Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON MORTGAGE LOANS

  total $1,144,456,591 · related or exempt $1,144,456,591

• 2b · Program service revenue: INTEREST ON PERSONAL LOANS

  total $893,406,330 · related or exempt $893,406,330

• 2c · Program service revenue: INTERCHANGE FEES

  total $180,743,831 · related or exempt $180,743,831

• 2d · Program service revenue: NON-MEMBER FEES

  total $100,139,346 · unrelated business $100,139,346

• 2e · Program service revenue: DEMAND DEPOSIT PROCESSING

  total $38,704,822 · related or exempt $38,704,822

• 2f · All other program service revenue

  total $28,335,295 · related or exempt $28,335,295

• 3 · Investment income

  total $570,710,013 · excluded $570,710,013

• 6a · Gross rents

  real property $1,818,360

• 6b · Less rental expenses

  real property $3,958,725

• 6c · Rental income or loss

  real property -$2,140,365

• 6d · Net rental income or loss

  total -$2,140,365 · unrelated business $3,520 · excluded -$2,143,885

• 7a · Gross sales of assets other than inventory

  securities $525,152,852 · other assets $25,483,537

• 7b · Less cost or other basis and sales expenses

  securities $557,450,824 · other assets $24,619,868

• 7c · Gain or loss

  securities -$32,297,972 · other assets $863,669

• 7d · Net gain or loss

  total -$31,434,303 · excluded -$31,434,303

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $377,712

• 4 · Benefits paid to or for members

  total $1,132,019,473

• 5 · Compensation of officers, directors and key employees

  total $7,248,112

• 7 · Other salaries and wages

  total $595,312,036

• 8 · Pension plan contributions

  total $57,734,771

• 9 · Other employee benefits

  total $76,836,119

• 10 · Payroll taxes

  total $46,563,851

• 11b · Fees: legal

  total $1,061,253

• 11c · Fees: accounting

  total $7,507

• 11g · Fees: other

  total $36,555,856

• 12 · Advertising and promotion

  total $1,908,779

• 13 · Office expenses

  total $36,556,550

• 14 · Information technology

  total $11,289,956

• 16 · Occupancy

  total $62,117,982

• 17 · Travel

  total $7,086,285

• 19 · Conferences, conventions and meetings

  total $533,672

• 20 · Interest

  total $84,767,433

• 22 · Depreciation, depletion and amortization

  total $62,919,937

• 23 · Insurance

  total $4,429,887

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $239,765,557

• 24b · Other expenses: EQUIPMENT REPAIR

  total $119,634,955

• 24c · Other expenses: CARD PROCESSING FEES

  total $27,541,311

• 24d · Other expenses: OPERATING COSTS

  total $16,589,732

• 24e · All other expenses

  total $16,586,394

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $711,393,093 · end of year $730,509,771

• 2 · Savings and temporary cash investments

  beginning of year $10,276,531,917 · end of year $4,233,016,362

• 4 · Accounts receivable

  beginning of year $8,992,400 · end of year $9,591,300

• 5 · Loans and receivables from officers and key people

  beginning of year $5,561,138 · end of year $32,326,194

• 7 · Other notes and loans receivable

  beginning of year $33,944,251,517 · end of year $36,141,382,285

• 9 · Prepaid expenses and deferred charges

  beginning of year $73,554,589 · end of year $73,514,291

• 10a · Land, buildings and equipment: cost or other basis

  $1,870,939,201

• 10b · Land, buildings and equipment: accumulated depreciation

  $900,193,600

• 10c · Land, buildings and equipment, net

  beginning of year $993,566,391 · end of year $970,745,601

• 11 · Investments: publicly traded securities

  beginning of year $9,326,435,035 · end of year $12,819,276,532

• 12 · Investments: other securities

  beginning of year $18,250,000 · end of year $19,250,000

• 15 · Other assets

  beginning of year $1,086,236,810 · end of year $1,081,997,710

• 17 · Accounts payable and accrued expenses

  beginning of year $297,072,211 · end of year $189,007,488

• 21 · Escrow or custodial account liability

  beginning of year $224,630,881 · end of year $244,243,327

• 23 · Secured mortgages and notes payable

  beginning of year $5,000,000,000

• 25 · Other liabilities

  beginning of year $46,306,855,793 · end of year $50,446,202,501

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $4,616,214,005 · end of year $5,232,156,730

The filer's explanations (Part III)

PART I, LINE 1A

SECU HAS A 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. 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 WHILE THE BOARD MEMBER IS TRAVELING ON OFFICIAL CREDIT UNION BUSINESS. THE PAYMENT OR REIMBURSEMENT OF A GUEST'S EXPENSES BE CONSIDERED TAXABLE INCOME TO THE BOARD MEMBER.

PART I, LINE 4B

THE CREDIT UNION HAS A SERP PLAN FOR KEY EXECUTIVES. DURING FISCAL YEAR 2025, A NON-RECOURSE LOAN WAS GRANTED TO LEIGH BRADY, PRESIDENT, IN THE AMOUNT OF $26,500,000 FOR THE PURPOSE OF SPLIT DOLLAR LIFE INSURANCE. 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 MAY BE 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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• CREDIT UNION INVESTMENT SERVICES

  C · INVESTMENT ADVISOR · NC · 100% owned · share of income $11,955,344 · share of assets $4,788,514 · controlled entity

  Directly controlled by STATE EMPLOYEES' CREDIT UNION

• SECU BROKERAGE SERVICES

  C · BROKER/DEALER · NC · 100% owned · share of income $3,455,624 · share of assets $1,698,162 · controlled entity

  Directly controlled by STATE EMPLOYEES' CREDIT UNION

• SECU LIFE INSURANCE COMPANY

  C · LIFE INSURER · NC · 100% owned · share of income $21,806,397 · share of assets $131,007,326 · controlled entity

  Directly controlled by STATE EMPLOYEES' CREDIT UNION

• SECURE INC

  C · PROPERTY MANAGEMENT · NC · 100% owned · share of income $33,915,322 · share of assets $327,333,116 · controlled entity

  Directly controlled by STATE EMPLOYEES' CREDIT UNION