Rex.Spivey @ncsecu.org
Dear Rex,
Thank you for helping my favorite friend, Jean Blaine, with her request for copies of the IRS tax report "990's" * for SECU for 2022 and for copies of the April 30, 2023 financials. Appreciate your courtesy and diligence as always.
Would like to follow up on the financials. What you provided was an abbreviated two-page "trend summary" of SECU's financial performance, which was helpful. I had hoped to receive the regular, full report normally published monthly in the past. Are these financial monthly reports still available to members? Or have restrictions been imposed?
Checked with former CEO Mike Lord to confirm that SECU financials were available to members under his administration, which was also my experience. He indicated that the financials were "published" internally to a data site available to staff - and could be printed off for members upon request. Is this still the acceptable practice at SECU?
The reason I ask for your help is that branch staff seem to be "hesitant" about readily providing this information. Seems to be some uncertainty about what "current policy" is on making financials available to member-owners. Would you please clarify?
Additionally, there does not seem to be a set, committed schedule for timely publication of the reports. What is your anticipated, monthly publication target?
Again, thank you for your help, look forward to your response. As an aside, might I suggest that you publish the monthly financials on the SECU website? Go "digital"!
Sincerely,
Jim Blaine
...be fair, publish his response! (OK, will do!)
* IRS tax form 990 - State-chartered credit unions are required to file an annual form "990" (non-profit tax report) with the IRS. The 990 report covers financial information by various categories, board leadership listing, and executive salaries. A state-chartered credit union must provide - upon written request by any individual - the last 3 years (2022, 2021, 2020) 990's within 30 days of request.
At a February leadership meeting, Hayes specifically said "it's fine" if SECU fails audits. He criticized the legacy managers for being overly concerned with, and afraid of, failing audits. He said they need to relax. "Mistakes are how we learn", he said, or something to that effect.
ReplyDeleteYikes.
At least he has some pride in what he is best at - those Haze mistakes are becoming legendary at SECU.
DeleteYeah, he is the same Examiner/CFO who said Wescorp's Financials were fine too and that resulted in billions of losses. He didn't seem to learn much from the Biggest Mistake (Failure) in credit union history. Now is not the time for SECU to relax, Hayes has more dollars to lose there.
DeleteIt’s fine to fail an audit? Never in my 38 years at SECU did I ever hear that.
DeleteObviously the current CEO doesn’t expect much from his employees or hold them accountable if that statement is true. No! It’s no ok to fail! It’s not your credit union! Are you sure you heard that statement correctly? Others at this “leadership” meeting hear the same thing?
DeleteRemember this "just take the book and burn it* (insert uncomfortable laughter).
DeleteDon't you just love that digital world? There is an advantage in 2023 as opposed to 2010. Don't really have to remember, cause those statements are all recorded for play back. And we all know how Gym loves the camera
DeleteSo hazy that Hazey has NO pride in his ‘work’. Pride of workmanship is the gratifying sense of having done good work. It is an element of job satisfaction.
DeletePride is one of a select group of emotions that engenders perseverance and success at work. Reason why SECU had a squeaky clean reputation for 85 years. Work of ‘legacy’ employees at ALL levels.
The ‘I’ in pride stands for integrity. For someone who has no 'clue' about integrity, even the word pride is unknown. Therefore, the recommendation for Haze is to read this article while ‘NOT’ looking in a mirror since the mirror is ALWAYS a source of constant distraction. WITHOUT having Integrity, it’s going to be difficult to gain pride in yourself.
https://www.hanoverschools.org/sites/g/files/vyhlif3221/f/pages/hms_yearbook_2021_writing_contest_-_pride_-_ava_jones.pdf
Well said. If Wescorp - the greatest credit union failure in history - is not a mistake to learn from and be afraid of so as to not repeat the same AGAIN, then what is his takeaway from that 'fiasco'? What is he bringing to the table as a President now?
DeleteHaze, here is the meaning for fiasco: a thing that is a complete failure, especially in a ludicrous or humiliating way.
Those are the words of a man who supposedly has an accounting degree and worked in Big 6 accounting for 1 year and 11 months. In the 90’s you usually had exactly 2 years to get your CPA license or be shown the door. Might be an indicator as to why he struggles so much with simple financial concepts.
DeleteJames Hayes thought he could talk his way through SECU, it may have worked with their Board - not working with SECU staff. When the numbers come out, he will be toast. Board will have to face the consequences, they should have listened and acted early on.
DeleteWell yeah, Hayes had to dismantle the entire module program because employee education told him, as a new hire, he'd need to take and pass the modules within 12 months. Should be no sweat for an experienced CEO, right? Yet he knew it would reveal him to be a fool, so he got rid of the whole thing instead.
DeleteWho do I contact to obtain the 990 form? I would like to know how much Jim is being paid to destroy the credit union.
ReplyDeletehttps://www.irs.gov/charities-non-profits/public-disclosure-and-availability-of-exempt-organizations-returns-and-applications-disclosures-required
DeleteJust glad to know he hasn't been replaced with one of the Hayes rookies, at least we have one person there we members can still trust.
ReplyDeleteBut you ought to meet the deputy that Haze helped hire. He’s a gem!
DeleteRex strikes me as a good guy in a difficult position, trying hard to hold the line. He’s provided us with the most useful, factual information we’ve received out of this administration. I don’t envy his position.
ReplyDeleteRex is one of the good guys, trust me ...
DeleteNot if he doesn't reply
DeleteLet's be realistic. Would you reply if you were in Rex's position? Knowing how controlling and vindictive Hayes is?
DeleteNCUA placed Hayes in Wescorp. We know how that ended. Hayes brought a buddy from Andrews Federal Credit Union to replace SECU's proven and spotless Legacy Audit Leadership.
ReplyDeleteWho should be worried more, the Members or the Board?
if the ship goes down, everybody on board should be worried.
DeleteThe New SECU Administration Is blinding us with their transparency. Financial Reports, Executive's salaries, Voting changes and everything else owned by the Membership. People, if you don't know the meaning of the word, stop using it in your sentences.
ReplyDeleteIn Rex’s defense, I have noticed that he is extremely stressed. Once he was asked what he loses sleep over and he said, “How do we pay for this!” I think he’s like the rest of us… never thought we would be here and we need to feed our families. Hands tied gonna lose everything if we don’t shut up! He’s between a rock and a hard place.
ReplyDeleteYes! I remember him saying this.
DeleteRex is as genuine as they come. He’s a good guy and not the enemy here. Please don’t disparage him publicly.
ReplyDeleteAmen
DeleteEveryone at SECU knows Rex Spivey is a good man and as honest as the come. All I see here is complimentary statements to him, the position he has been placed in is well understood. Hang in there Rex, you earned that position with your hard work!
DeleteRex; if you are seeing this buddy…hold the line! Don’t know you are good or bad. Never met you, but we sure as h*** need you.
DeleteEasy questions
Delete.Still no answers? Acting like the board?
Rex is a good dude. Period. Let’s stay focused on the BOD, the Exec Team( with a few exceptions) and CEO Hayes. My recent college grad has better leadership skills than this bunch. I’ve been here 30+ years and this is a complete disaster. I never thought we could be dismantled so quickly and easily. Truly stunning.
DeleteRex serves a higher God.
DeleteNot if he doesn't reply
DeleteHe'll tell the truth or quit.
DeleteI’ve never been around Rex much but I believe him to be one of “us”. He is doing his best to serve and do the right thing! Probably like so many in that we’re just trying to put on a brave face and do the job we’ve known for so long and hope we get back to our old ways before it’s too late.
ReplyDeleteHe’s also close to retirement and has to watch his step carefully.
DeleteI second that
ReplyDeleteNCUA: We know you are doing this on purpose. To h*** with your sick world economic forum. Forcing consumer behaviors in order to cut costs by replacing employees with AI. Absolutely sick.
ReplyDeleteIs it true and confirmed they have taken 2 trips to Hawaii and chartered a private jet to Atlanta? Maybe I missed this in previous posts, but if it is indeed true, then explains a lot about our leadership. As a 20+ year employee, never have I ever heard of administration doing such. So where are we funneling these funds from to cover such first class trips since survey says, I make too much money that took me 20+ years to make. Meanwhile we’re hiring anybody and everybody who is willing to destroy SECU at salaries way over tenure employees and create BS benefits said to benefit long term employees when we all truly see it’s not for us. I have never worked anywhere in my life that thinks failing an audit is okay. If that’s the case, then why even perform branch audits??? Seems like it would be okay for those to always fail too. That’s how we learn right!?!?!?
ReplyDeleteAlll I’ll say is it’s been “rumored” for a while, they ARE AWARE people know about it,, and they have NOT denied or addressed it… so does that answer your question?
DeleteLet’s be clear, they didn’t charter a private jet, Josh, Leigh and company boarded a vendor supplied (NCR) private jet for the arduous one hour flight to Atlanta. They accepted a gift from a vendor that could have been $1500 worth of commercial flights instead.
DeletePreviously, this would have been multiple violations of SECU policy. Who knows now.
A financial institution failing audits .... what could possible go wrong ... must be part of the new/new from they
ReplyDelete"It takes many good deeds to build a good reputation, and only one bad one to lose it."
ReplyDeleteBenjamin Franklin
When Rex Spivey gave me the financials and 990s last week, I asked him if I could get financials that "this Board" got every month. He said he would have to ask.
ReplyDeletewell after all it is "their" CU now ..... we just supply the capital
DeleteSo that's not public information anymore I take it?
DeleteWill you please make the 990's available on the site?
DeleteNot even sure this request can be refused to any SECU Member. What is the CEO and This Board trying to hide from the SECU MemberOwners? Gonna check it out with my other credit union I belong to, will keep you posted on how quickly my request is processed there.
DeleteFYI…If you’re ever asked to be on a board of a non-profit the 990 is one of the first things you ask for/about. If they are hesitant…run!
Delete"O, what a tangled web we weave when first we practice to deceive!"
ReplyDeleteWalter Scott
Cowards!
ReplyDeleteSome members of This Board will be unable to ever buy a seat on any other Board in the state of North Carolina. Their inability to see what their choice of CEO has done to our credit union is unbelievable. I just read their letter to the credit union employees this afternoon, just shocked at their incompetence and arrogance. I felt sure some would see the writing on the wall by now.
ReplyDeleteI truly believe why Hayes attacks Bob White is because he doesn’t have the intellectual capability of using it. It’s just too hard for him! You have to actually know what you are doing to use Bob.
ReplyDelete