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Nonprofiteer
← SOUTHERN ENERGY CREDIT UNION

Form 990 for tax year 2023

Filed by SOUTHERN ENERGY CREDIT UNION.

Totals

Total revenue
$118,347,236
Total expenses
$100,998,695
Contributions and grants received
$0
Grants paid
$53,775
Program service revenue
$118,347,236
Investment income
$0
Other revenue
$0
Total assets, end of year
$3,501,472,069
Total liabilities, end of year
$3,288,093,222
Net assets or fund balances, end of year
$213,378,847
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INVESTMENT INCOME

    total $72,524,754 · related or exempt $72,524,754

  • 2b · Program service revenue: LOAN INTEREST INCOME-MEMBERS

    total $37,457,396 · related or exempt $37,457,396

  • 2c · Program service revenue: FINANCIAL SERVICE FEES AND OTHER

    total $8,365,086 · related or exempt $8,128,754 · unrelated business $236,332

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $53,775

  • 5 · Compensation of officers, directors and key employees

    total $5,942,371

  • 7 · Other salaries and wages

    total $6,412,711

  • 9 · Other employee benefits

    total $4,276,827

  • 10 · Payroll taxes

    total $692,396

  • 11b · Fees: legal

    total $58,576

  • 11c · Fees: accounting

    total $108,120

  • 13 · Office expenses

    total $306,028

  • 16 · Occupancy

    total $790,845

  • 19 · Conferences, conventions and meetings

    total $337,744

  • 22 · Depreciation, depletion and amortization

    total $1,195,855

  • 23 · Insurance

    total $546,022

  • 24a · Other expenses: FEDERAL INCOME TAX

    total $21,000

  • 24b · Other expenses: MEMBER SHARE DIVIDENDS

    total $70,520,560

  • 24c · Other expenses: DATA PROC, FINANCIAL SV

    total $5,725,614

  • 24d · Other expenses: OTHER OPERATING EXPENSE

    total $878,579

  • 24e · All other expenses

    total $3,131,672

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,701 · end of year $364,398

  • 2 · Savings and temporary cash investments

    beginning of year $76,825,822 · end of year $29,653,767

  • 7 · Other notes and loans receivable

    beginning of year $811,116,465 · end of year $918,256,693

  • 9 · Prepaid expenses and deferred charges

    beginning of year $534,574 · end of year $480,061

  • 10a · Land, buildings and equipment: cost or other basis

    $39,836,915

  • 10b · Land, buildings and equipment: accumulated depreciation

    $13,508,678

  • 10c · Land, buildings and equipment, net

    beginning of year $26,206,953 · end of year $26,328,237

  • 13 · Investments: program-related

    beginning of year $2,394,994,997 · end of year $2,410,514,088

  • 15 · Other assets

    beginning of year $110,697,026 · end of year $115,874,825

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,686,210 · end of year $23,818,558

  • 21 · Escrow or custodial account liability

    beginning of year $21,981 · end of year $22,653

  • 25 · Other liabilities

    beginning of year $3,270,176,544 · end of year $3,264,252,011

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $131,504,803 · end of year $213,378,847

Mission and programs · 2023

Mission

COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST.

Activities or mission (Part I)

COOPERATIVE CREDIT UNION

  • CODE OF ALABAMA, SEC 5-17-1, STATES THAT A CREDIT UNION IS A COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. APCO EMPLOYEES CREDIT UNION,AN ALABAMA STATE CHARTERED CREDIT UNION, WAS ESTABLISHED TO PROVIDE THESE SERVICES TO ITS MEMBERS WHO ARE EMPLOYEES AND THEIR RELATIVES OF ALABAMA POWER COMPANY. THE CREDIT UNION'S MEMBERSHIP ALSO INCLUDES AFFILIATES OF ALABAMA POWER AND SELECTED EMPLOYEE GROUPS WITHIN THE REGION. AS OF DECEMBER 31, 2023, THE CREDIT UNION HAD MEMBERSHIP AND PROVIDED SERVICES TO APPROXIMATELY 87,096 MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • JOHN VALEKIS

    DIRECTOR - TREASURER

    Total calculated
    $1,754
    From this org
    $1,754
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • WENDELL PATE

    DIRECTOR

    Total calculated
    $3,256
    From this org
    $3,256
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • GREG BASS

    SUPERVISORY COMMITTEE CHAIR

    Total calculated
    $4,851
    From this org
    $4,851
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • CARLTON STEPHENS

    DIRECTOR

    Total calculated
    $6,016
    From this org
    $6,016
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • GREGG SHIPP

    DIRECTOR - VICE CHAIRPERSON

    Total calculated
    $4,817
    From this org
    $4,817
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ROBERT B ROY

    DIRECTOR

    Total calculated
    $7,162
    From this org
    $7,162
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • MARK WILKINSON

    DIRECTOR - CHAIRPERSON

    Total calculated
    $1,805
    From this org
    $1,805
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ANN WILKINSON

    SUPERVISORY COMMITTEE

    Total calculated
    $1,718
    From this org
    $1,718
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ALLISON BOONE

    DIRECTOR

    Total calculated
    $8,471
    From this org
    $8,471
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • CELIA YATES

    DIRECTOR - SECRETARY

    Total calculated
    $6,351
    From this org
    $6,351
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • CARISSA LEDBETTER

    SUPERVISORY COMMITTEE

    Total calculated
    $6,280
    From this org
    $6,280
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • DAN BLALOCK

    DIRECTOR

    Total calculated
    $10,346
    From this org
    $10,346
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • DERRICK RAGLAND

    CEO

    Total calculated
    $4,611,497
    From this org
    $4,573,446
    From related orgs
    $0
    Other
    $38,051
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $815,465
    Bonus
    $0
    Other
    $3,757,981
    Deferred
    $16,454
    Nontaxable benefits
    $21,597
    Filer's total
    $4,611,497

  • BLANE MINK

    CFO/VP

    Total calculated
    $740,472
    From this org
    $459,827
    From related orgs
    $0
    Other
    $280,645
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $458,327
    Bonus
    $0
    Other
    $1,500
    Deferred
    $253,238
    Nontaxable benefits
    $27,407
    Filer's total
    $740,472

  • ANDY RUSH

    COO

    Total calculated
    $527,576
    From this org
    $373,569
    From related orgs
    $0
    Other
    $154,007
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $372,069
    Bonus
    $0
    Other
    $1,500
    Deferred
    $129,907
    Nontaxable benefits
    $24,100
    Filer's total
    $527,576

  • ANGELA WRIGHT

    IT MANAGER

    Total calculated
    $372,999
    From this org
    $240,893
    From related orgs
    $0
    Other
    $132,106
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,493
    Bonus
    $0
    Other
    $10,400
    Deferred
    $123,438
    Nontaxable benefits
    $8,668
    Filer's total
    $372,999

  • DANNA HORNE

    ADMIN MANAGER

    Total calculated
    $310,835
    From this org
    $167,861
    From related orgs
    $0
    Other
    $142,974
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,861
    Bonus
    $0
    Other
    $0
    Deferred
    $133,938
    Nontaxable benefits
    $9,036
    Filer's total
    $310,835

  • JACOB JULIAN

    COMPTROLLER

    Total calculated
    $290,439
    From this org
    $195,908
    From related orgs
    $0
    Other
    $94,531
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,908
    Bonus
    $0
    Other
    $0
    Deferred
    $74,338
    Nontaxable benefits
    $20,193
    Filer's total
    $290,439

  • PRESTON HOLDER

    LENDING MANAGER

    Total calculated
    $210,879
    From this org
    $144,992
    From related orgs
    $0
    Other
    $65,887
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,992
    Bonus
    $0
    Other
    $0
    Deferred
    $45,130
    Nontaxable benefits
    $20,757
    Filer's total
    $210,879

  • JONATHAN CANTRELL

    LOAN OFFICER

    Total calculated
    $173,130
    From this org
    $142,216
    From related orgs
    $0
    Other
    $30,914
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,216
    Bonus
    $0
    Other
    $0
    Deferred
    $11,010
    Nontaxable benefits
    $19,904
    Filer's total
    $173,130

  • DAVID A MARLOWE

    FORMER COO OF POWERCO

    Total calculated
    $160,184
    From this org
    $160,184
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,184
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $160,184

  • MARCIA E TIDMORE

    FORMER CFO OF POWERCO

    Total calculated
    $149,390
    From this org
    $149,390
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,390
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $149,390

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
THE BOARD OF DIRECTORS APPROVES TRAVEL EACH YEAR FOR ANY BOARD MEMBER OR OFFICER OF THE CREDIT UNION AND IF A SPOUSE WILL BE PERMITTED TO TRAVEL.
PART I, LINE 1B
THE BOARD OF DIRECTORS APPROVES TRAVEL EACH YEAR FOR ANY BOARD MEMBER OR OFFICER OF THE CREDIT UNION AND IF A SPOUSE WILL BE PERMITTED TO TRAVEL. ALL EXPENSES ARE REVIEWED BY THE TREASURER AND BOARD CHAIR.
PART I, LINE 3
MANAGEMENT'S COMPENSATION IS DETERMINED ANNUALLY BY THE CREDIT UNION'S BOARD OF DIRECTORS AND IS BASED ON PERFORMANCE AND INDEPENDENT COMPARABLE INDUSTRY COMPENSATION DATA.
PART I, LINE 4B
APCO EMPLOYEES CREDIT UNION SPONSORS THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, ORGINALLY EFFECTIVE AS OF MARCH 1, 2016 AND RESTATED EFFECTIVE MAY 1, 2022. THE CREDIT UNION HAS ESTABLISHED THE PLAN TO ENCOURAGE LONG-TERM EMPLOYMENT WITH THE CREDIT UNION BY KEY MEMBERS OF THE CREDIT UNION'S MANAGEMENT TEAM BY PROVIDING DEFERRED COMPENSATION SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE. THE PLAN IS A NONQUALIFIED DEFERRED COMPENSATION PLAN SUBJECT TO CLIFF VESTING, AND AS SUCH IS INTENDED TO QUALIFY FOR INCOME TAX DEFERRAL UNDER 26 U.S.C. SECTION 457(F). EXECUTIVE UNDER THE TERMS OF THE PLAN MEANS A KEY EMPLOYEE OF THE CREDIT UNION WHOM THE CREDIT UNION SPECIFICALLY DESIGNATES AS A PARTICIPANT OF THE PLAN, WHO IS IN A COVERED POSISTION, WHO QUALIFIES AS A MEMBER OF THE SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED INDIVIDUALS UNDER 29 C.F.R. SECTION 2520.104-24, AND WHO ENTERS INTO A PARTICIPATION AGREEMENT. COVERED POSISTIONS ARE: PRESIDENT, VICE PRESIDENT, ACCOUNTING MANAGER, ADMINISTRATIVE MANAGER, COLLECTION MANAGER, CUSO EXECUTIVE MANAGER, DATA PROCESSING & IT MANAGER, HR MANAGER/GENERAL COUNSEL, LOAN MANAGER, MEMBER SERVICE MANAGER, AND ANY ADDITIONAL POSISTIONS DETERMINED BY THE BOARD OF DIRECTORS. THE EXECUTIVE BECOMES ENTITLED TO THE FULL SERP UPON SEPARATION FROM SERVICE (FOR REASONS OTHER THAN DEATH OR CAUSE) ON OR AFTER THE EXECUTIVE'S 65TH BIRTHDAY. NO BENEFITS ARE PAYABLE UNDER THIS PLAN FOLLOWING THE EXECUTIVE'S DEATH. THE SERP BENEFIT IS THE LIFETIME ANNUITY DESCRIBED IN THE PARTICIPATION AGREEMENT. THE CREDIT UNION MAY VEST THE EXECUTIVE IN A PORTION OF THE SERP BENEFIT BEFORE AN ENTITLEMENT ABOVE. IF THE CREDIT UNION DOES SO, IT WILL DISTRIBUTE A PORTION OF THE SERP BENEFIT CALCULATED TO EQUAL THE INCREASED INCOME TAX BURDEN ON THE EXECUTIVE DUE TO THE VESTING EVENT. THE CREDIT UNION WILL PAY THE REMAINDER OF THE NEWLY VESTED SERP BENEFIT AS ORIGINALLY SCHEDULED. PURSUANT TO THE INSTRUCTIONS FOR FORM 990, AMOUNTS DEFERRED BY THE EMPLOYER UNDER A SECTION 457(F) PLAN, BUT NOT SUBSTANTIALLY VESTED, ARE INCLUDED IN FORM 990 PART VII SECTION A COLUMN (F) AND SCHEDULE J (FORM 990) PART II COLUMN C. ONE PARTICIPANT VESTED IN THE PLAN DURING 2023 AT THE DISCRETION OF THE CREDIT UNION.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • COMMON BOND MORTGAGE LLC

    ORIGINATION, PURCHASE, SALE, BROKERING, AND SERVICING OF MORTGAGES · AL · income $10,632 · assets $1,160,143

    Directly controlled by APCO CUSO INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • APCO CUSO INC

    C · FINANCIAL SERVICES · AL · 100% owned · share of assets $745,407 · controlled entity

    Directly controlled by APCO EMPLOYEES CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202403209349308925

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