Southern Financial Exchange
- Assets
- $2.5m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 7
- Location
- New Orleans, LA
- Founding
- 05/1976
- Data as of
- 12/2021
- EIN
- 72-0797058
Organization Overview
Southern Financial Exchange is located in New Orleans, LA. The organization was established in 1976. According to its NTEE Classification (W03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Southern Financial Exchange employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Financial Exchange is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Southern Financial Exchange generated $1.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 0.2% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SOUTHERN FINANCIAL EXCHANGE (SFE) PROVIDES EDUCATION, RISK AND COMPLIANCE SERVICES, ADVOCACY, AND CONSULTATIVE EXPERTISE TO THE FINANCIAL INSTITUTIONS AND ORGANIZATIONS WE SERVE, THROUGH A COLLABORATIVE PARTNERSHIP WITH OUR MEMBERS AND INDUSTRY LEADERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTION OF ELECTRONIC PAYMENTS FOR MEMBER FINANCIAL INSTITUTIONS WHICH INCLUDE BANKS, SAVINGS & LOANS, AND CREDIT UNIONS. EDUCATION OF OUR MEMBERS THROUGH A CONFERENCE, IN-PERSON SEMINARS, WEBINARS AND ON-DEMAND COURSES. EDUCATION OF OUR MEMBERS THROUGH PHONE SUPPORT, ON-SITE REVIEW OF MEMBER OPERATIONS AND ON-SITE TRAINING/ CONSULTING. REPRESENTATION AND ADVOCACY OF OUR MEMBERS THROUGH INDUSTRY DEVELOPMENT EFFORTS: NACHA RULES, RPA FORUM COMMITTEES, FEDERAL RESERVE TASK FORCES, ECCHO RULES DEVELOPMENT AND OTHER INDUSTRY EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald Jackson President & CEO | OfficerTrustee | 40 | $222,766 |
Ean Colley Secretary | OfficerTrustee | 0.5 | $0 |
Pam Ware Chair | OfficerTrustee | 0.5 | $0 |
Brenda H Eldridge CPA Treasurer | OfficerTrustee | 0.5 | $0 |
Nick Anderson Past Chair | OfficerTrustee | 0.5 | $0 |
Kelly Kiker Vice Chair | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $724,315 |
| 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 | $724,315 |
| Total Program Service Revenue | $601,574 |
| Investment income | $21,826 |
| 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 | $1,354,861 |
| 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. | $222,766 |
| Compensation of current officers, directors, key employees. | $111,383 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $467,719 |
| Pension plan accruals and contributions | $61,609 |
| Other employee benefits | $109,376 |
| Payroll taxes | $48,592 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $34,495 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $25,396 |
| Office expenses | $19,517 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,112 |
| Travel | $3,563 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,931 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,534 |
| Insurance | $10,959 |
| All other expenses | $31,194 |
| Total functional expenses | $1,209,504 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,824,847 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $573,729 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,386 |
| Prepaid expenses and deferred charges | $24,497 |
| Net Land, buildings, and equipment | $24,089 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,453,548 |
| Accounts payable and accrued expenses | $96,545 |
| Grants payable | $0 |
| Deferred revenue | $749,845 |
| 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 | $0 |
| Total liabilities | $846,390 |
| Net assets without donor restrictions | $1,607,158 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $2,453,548 |
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