Southern Mutual Financial Services Inc
- Assets
- $435.4k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 1
- Location
- New Iberia, LA
- Founding
- 06/2000
- Data as of
- 12/2022
- EIN
- 72-1462016
Organization Overview
Southern Mutual Financial Services Inc is located in New Iberia, LA. The organization was established in 2000. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Mutual Financial Services Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CONCERNED WITH QUALITY OF LIFE OF VERY LOW,LOW & MODERATE INCOME PERSONS ESPECIALLY PERTAINING TO AFFORDABLE HOUSING,HOME OWNERSHIP TRAINING ED. & FINANCIAL BUDGETING ESPECIALLY IN NINE RURAL PARISHES.
Describe the Organization's Program Activity:
Part 3
(A) LENDING PROGRAMSMFS IS COMMITTED TO PROVIDING ACCESSIBLE CAPITAL THROUGH FINANCIAL PRODUCTS AND ARMS-LENGTH TRANSACTIONS TO VERY LOW, LOW AND MODERATE INCOME PERSONS.
(B) FAMILY AND COMMUNITY DEVELOPMENT PROGRAMSMFS IS COMMITTED TO CREATING HEALTHY COMMUNITIES BY PROVIDING EDUCATION AND TRAINING TO HELP FAMILIES BUILD AND MAINTAIN THEIR ASSETS AND BUILD THEIR WEALTH.THE FAMILY AND COMMUNITY DEVELOPMENT PROGRAM INCLUDES:(1) HOMEOWNERSHIP COUNSELING - GIVES POTENTIAL HOMEOWNERS HANDS-ON EXPERIENCE IN PURCHASING OR CONSTRUCTING A HOME, HOW MORTGAGE LENDING WORKS, BUDGETING, AND WHAT HOMEOWNERSHIP COULD MEAN IN THEIR LIVES.(2) FINANCIAL BUDGETING - PROVIDES TRAINING AND TECHNICAL ASSISTANCE TO VERY LOW, LOW AND MODERATE INCOME FAMILIES IN PREPARATION AND MAINTENANCE OF A FINANCIAL BUDGET.(3) SKILL TRANSFER TRAINING - PROMOTES SELF-SUFFICIENCY BY TEACHING PEOPLE HOW THEY CAN SAVE MONEY BY DOING THEIR OWN HOME REPAIRS AND MAINTENANCE AND KEEP THE VALUE IN THEIR HOMES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martha Moore Member | 1 | $0 | |
Helen Vinton Secretary | 4 | $0 | |
Lorna Bourg Treasurer | 6 | $0 | |
Dr Phebe Hayes President | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,069 |
| Total Program Service Revenue | $15,954 |
| Membership dues | $0 |
| Investment income | $80 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | -$2,318 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $34,230 |
| Professional fees and other payments to independent contractors | $34,273 |
| Occupancy, rent, utilities, and maintenance | $4,904 |
| Printing, publications, postage, and shipping | $132 |
| Other expenses | $54,186 |
| Total expenses | $127,725 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $75,325 |
| Other assets | $0 |
| Total assets | $435,365 |
| Total liabilities | $12,258 |
| Net assets or fund balances | $423,107 |