2024-10-01T10:56:36-05:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 560895888 GREATER KINSTON CREDIT UNION GREA 2525274002 901 N QUEEN STREET KINSTON NC 28501 JONTAE SHERROD BRANCH MANAGER & CEO 2525274002 2024-09-30 1 0 JOHN J MURNANE JR P03021572 3052328272 2024-09-30 2023 2024-10-15 13:58:12Z JONTAE SHERROD 901 N QUEEN STREET KINSTON NC 28501 853581 0 X WWW.GREATERKCU.ORG X 1952 NC TO PROVIDE PROVIDENT SAVINGS AND CREDIT SERVICES TO MEMBERS, PARTICULARLY IN LOW-INCOME COMMUNITIES. 9 9 5 15 0 0 34636 29633 698188 658348 23645 139157 0 0 756469 827138 0 0 0 0 280322 308716 0 0 0 344378 447569 624700 756285 131769 70853 13523496 14059946 11690101 12155698 1833395 1904248 TO PROVIDE PROVIDENT SAVINGS AND CREDIT SERVICES TO MEMBERS, PARTICULARLY IN LOW-INCOME COMMUNITIES. 0 0 GKCU PROVIDED A WIDE RANGE OF FINANCIAL SERVICES TO 3,922 MEMBERS, INCLUDING NEW LENDING OF APPROXIMATELY $1.8 MILLION DURING 2023. 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 236 0 1 5 1 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 1 0 X JONTAE SHERROD 2525274002 901 N QUEEN STREET KINSTON NC 28501 JIMMY COCHRAN CHAIRPERSON 1.00 X 0 0 0 NATASHA ROUSE VICE CHAIRPERSON 1.00 X 0 0 0 JOSHUA KELLY SECRETARY/TREASURER 1.00 X 0 0 0 PRESTON HARRIS DIRECTOR 1.00 X 0 0 0 FAITH BYNUM DIRECTOR 1.00 X 0 0 0 ROBERT SWINSON IV DIRECTOR 1.00 X 0 0 0 VIRGINIA COX-DAUGHERTY DIRECTOR 1.00 X 0 0 0 JOHN W JONES DIRECTOR 1.00 X 0 0 0 RICH HUTSON DIRECTOR 1.00 X 0 0 0 JAIMIE SPRUILL CEO 40.00 X 95066 0 0 95066 0 0 0 0 0 0 STATE EMPLOYEES' CREDIT UNION 119 N SALISBURY ST RALEIGH NC 27603 FINANCIAL ACCOUNTING AND DATA PROCESSING 120551 1 29633 29633 LOANS TO MEMBERS 522100 496310 496310 FEES AND CHARGES 522100 162038 162038 658348 145329 145329 20271 26443 -6172 -6172 -6172 827138 797505 0 0 X 95066 150502 7086 36794 19268 2100 36019 1250 47201 26800 2420 1839 117624 2905 13728 15017 SECU SERVICE EXPENSE 120551 PROVISION FOR LOAN LOSS 35100 SECONDARY MARKET LOAN E 12017 MISCELLANEOUS EXPENSE 9945 3053 756285 348924 220971 4039258 4642653 50000 63822 57816 8476823 8517272 15067 15517 916395 613177 316946 303218 120579 120579 142077 131920 13523496 14059946 62289 78554 67366 11627812 12009778 11690101 12155698 X 0 0 0 0 1833395 1904248 1833395 1904248 13523496 14059946 70853 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 68000 68000 561959 334304 227655 286436 278873 7563 303218 IRA SHARES 546703 MONEY MARKET 1518661 SHARE DRAFTS 692021 SHARE TERM CERTIFICATES 4487594 SHARES 4764799 12009778 X 818114 -15196 -15196 833310 -6172 -6172 827138 747261 6172 6172 741089 15196 15196 756285 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. PART XI, LINE 2D - OTHER ADJUSTMENTS: EXPENSES REPORTED NET OF REVENUE IN AUDITED FINANCIAL STATEMENTS BUT WITHIN EXPENSES IN FORM 990. -15,196. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS REPORTED AS A REDUCTION OF REVENUE ON FORM 990 BUT REPORTED WITHIN EXPENSES IN THE AUDITED FINANCIAL STATEMENTS -6,172. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS REPORTED AS A REDUCTION OF REVENUE ON FORM 990 BUT REPORTED WITHIN EXPENSES IN THE AUDITED FINANCIAL STATEMENTS 6,172. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES REPORTED NET OF REVENUE IN AUDITED FINANCIAL STATEMENTS BUT WITHIN EXPENSES IN FORM 990. 15,196. FORM 990, PART VI, SECTION A, LINE 6 OUR MEMBERS OF THE CREDIT UNION ARE ALSO SHAREHOLDERS OF THE CREDIT UNION. EACH MEMBER IS ENTITLED TO ONE VOTE ON MATTERS SUBJECT TO MEMBER APPROVAL AS THEY OCCUR. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY. DECISIONS ARE MADE BY THE GOVERNING BODY WHO REPRESENTS THE MEMBERSHIP OF THE CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE SUPERVISORY COMMITTEE AND THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CODE OF ETHICS AND CONFLICT OF INTEREST ARE REVIEWED AND APPROVED BY THE BOARD ANNUALLY AND SIGNED BY BOARD AND STAFF. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWS AND APPROVES ALL SALARIES BASED ON REVIEW OF COMPARABLE SALARIES AT OTHER CREDIT UNIONS. FORM 990, PART VI, SECTION C, LINE 19 NO DOCUMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 24E RETURNED ITEM EXPENSE 3,053. FORM 990, PART XII, LINE 2C: THE CREDIT UNION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.