Southeastern Federal Credit Union
- Assets
- $334.4m
- Revenue
- $14.5m
- Investments
- $1.2m
- Employees
- 112
- Location
- Valdosta, GA
- Founding
- 08/2017
- Data as of
- 12/2021
- 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 12/2021, Southeastern Federal Credit Union employed 112 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 12/2021, Southeastern Federal Credit Union generated $14.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $12.2m during the year ending 12/2021. While expenses have increased by 1.5% per year over the past 6 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
2021
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 25,791 MEMBERS IN 2021. THE CREDIT UNION PROVIDED BUSINESS AND CONSUMER LOANS AND DEPOSITS TOTALING APPROXIMATELY $229,000,000 AND 283,000,000, RESPECTIVELY, THROUGH EIGHT FULL SERVICE LOCATIONS.
SOUTHEASTERN CREDIT UNION SEEKS TO BE A GOOD COMMUNITY CITIZEN AND IS INVOLVED IN MANY COMMUNITY SERVICE ACTIVITIES. ANNUALLY EMPLOYEES AND THE CREDIT UNION CONTRIBUTE TO THE UNITED WAY. THE CREDIT UNION SUPPORTS THE LOCAL SCHOOL ATHLETICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
E Michael Gudely President/ceo | Officer | 40 | $245,392 |
Jennifer Stasio Svp/cfo | Officer | 40 | $176,485 |
Cindy Kelley Mortgage Originator | 40 | $168,493 | |
Steven P Sainz Svp/clo | Officer | 40 | $154,154 |
Berry Tanner VP Ware/pierce Executive | 40 | $121,094 | |
Eric Bennett VP Of Retail Services | 40 | $118,721 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kasasa Ltd Member Products | 12/30/21 | $256,856 |
Jack Henry & Associates Inc Core Provider | 12/30/21 | $1,095,281 |
Att Phone Service | 12/30/21 | $174,918 |
South Georgia Cleaning Service Inc Cleaning Service | 12/30/21 | $103,452 |
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 | $14,121,764 |
| Investment income | $382,121 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$13,570 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,490,315 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $677,062 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,332,512 |
| Pension plan accruals and contributions | $295,333 |
| Other employee benefits | $514,337 |
| Payroll taxes | $366,314 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,174 |
| Fees for services: Accounting | $93,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,221,714 |
| Advertising and promotion | $154,391 |
| Office expenses | $500,018 |
| Information technology | $91,994 |
| Royalties | $0 |
| Occupancy | $539,281 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $69,912 |
| Interest | $1,044,248 |
| Payments to affiliates | $47,957 |
| Depreciation, depletion, and amortization | $563,653 |
| Insurance | $61,754 |
| All other expenses | $120,542 |
| Total functional expenses | $12,185,460 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,174,076 |
| Savings and temporary cash investments | $50,265,484 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,811 |
| Loans from Officers, Directors, or Controlling Persons | $5,173,722 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $227,593,525 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $546,703 |
| Net Land, buildings, and equipment | $8,491,553 |
| Investments—publicly traded securities | $33,777,644 |
| Investments—other securities | $1,233,503 |
| Investments—program-related | $0 |
| Intangible assets | $39,160 |
| Other assets | $4,085,184 |
| Total assets | $334,399,365 |
| Accounts payable and accrued expenses | $2,634,249 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $243,404 |
| 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 | $299,547,679 |
| Total liabilities | $302,425,332 |
| 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 | $31,974,033 |
| Total liabilities and net assets/fund balances | $334,399,365 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions Of Alabama Tuscaloosa, AL | $1,400,922,106 | $57,798,045 |
Guardian Credit Union Montgomery, AL | $763,618,487 | $55,701,810 |
Avadian Credit Union Birmingham, AL | $1,107,599,442 | $50,956,352 |
Self Help Credit Union Durham, NC | $1,341,389,804 | $52,319,101 |
State Chartered Credit Unions In Florida Tallahassee, FL | $809,997,626 | $45,725,908 |
First Commerce Credit Union Tallahassee, FL | $972,658,522 | $46,857,921 |
Gulf Winds Credit Union Pensacola, FL | $1,014,783,334 | $45,342,070 |
Credit Unions In The State Of Alabama Rainbow City, AL | $666,462,536 | $43,280,897 |
State Chartered Credit Unions In Florida Jacksonville, FL | $1,319,070,045 | $41,838,326 |
Leaders Credit Union Jackson, TN | $642,989,895 | $47,507,703 |
State Chartered Credit Unions In Florida Miramar, FL | $964,049,184 | $39,741,302 |
State Chartered Credit Unions In Florida Rockledge, FL | $1,021,969,331 | $43,006,441 |