Civic Intelligence

Southeastern Credit Union

990 • Fiscal year 2019 • EIN 58-0801176

Jan 01, 2019 to Dec 31, 2019 • Filed on Jul 09, 2020

Organization ProfileWWW.SOUTHEASTERNCU.COM

View Organization Page

PO Box 2067Valdosta, GA 31604-2067

(229) 244-2732

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

59th percentile

0.89x

Higher debt load relative to assets than 59% of similar nonprofits.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2019

Liabilities / Revenue

41st percentile

15.60x

Higher debt load relative to revenue than 41% of similar nonprofits.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2019

Net Margin

46th percentile

13%

Higher net margin than 46% of similar nonprofits.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2019

Top Officer Pay

16th percentile

$278,653

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2019

Asset Growth

60th percentile

7.7%

Faster asset growth than 60% of similar nonprofits.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Revenue Growth

27th percentile

6.1%

Faster revenue growth than 27% of similar nonprofits.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets59th percentile

Assets

Up

$262,534,175

Up $18,763,089 (+7.7%) from 2018

Net Assets

Up

$27,683,722

Up $3,268,846 (+13%) from 2018

Liabilities

Up

$234,850,453

Up $15,494,243 (+7.1%) from 2018

Revenue And Expenses
Liabilities / Revenue41st percentileNet Margin46th percentile

Revenue

Up

$15,050,877

Up $870,970 (+6.1%) from 2018

Expenses

Up

$13,020,537

Up $455,444 (+3.6%) from 2018

Net Income

Up

$2,030,340

Up $415,526 (+26%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth60th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$400M$300M$200M$100M$0Assets 2016: $228,784,729Liabilities 2016: $207,034,786Net Assets 2016: $21,749,9432016Assets 2017: $240,932,850Liabilities 2017: $217,774,499Net Assets 2017: $23,158,3512017Assets 2018: $243,771,086Liabilities 2018: $219,356,210Net Assets 2018: $24,414,8762018Assets 2019: $262,534,175Liabilities 2019: $234,850,453Net Assets 2019: $27,683,7222019Assets 2020: $302,946,528Liabilities 2020: $272,779,415Net Assets 2020: $30,167,1132020Assets 2021: $334,399,365Liabilities 2021: $302,425,332Net Assets 2021: $31,974,0332021Assets 2022: $341,470,817Liabilities 2022: $309,037,945Net Assets 2022: $32,432,8722022Assets 2023: $374,753,426Liabilities 2023: $340,327,580Net Assets 2023: $34,425,8462023Assets 2024: $391,341,137Liabilities 2024: $353,314,457Net Assets 2024: $38,026,6802024

Highlighted filing

2019

Assets$262,534,175
Liabilities$234,850,453
Net Assets$27,683,722
Open 2019 Filing

Operations Trend

Revenue Growth27th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0Revenue 2016: $12,837,371Expenses 2016: $11,131,675Net Income 2016: $1,705,6962016Revenue 2017: $13,212,255Expenses 2017: $11,981,316Net Income 2017: $1,230,9392017Revenue 2018: $14,179,907Expenses 2018: $12,565,093Net Income 2018: $1,614,8142018Revenue 2019: $15,050,877Expenses 2019: $13,020,537Net Income 2019: $2,030,3402019Revenue 2020: $14,348,286Expenses 2020: $12,345,728Net Income 2020: $2,002,5582020Revenue 2021: $14,490,315Expenses 2021: $12,185,460Net Income 2021: $2,304,8552021Revenue 2022: $15,882,953Expenses 2022: $12,752,800Net Income 2022: $3,130,1532022Revenue 2023: $19,756,650Expenses 2023: $17,037,298Net Income 2023: $2,719,3522023Revenue 2024: $23,475,823Expenses 2024: $19,868,820Net Income 2024: $3,607,0032024

Highlighted filing

2019

Revenue$15,050,877
Expenses$13,020,537
Net Income$2,030,340
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Jul 9, 2020
Return Version
2019v5.1
Gross Receipts
$29,774,487
Mission and Program Overview

Mission

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 twelve south georgia counties (benn hill, berrien, brooks, cook, echols, irwin, lanier, lowndes, tift, turner, ware and pierce). Southeastern credit union is organized and chartered under the laws of georgia to provide financial services to individuals and businesses.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$182,646,342$196,576,620▲ $13,930,278
Investments in Publicly Traded Securities$42,183,256$28,815,008▼ $13,368,248
Rtn Earn Endowment Incm Other Fnds$24,414,876$27,683,722▲ $3,268,846
Savings and Temporary Cash Investments$729,413$12,104,143▲ $11,374,730
Land, Buildings, and Equipment, Net$8,668,839$8,804,261▲ $135,422
Cash and Non-Interest-Bearing Accounts$3,100,782$6,064,987▲ $2,964,205
Receivables From Officers Etc$972,000$4,965,678▲ $3,993,678
Prepaid Expenses and Deferred Charges$566,395$520,697▼ $45,698
Investments Other Securities$347,000$0▼ $347,000
Intangible Assets$17,925$15,364▼ $2,561
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$243,771,086$262,534,175▲ $18,763,089
Other Assets Total$4,539,134$4,667,417▲ $128,283
Liabilities
Other Liabilities$217,058,669$232,203,937▲ $15,145,268
Accounts Payable and Accrued Expenses$2,178,858$2,511,125▲ $332,267
Escrow Account Liability$118,683$135,391▲ $16,708
Total Liabilities$219,356,210$234,850,453▲ $15,494,243
Net Assets / Fund Balance
Total Net Assets Fund Balance$24,414,876$27,683,722▲ $3,268,846
Total Liabilities and Net Assets / Fund Balance$243,771,086$262,534,175▲ $18,763,089

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,911,259$2,105,062$7,016,321
Land$2,947,708-$2,947,708
Equipment$800,622$1,844,757$2,645,379
Leasehold Improvements$144,672$181,059$325,731
Compensation and Service Providers
Top Officer Pay16th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael GudelyPresident/CEOFT$248,157$30,496$278,653
Matthew WilliamsMortgage Loan OriginatorFT$24,000$204,461$228,461
Steve SainzSr Risk OfficerFT$124,729$21,733$146,462
Berry TannerVP Ware/pierce ExecutiveFT$125,706$7,798$133,504
Donnee UpsonVP of ItFT$106,194$14,302$120,496
Jennifer StasioChief Financial OfficerFT$98,942$7,654$106,596

Board Members and Trustees

NameTitle
Roy McnealChairman
Jerry PermenterDirector/audit Committee Chairman
Molly DeeseVice Chairman
C Anthony PaytonDirector
John LeonardDirector
Dr Wayne PlumlySecretary
Charles EidsonTrasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Jack Henry & Associates INCData Processing ServicesPO BOX 609, Monett, MT 65708$838,764
MicroageEquipment Ordering Vendor8160 S HARDY DE STE101, Tempe, AZ 85284$285,956
KasasaRewards Checking And Loan ProgramPO BOX 527, Lubbock, TX 79408$204,482
Quality Data SystemsAtm Purchase And Servicing8655 CROWN CRESCENT COURT, Charlotte, NC 28227$204,147
Safe Systems INCServices1145 SANCTUARY PKWY STE 400, Alpharetta, GA 30009$135,950
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$13,831,642
Investment Income
$988,692
Other Revenue
$230,543
Change in Net Assets
$2,030,340

Audited Revenue Reconciliation

Revenue per Audited Statements
$15,050,877
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$15,050,877
Total Revenue per Form 990
$15,050,877
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,272,463
Salaries, Compensation, and Employee Benefits$5,748,074
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$4,078,147
Interest---$1,933,953
Fees for Services Other---$1,230,307
Office Expenses---$705,312
Occupancy---$651,102
Current Officers, Directors, Trustees, and Key Employees---$550,711
Other Employee Benefits---$511,821
Depreciation Depletion---$483,209
All Other Expenses---$454,389
Payroll Taxes---$337,262
Other Expenses---$315,527
Pension Plan Contributions---$270,133
Advertising---$137,103
Conferences and Meetings---$127,001
Fees for Services Accounting---$93,225
Insurance---$92,129
Payments to Affiliates---$70,221
Fees for Services Legal---$24,217
Total Functional Expenses$0$0$0$13,020,537

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$13,020,537
Total Expenses per Audited Statements$13,020,537
Total Expenses per Form 990$13,020,537
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
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 ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$972,000$4,965,678▲ $3,993,678
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares$68,880,753
Certificates of Deposit$61,634,280
Money Market Accounts$58,127,477
Share Draft Accounts$39,416,922
Ira Shares$4,144,505
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
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 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 full board prior to filing. Once the review and any necssary corrections are completed, the return is filed.”

Form 990, Part VI, Section B, Line 12C

“The organization monitors adherence to the conflict of interest policy through employee disclosure and management of employees. In the event of a potential conflict, the interested person shall recuse himself/herself from all discussions and vote.”

Form 990, Part VI, Section B, Line 15

“The personnel committee of the credit union engaged an independent third-party consultant to conduct an analysis of the ceo's compensation in 2019 to determine reasonableness. The compensation for all other key employees is reviewed by a third-party consultant at least annually to determine reasonableness. All decisions and comparability data are documented in meeting minutes.”

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
E Michael Gudely
Title
President/CEO
Phone
2292931318
Signed
2020-07-09
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
91
Volunteers
7

Preparer

Firm
Elliott Davis Llcpllc
Address
500 EAST MOREHEAD STREET SUITE 700, CHARLOTTE, NC 28202
Preparer
Janice a Ratica
Phone
7043338881
Supplemental Narrative

Additional Explanations

Form 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 ("irc") 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 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 derived by state-chartered credit unions. Beginning in march 2008, the internal revenue service released technical advice memoranda to specific state-chartered credit unions specifying the revenue sources subject to unrelated business income tax. Unrelated business income 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.”

Raw XML AppendixShowing 400 of 542 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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IRS990/ActivityOrMissionDesc0SOUTHEASTERN CREDIT UNION IS A COMMUNITY CHARTERED ORGANIZATION COVERING TWELVE SOUTH GEORGIA COUNTIES (BENN HILL, BERRIEN, BROOKS, COOK, ECHOLS, IRWIN, LANIER, LOWNDES, TIFT, TURNER, WARE AND PIERCE). 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/Desc0SOUTHEASTERN CREDIT UNION SERVED THE FINANCIAL NEEDS OF 26,305 MEMBERS IN 2019. IT PROVIDED BUSINESS AND CONSUMER LOANS AND DEPOSITS TOTALING $197.9 MILLION AND $234.8 MILLION, RESPECTIVELY, THROUGH SEVEN FULL SERVICE LOCATIONS.
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IRS990/Form990PartVIISectionAGrp/PersonNm3DR WAYNE PLUMLY
IRS990/Form990PartVIISectionAGrp/PersonNm4JERRY PERMENTER
IRS990/Form990PartVIISectionAGrp/PersonNm5C ANTHONY PAYTON
IRS990/Form990PartVIISectionAGrp/PersonNm6JOHN LEONARD
IRS990/Form990PartVIISectionAGrp/PersonNm7MICHAEL GUDELY
IRS990/Form990PartVIISectionAGrp/PersonNm8STEVE SAINZ
IRS990/Form990PartVIISectionAGrp/PersonNm9JENNIFER STASIO
IRS990/Form990PartVIISectionAGrp/PersonNm10BERRY TANNER
IRS990/Form990PartVIISectionAGrp/PersonNm11DONNEE UPSON
IRS990/Form990PartVIISectionAGrp/PersonNm12MATTHEW WILLIAMS
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt7248157
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt8124729
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt998942
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10125706
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt11106194
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12207729
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR/AUDIT COMMITTEE CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7PRESIDENT/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt8SR RISK OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt10VP WARE/PIERCE EXECUTIVE
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP OF IT
IRS990/Form990PartVIISectionAGrp/TitleTxt12MORTGAGE LOAN ORIGINATOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/Form990TFiledInd01
IRS990/FormationYr01953
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
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IRS990/GainOrLossGrp/SecuritiesAmt030158
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/OtherAmt0291920
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt014471098
IRS990/GrossReceiptsAmt029774487
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt07
IRS990/IndivRcvdGreaterThan100KCnt05
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InsuranceGrp/TotalAmt092129
IRS990/IntangibleAssetsGrp/BOYAmt017925
IRS990/IntangibleAssetsGrp/EOYAmt015364
IRS990/InterestGrp/TotalAmt01933953
IRS990/InvestmentIncomeGrp/ExclusionAmt0949284
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0949284
IRS990/InvestmentInJointVentureInd00
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IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt042183256
IRS990/InvestmentsPubTradedSecGrp/EOYAmt028815008
IRS990/IRPDocumentCnt08265
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt04130878
IRS990/LandBldgEquipBasisNetGrp/BOYAmt08668839
IRS990/LandBldgEquipBasisNetGrp/EOYAmt08804261
IRS990/LandBldgEquipCostOrOtherBssAmt012935139
IRS990/LegalDomicileStateCd0GA
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt0282670
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt014440940
IRS990/LoanOutstandingInd01
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE MISSION OF SOUTHEASTERN CREDIT UNION IS TO DELIVER VALUE AND PROVIDE LEGENDARY SERVICE TO ITS MEMBERSHIP.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt024414876
IRS990/NetAssetsOrFundBalancesEOYAmt027683722
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt039408
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt039408
IRS990/NetUnrelatedBusTxblIncmAmt0-54645
IRS990/NetUnrlzdGainsLossesInvstAmt01238506
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0651102
IRS990/OfficeExpensesGrp/TotalAmt0705312
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt04539134
IRS990/OtherAssetsTotalGrp/EOYAmt04667417
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0511821
IRS990/OtherExpensesGrp/Desc0BANK FEES
IRS990/OtherExpensesGrp/Desc1LOAN SERVICING
IRS990/OtherExpensesGrp/Desc2PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/TotalAmt0634462
IRS990/OtherExpensesGrp/TotalAmt1320306
IRS990/OtherExpensesGrp/TotalAmt2315527
IRS990/OtherLiabilitiesGrp/BOYAmt0217058669
IRS990/OtherLiabilitiesGrp/EOYAmt0232203937
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
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IRS990/OtherRevenueMiscGrp/BusinessCd2522100
IRS990/OtherRevenueMiscGrp/Desc0CREDIT LIFE & DISABILITY INCOME
IRS990/OtherRevenueMiscGrp/Desc1MISCELLANEOUS INCOME
IRS990/OtherRevenueMiscGrp/Desc2CHECK PRINTING CHARGES
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0125369
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt185221
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt219953
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0125369
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt185221
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt219953
IRS990/OtherRevenueTotalAmt0230543
IRS990/OtherSalariesAndWagesGrp/TotalAmt04078147
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0182646342
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0196576620
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/TotalAmt070221
IRS990/PayPremiumsPrsnlBnftCntrctInd01
IRS990/PayrollTaxesGrp/TotalAmt0337262
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt0270133
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0566395
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0520697
IRS990/PrincipalOfficerNm0E MICHAEL GUDELY
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/BusinessCd2522100
IRS990/ProgramServiceRevenueGrp/Desc0INCOME FROM LOANS
IRS990/ProgramServiceRevenueGrp/Desc1FEES, CHARGES, AND OTHER INCOME
IRS990/ProgramServiceRevenueGrp/Desc2UNRELATED BUSINESS TAXABLE INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt08880119
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt14810867
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt08880119
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt14810867
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2140656
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt0140656
IRS990/ProgSrvcAccomActy2Grp/Desc0SOUTHEASTERN CREDIT UNION SEEKS TO BE A GOOD COMMUNITY CITIZEN AND IS INVOLVED IN MANY COMMUNITY SERVICE ACTIVITIES. ANNUALLY EMPLOYEES AND THE CREDIT UNION CONTRIBUTE TO THE UNITED WAY. THE CREDIT UNION SUPPORTS THE LOCAL SCHOOL ATHLETICS.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0987036
IRS990/PYOtherExpensesAmt06934569
IRS990/PYOtherRevenueAmt0338478
IRS990/PYProgramServiceRevenueAmt012854393
IRS990/PYRevenuesLessExpensesAmt01614814
IRS990/PYSalariesCompEmpBnftPaidAmt05630524
IRS990/PYTotalExpensesAmt012565093
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt014179907
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd01
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt0972000
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt04965678
IRS990/ReconcilationRevenueExpnssAmt02030340
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt024414876
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt027683722
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0729413
IRS990/SavingsAndTempCashInvstGrp/EOYAmt012104143
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt04911259
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02105062
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07016321
IRS990ScheduleD/EquipmentGrp/BookValueAmt0800622
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01844757
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt02645379
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt013020537
IRS990ScheduleD/ExplanationProvidedInd0X
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd01
IRS990ScheduleD/LandGrp/BookValueAmt02947708
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02947708
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0144672
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0181059
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0325731
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt068880753
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt14144505
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt261634280
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt339416922
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt458127477
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1IRA SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2CERTIFICATES OF DEPOSIT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3SHARE DRAFT ACCOUNTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4MONEY MARKET ACCOUNTS
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt015050877
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0AS 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/ExplanationTxt1THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE ("IRC") 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 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 DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE RELEASED TECHNICAL ADVICE MEMORANDA TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX. UNRELATED BUSINESS INCOME 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/FormAndLineReferenceDesc0PART IV, LINE 2B:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08804261
IRS990ScheduleD/TotalExpensesPerForm990Amt013020537
IRS990ScheduleD/TotalLiabilityAmt0232203937
IRS990ScheduleD/TotalRevenuePerForm990Amt015050877
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt015050877
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt013020537
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationCommitteeInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/IndependentConsultantInd0X
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0248157
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt124000

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$262,534,175
Liabilities
$234,850,453
Net assets
$27,683,722
Revenue
$15,050,877
Expenses
$13,020,537
Net income
$2,030,340
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$391$353$38.0$23.5$19.9$3.61
2023Detailed filing. Detailed filing data is available for this year.$375$340$34.4$19.8$17.0$2.72
2022Detailed filing. Detailed filing data is available for this year.$341$309$32.4$15.9$12.8$3.13
2021Detailed filing. Detailed filing data is available for this year.$334$302$32.0$14.5$12.2$2.30
2020Detailed filing. Detailed filing data is available for this year.$303$273$30.2$14.3$12.3$2.00
2019Detailed filing. Detailed filing data is available for this year.$263$235$27.7$15.1$13.0$2.03
2018Detailed filing. Detailed filing data is available for this year.$244$219$24.4$14.2$12.6$1.61
2017Detailed filing. Detailed filing data is available for this year.$241$218$23.2$13.2$12.0$1.23
2016Detailed filing. Detailed filing data is available for this year.$229$207$21.7$12.8$11.1$1.71