Overview
What is State Employees' Credit Union?
The State Employees' Credit Union, a member-owned financial cooperative, is headquartered at 119 N Salisbury Street FL 10, Raleigh, NC, 27603. With over 2.6 million members, they provide financial services through 275 branch offices, 1128 ATMs, contact centers, and their website, www.NCSECU.org. Members deposit funds into various share accounts, which are then loaned to other members, offering loans like mortgages, home equity, auto, and consumer loans. In the year ended June 30, 2022, the credit union generated $1,666,497,639 in revenues and spent $1,110,208,355 on providing services to members. Their mission is to enhance the economic life and social condition of members, encourage thrift, and broaden financial awareness through consumer protection programs.
Official website here: www.ncsecu.org
Is State Employees' Credit Union legitimate?
State Employees' Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. State Employees' Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $8,328,026
Professional Fundraising Fees: $0
Other Salaries and Wages: $568,207,693
For more financial information, click here
Official website here: www.ncsecu.org
What is the mission statement of State Employees' Credit Union?
The State Employees' Credit Union, owned by its 2.6 million members, is committed to improving the economic life and social condition of its members. As a financial cooperative, it encourages thrift and provides a source of credit at fair rates. The credit union broadens the economic awareness of its members through consumer protection programs. With over 275 branch offices, 1128 ATMs, contact centers, and a website, it offers various share accounts and loans to its members. In the year ended June 30, 2022, it generated revenues of $1,666,497,639 and incurred costs of $1,110,208,355 to provide services to its members.
Official website here: www.ncsecu.org
What is the revenue of State Employees' Credit Union?
State Employees' Credit Union's revenue in 2024 was $2,616,980,178.
Official website here: www.ncsecu.org
Who are the executives of State Employees' Credit Union and what are their salaries?
The average compensation at State Employees' Credit Union during 2024 was $62,633. There are 9205 employees and 3003 volunteers at State Employees' Credit Union.
Here are 34 key members and their salaries:
- Compensation: $1,166,700
- Related: $0
- Other: $47,225
- Compensation: $973,775
- Related: $0
- Other: $120,505
- Compensation: $641,501
- Related: $0
- Other: $81,103
- Compensation: $528,063
- Related: $0
- Other: $101,170
- Compensation: $524,095
- Related: $0
- Other: $69,926
- Compensation: $465,708
- Related: $0
- Other: $102,936
- Compensation: $452,100
- Related: $0
- Other: $76,392
- Compensation: $439,922
- Related: $0
- Other: $81,114
- Compensation: $422,601
- Related: $0
- Other: $66,931
- Compensation: $412,443
- Related: $0
- Other: $75,503
- Compensation: $405,532
- Related: $0
- Other: $76,088
- Compensation: $406,123
- Related: $0
- Other: $51,742
- Compensation: $384,919
- Related: $0
- Other: $69,982
- Compensation: $311,750
- Related: $0
- Other: $95,915
- Compensation: $335,444
- Related: $0
- Other: $54,152
- Compensation: $326,966
- Related: $0
- Other: $60,769
- Compensation: $314,909
- Related: $0
- Other: $65,926
- Compensation: $310,184
- Related: $0
- Other: $67,805
- Compensation: $327,484
- Related: $0
- Other: $44,111
- Compensation: $165,240
- Related: $0
- Other: $40,154
- Compensation: $2,320
- Related: $0
- Other: $0
- Compensation: $1,496
- Related: $0
- Other: $0
- Compensation: $1,455
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.ncsecu.org
Where can I find the form 990 for State Employees' Credit Union?
State Employees' Credit Union's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.ncsecu.org
Learn more at the official website: www.ncsecu.org
Mission Statement of State Employees' Credit Union
The State Employees' Credit Union, owned by its 2.6 million members, is dedicated to enhancing the economic lives and social conditions of its members. As a financial cooperative, its mission is to encourage thrift, provide a reliable source of credit at reasonable rates, and broaden members' economic awareness through consumer protection programs.
Securely nestled within the lives of its members, the State Employees' Credit Union offers various services through 275 branch offices, 1128 ATMs, 24/7 contact centers, and a website. Members contribute funds to the cooperative by opening share accounts, which in turn are lent to other members for mortgages, home equity, auto, and other consumer loans. At the end of the fiscal year, the Credit Union reported outstanding loans totaling 851,000 personal loans and 184,000 first and second mortgage loans. The Credit Union generated $1,666,497,639 in revenues through interest on loans, investments, and other non-interest sources.
In order to provide these services, the Credit Union incurred costs totaling $1,110,208,355. These costs encompassed interest paid on share accounts, salaries, building expenses, equipment expenses, and other operational expenses. Despite the expenses, the State Employees' Credit Union remains committed to its mission of improving the economic lives and social conditions of its members. By providing access to credit and various financial services, the Credit Union empowers its members to make informed financial decisions and secure their financial futures.
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Impact
October, 2024
State Employees' Credit Union (SECU) plays a significant role in enhancing the economic life and social conditions of its 2.6 million members in North Carolina. Through its network of 275 branch offices and 1,128 ATMs, SECU ensures easy access to banking services, fostering financial empowerment and awareness within the community.
By offering various share accounts and a diverse range of loans—ranging from mortgages to auto loans—SECU supports its members in achieving their financial goals. With 851,000 personal loans and 184,000 mortgage loans outstanding as of mid-2022, the credit union enables members to invest in their futures while promoting responsible borrowing practices.
In the fiscal year ending June 30, 2022, SECU generated over $1.6 billion in revenues, reflecting its successful model of member-owned financing. This revenue is reinvested in the community, as it covers operational costs over $1.1 billion, allowing for continued service improvements and support programs.
Moreover, SECU prioritizes consumer protection and financial education, further broadening economic awareness among its members. Its commitment to fair and reasonable interest rates ensures that financial services are accessible to a wider audience, significantly contributing to the economic stability of its members and, by extension, the community at large.
This information is meant to be a general summary of State Employees' Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $513,643,996
- Program Service Revenue: $2,150,610,955
- Gross Receipts: $4,600,676,801
Assets and Liabilities:
- Total Assets: $53,195,296,849
- Total Liabilities: $49,499,633,455
- Net Assets: $3,695,663,394
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON MORTGAGE LOANS
Revenue
$1,014,811,152
INTEREST ON PERSONAL LOANS
Revenue
$770,169,916
INTERCHANGE FEES
Revenue
$178,144,944
NON-MEMBER FEES
Revenue
$116,154,164
DEMAND DEPOSIT PROCESSING
Revenue
$40,234,754
Organization Details
Founding Year
1937
Phone
(919) 839-5000Principal Officer
Leigh Brady
Main Address
119 N SALISBURY STREET FL 10, RALEIGH, NC, 27603
Website
www.ncsecu.orgNTEE Category
Code: W60 - Public benefit
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