Southeastern Federal Credit Union
- Assets
- $341.5m
- Revenue
- $15.9m
- Investments
- $1.3m
- Employees
- 123
- Location
- Valdosta, GA
- Founding
- 08/2017
- Data as of
- 12/2022
- EIN
- 58-0801176
Organization Overview
Southeastern Federal Credit Union is located in Valdosta, GA. The organization was established in 2017. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Southeastern Federal Credit Union employed 123 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southeastern Federal Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Southeastern Federal Credit Union generated $15.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $12.8m during the year ending 12/2022. While expenses have increased by 2.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF SOUTHEASTERN CREDIT UNION IS TO DELIVER VALUE AND PROVIDE LEGENDARY SERVICE TO ITS MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOUTHEASTERN CREDIT UNION SERVED THE FINANCIAL NEEDS OF 24,940 MEMBERS IN 2022. THE CREDIT UNION PROVIDED BUSINESS AND CONSUMER LOANS AND DEPOSITS TOTALING APPROXIMATELY $252,000,000 AND $305,000,000, RESPECTIVELY, THROUGH EIGHT FULL SERVICE LOCATIONS.
SOUTHEASTERN CREDIT UNION SEEKS TO BE A GOOD COMMUNITY CITIZEN AND IS INVOLVED IN MANY COMMUNITY SERVICE ACTIVITIES. THE CREDIT UNION DONATED $54,000 TO LOCAL SCHOOLS AND CHARITABLE ORGANIZATIONS DURING 2022. THE CREDIT UNION, ALONG WITH ITS EMPLOYEES, ALSO CONTRIBUTED TO THE UNITED WAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roy Mcneal Board - Director | Trustee | 1 | $0 |
C Anthony Payton Board - Treasurer | Trustee | 1 | $0 |
Jerry Permenter Board - Chairpearson Audit Committee | Trustee | 1 | $0 |
Charles Eidson Board - Chairpeson | Trustee | 1 | $0 |
Wayne Plumly Board - Vice Chairpeson | Trustee | 1 | $0 |
Dr Dustin Kilby Board - Secretary | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Core Provider | 12/30/22 | $1,134,540 |
Valdosta Mechanical Company Inc Hvac Company | 12/30/22 | $396,710 |
Kasasa Ltd Member Products | 12/30/22 | $273,732 |
Microage Online Loan/account Opening | 12/30/22 | $260,947 |
Att Phone Service | 12/30/22 | $190,857 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $14,852,362 |
| Investment income | $1,030,591 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,882,953 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $54,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $703,381 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,423,319 |
| Pension plan accruals and contributions | $281,631 |
| Other employee benefits | $553,333 |
| Payroll taxes | $373,360 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,573 |
| Fees for services: Accounting | $100,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,397,622 |
| Advertising and promotion | $178,843 |
| Office expenses | $506,301 |
| Information technology | $97,777 |
| Royalties | $0 |
| Occupancy | $524,738 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $150,404 |
| Interest | $964,001 |
| Payments to affiliates | $44,505 |
| Depreciation, depletion, and amortization | $611,794 |
| Insurance | $68,810 |
| All other expenses | $129,184 |
| Total functional expenses | $12,752,800 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,339,972 |
| Savings and temporary cash investments | $15,867,384 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,903 |
| Loans from Officers, Directors, or Controlling Persons | $5,279,633 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $250,422,313 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $634,700 |
| Net Land, buildings, and equipment | $8,561,741 |
| Investments—publicly traded securities | $49,990,241 |
| Investments—other securities | $1,345,007 |
| Investments—program-related | $0 |
| Intangible assets | $27,221 |
| Other assets | $5,975,702 |
| Total assets | $341,470,817 |
| Accounts payable and accrued expenses | $4,017,857 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $247,521 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $304,772,567 |
| Total liabilities | $309,037,945 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $32,432,872 |
| Total liabilities and net assets/fund balances | $341,470,817 |