2025-05-12T14:18:46-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 2875 MICHELLE DRIVE 300 IRVINE CA 92606 990 2023-07-01 560475645 STATE EMPLOYEES' CREDIT UNION STAT 9198395000 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 REX A SPIVEY CHIEF FINANCIAL OFFICER 9198395000 2025-05-09 1 1 LISA N RYSSEL CPA P00643670 7149781300 2025-05-09 2023 2025-03-06 01:10:19Z LEIGH BRADY 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 4600676801 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 9205 3003 116154164 0 0 0 1775365587 2150610955 402643859 468258681 -1517694 -1889458 2176491752 2616980178 3473000 425256 329586353 832783305 701023550 743683530 0 0 0 559394053 837487908 1593476956 2414379999 583014796 202600179 49625413489 56444772890 45572981504 51828558885 4052431985 4616214005 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 2.8 MILLION MEMBERS. SECU PROVIDES SERVICES TO OUR MEMBERS THROUGH 276 BRANCH OFFICES, 1089 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, 2024, THERE WERE APPROXIMATELY 942,000 PERSONAL LOANS AND APPROXIMATELY 216,000 FIRST AND SECOND MORTGAGE LOANS OUTSTANDING. THE CREDIT UNION RECEIVED $2,620,657,802 IN REVENUES FROM INTEREST ON LOANS, INTEREST ON INVESTMENTS, AND OTHER NON-INTEREST SOURCES DURING THE YEAR ENDED JUNE 30, 2024. THE COST OF PROVIDING SERVICES TO CREDIT UNION MEMBERS WAS $2,418,057,697 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 9205 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 JAMES HAYES PRESIDENT (THRU 7/21/23) 40.00 2.00 X 1166700 0 47225 LEIGH BRADY PRESIDENT 40.00 4.00 X 973775 0 120505 REX SPIVEY CHIEF FINANCIAL OFFICER 40.00 4.00 X 641501 0 81103 STACIE WALKER CHIEF LENDING OFFICER 40.00 0.00 X 528063 0 101170 BRIDGET WELBORN CHIEF RISK OFFICER (THRU 12/6/23) 40.00 0.00 X 524095 0 69926 JOSHUA BOMBA CHIEF INFORMATION TECHNOLOGY OFFICER 40.00 0.00 X 465708 0 102936 JENNIFER HAMRICK CHIEF OPERATIONS DIRECTOR 40.00 4.00 X 452100 0 76392 SARA TREXLER CHIEF ADMINISTRATIVE OFFICER 40.00 2.00 X 439922 0 81114 JARED BENESH EVP - MEMBER EXPERIENCE 40.00 0.00 X 422601 0 66931 JOHN SYKES EVP - DEPUTY CHIEF FINANCIAL OFFICER 40.00 0.00 X 412443 0 75503 JAMIE APPLEQUIST EVP - CHIEF PROPERTY OFFICER 40.00 4.00 X 405532 0 76088 DAMIAN CARTER REGIONAL SVP (THRU 12/4/23) 40.00 0.00 X 406123 0 51742 WILLIAM DEANS EVP - DIRECTOR OF IT OPERATIONS 40.00 0.00 X 384919 0 69982 JONATHAN DALLAIRE EVP DIRECTOR CHIEF SECURITY OFFICER 40.00 0.00 X 311750 0 95915 EMMA HAYES CHIEF LEARNING & EXPERIENCE 40.00 0.00 X 335444 0 54152 JONATHAN COBURN EVP LOAN ORGINATIONS & SYSTEMS OPERATIONS 40.00 0.00 X 326966 0 60769 CATHY PLAUT CHIEF LEGAL OFFICER - GENERAL COUNSEL 40.00 0.00 X 314909 0 65926 SPENCER SCARBORO EVP LOAN RISK & SERVICING OPERATIONS 40.00 0.00 X 310184 0 67805 CARL SEABROOK CHIEF AUDIT AND REGULATORY 40.00 1.00 X 327484 0 44111 SARAH THOMPSON CHIEF RISK OFFICER 40.00 0.00 X 165240 0 40154 MARK FLEMING DIRECTOR 5.00 1.00 X 2320 0 0 THOMAS PARRISH IV DIRECTOR (THRU 10/10/23) 5.00 1.00 X 1496 0 0 MCKINLEY WOOTEN DIRECTOR 5.00 1.00 X 1455 0 0 MONA MOON CHAIRMAN 5.00 1.00 X X 0 0 0 STELFANIE WILLIAMS VICE CHAIR 5.00 1.00 X X 0 0 0 ALICE GARLAND VICE CHAIR (THRU 10/10/23) 5.00 1.00 X X 0 0 0 JENNIFER HAYGOOD SECRETARY/TREASURER 5.00 1.00 X X 0 0 0 BARBARA PERKINS DIRECTOR (START 10/10/23) 5.00 1.00 X 0 0 0 BEN MCLAWHORN DIRECTOR 5.00 1.00 X 0 0 0 BOB BRINSON DIRECTOR 5.00 1.00 X 0 0 0 CHRIS AYERS DIRECTOR 5.00 1.00 X 0 0 0 CHUCK STONE DIRECTOR (START 10/10/23) 5.00 1.00 X 0 0 0 JO ANNE SANFORD DIRECTOR (THRU 10/10/23) 5.00 1.00 X 0 0 0 MICHAEL CLEMENTS DIRECTOR (START 10/10/23) 5.00 1.00 X 0 0 0 9320730 0 1449449 1224 0 1 0 SIRIUS COMPUTER SOLUTIONS INC 8800 E RAINTREE DR 180 SCOTTSDALE AZ 85260 IT SERVICES 33980916 MAINLINE INFORMATION SYSTEMS INC PO BOX 11407 BIRMINGHAM AL 352461659 IT SERVICES 20408168 ACCURATE TITLE GROUP 6000 FREEDOM SQUARE DR SUITE 300 INDEPENDENCE OH 44131 APPRAISAL AND TITLE SERVICES 19571499 VENTURE SOLUTIONS INC 1170 GREY FOX RD ARDEN HILLS MN 55112 MISC 14978125 CONVERGE TECHNOLOGY SOLUTIONS US LLC 130 TECHNOLOGY PKWY PEACHTREE CORNERS GA 30092 IT SERVICES 7613179 287 INTEREST ON MORTGAGE LOANS 522100 1014811152 1014811152 INTEREST ON PERSONAL LOANS 522100 770169916 770169916 INTERCHANGE FEES 522100 178144944 178144944 NON-MEMBER FEES 522100 116154164 116154164 DEMAND DEPOSIT PROCESSING 522100 40234754 40234754 31096025 31096025 2150610955 513643996 513643996 1788166 3677624 -1889458 -1889458 -1889458 1904952983 29680701 1948869433 31149566 -43916450 -1468865 -45385315 -45385315 2616980178 2034456791 116154164 466369223 425256 832783305 8328026 568207693 54567957 69234990 43344864 1785525 8715 28557579 3988047 40889551 12952733 51489362 6683429 523810 168885545 70689378 3965470 PROVISION FOR LOAN LOSS 265795651 EQUIPMENT REPAIR 106069735 OPERATING COSTS 48073915 CARD PROCESSING FEES 25586573 1542890 2414379999 838912737 711393093 2905409927 10276531917 9649041 8992400 5346195 5561138 31552386573 33944251517 64341149 73554589 1850402786 856836395 1034841933 993566391 250000 250000 12260346278 9344435035 953929656 1086236810 49625413489 56444772890 121784490 297072211 248385517 224630881 5000000000 45202811497 46306855793 45572981504 51828558885 X 0 0 0 0 4052431985 4616214005 4052431985 4616214005 49625413489 56444772890 X 202600179 386683695 -25501854 X X 0 1 X 1 0 0 1 X 265141892 265141892 950483838 336719836 613764002 7339892 6695947 643945 623519532 513420612 110098920 3917632 3917632 993566391 US TREASURY SECURITIES 4880760747 F US GOVERNMENT AGENCY SECURITIES 4463674288 F 9344435035 MEMBER DEPOSITS 46277339648 LEASE LIABILITY 29044003 PREPAID RENT 110530 RESERVES FOR UNFUNDED COMMITMENTS 361612 46306855793 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, 2024 AND 2023. BY LAW, AT A MINIMUM, BUSINESS TAX RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES FOR THE YEARS JUNE 30, 2021 THROUGH JUNE 30, 2023. 1 WORLDWIDE FOUNDATION FOR CREDIT UNIONS PO BOX 2982 MADISON WI 53701 396093210 501(C)(3) 100000 0 GENERAL SUPPORT AFRICAN-AMERICAN CREDIT UNION COALITION PO BOX 392136 SNELLVILLE GA 30039 571091138 501(C)(3) 125000 0 GENERAL SUPPORT THE NATIONAL CREDIT UNION FOUNDATION 4703 MADISON YARDS WAY SUITE 300 MADISON WI 53705 391383650 501(C)(3) 7500 0 GENERAL SUPPORT MARCH OF DIMES 1550 CRYSTAL DRIVE SUITE 1300 ARLINGTON VA 22202 131846366 501(C)(3) 7500 0 GENERAL SUPPORT THE STATE CAPITAL FOUNDATION INC 4624 MAIL SERVICE CENTER RALEIGH NC 27699 591724571 501(C)(3) 10000 0 GENERAL SUPPORT CREDIT UNION MIRACLE DAY PO BOX 27637 WASHINGTON DC 20038 522341329 501(C)(3) 10000 0 GENERAL SUPPORT CAROLINAS CREDIT UNION FOUNDATION PO BOX 1787 COLUMBIA SC 29202 561842095 501(C)(3) 30990 0 GENERAL SUPPORT UNITED NEGRO COLLEGE FUND 1805 7TH STREET NW WASHINGTON DC 20001 131624241 501(C)(3) 6100 0 GENERAL SUPPORT KEEP NORTH CAROLINA BEAUTIFUL INC PO BOX 31745 RALEIGH NC 27622 560932528 501(C)(3) 25000 0 GENERAL SUPPORT EARTHSHARE NORTH CAROLINA PO BOX 196 DURHAM NC 27702 561775025 501(C)(3) 20000 0 GENERAL SUPPORT NORTH CAROLINA SCHOOL BOARDS ASSOCIATION 7208 FALLS OF NEUSE ROAD SUITE 301 RALEIGH NC 27615 463401163 501(C)(4) 13500 0 GENERAL SUPPORT 10 1 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 (THRU 7/21/23) 819200 0 330000 0 17500 0 33000 0 14225 0 1213925 0 0 0 LEIGH BRADY PRESIDENT 847695 0 0 0 126080 0 33000 0 87505 0 1094280 0 0 0 REX SPIVEY CHIEF FINANCIAL OFFICER 507075 0 0 0 134426 0 33000 0 48103 0 722604 0 0 0 STACIE WALKER CHIEF LENDING OFFICER 463840 0 0 0 64223 0 55500 0 45670 0 629233 0 0 0 BRIDGET WELBORN CHIEF RISK OFFICER (THRU 12/6/23) 496930 0 0 0 27165 0 33000 0 36926 0 594021 0 0 0 JOSHUA BOMBA CHIEF INFORMATION TECHNOLOGY OFFICER 436820 0 0 0 28888 0 37167 0 65769 0 568644 0 0 0 JENNIFER HAMRICK CHIEF OPERATIONS DIRECTOR 387644 0 0 0 64456 0 34000 0 42392 0 528492 0 0 0 SARA TREXLER CHIEF ADMINISTRATIVE OFFICER 367037 0 0 0 72885 0 33000 0 48114 0 521036 0 0 0 JARED BENESH EVP - MEMBER EXPERIENCE 302703 0 100000 0 19898 0 34000 0 32931 0 489532 0 0 0 JOHN SYKES EVP - DEPUTY CHIEF FINANCIAL OFFICER 389943 0 0 0 22500 0 34000 0 41503 0 487946 0 0 0 JAMIE APPLEQUIST EVP - CHIEF PROPERTY OFFICER 355481 0 0 0 50051 0 33000 0 43088 0 481620 0 0 0 DAMIAN CARTER REGIONAL SVP (THRU 12/4/23) 336331 0 0 0 69792 0 30074 0 21668 0 457865 0 0 0 WILLIAM DEANS EVP - DIRECTOR OF IT OPERATIONS 304318 0 0 0 80601 0 33000 0 36982 0 454901 0 0 0 JONATHAN DALLAIRE EVP DIRECTOR CHIEF SECURITY OFFICER 294606 0 0 0 17144 0 33442 0 62473 0 407665 0 0 0 EMMA HAYES CHIEF LEARNING & EXPERIENCE 298635 0 0 0 36809 0 38284 0 15868 0 389596 0 0 0 JONATHAN COBURN EVP LOAN ORGINATIONS & SYSTEMS OPERA 228293 0 10000 0 88673 0 32252 0 28517 0 387735 0 0 0 CATHY PLAUT CHIEF LEGAL OFFICER - GENERAL COUNSE 288868 0 0 0 26041 0 32551 0 33375 0 380835 0 0 0 SPENCER SCARBORO EVP LOAN RISK & SERVICING OPERATIONS 214120 0 10000 0 86064 0 32089 0 35716 0 377989 0 0 0 CARL SEABROOK CHIEF AUDIT AND REGULATORY 309056 0 0 0 18428 0 33000 0 11111 0 371595 0 0 0 SARAH THOMPSON CHIEF RISK OFFICER 142740 0 0 0 22500 0 16810 0 23344 0 205394 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 2024, THERE WERE NO CONTRIBUTIONS MADE TO THIS PLAN. HOWEVER, A DISTRIBUTION WAS MADE FROM THE PLAN TO JAMES HAYES, FORMER PRESIDENT, IN THE AMOUNT OF $705,160. 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 FORMER PRESIDENT SPLIT DOLLAR LIFE INSURANCE X 6568262 5561138 0 1 1 5561138 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 2,800,000 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 28,916,167. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLES -54,418,021. 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 6778574 3237209 1.00000 1 SECU BROKERAGE SERVICES 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 262442926 BROKER/DEALER NC STATE EMPLOYEES' CREDIT UNION C 2970936 1678366 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 19116892 111258320 1.00000 1 SECURE INC 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 460697967 PROPERTY MANAGEMENT NC STATE EMPLOYEES' CREDIT UNION C 35910784 325130103 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 8928225 ACTUAL AMOUNT SECURE INC G 4884147 ACTUAL AMOUNT SECU LIFE INSURANCE COMPANY J 625158 ACTUAL AMOUNT SECURE INC J 191148 ACTUAL AMOUNT CREDIT UNION INVESTMENT SERVICES J 138763 ACTUAL AMOUNT SECU LIFE INSURANCE COMPANY J 139556 ACTUAL AMOUNT SECU LIFE INSURANCE COMPANY M 1941092 ACTUAL AMOUNT SECU LIFE INSURANCE COMPANY O 2255431 ACTUAL AMOUNT CREDIT UNION INVESTMENT SERVICES O 3101432 ACTUAL AMOUNT SECURE INC O 4732956 ACTUAL AMOUNT SECU LIFE INSURANCE COMPANY L 772385 ACTUAL AMOUNT SECURE INC R 1699683 ACTUAL AMOUNT CREDIT UNION INVESTMENT SERVICES Q 1340054 ACTUAL AMOUNT SECU BROKERAGE SERVICES Q 1452964 ACTUAL AMOUNT