State Chartered Credit Unions In North Carolina
- Assets
- $450.7m
- Revenue
- $18.5m
- Investments
- $113.7m
- Employees
- 146
- Location
- Winston Salem, NC
- Founding
- 08/1969
- Data as of
- 12/2021
- EIN
- 56-6048494
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 146 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 0.2% each year. All expenses for the organization totaled $16.8m during the year ending 12/2021. 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
PROVIDE THRIFT SAVINGS AND LENDING SERVICES TO MEMBERS OF COOPERATIVE CREDIT UNIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION OFFERS VALUABLE BANKING SOLUTIONS TO OVER 38,000 MEMBERS. WITH ACCESS TO OVER 5,000 BRANCHES WITHIN THE SHARED BRANCH NETWORK AND 35,000 SURCHARGE-FREE ATMS, MEMBERSHIP IS OPEN TO INDIVIDUALS, WHO RESIDE, WORK OR WORSHIP IN ONE OF THE EIGHT COMMUNITIES THE CREDIT UNION SERVES IN NORTH CAROLINA OR WHO ARE EMPLOYED BY ONE OF ITS EMPLOYER COMPANIES. IN ADDITION, THE CREDIT UNION IS COMMITTED TO SOCIAL RESPONSIBILITY DIVERSITY INCLUSION TO POSITIVELY IMPACT THE COMMUNITY AND STATE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dion Williams President/ceo | Officer | 40 | $297,948 |
Michael Westbrook Sr. Financial Advisor | 40 | $212,278 | |
Peter Minford CFO | Officer | 40 | $182,776 |
Jeanette Stark General Counsel | Officer | 40 | $177,439 |
Robert Payne VP Of It | 40 | $117,544 | |
Kim Adkins VP Of Marketing | 40 | $111,868 |
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 | $17,364,723 |
| Investment income | $851,606 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $318,416 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,534,745 |
| 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 | $4,941,142 |
| Pension plan accruals and contributions | $225,262 |
| Other employee benefits | $804,573 |
| Payroll taxes | $503,331 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $820,235 |
| Advertising and promotion | $508,387 |
| Office expenses | $4,522,946 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,091,424 |
| Travel | $76,486 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $255,644 |
| Interest | $773,949 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $891,454 |
| Insurance | $1,180 |
| All other expenses | $0 |
| Total functional expenses | $16,793,146 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,614,942 |
| Savings and temporary cash investments | $69,667,289 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,493,199 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $228,584,719 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,534,857 |
| Net Land, buildings, and equipment | $12,709,567 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $113,677,261 |
| Investments—program-related | $2,576,533 |
| Intangible assets | $178,668 |
| Other assets | $14,698,648 |
| Total assets | $450,735,683 |
| Accounts payable and accrued expenses | $1,365,703 |
| 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 | $416,266,711 |
| Total liabilities | $417,632,414 |
| 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 | $33,103,269 |
| Total liabilities and net assets/fund balances | $450,735,683 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Southeast Financial Credit Union Franklin, TN | $457,364,506 | $24,675,556 |
Volunteer Corporate Credit Union Nashville, TN | $2,404,399,500 | $49,925,746 |
Memphis City Employees Credit Union Memphis, TN | $441,662,639 | $21,190,840 |
Credit Union Of Georgia Kennesaw, GA | $568,450,220 | $21,135,096 |
State Chartered Credit Unions In North Carolina Winston Salem, NC | $450,735,683 | $18,534,745 |
State Chartered Credit Unions In Canton, NC | $412,728,875 | $18,530,317 |
Cornerstone Financial Credit Union Nashville, TN | $522,943,459 | $21,028,853 |
State Chartered Credit Unions In North Carolina Greensboro, NC | $337,571,406 | $18,300,511 |