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.
