Liabilities / Assets
64th percentile
Higher debt load relative to assets than 64% of similar nonprofits.
Southeastern Credit Union
990 • Fiscal year 2016 • EIN 58-0801176
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.90x
Liabilities / Revenue
33rd percentile
Higher debt load relative to revenue than 33% of similar nonprofits.
Net Margin
65th percentile
Higher net margin than 65% of similar nonprofits.
Top Officer Pay
66th percentile
Higher top officer pay than 66% of similar nonprofits.
Top officer pay equals 1.8% of source-year revenue.
Asset Growth
Score unavailable
No earlier valid filing was available within the previous three public years.
Revenue Growth
Score unavailable
No earlier valid filing was available within the previous three public years.
Balance Sheet
Assets
$228,784,729
No earlier filing loaded for comparison.
Net Assets
$21,749,943
No earlier filing loaded for comparison.
Liabilities
$207,034,786
No earlier filing loaded for comparison.
Revenue And Expenses
Revenue
$12,837,371
No earlier filing loaded for comparison.
Expenses
$11,131,675
No earlier filing loaded for comparison.
Net Income
$1,705,696
No earlier filing loaded for comparison.
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2016 to Dec 31, 2016
- Signed
- Nov 10, 2017
- Return Version
- 2016v3.0
- Gross Receipts
- $16,916,907
Mission and Program Overview
Mission
The mission of southeastern credit union is to deliver value and provide legendary service to its membership.
The mission of southeastern credit union is to deliver value and provide legendary service to its membership. Southeastern credit union is a community chartered organization covering ten south georgia counties (ben hill, berrien, brooks, cook, echols, irwin, lanier, lowndes, tift, and turner). Southeastern credit union is organized and chartered under the laws of georgia to provide financial services to individuals and businesses.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Other Notes and Loans Receivable, Net | $146,283,277 | $141,222,905 | ▼ $5,060,372 |
| Investments in Publicly Traded Securities | $35,336,913 | $49,466,469 | ▲ $14,129,556 |
| Rtn Earn Endowment Incm Other Fnds | $21,046,576 | $21,749,943 | ▲ $703,367 |
| Savings and Temporary Cash Investments | $20,888,465 | $19,163,264 | ▼ $1,725,201 |
| Land, Buildings, and Equipment, Net | $8,791,653 | $8,895,067 | ▲ $103,414 |
| Cash and Non-Interest-Bearing Accounts | $3,001,822 | $3,292,753 | ▲ $290,931 |
| Investments Other Securities | $2,988,564 | $1,891,735 | ▼ $1,096,829 |
| Receivables From Officers Etc | $243,000 | $486,000 | ▲ $243,000 |
| Prepaid Expenses and Deferred Charges | $274,937 | $257,338 | ▼ $17,599 |
| Intangible Assets | $25,608 | $98,857 | ▲ $73,249 |
| Pd in Cap Srpls Land Bldg Eqp Fund | $0 | $0 | → $0 |
| Cap Stk Tr Prin Current Funds | $0 | $0 | → $0 |
| Total Assets | $221,595,634 | $228,784,729 | ▲ $7,189,095 |
| Other Assets Total | $3,761,395 | $4,010,341 | ▲ $248,946 |
| Liabilities | |||
| Other Liabilities | $198,769,988 | $204,268,950 | ▲ $5,498,962 |
| Accounts Payable and Accrued Expenses | $1,731,032 | $2,710,492 | ▲ $979,460 |
| Escrow Account Liability | $48,038 | $55,344 | ▲ $7,306 |
| Total Liabilities | $200,549,058 | $207,034,786 | ▲ $6,485,728 |
| Net Assets / Fund Balance | |||
| Total Net Assets Fund Balance | $21,046,576 | $21,749,943 | ▲ $703,367 |
| Total Liabilities and Net Assets / Fund Balance | $221,595,634 | $228,784,729 | ▲ $7,189,095 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Buildings | $5,560,987 | $1,483,706 | $7,044,693 |
| Equipment | $382,516 | $2,864,096 | $3,246,612 |
| Land | $2,947,708 | - | $2,947,708 |
| Leasehold Improvements | $3,856 | $116,640 | $120,496 |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| E Michael Gudely | CEO | FT | $213,379 | $21,195 | $234,574 |
| Sharon L Labranche | COO | FT | $125,034 | $29,449 | $154,483 |
| Steven P Sainz | SVP/CRO | FT | $111,071 | $13,106 | $124,177 |
| Donnee L Upson | VP It | FT | $104,202 | $8,083 | $112,285 |
| James P Doyle | CFO | FT | $99,401 | $3,829 | $103,230 |
Board Members and Trustees
| Name | Title |
|---|---|
| Jerry Permenter | Chairman |
| C Anthony Payton | Vice Chairman |
| Charles Eidson | Director |
| H Michael Beverly | Director |
| Molly Deese | Director |
| Roy Mcneal | Secretary |
| John Leonard | Treasurer |
Highest Paid Contractors
| Contractor | Services | Location | Compensation |
|---|---|---|---|
| Fiserv | Data Processing Services | PO BOX 745148, Atlanta, GA 30374 | $675,721 |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $0
- Program Service Revenue
- $11,598,411
- Investment Income
- $824,898
- Other Revenue
- $414,062
- Change in Net Assets
- $1,705,696
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $12,844,355
- Revenue Not Reported on Financial Statements
- $-6,984
- Revenue Not Reported on Form 990
- $0
- Other Revenue Adjustments
- $-6,984
- Total Revenue per Audited Statements
- $12,844,355
- Total Revenue per Form 990
- $12,837,371
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $6,755,296 |
| Salaries, Compensation, and Employee Benefits | $4,376,379 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Comp Disqual Persons | - | - | - | $2,972,684 |
| Interest | - | - | - | $912,905 |
| Occupancy | - | - | - | $520,648 |
| Current Officers, Directors, Trustees, and Key Employees | - | - | - | $492,287 |
| All Other Expenses | - | - | - | $474,501 |
| Other Employee Benefits | - | - | - | $459,905 |
| Depreciation Depletion | - | - | - | $442,779 |
| Fees for Services Other | - | - | - | $377,616 |
| Office Expenses | - | - | - | $355,792 |
| Advertising | - | - | - | $344,800 |
| Other Expenses | - | - | - | $324,413 |
| Payroll Taxes | - | - | - | $257,903 |
| Pension Plan Contributions | - | - | - | $193,600 |
| Insurance | - | - | - | $98,219 |
| Payments to Affiliates | - | - | - | $86,620 |
| Conferences and Meetings | - | - | - | $76,975 |
| Fees for Services Accounting | - | - | - | $76,919 |
| Fees for Services Legal | - | - | - | $41,228 |
| Total Functional Expenses | $0 | $0 | $0 | $11,131,675 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Total Expenses per Audited Statements | $11,138,659 |
| Expenses per Audited Statements | $11,131,675 |
| Total Expenses per Form 990 | $11,131,675 |
| Expenses Not Reported on Form 990 | $6,984 |
| Expenses Not Reported on Financial Statements | $0 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Subject to proxy tax
- No
Insider Transactions and Loans
Loans and Receivables
| Line Item | Beginning | End | Change |
|---|---|---|---|
| Receivables from Officers, Directors, Trustees, and Key Employees | $243,000 | $486,000 | ▲ $243,000 |
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Money Market Accounts | $66,131,853 |
| Shares | $55,942,617 |
| Certificates | $46,883,570 |
| Share Draft Accounts | $30,484,807 |
| Ira Shares | $4,826,103 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- No
- Audit committee
- Yes
- Backup withholding compliance
- Yes
- Business relationship with family members
- No
- Business relationship with organization members
- No
- Material changes to governing documents
- No
- Compensation from other sources disclosed
- No
- CEO compensation reviewed
- Yes
- Other officer compensation reviewed
- No
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- Yes
- Key decisions subject to board approval
- Yes
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Section A, Line 6
“The credit union has members.”
Form 990, Part VI, Section A, Line 7A
“The annual meeting of members of the credit union shall be held during the month of march, for the purpose of electing directors and transacting any and all business that may properly come before the meeting. Any vacancy on the board or supervisory committee shall be filled by vote of a majority of the directors then holding office, even though less than a quorum. Directors so appointed shall hold office only until the next annual meeting, at which any unexpired terms shall be filled by vote of the members, and until the qualification of their successors. Members of the supervisory committee so appointed shall hold office until the first regular meeting of the board following the next annual meeting of members at which the regular term expires and until the appointment and qualification of their successors.”
Form 990, Part VI, Section A, Line 7B
“Members of the credit union have the right to approve the governing body's election and removal of directors and field of membership. Bylaws adopted by the board of directors may be altered, amended or repealed, and new bylaws adopted by the members. The members may prescribe that any bylaw or bylaws adopted by them shall not be altered, amended or repealed, by the board of directors. As well as other matters that are subject to the approval of members of the credit union as they occur.”
Form 990, Part VI, Section B, Line 11B
“The return is prepared by a third party cpa firm. The return is reviewed by the ceo and cfo. Once the review and any necessary corrections are completed, the return is filed.”
Form 990, Part VI, Section B, Line 15A
“The personnel committee of the credit union engaged an independent third party to conduct an analysis of ceo compensation in 2016.”
Form 990, Part VI, Section C, Line 19
“Governing documents and conflict of interest policies are not made available to the public. Financial statements are made available to the public on the ncua's website via the 5300 call report filing.”
Filing and Contact Details
Filer
- Filer Name
- Southeastern Credit Union
- EIN
- 58-0801176
- Phone
- 2292442732
- Address
- PO BOX 2067, VALDOSTA, GA 31604-2067
Signing Officer
- Name
- Jim Doyle
- Title
- CFO
- Phone
- 2292442732
- Signed
- 2017-11-10
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- E Michael Gudely
- Formed
- 1953
- Legal Domicile
- Ga
- Voting Board Members
- 7
- Independent Board Members
- 7
- Employees
- 109
- Volunteers
- 9
Preparer
- Firm
- Doeren Mayhew
- Address
- 12060 S W 129TH COURT STE 201, MIAMI, FL 33186-4582
- Preparer
- Douglas J Orth
- Phone
- 3052328272
Supplemental Narrative
Additional Explanations
Form 990, Part IX, Line 24E
“Loan servicing 298,159. Collections expense 137,150. State bank exam fee 39,192.”
From 990, Part XII, Line 2C
“There were no changes in the process of the committee that assumes responsibility of the oversight of the audit and selection of the independent auditor.”
Financial Statement Notes
PART IV, LINE 2B:
“As a mortgage loan servicer, the credit union receives property tax payments and insurance payments and then remits these funds to the applicable third parties on behalf of the borrowers.”
PART X, LINE 2:
“The credit union is exempt from most federal, state, and local taxes under the provisions of the internal revenue code and state tax laws. The income taxes topic of the fasb asc clarifies accounting for uncertainty in income taxes reported in the financial statements. The interpretation provides criteria for assessment of individual tax positions and a process for recognition and measurement of uncertain tax positions. Tax positions are evaluated on whether they meet the "more likely than not" standard for sustainability upon examination by tax authorities. The credit union is a state-chartered credit union as defined in internal revenue code (irc) section 501(c)(14). As such, the credit union is exempt from federal taxation of income derived from the performance of activities directly related to its exempt purposes. However, irc section 511 imposes a tax on the unrelated business income (ubi) derived by state-chartered credit unions. Beginning in march 2008, the internal revenue service (irs) released technical advice memorandums (tams) to specific state-chartered credit unions specifying the revenue sources subject to unrelated business income tax (ubit). Ubi may also be subject to tax in certain states. Management has assessed the credit union's activities and any potential federal or state income tax liability and determined that the credit union has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. Additionally, no interest and penalties have been recorded in the accompanying financial statements related to uncertain tax positions. Prior to the conversion to a state charter, the credit union was not required to file any federal income tax returns.”
PART XI, LINE 4B - OTHER ADJUSTMENTS:
“Net losses on investments reported as expense in the audited financial statements, but reported in the statement of revenue on form 990”
PART XII, LINE 2D - OTHER ADJUSTMENTS:
“Net losses on investments reported as expense in the audited financial statements, but reported in the statement of revenue on form 990”
Raw XML AppendixShowing 400 of 502 raw XML fields
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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|---|---|---|
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| IRS990/AccountsPayableAccrExpnssGrp/EOYAmt | 0 | 2710492 |
| IRS990/ActivitiesConductedPrtshpInd | 0 | 0 |
| IRS990/ActivityOrMissionDesc | 0 | THE MISSION OF SOUTHEASTERN CREDIT UNION IS TO DELIVER VALUE AND PROVIDE LEGENDARY SERVICE TO ITS MEMBERSHIP. SOUTHEASTERN CREDIT UNION IS A COMMUNITY CHARTERED ORGANIZATION COVERING TEN SOUTH GEORGIA COUNTIES (BEN HILL, BERRIEN, BROOKS, COOK, ECHOLS, IRWIN, LANIER, LOWNDES, TIFT, AND TURNER). SOUTHEASTERN CREDIT UNION IS ORGANIZED AND CHARTERED UNDER THE LAWS OF GEORGIA TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS AND BUSINESSES. |
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| IRS990/AllOtherExpensesGrp/TotalAmt | 0 | 474501 |
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| IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt | 0 | PO BOX 2067 |
| IRS990/BooksInCareOfDetail/USAddress/CityNm | 0 | VALDOSTA |
| IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd | 0 | GA |
| IRS990/BooksInCareOfDetail/USAddress/ZIPCd | 0 | 316042067 |
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| IRS990/CashNonInterestBearingGrp/EOYAmt | 0 | 3292753 |
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| IRS990/DelegationOfMgmtDutiesInd | 0 | 0 |
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| IRS990/Desc | 0 | SOUTHEASTERN CREDIT UNION SERVED THE FINANCIAL NEEDS OF 29,506 MEMBERS IN 2016. IT PROVIDED BUSINESS AND CONSUMER LOANS AND DEPOSITS TOTALING $156.7 MILLION AND $204.3 MILLION, RESPECTIVELY, THROUGH SIX FULL SERVICE LOCATIONS |
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| IRS990/FeesForServicesOtherGrp/TotalAmt | 0 | 377616 |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 9 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 10 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 11 | 0 |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 0 | VICE CHAIRMAN |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 1 | TREASURER |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 2 | SECRETARY |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 3 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 4 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 5 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 6 | CHAIRMAN |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 7 | CEO |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 8 | COO |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 9 | CFO |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 10 | SVP/CRO |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 11 | VP IT |
| IRS990/Form990ProvidedToGvrnBodyInd | 0 | 0 |
| IRS990/Form990TFiledInd | 0 | 1 |
| IRS990/FormationYr | 0 | 1953 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | 0 |
| IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd | 0 | X |
| IRS990/FSAuditedInd | 0 | 1 |
| IRS990/FundraisingActivitiesInd | 0 | 0 |
| IRS990/GainOrLossGrp/SecuritiesAmt | 0 | -19624 |
| IRS990/GamingActivitiesInd | 0 | 0 |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 7 |
| IRS990/GrantsToIndividualsInd | 0 | 0 |
| IRS990/GrantsToOrganizationsInd | 0 | 0 |
| IRS990/GrantToRelatedPersonInd | 0 | 0 |
| IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt | 0 | 4059912 |
| IRS990/GrossReceiptsAmt | 0 | 16916907 |
| IRS990/GroupReturnForAffiliatesInd | 0 | 0 |
| IRS990/IncludeFIN48FootnoteInd | 0 | 1 |
| IRS990/IndependentAuditFinclStmtInd | 0 | 1 |
| IRS990/IndependentVotingMemberCnt | 0 | 7 |
| IRS990/IndivRcvdGreaterThan100KCnt | 0 | 4 |
| IRS990/IndoorTanningServicesInd | 0 | 0 |
| IRS990/InfoInScheduleOPartIIIInd | 0 | X |
| IRS990/InfoInScheduleOPartIXInd | 0 | X |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
| IRS990/InfoInScheduleOPartXIIInd | 0 | X |
| IRS990/InitialReturnInd | 0 | X |
| IRS990/InsuranceGrp/TotalAmt | 0 | 98219 |
| IRS990/IntangibleAssetsGrp/BOYAmt | 0 | 25608 |
| IRS990/IntangibleAssetsGrp/EOYAmt | 0 | 98857 |
| IRS990/InterestGrp/TotalAmt | 0 | 912905 |
| IRS990/InvestmentIncomeGrp/ExclusionAmt | 0 | 844522 |
| IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt | 0 | 844522 |
| IRS990/InvestmentInJointVentureInd | 0 | 0 |
| IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt | 0 | 2988564 |
| IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt | 0 | 1891735 |
| IRS990/InvestmentsPubTradedSecGrp/BOYAmt | 0 | 35336913 |
| IRS990/InvestmentsPubTradedSecGrp/EOYAmt | 0 | 49466469 |
| IRS990/IRPDocumentCnt | 0 | 6661 |
| IRS990/IRPDocumentW2GCnt | 0 | 0 |
| IRS990/LandBldgEquipAccumDeprecAmt | 0 | 4464442 |
| IRS990/LandBldgEquipBasisNetGrp/BOYAmt | 0 | 8791653 |
| IRS990/LandBldgEquipBasisNetGrp/EOYAmt | 0 | 8895067 |
| IRS990/LandBldgEquipCostOrOtherBssAmt | 0 | 13359509 |
| IRS990/LegalDomicileStateCd | 0 | GA |
| IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt | 0 | 4079536 |
| IRS990/LoanOutstandingInd | 0 | 1 |
| IRS990/LocalChaptersInd | 0 | 0 |
| IRS990/MaterialDiversionOrMisuseInd | 0 | 0 |
| IRS990/MembersOrStockholdersInd | 0 | 1 |
| IRS990/MethodOfAccountingAccrualInd | 0 | X |
| IRS990/MinutesOfCommitteesInd | 0 | 1 |
| IRS990/MinutesOfGoverningBodyInd | 0 | 1 |
| IRS990/MissionDesc | 0 | THE MISSION OF SOUTHEASTERN CREDIT UNION IS TO DELIVER VALUE AND PROVIDE LEGENDARY SERVICE TO ITS MEMBERSHIP. SOUTHEASTERN CREDIT UNION IS A COMMUNITY CHARTERED ORGANIZATION COVERING TEN SOUTH GEORGIA COUNTIES (BEN HILL, BERRIEN, BROOKS, COOK, ECHOLS, IRWIN, LANIER, LOWNDES, TIFT, AND TURNER). SOUTHEASTERN CREDIT UNION IS ORGANIZED AND CHARTERED UNDER THE LAWS OF GEORGIA TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS AND BUSINESSES. |
| IRS990/MoreThan5000KToIndividualsInd | 0 | 0 |
| IRS990/MoreThan5000KToOrgInd | 0 | 0 |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | 21046576 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | 21749943 |
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| IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt | 0 | -19624 |
| IRS990/NetUnrelatedBusTxblIncmAmt | 0 | -104386 |
| IRS990/NetUnrlzdGainsLossesInvstAmt | 0 | -1002329 |
| IRS990/NondeductibleContributionsInd | 0 | 0 |
| IRS990/OccupancyGrp/TotalAmt | 0 | 520648 |
| IRS990/OfficeExpensesGrp/TotalAmt | 0 | 355792 |
| IRS990/OfficerMailingAddressInd | 0 | 0 |
| IRS990/OperateHospitalInd | 0 | 0 |
| IRS990/Organization501cInd | 0 | X |
| IRS990/OrgDoesNotFollowSFAS117Ind | 0 | X |
| IRS990/OtherAssetsTotalGrp/BOYAmt | 0 | 3761395 |
| IRS990/OtherAssetsTotalGrp/EOYAmt | 0 | 4010341 |
| IRS990/OtherChangesInNetAssetsAmt | 0 | 0 |
| IRS990/OtherEmployeeBenefitsGrp/TotalAmt | 0 | 459905 |
| IRS990/OtherExpensesGrp/Desc | 0 | PROVISION FOR LOAN LOSS |
| IRS990/OtherExpensesGrp/Desc | 1 | MAINTENANCE & REPAIRS |
| IRS990/OtherExpensesGrp/Desc | 2 | ATM/VISA/SHARE DRAFT PR |
| IRS990/OtherExpensesGrp/Desc | 3 | MISCELLANEOUS |
| IRS990/OtherExpensesGrp/TotalAmt | 0 | 1349000 |
| IRS990/OtherExpensesGrp/TotalAmt | 1 | 669221 |
| IRS990/OtherExpensesGrp/TotalAmt | 2 | 603660 |
| IRS990/OtherExpensesGrp/TotalAmt | 3 | 324413 |
| IRS990/OtherLiabilitiesGrp/BOYAmt | 0 | 198769988 |
| IRS990/OtherLiabilitiesGrp/EOYAmt | 0 | 204268950 |
| IRS990/OtherRevenueMiscGrp/BusinessCd | 0 | 522100 |
| IRS990/OtherRevenueMiscGrp/BusinessCd | 1 | 522100 |
| IRS990/OtherRevenueMiscGrp/Desc | 0 | MISCELLANEOUS INCOME |
| IRS990/OtherRevenueMiscGrp/Desc | 1 | GAIN ON INVESTMENT |
| IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt | 0 | 401422 |
| IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt | 1 | 12640 |
| IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt | 0 | 401422 |
| IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt | 1 | 12640 |
| IRS990/OtherRevenueTotalAmt | 0 | 414062 |
| IRS990/OthNotesLoansReceivableNetGrp/BOYAmt | 0 | 146283277 |
| IRS990/OthNotesLoansReceivableNetGrp/EOYAmt | 0 | 141222905 |
| IRS990/PartialLiquidationInd | 0 | 0 |
| IRS990/PaymentsToAffiliatesGrp/TotalAmt | 0 | 86620 |
| IRS990/PayrollTaxesGrp/TotalAmt | 0 | 257903 |
| IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt | 0 | 0 |
| IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt | 0 | 0 |
| IRS990/PensionPlanContributionsGrp/TotalAmt | 0 | 193600 |
| IRS990/PoliticalCampaignActyInd | 0 | 0 |
| IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt | 0 | 274937 |
| IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt | 0 | 257338 |
| IRS990/PrincipalOfficerNm | 0 | E MICHAEL GUDELY |
| IRS990/ProfessionalFundraisingInd | 0 | 0 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 0 | 522100 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 1 | 522100 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 2 | 900099 |
| IRS990/ProgramServiceRevenueGrp/Desc | 0 | INCOME FROM LOANS |
| IRS990/ProgramServiceRevenueGrp/Desc | 1 | FEES/CHARGES/OTHER |
| IRS990/ProgramServiceRevenueGrp/Desc | 2 | UNRELATED BUSINESS INCOME |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 7099399 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 1 | 4404615 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 0 | 7099399 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 1 | 4404615 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 2 | 94397 |
| IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt | 0 | 94397 |
| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | SOUTHEASTERN CREDIT UNION SEEKS TO BE A GOOD COMMUNITY CITIZEN AND IS INVOLVED IN MANY COMMUNITY SERVICE ACTIVITIES. ITS 2016 EFFORTS WERE RECOGNIZED AS NATIONAL RUNNER-UP FOR THE CUNA MUTUAL DORA MAXWELL SOCIAL RESPONSIBILITY AWARD. |
| IRS990/ProgSrvcAccomActy3Grp/Desc | 0 | SOUTHEASTERN CREDIT UNION WAS RECOGNIZED BY CUNA FOR SPONSORING THE SECOND HARVEST OF SOUTH GEORGIA FILL-A-TRUCK FOOD DRIVE RAISING OVER 56,000 POUNDS OF FOOD FOR LOCAL FOOD BANKS. |
| IRS990/ProhibitedTaxShelterTransInd | 0 | 0 |
| IRS990/PYInvestmentIncomeAmt | 0 | 511379 |
| IRS990/PYOtherExpensesAmt | 0 | 6551510 |
| IRS990/PYOtherRevenueAmt | 0 | 341098 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 11691573 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | 1714628 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 4277912 |
| IRS990/PYTotalExpensesAmt | 0 | 10829422 |
| IRS990/PYTotalRevenueAmt | 0 | 12544050 |
| IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt | 0 | 243000 |
| IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt | 0 | 486000 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | 1705696 |
| IRS990/RegularMonitoringEnfrcInd | 0 | 0 |
| IRS990/RelatedEntityInd | 0 | 0 |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | 0 |
| IRS990/ReportInvestmentsOtherSecInd | 0 | 0 |
| IRS990/ReportLandBuildingEquipmentInd | 0 | 1 |
| IRS990/ReportOtherAssetsInd | 0 | 0 |
| IRS990/ReportOtherLiabilitiesInd | 0 | 1 |
| IRS990/ReportProgramRelatedInvstInd | 0 | 0 |
| IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt | 0 | 21046576 |
| IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt | 0 | 21749943 |
| IRS990/SavingsAndTempCashInvstGrp/BOYAmt | 0 | 20888465 |
| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 19163264 |
| IRS990/ScheduleBRequiredInd | 0 | 0 |
| IRS990ScheduleD/AgentTrusteeEtcInd | 0 | 0 |
| IRS990ScheduleD/BuildingsGrp/BookValueAmt | 0 | 5560987 |
| IRS990ScheduleD/BuildingsGrp/DepreciationAmt | 0 | 1483706 |
| IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt | 0 | 7044693 |
| IRS990ScheduleD/EquipmentGrp/BookValueAmt | 0 | 382516 |
| IRS990ScheduleD/EquipmentGrp/DepreciationAmt | 0 | 2864096 |
| IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt | 0 | 3246612 |
| IRS990ScheduleD/ExpensesNotReportedAmt | 0 | 6984 |
| IRS990ScheduleD/ExpensesNotRptFinclStmtAmt | 0 | 0 |
| IRS990ScheduleD/ExpensesSubtotalAmt | 0 | 11131675 |
| IRS990ScheduleD/ExplanationProvidedInd | 0 | X |
| IRS990ScheduleD/FootnoteTextInd | 0 | X |
| IRS990ScheduleD/InclEscrowCustodialAcctLiabInd | 0 | 1 |
| IRS990ScheduleD/LandGrp/BookValueAmt | 0 | 2947708 |
| IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt | 0 | 2947708 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt | 0 | 3856 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt | 0 | 116640 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt | 0 | 120496 |
| IRS990ScheduleD/OtherExpensesIncludedAmt | 0 | 6984 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | 55942617 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 1 | 30484807 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 2 | 66131853 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 3 | 4826103 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 4 | 46883570 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | SHARES |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 1 | SHARE DRAFT ACCOUNTS |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 2 | MONEY MARKET ACCOUNTS |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 3 | IRA SHARES |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 4 | CERTIFICATES |
| IRS990ScheduleD/OtherRevenuesNotIncludedAmt | 0 | -6984 |
| IRS990ScheduleD/RevenueNotReportedAmt | 0 | 0 |
| IRS990ScheduleD/RevenueNotReportedFinclStmtAmt | 0 | -6984 |
| IRS990ScheduleD/RevenueSubtotalAmt | 0 | 12844355 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | AS A MORTGAGE LOAN SERVICER, THE CREDIT UNION RECEIVES PROPERTY TAX PAYMENTS AND INSURANCE PAYMENTS AND THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES ON BEHALF OF THE BORROWERS. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 1 | THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. PRIOR TO THE CONVERSION TO A STATE CHARTER, THE CREDIT UNION WAS NOT REQUIRED TO FILE ANY FEDERAL INCOME TAX RETURNS. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 2 | NET LOSSES ON INVESTMENTS REPORTED AS EXPENSE IN THE AUDITED FINANCIAL STATEMENTS, BUT REPORTED IN THE STATEMENT OF REVENUE ON FORM 990 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 3 | NET LOSSES ON INVESTMENTS REPORTED AS EXPENSE IN THE AUDITED FINANCIAL STATEMENTS, BUT REPORTED IN THE STATEMENT OF REVENUE ON FORM 990 |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART IV, LINE 2B: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | PART X, LINE 2: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | PART XI, LINE 4B - OTHER ADJUSTMENTS: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | PART XII, LINE 2D - OTHER ADJUSTMENTS: |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 8895067 |
| IRS990ScheduleD/TotalExpensesPerForm990Amt | 0 | 11131675 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 204268950 |
| IRS990ScheduleD/TotalRevenuePerForm990Amt | 0 | 12837371 |
| IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt | 0 | 12844355 |
| IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt | 0 | 11138659 |
| IRS990ScheduleJ/CompensationCommitteeInd | 0 | X |
| IRS990ScheduleJ/CompensationSurveyInd | 0 | X |
| IRS990ScheduleJ/EquityBasedCompArrngmInd | 0 | 0 |
| IRS990ScheduleJ/IndependentConsultantInd | 0 | X |
| IRS990/ScheduleJRequiredInd | 0 | 1 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt | 0 | 213379 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt | 1 | 125034 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount | 1 | 16686 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt | 1 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt | 1 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt | 1 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt | 1 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt | 0 | 5945 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt | 1 | 10140 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt | 1 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt | 0 | 4857 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt | 1 | 2623 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt | 1 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt | 0 | 10393 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt | 1 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt | 1 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 0 | E MICHAEL GUDELY |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 1 | SHARON L LABRANCHE |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt | 0 | CEO |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt | 1 | COO |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt | 0 | 234574 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt | 1 | 154483 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt | 0 | 0 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt | 1 | 0 |
| IRS990ScheduleJ/SeverancePaymentInd | 0 | 0 |
| IRS990ScheduleJ/SubstantiationRequiredInd | 0 | 1 |
| IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt | 0 | THE CREDIT UNION HAS ENTERED INTO A SPLIT DOLLAR LIFE INSURANCE AGREEMENT WHICH IS A COLLATERAL ASSIGNMENT ARRANGEMENT BETWEEN THE CREDIT UNION AND THE CEO, MICHAEL GUDELY. THIS AGREEMENT INVOLVES A METHOD OF PAYING FOR LIFE INSURANCE COVERAGE FOR THE EXECUTIVE BY SPLITTING THE ELEMENTS OF A LIFE INSURANCE POLICY. UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT OF LIFE PROCEEDS TO THE CREDIT UNION. IN RETURN FOR A LOAN EQUAL TO THE AMOUNT OF PREMIUMS PAID, THE EXECUTIVE AND THEIR ESTATE AGREE TO REPAY THE CREDIT UNION WITH LIFE INSURANCE PROCEEDS UPON DEATH. THE FACE VALUE OF THE POLICY WAS APPROXIMATELY $3,800,000 AND THE TOTAL LOAN BALANCE UNDER THIS AGREEMENT WAS APPROXIMATELY $486,000 AS OF DECEMBER 31, 2016. |
| IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART I, LINE 4B |
| IRS990ScheduleJ/SupplementalNonqualRtrPlanInd | 0 | 1 |
| IRS990ScheduleJ/TravelForCompanionsInd | 0 | X |
| IRS990ScheduleJ/WrittenPolicyRefTAndEExpnssInd | 0 | 1 |
| IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt | 0 | 486000 |
| IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd | 0 | 1 |
| IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd | 0 | 0 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2016 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $228,784,729
- Liabilities
- $207,034,786
- Net assets
- $21,749,943
- Revenue
- $12,837,371
- Expenses
- $11,131,675
- Net income
- $1,705,696
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