Southeast Financial Credit Union

“The credit union is owned by its members.”

“The secretary notifies in writing all members eligible to vote at least 75 days prior to the annual meeting that nominations for vacancies will be conducted by ballot.”

“Members of the credit union vote on the board of directors.”

“The form 990 was reviewed in detail by management before it was filed.”

“All officers, directors, and key employees are required annually to disclose any potential conflicts of interest. Any changes that occur during the year are to be reported immediately.”

“The credit union's president and ceo have their compensatoin determined by a compensation committee made up of members of the board of directors. They review compensation studies consisting of comparability data for institutions of this size. They also consult independent compensation consultants from time to time as part of the process. All deliberations and decisions are documented.”

“No forms are made available to the public”

“Cloud software expense 445,751. Debit card expense 417,162. Credit card program expense 268,520. Computer network expense 253,020. Loan servicing expense 250,648. Platinum card expense 246,037. Statement processing fees 233,965. Bond premium 220,346. Meridian link expense 219,944. Member account fraud 140,963. Mortgage servicing expense 135,046. Misc. Tax 126,968. Exam fees 119,601. Alarm and security expense 106,382. Other operating expense 103,298. Credit reports 97,752. Postage 96,837. Docusign expense 96,651. Armored car and courier 94,161. Business loan expense 89,135. Mastercard expense 88,042. Bank service charges 68,163. Computer fees 59,160. Other misc exp 40,951. Small equipment purchases 24,739. Computer equipment lease expense 14,400. Branch operations maintenance 3,375. Business development-events 3,064. Community development-events 810. Business development-travel/meals 684. Marketing other-miscellaneous 559.”

“Post employment benefit adjustment 534,066. Fas 106 adjustment -12,775. One-time adjustment for cecl (as determined under 702.703(b))”

“Southeast financial credit union has an annual audit conducted on a fiscal year basis at june 30. Since the form 990 is filed on a calendar year basis question 2b is answered no. A reconciliation between the two periods would not yield any useful information for federal purposes.”