State Chartered Credit Unions In North Carolina

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 12/2021, State Chartered Credit Unions In North Carolina employed 128 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 $18.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $14.7m during the year ending 12/2021. While expenses have increased by 2.7% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

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 31,981. SERVICES TO ALL MEMBERS. TOTAL NUMBER OF MEMBERS EQUAL 52,444 CHECKING ACCOUNTS, SAVINGS ACCOUNTS, CONSUMER LOANS, MORTGAGE LOANS THROUGH FAIRWAY 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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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$16,022,589
Investment income $2,419,064
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 $18,489,124

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