCOUNT ACCESS. FAMILY SECURITY PLAN. ABILITY TO PERFORM TRANSACTIONS THROUGH THE CO-OP SHARED BRANCHING NETWORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert C Donley President/ceo | OfficerTrustee | 40 | $533,952 |
Tim Mullen SVP Of Lending And Operations | 40 | $178,481 | |
Cindy J Stiff CFO & Treasurer | OfficerTrustee | 40 | $170,107 |
Jennifer Siglain SVP Of Member Experience & Compliance | 40 | $158,833 | |
Matthew Baldwin Director Of Information Technology | 40 | $117,944 | |
Bridget Berry Director Of Lending | 40 | $116,142 |
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 | $20,774,385 |
| Investment income | $6,074,822 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,897,077 |
| 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 | $326,242 |
| Compensation of current officers, directors, key employees. | $780,359 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,104,392 |
| Pension plan accruals and contributions | $301,188 |
| Other employee benefits | $1,103,723 |
| Payroll taxes | $421,342 |
| Fees for services: Management | $0 |
| Fees for services: Legal | -$8,382 |
| Fees for services: Accounting | $45,540 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $340,659 |
| Office expenses | $1,199,915 |
| Information technology | $1,001,247 |
| Royalties | $0 |
| Occupancy | $1,169,763 |
| Travel | $154,113 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,425 |
| Interest | $2,608,370 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $182,228 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $20,074,354 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,445,038 |
| Savings and temporary cash investments | $218,505,412 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $187,828,248 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $9,650,599 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,818,650 |
| Total assets | $435,247,947 |
| Accounts payable and accrued expenses | $3,337,077 |
| 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 | $374,625,132 |
| Total liabilities | $377,962,209 |
| 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 | $57,285,738 |
| Total liabilities and net assets/fund balances | $435,247,947 |