Form 990 for tax year 2022
Filed by SOUTHEASTERN FEDERAL CREDIT UNION.
Totals
- Total revenue
- $15,882,953
- Total expenses
- $12,752,800
- Contributions and grants received
- $0
- Grants paid
- $54,000
- Program service revenue
- $14,852,362
- Investment income
- $1,030,591
- Other revenue
- $0
- Total assets, end of year
- $341,470,817
- Total liabilities, end of year
- $309,037,945
- Net assets or fund balances, end of year
- $32,432,872
- 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: LOAN INCOME
total $9,835,117 · related or exempt $9,835,117
-
2b · Program service revenue: FEES, CHARGES, AND OTHER INCOME
total $4,934,446 · related or exempt $4,934,446
-
2c · Program service revenue: FINANCE AND INSURANCE
total $82,799 · unrelated business $82,799
-
3 · Investment income
total $1,030,591 · excluded $1,030,591
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $54,000
-
5 · Compensation of officers, directors and key employees
total $703,381
-
7 · Other salaries and wages
total $4,423,319
-
8 · Pension plan contributions
total $281,631
-
9 · Other employee benefits
total $553,333
-
10 · Payroll taxes
total $373,360
-
11b · Fees: legal
total $13,573
-
11c · Fees: accounting
total $100,700
-
11g · Fees: other
total $1,397,622
-
12 · Advertising and promotion
total $178,843
-
13 · Office expenses
total $506,301
-
14 · Information technology
total $97,777
-
16 · Occupancy
total $524,738
-
19 · Conferences, conventions and meetings
total $150,404
-
20 · Interest
total $964,001
-
21 · Payments to affiliates
total $44,505
-
22 · Depreciation, depletion and amortization
total $611,794
-
23 · Insurance
total $68,810
-
24a · Other expenses: ATM/VISA/SHARE DRAFT PR
total $789,382
-
24b · Other expenses: LOAN SERVICING
total $361,965
-
24c · Other expenses: PROVISION FOR LOAN LOSS
total $220,000
-
24d · Other expenses: MAINTENANCE & REPAIRS
total $204,177
-
24e · All other expenses
total $129,184
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,174,076 · end of year $3,339,972
-
2 · Savings and temporary cash investments
beginning of year $50,265,484 · end of year $15,867,384
-
4 · Accounts receivable
beginning of year $18,811 · end of year $26,903
-
5 · Loans and receivables from officers and key people
beginning of year $5,173,722 · end of year $5,279,633
-
7 · Other notes and loans receivable
beginning of year $227,593,525 · end of year $250,422,313
-
9 · Prepaid expenses and deferred charges
beginning of year $546,703 · end of year $634,700
-
10a · Land, buildings and equipment: cost or other basis
$13,868,161
-
10b · Land, buildings and equipment: accumulated depreciation
$5,306,420
-
10c · Land, buildings and equipment, net
beginning of year $8,491,553 · end of year $8,561,741
-
11 · Investments: publicly traded securities
beginning of year $33,777,644 · end of year $49,990,241
-
12 · Investments: other securities
beginning of year $1,233,503 · end of year $1,345,007
-
14 · Intangible assets
beginning of year $39,160 · end of year $27,221
-
15 · Other assets
beginning of year $4,085,184 · end of year $5,975,702
-
17 · Accounts payable and accrued expenses
beginning of year $2,634,249 · end of year $4,017,857
-
21 · Escrow or custodial account liability
beginning of year $243,404 · end of year $247,521
-
25 · Other liabilities
beginning of year $299,547,679 · end of year $304,772,567
-
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 $31,974,033 · end of year $32,432,872
Mission and programs · 2022
Mission
SOUTHEASTERN CREDIT UNION IS A COMMUNITY CHARTERED ORGANIZATION COVERING FOURTEEN SOUTH GEORGIA COUNTIES (BENN HILL, BERRIEN, BROOKS, COLQUITT, COOK, ECHOLS, IRWIN, LANIER, LOWNDES, THOMAS, TIFT, TURNER, WARE, AND PIERCE). SOUTHEASTERN CREDIT UNION IS DEDICATED TO DELIVERING VALUE WHILE PROVIDING LEGENDARY SERVICE.
Activities or mission (Part I)
THE MISSION OF SOUTHEASTERN CREDIT UNION IS TO DELIVER VALUE AND PROVIDE LEGENDARY SERVICE TO ITS MEMBERSHIP.
-
SOUTHEASTERN CREDIT UNION SERVED THE FINANCIAL NEEDS OF 24,940 MEMBERS IN 2022. THE CREDIT UNION PROVIDED BUSINESS AND CONSUMER LOANS AND DEPOSITS TOTALING APPROXIMATELY $252,000,000 AND $305,000,000, RESPECTIVELY, THROUGH EIGHT FULL SERVICE LOCATIONS.
-
SOUTHEASTERN CREDIT UNION SEEKS TO BE A GOOD COMMUNITY CITIZEN AND IS INVOLVED IN MANY COMMUNITY SERVICE ACTIVITIES. THE CREDIT UNION DONATED $54,000 TO LOCAL SCHOOLS AND CHARITABLE ORGANIZATIONS DURING 2022. THE CREDIT UNION, ALONG WITH ITS EMPLOYEES, ALSO CONTRIBUTED TO THE UNITED WAY.
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Roy McNealROY MCNEAL
BOARD - DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
C Anthony PaytonC ANTHONY PAYTON
BOARD - TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Jerry PermenterJERRY PERMENTER
BOARD - CHAIRPEARSON AUDIT COMMITTEE
- Total calculated
- $0
- Hours/week
- 1
-
Charles EidsonCHARLES EIDSON
BOARD - CHAIRPESON
- Total calculated
- $0
- Hours/week
- 1
-
Wayne PlumlyWAYNE PLUMLY
BOARD - VICE CHAIRPESON
- Total calculated
- $0
- Hours/week
- 1
-
Dr Dustin KilbyDR DUSTIN KILBY
BOARD - SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Leanna PledgerLEANNA PLEDGER
BOARD - DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
E Michael GudelyE MICHAEL GUDELY
PRESIDENT/CEO
- Total calculated
- $320,196
- From this org
- $274,865
- From related orgs
- $0
- Other
- $45,331
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $245,479
- Bonus
- $29,386
- Other
- $0
- Deferred
- $25,045
- Nontaxable benefits
- $20,286
- Filer's total
- $320,196
-
Jennifer StasioJENNIFER STASIO
SVP/CFO
- Total calculated
- $222,708
- From this org
- $188,049
- From related orgs
- $0
- Other
- $34,659
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $156,067
- Bonus
- $31,982
- Other
- $0
- Deferred
- $15,716
- Nontaxable benefits
- $18,943
- Filer's total
- $222,708
-
Eric BennettERIC BENNETT
VP CLO
- Total calculated
- $160,477
- From this org
- $139,057
- From related orgs
- $0
- Other
- $21,420
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $123,142
- Bonus
- $15,915
- Other
- $0
- Deferred
- $10,730
- Nontaxable benefits
- $10,690
- Filer's total
- $160,477
-
Kevin CameronKEVIN CAMERON
VP OF IT
- Total calculated
- $127,667
- From this org
- $108,385
- From related orgs
- $0
- Other
- $19,282
- Hours/week
- 40
-
Cynthia KelleyCYNTHIA KELLEY
MORTGAGE LOAN OFFICER
- Total calculated
- $155,318
- From this org
- $142,497
- From related orgs
- $0
- Other
- $12,821
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $33,688
- Bonus
- $108,809
- Other
- $0
- Deferred
- $5,564
- Nontaxable benefits
- $7,257
- Filer's total
- $155,318
-
Berry TannerBERRY TANNER
WAYCROSS AREA EXECUTIVE
- Total calculated
- $148,087
- From this org
- $137,380
- From related orgs
- $0
- Other
- $10,707
- Hours/week
- 40
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
- 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 4B
- THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE PRESIDENT/CEO THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE EXECUTIVE'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE EXECUTIVE MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOANS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT.
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
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 30 October 2023
- IRS schema version
- 2022v5.0
- Source object
- 202343069349302964
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