State Employees' Credit Union
Nonprofit profile at a glance
- EIN
- 560475645
- IRS 990 coverage
- 2009–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024, Form 990-N 2024
- Location
- Raleigh, NC, USA
- Phone
- (888) 732-8562
- Rating confidence
- Limited
Reported finances
- Revenue
- $2,922,921,560
- Expenses
- $2,645,445,120
- Assets
- $56,111,610,046
- Liabilities
- $50,879,453,316
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
30 people listed
Executive titles in this filing
- LEIGH BRADY (PRESIDENT)
Highest reported compensation
- LEIGH BRADY (PRESIDENT): $1,230,909 total reported compensation
- REX SPIVEY (CHIEF FINANCIAL OFFICER): $649,086 total reported compensation
- JOSHUA BOMBA (CITO (LEFT 12/13/24)): $599,800 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide financial services to North Carolina state employees and their families, promoting thrift and financial well-being.
What it reported doing in 2024
The state employees' credit union is owned by our 2.9 million members. Secu provides services to our members through 276 branch offices, 1076 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, 2025, there were approximately 617,000 personal loans and approximately 234,000 first and second mortgage loans outstanding. The credit union received $2,923,081,432 in revenues from interest on loans, interest on investments, and other non-interest sources during the year ended june 30, 2025. The cost of providing services to credit union members was $2,645,445,120 for the year. The cost of services consists of interest paid on share accounts, salaries, building expenses, equipment expenses, and other operational expenses.
Operating model
- Revenue model
- Other-operating. 80% of the money available for current operations came from other operating revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 90
- Accountability: 95
- Sustainability: 74
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 90.9%; rating input score 91; 6th percentile among comparable filings
- Pay-setting controls: 5 of 6 controls in place; rating input score 83
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 92.9%; rating input score 93; 25th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
- Governance controls: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 9.5%; rating input score 71; 71st percentile among comparable filings
- Total-asset coverage ratio: 21.21; rating input score 97; 97th percentile among comparable filings
- Liabilities to assets ratio: 0.91; rating input score 12; 12th percentile among comparable filings
- Officer compensation ratio: 0.4%; rating input score 87; 87th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 7.7% per year; rating input score 100; 65th percentile among comparable filings
- Asset growth: 6.5% per year; rating input score 100; 48th percentile among comparable filings
Details
- What they do: 1 operating location identified
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 11 of 11 board members independent · 8 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $1.2M · 30 people listed · 5 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $66.6M reported
- Consistency: 11 of 12 current checks pass · 1 finding to review
- Schedules: 6 filed schedules · includes grants, executive pay, and related organizations
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 35 filed money-flow records
- Related organizations: 17 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Review — Accountability: Governance controls: Form 990 shared with the board not reported.
- High — Sustainability: Liabilities to assets ratio scored 12/100.