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Self-Help Credit Union FY2023 filing

Not tax-deductible

Durham, NCMutual-benefit / member-servingSince 1983EIN 56-1382971Revenue $92.8M in FY2023

On file with the IRSself-help.orgPo Box 3619, 27702-3619 · Durham, NCTax-exempt since Aug 1969

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Our mission is to create ownership and economic opportunities for all, especially people of color, women, rural residents,low-wealth families and communities. We provided loans to members at reasonable rates and pay competitive rates of interest to members.

Mission: Form 990 Part I, line 1

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $20.0M a year · 26% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
28 mo
of spending, in cash
Looks good: 28.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $820K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.5B
86% of total assets
Concern: liabilities are 86% of assets; over 80%.
Pt X · Ln 26
Independent board members
13
of 15 voting members
Looks good: 13 of 15 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$92.8M
+19% vs prior year
Spent
$63.1M
To programs
0%
Net assets
$239.3M
By yearFY2020–FY2024
Revenue
$92.8M
FY2023▲ +19%
Tap a bar for its year
Revenue by fiscal year
FY2020$56.8M
FY2021$52.3M
FY2022$77.9M
FY2023$92.8M
FY2024$102.2M
Expenses
$63.1M
FY2023▲ +27%
Tap a bar for its year
Expenses by fiscal year
FY2020$51.0M
FY2021$41.0M
FY2022$49.7M
FY2023$63.1M
FY2024$77.2M
Net assets
$239.3M
FY2023▼ -3%
Tap a bar for its year
Net assets by fiscal year
FY2020$178.7M
FY2021$198.0M
FY2022$247.8M
FY2023$239.3M
FY2024$262.9M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1969.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

24 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
$0Pt VII · Sec A
Martin Eakes
Ceodirector
$0Pt VII · Sec A
Kerri J Smith
Regional President
$0Pt VII · Sec A
$0Pt VII · Sec A
Ronald Wiley
Regional Director
$0Pt VII · Sec A
James Shedlick
Chief Information Officer
$0Pt VII · Sec A
Sharon L Carlson
Dir Remote Prod Services
$0Pt VII · Sec A
See Self-Help Credit Union executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides loans and competitive interest to create economic opportunities for underserved communities.

Questions for Self-Help Credit Union

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Provided by the organization

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1 program · in their own filed words · FY2023
01

Provided consumer, mortgage and business loan to members at reasonable rates. A total of 3,464 loans were originated in 2023. Provided services and paid competitives rates of interest to members. Total members served 88,388.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Center for Community Self-HelpFY2024$820K
Total grants receivedfrom 1 funder$820K

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$92.8M
Ln 12
Fees for servicesLn 2g$83.8M
Investment incomeLn 3$9.0M
Money outPt IX
$63.1M
Ln 25
Owns and owesPt X
$239.3M
net assets · Ln 32
Cash and savingsLn 1–2$149.3M
Total assetsLn 16$1.8B
LiabilitiesLn 26$1.5B
PeoplePt VI, VII
24
listed · VII A
PaidVII A0
Voting boardVI 1a15
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$83.8M
Investment incomeLn 3$9.0M
Total revenueLn 12$92.8M
Assets in detailPt X, end of year
CashLn 1$6.6M
SavingsLn 2$142.7M
Cash and savings togetherLn 1–2$149.3M
InvestmentsLn 11–13$12.0M
Land, buildings, equipmentLn 10c$54.9M
Other assetsLn 15$33.8M
Total assetsLn 16$1.8B
LiabilitiesLn 26$1.5B
Net assetsLn 32$239.3M
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$199.4M$149.3M
InvestmentsLn 11–13$13.4M$12.0M
Land, buildings, equipmentLn 10c$49.2M$54.9M
Total assetsLn 16$1.81B$1.76B
LiabilitiesLn 26$1.56B$1.52B
Net assetsLn 32$247.8M$239.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$9K
Accounting feesLn 11c$102K
Advertising and promotionLn 12$510K
Office expensesLn 13$3.6M
Information technologyLn 14$1.5M
OccupancyLn 16$3.0M
TravelLn 17$458K
Conferences, conventions and meetingsLn 19$38K
InterestLn 20$20.9M
Depreciation, depletion and amortizationLn 22$1.8M
InsuranceLn 23$302K
Other expenses (24a–d)Ln 24$28.3M$4.9M$23.4M
All other expensesLn 24e$2.6M
Total functional expensesLn 25$63.1M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $102.2M$77.2M$25.0M$262.9M 990 PDF
FY2023 Viewing $92.8M$63.1M$29.8M$239.3M 990 PDF
FY2022 $77.9M$49.7M$28.2M$247.8M 990 PDF
FY2021 $52.3M$41.0M$11.3M$198.0M 990 PDF
FY2020 $56.8M$51.0M$5.8M$178.7M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $92,846,991 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $7,176,685$0
I-9 Program service revenuePrior year $64,685,283$83,817,878
I-10 Investment incomePrior year $6,084,143$9,029,113
I-11 Other revenue$0
I-12 Total revenuePrior year $77,946,111$92,846,991
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $49,710,208$63,096,264
I-18 Total expensesPrior year $49,710,208$63,096,264
I-19 Revenue less expensesPrior year $28,235,903$29,750,727
Part VI · Governance 13 of 15 board members independent, no flags
VI-1a Voting members of the governing body15
VI-1b Independent voting members13
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $92,846,991 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $83,667,301 · Unrelated business $150,577$83,817,878
VIII-3 Investment incomeExcluded from tax $9,029,113$9,029,113
VIII-12 Total revenueRelated to mission $83,667,301 · Unrelated business $150,577 · Excluded from tax $9,029,113$92,846,991
Part IX · Statement of functional expenses $63,096,264 across 13 lines filed
IX-11b Legal fees$8,654
IX-11c Accounting fees$102,052
IX-12 Advertising and promotion$509,992
IX-13 Office expenses$3,571,867
IX-14 Information technology$1,465,953
IX-16 Occupancy$3,011,162
IX-17 Travel$457,916
IX-19 Conferences, conventions and meetings$38,060
IX-20 Interest$20,922,701
IX-22 Depreciation, depletion and amortization$1,818,015
IX-23 Insurance$301,935
IX-24 Other expenses (24a–d)Programs $4,892,329 · Management $23,420,039$28,312,368
IX-24e All other expenses$2,575,589
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$63,096,264
Part X · Balance sheet $1,759,689,863 assets, 15 lines filed
Asset lines not itemized here account for $1,492,372,620; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,076,469$6,554,197
X-2 Savings and temporary cash investmentsStart of year $197,331,780$142,695,814
X-4 Accounts receivableStart of year $19,417,784$16,657,286
X-9 Prepaid expenses and deferred chargesStart of year $640,415$750,851
X-10c Land, buildings and equipment, netStart of year $49,217,906$54,870,971
X-11 Publicly traded securitiesStart of year $12,609,045$10,565,422
X-12 Other securitiesStart of year $823,300$1,421,300
X-15 Other assetsStart of year $39,877,873$33,801,402
X-16 Total assetsStart of year $1,812,435,213$1,759,689,863
X-17 Accounts payable and accrued expensesStart of year $23,377,526$37,359,303
X-24 Unsecured notes and loans payableStart of year $243,000,000$243,000,000
X-25 Other liabilitiesStart of year $1,295,455,313$1,237,342,832
X-26 Total liabilitiesStart of year $1,564,642,091$1,520,426,660
X-32 Total net assets or fund balancesStart of year $247,793,122$239,263,203
X-33 Total liabilities and net assetsStart of year $1,812,435,213$1,759,689,863
Part XI · Reconciliation of net assets $239,263,203 net assets at year end
XI-1 Total revenue$92,846,991
XI-2 Total expenses$63,096,264
XI-3 Revenue less expenses$29,750,727
XI-4 Net assets at start of year$247,793,122
XI-5 Net unrealized gains (losses) on investments−$4,634,948
XI-9 Other changes in net assets−$33,645,698
XI-10 Net assets at end of year$239,263,203

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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