2024-05-14T21:15:31-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2022-07-01 560475645 STATE EMPLOYEES' CREDIT UNION STAT 9198395000 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 REX A SPIVEY CHIEF FINANCIAL OFFICER 9198395000 2024-05-07 1 REX SPIVEY XXX-XX-XXXX 1 MELISSA HANGSLEBEN P02087031 6022662248 2024-05-07 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z JAMES HAYES 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 2215509222 0 X WWW.NCSECU.ORG X 1937 NC IMPROVE ECONOMIC LIFE, SOCIAL CONDITION, PROVIDE CREDIT AND BROADEN ECONOMIC AWARENESS OF MEMBERS THROUGH PROGRAMS OF CONSUMER PROTECTION. 11 11 9136 3120 106549484 0 0 0 1534778522 1775365587 130302246 402643859 -1757578 -1517694 1663323190 2176491752 563335 3473000 123738720 329586353 606092740 701023550 0 0 0 376639108 559394053 1107033903 1593476956 556289287 583014796 53195296849 49625413489 49499633455 45572981504 3695663394 4052431985 X TO BE THE TRUSTED PROVIDER OF FINANCIAL SERVICES TO EVERY ELIGIBLE MEMBER AND TO ENHANCE THE VALUE OF THEIR LIVES AND FINANCIAL WELL-BEING WHILE MAINTAINING OUR FISCAL STRENGTH. 0 0 THE STATE EMPLOYEES' CREDIT UNION IS OWNED BY OUR 2.7 MILLION MEMBERS. SECU PROVIDES SERVICES TO OUR MEMBERS THROUGH 275 BRANCH OFFICES, 1122 ATMS, 24/7 CONTACT CENTERS, AND A WEBSITE - WWW.NCSECU.ORG. AS A CREDIT UNION, MEMBERS DEPOSIT FUNDS INTO SHARE ACCOUNTS, WHICH ARE THEN LOANED TO OTHER MEMBERS. THE CREDIT UNION OFFERS SHARE ACCOUNTS OF VARIOUS TYPES - MEMBERSHIP SHARES, SHARE DRAFTS, MONEY MARKET SHARES, IRA SHARES, AND SHARE TERM CERTIFICATES. LOANS TO MEMBERS CONSISTS OF MORTGAGES, HOME EQUITY, AUTO AND OTHER CONSUMER LOANS. AT JUNE 30, 2023, THERE WERE APPROXIMATELY 899,000 PERSONAL LOANS AND APPROXIMATELY 204,000 FIRST AND SECOND MORTGAGE LOANS OUTSTANDING. THE CREDIT UNION RECEIVED $2,179,844,153 IN REVENUES FROM INTEREST ON LOANS, INTEREST ON INVESTMENTS, AND OTHER NON-INTEREST SOURCES DURING THE YEAR ENDED JUNE 30, 2023. THE COST OF PROVIDING SERVICES TO CREDIT UNION MEMBERS WAS $1,596,829,355 FOR THE YEAR. THE COST OF SERVICES CONSISTS OF INTEREST PAID ON SHARE ACCOUNTS, SALARIES, BUILDING EXPENSES, EQUIPMENT EXPENSES, AND OTHER OPERATIONAL EXPENSES. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 999999 0 1 9136 1 1 1 0 0 0 0 0 1 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X REX A SPIVEY 9198395084 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 CHRIS AYERS CHAIRMAN 5.00 1.00 X X 0 0 0 ALICE GARLAND VICE CHAIR 5.00 1.00 X X 5172 0 0 MONA MOON SECRETARY/ TREASURER 5.00 1.00 X X 0 0 0 MARK FLEMING DIRECTOR 5.00 1.00 X 3711 0 0 STELFANIE WILLIAMS DIRECTOR 5.00 1.00 X 850 0 0 JO ANNE SANFORD DIRECTOR 5.00 1.00 X 0 0 0 MCKINLEY WOOTEN DIRECTOR 5.00 1.00 X 709 0 0 KARAN BUNN DIRECTOR (THRU 10/01/2022) 5.00 1.00 X 0 0 0 JENNIFER HAYGOOD DIRECTOR 5.00 1.00 X 0 0 0 BOB BRINSON DIRECTOR 5.00 1.00 X 0 0 0 THOMAS PARRISH IV DIRECTOR 5.00 1.00 X 828 0 0 BEN MCLAWHORN DIRECTOR 5.00 1.00 X 0 0 0 REX SPIVEY CHIEF FINANCIAL OFFICER 40.00 4.00 X 573050 0 43335 JERRY HARMON CHIEF LENDING OFFICER (THRU 9/6/22) 40.00 0.00 X 639890 0 39873 JAMES HAYES PRESIDENT 40.00 2.00 X 1214451 0 57003 LEIGH BRADY CHIEF OPERATIONS OFFICER 40.00 4.00 X 548052 0 55828 SARA TREXLER CHIEF LEGAL OFFICER 40.00 2.00 X 421485 0 53658 JOSHUA BOMBA CHIEF INFORMATION TECHNOLOGY OFFICER 40.00 0.00 X 448547 0 49683 BRIDGET WELBORN CHIEF RISK OFFICER 40.00 0.00 X 337934 0 37721 EMMA HAYES CHIEF LEARNING & EXPERIENCE OFFICER 40.00 0.00 X 250361 0 27571 CARL SEABROOK CHIEF AUDIT AND REGULATORY OFFICER 40.00 1.00 X 257639 0 29159 STACIE WALKER CHIEF LENDING OFFICER 40.00 0.00 X 316652 0 61762 JENNIFER HAMRICK EVP-DEPUTY CHIEF OPERATIONS OFFICER 40.00 4.00 X 433763 0 48424 JAMIE APPLEQUIST EVP - CHIEF PROPERTY OFFICER 40.00 4.00 X 383197 0 53817 WARREN PEACOCK EVP-BRANCH OPERATIONS (THRU 10/12/22) 40.00 0.00 X 383888 0 38720 ROBERT NICHOLS CHIEF AUDIT OFFICER (THRU 01/20/23) 40.00 0.00 X 293343 0 69352 WILLIAM DEANS EVP - DIRECTOR OF IT OPERATIONS 40.00 0.00 X 373501 0 50212 KEVIN MACK REGIONAL SVP 40.00 0.00 X 252387 0 44695 THOMAS MARION REGIONAL SVP 40.00 0.00 X 290455 0 43643 DAMIAN CARTER REGIONAL SVP (THRU 12/04/23) 40.00 0.00 X 278330 0 41624 JARED BENESH EVP - MEMBER EXPERIENCE 40.00 0.00 X 387080 0 26145 8095275 0 872225 818 0 1 0 ACCURATE TITLE GROUP 6000 FREEDOM SQUARE DR SUITE 300 INDEPENDENCE OH 44131 APPRAISAL AND TITLE SERVICES 26961827 MAINLINE INFORMATION SYSTEMS INC PO BOX 11407 BIRMINGHAM AL 352461659 IT SERVICES 7000042 LOOMIS ARMORED US LLC DEPT CH 10500 PALATINE IL 60055 SECURITY SERVICES 5780104 MICROSOFT LICENSING GP 1950 N STEMMONS FWY STE 5010 DALLAS TX 75207 SOFTWARE MAINTENANCE 4384309 HAYS HOLDING CORPORATION 2840 PLAZA PLACE STE 340 RALEIGH NC 27612 STAFFING & RECRUITMENT 3425347 283 INTEREST ON MORTGAGE LOANS 522100 849058120 849058120 INTEREST ON PERSONAL LOANS 522100 540663094 540663094 INTERCHANGE FEES 522100 208892395 208892395 NON-MEMBER FEES 522100 106545597 106545597 DEMAND DEPOSIT PROCESSING 522100 36237296 36237296 33969085 33969085 1775365587 404032181 404032181 1834705 3352399 -1517694 -1517694 3887 -1521581 34276749 35665071 -1388322 -1388322 -1388322 2176491752 1668819990 106549484 401122278 3473000 329586353 7561567 538920431 51666547 61494415 41380590 1192258 303750 15102962 3351298 32151567 14963585 51598990 6591946 480557 249 75690103 4305593 PROVISION FOR LOAN LOSS 137500000 EQUIPMENT REPAIR 109401639 OPERATING COSTS 58094588 CARD PROCESSING FEES 46363908 2301060 1593476956 1118337855 838912737 10783889861 2905409927 9649041 5346195 26931697909 31552386573 48894718 64341149 1835470603 800628670 1034526457 1034841933 338912 250000 12318579479 12260346278 959031658 953929656 53195296849 49625413489 91206063 121784490 218258885 248385517 49190168507 45202811497 49499633455 45572981504 X 0 0 0 0 3695663394 4052431985 3695663394 4052431985 53195296849 49625413489 X 583014796 -257223730 30977525 X X 0 1 X 1 0 0 1 X 265794350 265794350 939243428 308433174 630810254 7415897 6564902 850995 616691267 485630594 131060673 6325661 6325661 1034841933 US TREASURY SECURITIES 7336780077 C US GOVERNMENT AGENCY SECURITIES 4923566201 C 12260346278 MEMBER DEPOSITS 45169699841 OTHER LIABILITIES 1418036 LEASE LIABILITY 31585522 PREPAID RENT 108098 45202811497 X PART IV, LINE 2B: THE CREDIT UNION MAINTAINS ESCROW ACCOUNTS ON MEMBERS' FIRST MORTGAGE LOANS AS A SERVICE TO OUR MEMBERS. INTEREST IS PAID AT A SAVINGS ACCOUNT RATE AS AN ADDITIONAL BENEFIT. THESE ACCOUNTS ARE FUNDED ON A MONTHLY BASIS BY THE MEMBERS. THE PROCEEDS ARE USED TO PAY THE PROPERTY TAXES AND INSURANCE ON THE REAL PROPERTY SECURED BY THE FIRST MORTGAGE. PART X, LINE 2: THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF JUNE 30, 2023 AND 2022. BY LAW, AT A MINIMUM, BUSINESS TAX RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES FOR THE YEARS JUNE 30, 2020 THROUGH JUNE 30, 2022. 1 DIX PARK CONSERVANCY 1030 RICHARDSON DR RALEIGH NC 27603 208421281 501(C)(3) 3000000 0 GENERAL OPERATIONS WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT ROAD MADISON WI 53705 396093210 501(C)(3) 200000 0 GENERAL OPERATIONS AFRICAN-AMERICAN CREDIT UNION COALITION PO BOX 392136 SNELLVILLE GA 30039 571091138 501(C)(3) 130000 0 GENERAL OPERATIONS FRIENDS OF NCMNS 11 WEST JONES STREET RALEIGH NC 27601 562182809 501(C)(3) 25000 0 GENERAL OPERATIONS THE NATIONAL CREDIT UNION FOUNDATION 5710 MINERAL POINT ROAD MADISON WI 53705 391383650 501(C)(3) 18000 0 GENERAL OPERATIONS MARCH OF DIMES 1550 CRYSTAL DRIVE SUITE 1300 ARLINGTON VA 22202 131846366 501(C)(3) 15000 0 GENERAL OPERATIONS NORTH CAROLINA CHAMBER 701 CORPORATE CENTER SUITE 275 RALEIGH NC 27607 560340499 501(C)(6) 12500 0 GENERAL OPERATIONS NORTH CAROLINA HOUSING COALITION 104 CITY HALL PLAZA 201 DURHAM NC 27701 581798953 501(C)(3) 12000 0 GENERAL OPERATIONS CITY OF RALEIGH 500 S SALISBURY ST RALEIGH NC 27601 566000236 CITY OF RALEIGH 10000 0 RINK SPONSORSHIP NC COURAGE 1121 SITUS COURT SUITE 350 RALEIGH NC 27606 814805773 10000 0 GENERAL OPERATIONS AMERICAN CITY BUSINESS JOURNALS INC PO BOX 403993 ATLANTA GA 30384 431366184 5500 0 GENERAL OPERATIONS 8 3 PART I, LINE 2: SECU DOES NOT DO ANY MONITORING ONCE FUNDS ARE RECEIVED BY RECIPIENTS. SECU DOES MAINTAIN RECORDS OF THE AMOUNT AND ELIGIBILITY (THESE ARE ORGANIZATIONS THAT THE SECU FOUNDATION, A RELATED PARTY HAS PREVIOUSLY WORKED WITH). X X 1 1 X X X X 0 1 0 JAMES HAYES PRESIDENT 985101 0 202350 0 27000 0 30500 0 26503 0 1271454 0 0 0 JERRY HARMON CHIEF LENDING OFFICER (THRU 9/6/22) 567575 0 0 0 72315 0 30500 0 9373 0 679763 0 0 0 REX SPIVEY CHIEF FINANCIAL OFFICER 483482 0 0 0 89568 0 30500 0 12835 0 616385 0 0 0 LEIGH BRADY CHIEF OPERATIONS OFFICER 475833 0 0 0 72219 0 30500 0 25328 0 603880 0 0 0 JOSHUA BOMBA CHIEF INFORMATION TECHNOLOGY OFFICER 420719 0 0 0 27828 0 30500 0 19183 0 498230 0 0 0 JENNIFER HAMRICK EVP-DEPUTY CHIEF OPERATIONS OFFICER 387150 0 0 0 46613 0 30500 0 17924 0 482187 0 0 0 SARA TREXLER CHIEF LEGAL OFFICER 355235 0 0 0 66250 0 30500 0 23158 0 475143 0 0 0 JAMIE APPLEQUIST EVP - CHIEF PROPERTY OFFICER 351388 0 0 0 31809 0 30500 0 23317 0 437014 0 0 0 WILLIAM DEANS EVP - DIRECTOR OF IT OPERATIONS 313522 0 0 0 59979 0 30500 0 19712 0 423713 0 0 0 WARREN PEACOCK EVP-BRANCH OPERATIONS (THRU 10/12/22 303494 0 0 0 80394 0 30500 0 8220 0 422608 0 0 0 JARED BENESH EVP - MEMBER EXPERIENCE 178712 0 147817 0 60551 0 17502 0 8643 0 413225 0 0 0 STACIE WALKER CHIEF LENDING OFFICER 312112 0 0 0 4540 0 51000 0 10762 0 378414 0 0 0 BRIDGET WELBORN CHIEF RISK OFFICER 312754 0 0 0 25180 0 30500 0 7221 0 375655 0 0 0 ROBERT NICHOLS CHIEF AUDIT OFFICER (THRU 01/20/23) 276391 0 0 0 16952 0 51824 0 17528 0 362695 0 0 0 THOMAS MARION REGIONAL SVP 225374 0 0 0 65081 0 29741 0 13902 0 334098 0 0 0 DAMIAN CARTER REGIONAL SVP (THRU 12/04/23) 218439 0 0 0 59891 0 28286 0 13338 0 319954 0 0 0 KEVIN MACK REGIONAL SVP 223102 0 0 0 29285 0 34139 0 10556 0 297082 0 0 0 CARL SEABROOK CHIEF AUDIT AND REGULATORY OFFICER 198148 0 0 0 59491 0 18082 0 11077 0 286798 0 0 0 EMMA HAYES CHIEF LEARNING & EXPERIENCE OFFICER 231968 0 0 0 18393 0 21413 0 6158 0 277932 0 0 0 PART I, LINE 1A SECU HAS AN EXECUTIVE AND BOARD OF DIRECTORS TRAVEL AND EXPENSE POLICY TO PROVIDE GUIDELINES FOR TRAVEL AND REIMBURSEMENTS FOR REASONABLE AND ACTUAL EXPENSES INCURRED WHILE TRANSACTING BUSINESS ON BEHALF OF THE CREDIT UNION. EXECUTIVES AND BOARD MEMBERS MAY UPGRADE ONE LEVEL ABOVE ECONOMY FOR FLIGHTS LONGER THAN 3 HOURS. SECU WILL APPROVE TRAVEL EXPENSES INCURRED BY ONE GUEST OF A BOARD MEMBER OR EXECUTIVE WHILE THE BOARD MEMBER OR EXECUTIVE IS TRAVELING ON OFFICIAL CREDIT UNION BUSINESS. THE PAYMENT OR REIMBURSEMENT OF A GUEST'S EXPENSES MAY BE CONSIDERED TAXABLE INCOME TO THE BOARD MEMBER OR EXECUTIVE IN CERTAIN CIRCUMSTANCES. PART I, LINE 4B THE CREDIT UNION HAS A SERP PLAN FOR KEY EXECUTIVES. DURING FISCAL 2023, THERE WERE NO DISTRIBUTIONS FROM THIS PLAN NOR WERE THERE ANY CONTRIBUTIONS MADE TO THIS PLAN. SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS GRANTED NONRECOURSE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO SELECT MEMBERS OF SENIOR MANAGEMENT. THESE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE CASH SURRENDER VALUE OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE EXECUTIVES AND THE OWNERS HAVE SOLE CONTROL OVER THE LISTED BENEFICIARIES. UPON DEATH OF THE INSURED, THE PROCEEDS FROM THE DEATH BENEFIT OF THE LIFE INSURANCE POLICY ARE USED TO PAY THE OUTSTANDING BALANCE AND ACCRUED INTEREST OF THE LOANS. THE LOANS ARE CONSIDERED NONRECOURSE AND AS SUCH, THE CREDIT UNION HAS RECORDED THE BALANCE AS THE LOWER OF THE OUTSTANDING LOAN BALANCE PLUS ACCRUED INTEREST, OR THE CASH SURRENDER VALUE OF THE LIFE INSURANCE POLICIES. JAMES T HAYES PRESIDENT SPLIT DOLLAR LIFE INSURANCE X 5346195 5346195 0 1 1 5346195 SCHEDULE L, PART II SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS GRANTED NONRECOURSE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO SELECT MEMBERS OF SENIOR MANAGEMENT. THESE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE CASH SURRENDER VALUE OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE EXECUTIVES AND THE OWNERS HAVE SOLE CONTROL OVER THE LISTED BENEFICIARIES. UPON DEATH OF THE INSURED, THE PROCEEDS FROM THE DEATH BENEFIT OF THE LIFE INSURANCE POLICY ARE USED TO PAY THE OUTSTANDING BALANCE AND ACCRUED INTEREST OF THE LOANS. THE LOANS ARE CONSIDERED NONRECOURSE AND AS SUCH, THE CREDIT UNION HAS RECORDED THE BALANCE AS THE LOWER OF THE OUTSTANDING LOAN BALANCE PLUS ACCRUED INTEREST, OR THE CASH SURRENDER VALUE OF THE LIFE INSURANCE POLICIES. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD MAY APPOINT AN EXECUTIVE COMMITTEE OF THREE OR MORE DIRECTORS TO ACT FOR IT, WITH RESPECT TO SPECIFICALLY DELEGATED FUNCTIONS AND SUBJECT TO BOARD PRESCRIBED LIMITATIONS. FORM 990, PART VI, SECTION A, LINE 6 SECU IS A NON-PROFIT COOPERATIVE OWNED BY AND OPERATED FOR THE BENEFIT OF ITS 2,754,000 MEMBERS. MEMBERSHIP IN THE CREDIT UNION IS RESTRICTED PRINCIPALLY TO THE STATE OF NORTH CAROLINA EMPLOYEES AND THEIR FAMILIES. EACH MEMBER-OWNER HAS ONE VOTE WHICH IS EXERCISED TO ELECT VOLUNTEER DIRECTORS. VOLUNTEERS SET THE CREDIT UNION'S OPERATION POLICIES. THE BOARD MEMBERS, LOAN REVIEW COMMITTEES, ADVISORY BOARDS, AND OTHER COMMITTEES PLAY MAJOR ROLES IN DIRECTING AND MONITORING CREDIT UNION AFFAIRS. THE MEMBERS, BY A MAJORITY VOTE OF ALL THE SHAREHOLDERS, SHALL HAVE THE POWER TO REVIEW THE ACTS AND REVERSE CREDIT UNION BOARD OF DIRECTORS' DECISIONS. FORM 990, PART VI, SECTION A, LINE 7A SECU MEMBER/OWNERS ELECT THE BOARD OF DIRECTORS. EACH MEMBER OF THE ORGANIZATION IS ENTITLED TO ONE VOTE. ELEVEN BOARD MEMBERS SERVE THREE YEAR STAGGERED TERMS. ELECTIONS FOR OPEN SEATS ARE HELD EACH YEAR DURING THE ANNUAL MEMBERS' MEETING. FORM 990, PART VI, SECTION A, LINE 7B SECU MEMBERS HAVE THE RIGHT TO VOTE ON THE ORGANIZATION'S MERGER INTO ANOTHER FINANCIAL INSTITUTION, DISSOLUTION, AND CONVERSION FROM A STATE TO A FEDERALLY CHARTERED CREDIT UNION, OR CONVERSION TO ANOTHER TYPE OF FINANCIAL INSTITUTION. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS COMPLETED BY THE FINANCE AND ACCOUNTING DEPARTMENT STAFF OF THE ORGANIZATION AND REVIEWED BY THE CHIEF FINANCIAL OFFICER AND THE PRESIDENT BEFORE FILING. A COPY OF THE 990 FORM IS MADE AVAILABLE TO THE BOARD OF DIRECTORS AFTER IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH EMPLOYEE OF THE ORGANIZATION MUST ACKNOWLEDGE HAVING READ THE CODE OF ETHICS ANNUALLY. THE ORGANIZATION PROVIDES A TOLL FREE, ANONYMOUS HONOR LINE THROUGH AN OUTSIDE, INDEPENDENT VENDOR. EMPLOYEES ARE ENCOURAGED TO REPORT ALL VIOLATIONS OF THE ETHICS, LENDING, AND PERSONNEL POLICIES. ALL INFORMATION RECEIVED THROUGH THE HONOR LINE IS FORWARDED TO AUDIT SERVICES AND HUMAN RESOURCES DEPARTMENTS FOR REVIEW AND ACTION. DETAILS OF ALL REPORTED INCIDENTS AND RESOLUTIONS ARE SHARED WITH SENIOR MANAGEMENT AND THE BOARD OF DIRECTORS ON A MONTHLY BASIS. ALL REPORTS ARE INVESTIGATED THOROUGHLY AND RESOLVED IN A TIMELY MANNER. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD SETS THE PRESIDENT'S SALARY AND BENEFITS. THE BOARD CONDUCTS A FORMAL ANNUAL PERFORMANCE REVIEW. IN ADDITION, A COMPENSATION COMMITTEE, COMPRISED OF BOARD OF DIRECTOR MEMBERS, UTILITIZES SURVEYS AND MARKET COMPARISONS OF PEER CREDIT UNIONS AND OTHER FINANCIAL INSTITUTIONS TO BENCHMARK THE PRESIDENT'S COMPENSATION PACKAGE. THESE SURVEYS ARE INDEPENDENTLY OBTAINED FROM COMPENSATION CONSULTANTS THAT SECU'S HR DEPARTMENT CONTRACTS. THE BOARD REVIEWS THE COMPENSATION SURVEYS, THE COMPENSATION COMMITTEE'S RECOMMENDATIONS, THE PRESIDENT'S AND CREDIT UNION'S PERFORMANCE, AND SETS THE PRESIDENT'S SALARY AND BENEFITS LEVEL. BOARD AND COMPENSATION COMMITTEE DISCUSSIONS, DELIBERATIONS, AND DECISIONS ARE DOCUMENTED AND MAINTAINED IN MEETING MINUTES. PERIODIC SALARY SURVEYS AND BENCHMARKING ARE LIKEWISE OBTAINED FOR ALL STAFF AND MANAGEMENT POSITIONS. THERE IS NO INCENTIVE OR COMMISSION BASED COMPENSATION FOR ANY EMPLOYEE. ALL EMPLOYEES RECEIVE A SALARY. COMPENSATION DECISIONS ARE DOCUMENTED IN PERSONNEL FILES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. MONTHLY FINANCIAL STATEMENT SUMMARIES ARE AVAILABLE ON THE COMPANY WEBSITE, ALONG WITH PERIODIC FINANCIAL CONDITION UPDATES. THE ANNUAL REPORT TO THE MEMBERSHIP AND THE COMPLETE AUDITED FINANCIAL STATEMENTS WITH FOOTNOTES ARE AVAILABLE ON THE COMPANY WEBSITE. PAPER COPIES ARE AVAILABLE ON REQUEST. FORM 990, PART XI, LINE 9: UNAMORTIZED GAIN ON POSTRETIREMENT ACCOUNTS 30,977,525. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT OR SELECTION PROCESS DURING THE TAX YEAR. SECU FOUNDATION 119 N SALISBURY STREET FL 11 RALEIGH NC 27603 562255292 PROMOTES LOCAL AND COMMUNITY DEVELOPMENT NC 501(C)(3) PF STATE EMPLOYEES' CREDIT UNION 1 CREDIT UNION INVESTMENT SERVICES 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 260627380 INVESTMENT ADVISOR NC STATE EMPLOYEES' CREDIT UNION C 3759123 2257269 1.00000 1 SECU BROKERAGE SERVICES 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 262442926 BROKER/DEALER NC STATE EMPLOYEES' CREDIT UNION C 2532682 1521453 1.00000 1 SECU LIFE INSURANCE COMPANY 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 461285934 LIFE INSURER NC STATE EMPLOYEES' CREDIT UNION C 17590932 107583190 1.00000 1 SECURE INC 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 460697967 PROPERTY MANAGEMENT NC STATE EMPLOYEES' CREDIT UNION C 36795577 320995577 1.00000 1 0 0 0 0 0 0 1 0 0 1 0 1 1 0 1 1 1 1 0 SECU LIFE INSURANCE COMPANY G 18676237 ACTUAL AMOUNT SECURE INC G 6862219 ACTUAL AMOUNT SECU LIFE INSURANCE COMPANY J 395569 ACTUAL AMOUNT SECURE INC J 292254 ACTUAL AMOUNT CREDIT UNION INVESTMENT SERVICES J 199136 ACTUAL AMOUNT SECU LIFE INSURANCE COMPANY J 192651 ACTUAL AMOUNT SECU LIFE INSURANCE COMPANY M 1944707 ACTUAL AMOUNT SECU LIFE INSURANCE COMPANY O 1631975 ACTUAL AMOUNT CREDIT UNION INVESTMENT SERVICES O 1729907 ACTUAL AMOUNT SECURE INC O 4163706 ACTUAL AMOUNT SECURE INC P 111752 ACTUAL AMOUNT SECU LIFE INSURANCE COMPANY L 631203 ACTUAL AMOUNT SECURE INC R 775478 ACTUAL AMOUNT CREDIT UNION INVESTMENT SERVICES Q 495710 ACTUAL AMOUNT SECU BROKERAGE SERVICES Q 971737 ACTUAL AMOUNT