Southeast Financial Credit Union
- Assets
- $474.0m
- Revenue
- $29.3m
- Investments
- $16.5m
- Employees
- 169
- Location
- Franklin, TN
- Founding
- 06/1952
- Data as of
- 12/2023
- EIN
- 62-0382058
Organization Overview
Southeast Financial Credit Union is located in Franklin, TN. The organization was established in 1952. 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 12/2023, Southeast Financial Credit Union employed 169 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Southeast Financial 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 12/2023, Southeast Financial Credit Union generated $29.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $28.3m during the year ending 12/2023. While expenses have increased by 0.9% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES FOR APPROXIMATELY 39,823 MEMBERS IN THE FORM OF LOANS, SAVINGS ACCOUNTS, SHARE CERTIFICATES AND OTHER FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES FOR APPROXIMATELY 39,823 MEMBERS IN THE FORM OF LOANS, SHARE ACCOUNTS, SHARE CERTIFICATES AND OTHER FINANCIAL SERVICES.SERVICES INCLUDE ATM/DEBIT CARD PROGRAM, INTERNATIONAL REMITTANCES, NO SURCHARGE ATM'S, BUSINESS SHARE ACCOUNTS, HEALTH SAVINGS ACCOUNTS, NO COST SHARE DRAFTS, SHARE CERTIFICATES WITH LOW MINIMUM BALANCE REQUIREMENTS, INSURANCE/INVESTMENT SALES, STUDENT SCHOLARSHIPS, BUSINESS LOANS, CREDIT BUILDER, INDIRECT CONSUMER LENDING, INTEREST ONLY OR PAYMENT OPTION 1ST MORTGAGE LOANS, OVERDRAFT LINES OF CREDIT, OVERDRAFT/PROTECTION/COURTESY PAY, PARTICIPATION LOANS, REAL ESTATE LOANS, RISK BASED LOANS, SHARE SECURED CREDIT CARDS, FINANCIAL EDUCATION, FINANCIAL COUNSELING, FIRST TIME HOMEBUYER PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cleo Duckworth Chair, Board Member | Trustee | 1 | $0 |
Beverly A Hicks Board Member | Trustee | 1 | $0 |
Kelsie Jones Board Member | Trustee | 1 | $0 |
Scarlet Sneed Board Member | Trustee | 1 | $0 |
Billy Hatmaker Board Member | Trustee | 1 | $0 |
Walter Costner Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Trader Interactive Advertising | 12/30/23 | $317,044 |
Network Innovations Llc Network Technology | 12/30/23 | $243,050 |
Carr Riggs & Ingram Llc Accounting | 12/30/23 | $110,100 |
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 | $22,256,999 |
| Investment income | $1,585,387 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,800 |
| Net Gain/Loss on Asset Sales | -$263,884 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,260,817 |
| 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. | $1,895,810 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,093,584 |
| Pension plan accruals and contributions | $57,347 |
| Other employee benefits | $1,331,712 |
| Payroll taxes | $676,750 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $98,207 |
| Fees for services: Accounting | $118,264 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $89,763 |
| Advertising and promotion | $979,251 |
| Office expenses | $127,125 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,499,965 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $60,292 |
| Interest | $4,270,522 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $360,854 |
| Insurance | $0 |
| All other expenses | $4,138,641 |
| Total functional expenses | $28,332,559 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,572,583 |
| Savings and temporary cash investments | $34,863,359 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $465,608 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $393,149,371 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $766,008 |
| Net Land, buildings, and equipment | $13,383,748 |
| Investments—publicly traded securities | $35,449 |
| Investments—other securities | $16,471,343 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,340,041 |
| Total assets | $474,047,510 |
| Accounts payable and accrued expenses | $6,987,773 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $432,409,684 |
| Total liabilities | $439,397,457 |
| 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 | $34,650,053 |
| Total liabilities and net assets/fund balances | $474,047,510 |