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← STATE CHARTERED CREDIT UNIONS IN NORTH CAROLINA

Form 990 for tax year 2023

Filed by STATE CHARTERED CREDIT UNIONS IN NORTH CAROLINA.

Totals

Total revenue
$73,382,404
Total expenses
$52,597,358
Contributions and grants received
$4,395,258
Grants paid
$143,000
Program service revenue
$64,175,913
Investment income
$4,811,233
Other revenue
$0
Total assets, end of year
$1,031,841,907
Total liabilities, end of year
$902,416,145
Net assets or fund balances, end of year
$129,425,762
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $4,395,258

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $54,051,324 · related or exempt $54,051,324

  • 2b · Program service revenue: FEES/CHARGES/INTERCHANGE INCOME

    total $8,805,118 · related or exempt $8,805,118

  • 2c · Program service revenue: COMMISSION INCOME

    total $991,127 · related or exempt $991,127

  • 2d · Program service revenue: OTHER INCOME

    total $328,344 · related or exempt $328,344

  • 3 · Investment income

    total $4,811,233 · related or exempt $4,811,233

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $143,000

  • 5 · Compensation of officers, directors and key employees

    total $1,789,923

  • 7 · Other salaries and wages

    total $10,634,184

  • 8 · Pension plan contributions

    total $674,479

  • 9 · Other employee benefits

    total $1,979,976

  • 10 · Payroll taxes

    total $954,132

  • 11g · Fees: other

    total $1,570,029

  • 12 · Advertising and promotion

    total $29,612

  • 13 · Office expenses

    total $987,702

  • 16 · Occupancy

    total $1,619,632

  • 17 · Travel

    total $113,570

  • 20 · Interest

    total $15,983,593

  • 22 · Depreciation, depletion and amortization

    total $719,085

  • 24a · Other expenses: SERVICE FEES

    total $10,331,115

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $2,855,101

  • 24c · Other expenses: DEBIT CARD PROCESSING

    total $772,650

  • 24d · Other expenses: LOSSES

    total $380,328

  • 24e · All other expenses

    total $1,059,247

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,833,327 · end of year $5,471,066

  • 2 · Savings and temporary cash investments

    beginning of year $137,012,439 · end of year $130,376,495

  • 4 · Accounts receivable

    beginning of year $2,634,936 · end of year $2,504,594

  • 7 · Other notes and loans receivable

    beginning of year $730,334,476 · end of year $847,785,372

  • 9 · Prepaid expenses and deferred charges

    beginning of year $370,101 · end of year $2,505,869

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

    $20,345,617

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

    $4,221,829

  • 10c · Land, buildings and equipment, net

    beginning of year $16,467,059 · end of year $16,123,788

  • 12 · Investments: other securities

    beginning of year $2,814,862 · end of year $4,000,360

  • 15 · Other assets

    beginning of year $16,638,473 · end of year $23,074,363

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,275,962 · end of year $20,125,710

  • 21 · Escrow or custodial account liability

    beginning of year $1,719,639 · end of year $1,807,971

  • 23 · Secured mortgages and notes payable

    beginning of year $41,575,000 · end of year $39,775,000

  • 24 · Unsecured notes and loans payable

    beginning of year $100,436,000 · end of year $99,936,000

  • 25 · Other liabilities

    beginning of year $647,458,356 · end of year $740,771,464

  • 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 $108,640,716 · end of year $129,425,762

Mission and programs · 2023

Mission

LATINO COMMUNITY CREDIT UNION'S (LCCU) MISSION IS TO PROVIDE ETHICAL FINANCIAL PRODUCTS AND EDUCATION TO EMPOWER COMMUNITIES.

  • CREDIT UNION PROGRAMS: PROVIDE MORTGAGES AND CONSUMER LOANS TO MEMBERS AT AFFORDABLE RATES. THERE WERE 9,291 LOANS PROVIDED TO 133,792 MEMBERS IN 2023. OF THE 751 HOME LOANS MADE TO MEMBERS, 493 WERE TO FIRST-TIME HOMEBUYERS.

  • OFFER COMPETITIVE RATES ON SHARE DEPOSITS AND SERVICES. LCCU OPENED 48,720 NEW ACCOUNTS IN 2023 AND PAID OUT $15,983,593 IN DIVIDENDS FOR ITS 133,792 MEMBERS.

  • PROVIDE FINANCIAL EDUCATION TO 133,792 MEMBERS AND TO THE BROADER COMMUNITY. OFFER FREE FINANCIAL EDUCATION WORKSHOPS TO THE COMMUNITY, DEVELOP AND DISTRIBUTE CURRICULUM AND EDUCATIONAL VIDEOS TO INTERESTED PARTIES. IN 2023, LCCU PROVIDED 43 SCHOLARSHIPS FOR HIGHER EDUCATION TO MEMBERS FOR A TOTAL OF $143,000.

As filed on the 2023 return.

Listed in Part VII

  • David Brehmer

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Lorena Patterson

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Maria Scanga

    BOARD TREASURER & ASST. SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Farad Ali

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Erika Bell

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jerry Harmon

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jorge Archila

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Maria Victoria Garcia

    CEO

    Total calculated
    $315,631
    From this org
    $291,013
    From related orgs
    $0
    Other
    $24,618
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $291,013
    Bonus
    $0
    Other
    $0
    Deferred
    $17,449
    Nontaxable benefits
    $7,169
    Filer's total
    $315,631

  • Luis Pastor

    CEO

    Total calculated
    $464,541
    From this org
    $447,346
    From related orgs
    $0
    Other
    $17,195
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $391,243
    Bonus
    $0
    Other
    $56,103
    Deferred
    $3,625
    Nontaxable benefits
    $13,570
    Filer's total
    $464,541

  • Rodrigo Iniguez

    CHIEF FINANCIAL OFFICER

    Total calculated
    $46,114
    From this org
    $46,114
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Roger Montes

    CHIEF RETAIL OFFICER

    Total calculated
    $197,074
    From this org
    $177,267
    From related orgs
    $0
    Other
    $19,807
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,267
    Bonus
    $0
    Other
    $0
    Deferred
    $10,730
    Nontaxable benefits
    $9,077
    Filer's total
    $197,074

  • Alison Yonas

    CHIEF DEVELOPMENT & IMPACT OFFICER

    Total calculated
    $197,792
    From this org
    $187,117
    From related orgs
    $0
    Other
    $10,675
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,117
    Bonus
    $9,000
    Other
    $0
    Deferred
    $10,675
    Nontaxable benefits
    $0
    Filer's total
    $197,792

  • Irving Bustillo

    CHIEF LENDING OFFICER

    Total calculated
    $198,959
    From this org
    $170,447
    From related orgs
    $0
    Other
    $28,512
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,447
    Bonus
    $0
    Other
    $0
    Deferred
    $10,625
    Nontaxable benefits
    $17,887
    Filer's total
    $198,959

  • Steve Herrell

    CHIEF RISK OFFICER

    Total calculated
    $191,000
    From this org
    $179,336
    From related orgs
    $0
    Other
    $11,664
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,336
    Bonus
    $0
    Other
    $0
    Deferred
    $10,800
    Nontaxable benefits
    $864
    Filer's total
    $191,000

  • Terry Phelps

    CHIEF OPERATIONS OFFICER

    Total calculated
    $178,812
    From this org
    $173,479
    From related orgs
    $0
    Other
    $5,333
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,479
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $5,333
    Filer's total
    $178,812

  • Camilo Moncayo

    VP DEPOSITS & OPERATIONS

    Total calculated
    $123,814
    From this org
    $109,919
    From related orgs
    $0
    Other
    $13,895
    Hours/week
    40

  • Timothy Brophy

    VP ACCOUNTING

    Total calculated
    $123,154
    From this org
    $103,030
    From related orgs
    $0
    Other
    $20,124
    Hours/week
    40

  • Agustin Sanchez

    VP TRIANGLE REGION

    Total calculated
    $114,154
    From this org
    $100,594
    From related orgs
    $0
    Other
    $13,560
    Hours/week
    40

  • Hernan Sedda

    VP TRIAD REGION

    Total calculated
    $116,844
    From this org
    $100,552
    From related orgs
    $0
    Other
    $16,292
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433209349303228

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