2021-05-15T09:46:34-05:00 2020-06-30 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2019-07-01 560475645 STATE EMPLOYEES' CREDIT UNION STAT 9198395000 119 N SALISBURY STREET NO FL 10 RALEIGH NC 27603 REX SPIVEY CHIEF FINANCIAL OFFICER 9198395000 2021-05-14 1 MELISSA HANGSLEBEN P02087031 6022662248 2021-05-14 2019 2022-09-23 18:48:47Z MICHAEL J LORD 119 N SALISBURY STREET NO FL 10 RALEIGH NC 27603 1731552180 0 X WWW.NCSECU.ORG X 1937 NC IMPROVE ECONOMIC LIFE, SOCIAL CONDITION, PROVIDE CREDIT & BROADEN ECONOMIC AWARENESS OF MEMBERS THROUGH PROGRAMS OF CONSUMER PROTECTION. 11 11 7700 3520 62929393 -84357371 0 0 1390881477 1470845061 294085859 221819031 46125 88877 1685013461 1692752969 0 3250000 0 0 514859574 570004227 0 0 0 926162207 912812490 1441021781 1486066717 243991680 206686252 40697542181 45245519314 37329329818 41540781392 3368212363 3704737922 X AS A FINANCIAL COOPERATIVE OWNED BY OUR MEMBERS, OUR MISSION IS TO IMPROVE THE ECONOMIC LIFE AND SOCIAL CONDITION OF MEMBERS, TO ENCOURAGE THRIFT, TO PROVIDE A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND TO BROADEN THE ECONOMIC AWARENESS OF MEMBERS THROUGH PROGRAMS OF CONSUMER PROTECTION. 0 0 THE STATE EMPLOYEES' CREDIT UNION IS OWNED BY OUR 2.5 MILLION MEMBERS. SECU PROVIDES SERVICES TO OUR MEMBERS THROUGH 270 BRANCH OFFICES, OVER 1,000 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 CONSIST OF MORTGAGE, HOME EQUITY, AUTO, AND OTHER CONSUMER LOANS. AT JUNE 30, 2020, THERE WERE 829,000 PERSONAL LOANS AND 183,000 FIRST AND SECOND MORTGAGE LOANS OUTSTANDING. THE CREDIT UNION RECEIVED $1,692,752,969 IN REVENUES FROM INTEREST ON LOANS, INTEREST ON INVESTMENTS, AND OTHER NON-INTEREST SOURCES DURING THE YEAR ENDED JUNE 30, 2020. THE COST OF PROVIDING SERVICES TO CREDIT UNION MEMBERS WAS $1,486,066,717 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 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 999999 0 7700 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X REX A SPIVEY 9198395084 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 MICHAEL J LORD PRESIDENT 40.00 X 829046 0 41089 REX SPIVEY CHIEF FINANCIAL OFFICER 40.00 X 476945 0 38182 CHRIS AYER CHIEF INFORMATION OFFICER 40.00 X 438429 0 51107 JERRY HARMON CHIEF LENDING OFFICER 40.00 X 430062 0 36898 SUE A DOUGLAS CHIEF OPERATIONS OFFICER 40.00 X 406867 0 43271 WALLACE W UMPHLETT EVP - FINANCIAL ADVISORY SERVICES 40.00 X 361013 0 43087 LEIGH BRADY EVP - ORGANIZATION DEVELOPMENT 40.00 X 344474 0 47781 RANDY PARTIN CHIEF AUDIT OFFICER 40.00 X 347490 0 44007 JAMIE APPLEQUIST CHIEF ADMINISTRATION OFFICER 40.00 X 336841 0 48346 JENNIFER HAMRICK EVP-ORGANIZATIONAL SUPPORT 40.00 X 324305 0 43939 STEVEN HERRELL CHIEF RISK OFFICER 40.00 X 320261 0 42007 SARA TREXLER CHIEF LEGAL OFFICER 40.00 X 305849 0 49850 EDWARD T HOFFMAN JR EVP-PROPERTY MANAGEMENT 40.00 X 297391 0 36946 WILLIAM DEANS SVP - INFRASTRUCTURE SERVICES 40.00 X 273802 0 46405 WARREN PEACOCK EVP - BRANCH OPERATIONS 40.00 X 257702 0 33108 RICHARD RHOADS SVP-ELECTRONIC SERVICES 40.00 X 248141 0 41203 CATHLEEN PLAUT SVP-DEPUTY GENERAL COUNSEL 40.00 X 239873 0 43037 JOSEPH BANKS SVP-DISTRICT 40.00 X 245192 0 33131 RUSSELL PARRISH SVP-DISTRICT 40.00 X 227743 0 30198 CHRIS AYERS VICE CHAIR 5.00 X X 871 0 0 MARK FLEMING DIRECTOR 5.00 X 871 0 0 STELFANIE WILLIAMS DIRECTOR 5.00 X 871 0 0 ALICE GARLAND SECRETARY/ TREASURER 5.00 X X 821 0 0 JOANNE SANFORD DIRECTOR 5.00 X 816 0 0 MCKINLEY WOOTEN DIRECTOR 5.00 X 684 0 0 BOB BRINSON CHAIRMAN 5.00 X X 0 0 0 SHIRLEY BELL DIRECTOR 5.00 X 0 0 0 KARAN BUNN DIRECTOR 5.00 X 0 0 0 JENNIFER HAYGOOD DIRECTOR 5.00 X 0 0 0 MONA MOON DIRECTOR 5.00 X 0 0 0 6716360 0 793592 429 0 1 0 BARNHILL CONTRACTING COMPANY 800 TIFFANY BLVD SUITE 200 ROCKY MOUNT NC 27804 BRANCH CONSTRUCTION 17320740 MCDONALD YORK BUILDING COMPANY 801 OBERLIN RD SUITE 235 RALEIGH NC 27605 BRANCH CONSTRUCTION 14795974 DAVID CONSTRUCTION COMPANY PO BOX 1724 CLEMMONS NC 27012 BRANCH CONSTRUCTION 10105348 MAINLINE INFORMATION SYSTEMS PO BOX 11407 DEPT 1649 BIRMINGHAM AL 35246 SOFTWARE 9227533 FIDELITY NATIONAL INFORMATION SERVICES I PAYMENT PROCESSING CENTER PO 4535 CAROL STREAMS IL 60197 SOFTWARE 7184828 101 INTEREST ON LOANS - REAL ESTATE 522100 794129490 794129490 INTEREST ON PERSONAL LOANS 522100 408876569 408876569 INTERCHANGE FEES 522100 143936961 143936961 NON-MEMBER FEES 522100 62929393 62929393 DEMAND DEPOSIT PROCESSING 541200 18295865 18295865 42676783 42676783 1470845061 222510131 222510131 88877 0 88877 88877 88877 38108111 38799211 -691100 -691100 -691100 1692752969 1407915668 62929393 221907908 3250000 6226397 433082075 41026917 57763325 31905513 738821 611260 2467458 24774403 41973594 5000503 372253 450146466 72439390 953504 PROVISION FOR LOAN LOSS 156000000 EQUIPMENT REPAIR AND MA 75444749 CARD PROCESSING FEES 48579089 ATM NETWORK EXCHANGE CH 3881261 29429739 1486066717 611919383 812287906 10897808703 12450940826 23306945367 24191428374 30389694 37171109 1668379059 628354703 935841831 1040024356 338912 338912 4124927300 5939024716 789370991 774303115 40697542181 45245519314 47739133 36095030 186540526 182593468 37095050159 41322092894 37329329818 41540781392 X 0 0 0 0 3368212363 3704737922 3368212363 3704737922 40697542181 45245519314 X 206686252 133379390 -3540083 X 0 1 X 1 0 0 1 X 249255868 249255868 818178274 230895827 587282447 7465428 5581212 1884216 593479489 391877664 201601825 1040024356 US TREASURY SECURITIES 5834507813 C STUDENT LOAN BONDS 89117903 C FHLB STOCK 15000000 C CERTIFICATE OF DEPOSIT 399000 C 5939024716 MEMBER DEPOSITS 41275419926 OTHER LIABILITIES 46672968 41322092894 X 1720533074 27780105 27780105 1692752969 0 1692752969 1509869232 340967 23461548 23802515 1486066717 0 1486066717 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, 2020 AND 2019. BY LAW, AT A MINIMUM, BUSINESS TAX RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES FOR THE YEARS JUNE 30, 2017 THROUGH JUNE 30, 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE FROM SUBSIDIARIES 27,089,005. GAIN ON SALE OF REO 15,816. LOSS ON SALE OF FIXED ASSETS -124,167. GAIN ON SALE OF CIL 799,451. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES FROM SUBSIDIARIES 22,770,448. GAIN ON SALE OF REO 15,816. LOSS ON SALE OF FIXED ASSETS -124,167. GAIN ON SALE OF CIL 799,451. 1 FEEDING THE CAROLINAS 6255 TOWNCENTER DRIVE SUITE 803 CLEMMONS NC 27012 273181226 501C3 1000000 N/A N/A COVID RELIEF ASSISTANCE SALVATION ARMY 501 ARCHDALE DRIVE CHARLOTTE NC 28217 580660607 501C3 1000000 N/A N/A COVID RELIEF ASSISTANCE CAROLINAS CREDIT UNION FOUNDATION PO BOX 1787 COLUMBIA SC 29202 561842095 501C3 250000 N/A N/A COVID RELIEF ASSISTANCE 3 0 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 X X 0 0 0 MICHAEL J LORD PRESIDENT 804046 0 0 0 25000 0 28000 0 13089 0 870135 0 0 0 REX SPIVEY CHIEF FINANCIAL OFFICER 431787 0 0 0 45158 0 28000 0 10182 0 515127 0 0 0 CHRIS AYER CHIEF INFORMATION OFFICER 356276 0 0 0 82153 0 28000 0 23107 0 489536 0 0 0 JERRY HARMON CHIEF LENDING OFFICER 386972 0 0 0 43090 0 28000 0 8898 0 466960 0 0 0 SUE A DOUGLAS CHIEF OPERATIONS OFFICER 344792 0 0 0 62075 0 28000 0 15271 0 450138 0 0 0 WALLACE W UMPHLETT EVP - FINANCIAL ADVISORY SERVICES 320660 0 0 0 40353 0 28000 0 15087 0 404100 0 0 0 LEIGH BRADY EVP - ORGANIZATION DEVELOPMENT 299903 0 0 0 44571 0 28000 0 19781 0 392255 0 0 0 RANDY PARTIN CHIEF AUDIT OFFICER 307561 0 0 0 39929 0 28000 0 16007 0 391497 0 0 0 JAMIE APPLEQUIST CHIEF ADMINISTRATION OFFICER 317841 0 0 0 19000 0 28000 0 20346 0 385187 0 0 0 JENNIFER HAMRICK EVP-ORGANIZATIONAL SUPPORT 290664 0 0 0 33641 0 28000 0 15939 0 368244 0 0 0 STEVEN HERRELL CHIEF RISK OFFICER 262645 0 0 0 57616 0 28000 0 14007 0 362268 0 0 0 SARA TREXLER CHIEF LEGAL OFFICER 267063 0 0 0 38786 0 28000 0 21850 0 355699 0 0 0 EDWARD T HOFFMAN JR EVP-PROPERTY MANAGEMENT 240564 0 0 0 56827 0 28000 0 8946 0 334337 0 0 0 WILLIAM DEANS SVP - INFRASTRUCTURE SERVICES 248802 0 0 0 25000 0 27058 0 19347 0 320207 0 0 0 WARREN PEACOCK EVP - BRANCH OPERATIONS 217152 0 0 0 40550 0 25836 0 7272 0 290810 0 0 0 RICHARD RHOADS SVP-ELECTRONIC SERVICES 212430 0 0 0 35711 0 25710 0 15493 0 289344 0 0 0 CATHLEEN PLAUT SVP-DEPUTY GENERAL COUNSEL 219776 0 0 0 20097 0 25122 0 17915 0 282910 0 0 0 JOSEPH BANKS SVP-DISTRICT 190857 0 0 0 54335 0 24704 0 8427 0 278323 0 0 0 RUSSELL PARRISH SVP-DISTRICT 176190 0 0 0 51553 0 22850 0 7348 0 257941 0 0 0 FORM 990, PART VI, SECTION A, LINE 1 THE BOARD MAY APPOINT AN EXECUTIVE COMMITTEE OF NOT FEWER THAN THREE DIRECTORS TO ACT FOR IT, WITH RESPECT TO SPECIFICALLY DELEGATED FUNCTIONS AND SUBJECT TO SUCH LIMITATIONS AS PRESCRIBED BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 6 SECU IS A NON-PROFIT FINANCIAL COOPERATIVE OWNED BY AND OPERATED FOR THE BENEFIT OF ITS 2,500,000 MEMBERS. MEMBERSHIP IN THE CREDIT UNION IS RESTRICTED PRINCIPALLY TO EMPLOYEES OF THE STATE OF NORTH CAROLINA AND THEIR FAMILIES. EACH MEMBER-OWNER HAS ONE VOTE WHICH IS EXERCISED TO ELECT VOLUNTEER DIRECTORS. VOLUNTEERS SET THE POLICIES FOR THE OPERATION OF THE CREDIT UNION. THE MEMBERS OF THE BOARD OF DIRECTORS, LOAN REVIEW COMMITTEES, ADVISORY BOARDS, AND OTHER COMMITTEES PLAY MAJOR ROLES IN DIRECTING AND MONITORING THE AFFAIRS OF THE CREDIT UNION. THE MEMBERS BY A MAJORITY VOTE OF ALL THE SHAREHOLDERS SHALL HAVE THE POWER TO REVIEW THE ACTS AND REVERSE THE DECISIONS OF THE BOARD OF DIRECTORS OF THIS CREDIT UNION. 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 MERGER OF THE ORGANIZATION INTO ANOTHER FINANCIAL INSTITUTION, DISSOLUTION OF THE CREDIT UNION, CONVERSION FROM A STATE TO A FEDERALLY CHARTERED CREDIT UNION OR THE 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, OPERATIONS, 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 15A THE BOARD OF DIRECTORS SETS THE SALARY AND BENEFITS OF THE PRESIDENT. A FORMAL ANNUAL REVIEW OF THE PERFORMANCE OF THE PRESIDENT IS CONDUCTED BY THE BOARD OF DIRECTORS. IN ADDITION, A COMPENSATION COMMITTEE, COMPRISED OF MEMBERS OF THE BOARD OF DIRECTORS, UTILIZES SURVEYS AND MARKET COMPARISONS OF PEER CREDIT UNIONS AND OTHER FINANCIAL INSTITUTIONS TO BENCHMARK THE COMPENSATION PACKAGE OF THE PRESIDENT. THESE SURVEYS ARE INDEPENDENTLY OBTAINED FROM COMPENSATION CONSULTANTS CONTRACTED BY THE SECU HR DEPARTMENT. THE BOARD OF DIRECTORS REVIEWS THE COMPENSATION SURVEYS, RECOMMENDATIONS OF THE COMPENSATION COMMITTEE, THE PERFORMANCE OF THE PRESIDENT AND THE CREDIT UNION, AND SETS THE SALARY AND BENEFITS LEVEL OF THE PRESIDENT. DISCUSSION, DELIBERATION AND DECISIONS OF THE BOARD AND COMPENSATION COMMITTEE ARE DOCUMENTS AND MAINTAINED IN THE MEETING MINUTES. PERIODIC SALARY SURVEYS AND BENCHMARKING ARE LIKEWISE OBTAINED FOR ALL STAFF AND MANAGEMENT POSITIONS OF THE ORGANIZATION. THERE IS NO INCENTIVE OR COMMISSION BASED COMPENSATION FOR ANY EMPLOYEE. ALL EMPLOYEES RECEIVE A SALARY. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY OF THE ORGANIZATION ARE MADE AVAILABLE UPON REQUEST. A SUMMARY OF THE FINANCIAL STATEMENTS ARE MADE AVAILABLE MONTHLY ON THE ORGANIZATION'S WEB SITE, ALONG WITH PERIODIC UPDATES OF THE FINANCIAL CONDITION OF THE ORGANIZATION. THE ANNUAL REPORT TO THE MEMBERSHIP AND THE COMPLETE AUDITED FINANCIAL STATEMENTS WITH FOOTNOTES ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE WITH PAPER COPIES AVAILABLE ON REQUEST. FORM 990, PART XI, LINE 9: UNAMORTIZED LOSS ON POSTRETIREMENT ACCOUNTS -3,540,083. 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 202488 1533133 1.00000 1 SECU BROKERAGE SERVICES 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 262442926 BROKER/DEALER NC STATE EMPLOYEES' CREDIT UNION C 5179 1057183 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 1536975 69170061 1.00000 1 SECURE INC 119 N SALISBURY STREET FL 10 RALEIGH NC 27603 460697967 PROPERTY MANAGEMENT NC STATE EMPLOYEES' CREDIT UNION C 2783063 305413736 1.00000 1 0 0 0 0 0 0 1 1 0 1 0 0 1 1 1 1 1 0 0 SECU LIFE G 12542508 ACTUAL AMOUNT SECURE G 19135163 ACTUAL AMOUNT SECU LIFE J 178171 ACTUAL AMOUNT SECU LIFE M 1459971 ACTUAL AMOUNT SECU LIFE O 1410667 ACTUAL AMOUNT CUIS AND SBS O 1646251 ACTUAL AMOUNT SECURE O 2564631 ACTUAL AMOUNT SECURE Q 45693 ACTUAL AMOUNT SBS Q 1057949 ACTUAL AMOUNT CUIS Q 584972 ACTUAL AMOUNT SECURE P 42089 ACTUAL AMOUNT SECURE J 261729 ACTUAL AMOUNT