The Southern Credit Union
- Assets
- $537.8m
- Revenue
- $16.9m
- Investments
- $844.9k
- Employees
- 91
- Location
- Fayetteville, GA
- Founding
- Data as of
- 12/2021
- EIN
- 58-0905515
Organization Overview
The Southern Credit Union is located in Fayetteville, GA. As of 12/2021, Southern Credit Union employed 91 individuals. Southern Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Southern Credit Union generated $16.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $14.6m during the year ending 12/2021. While expenses have increased by 2.0% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
AS A STATE-CHARTERED CREDIT UNION, WE PROVIDE THRIFT SAVINGS, LOANS AND OTHER FINANCIAL SERVICES TO OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE THRIFT SAVINGS, LOANS, AND OTHER FINANCIAL SERVICES TO 32,842 MEMBERS, AS A STATE-CHARTERED CREDIT UNION.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Trisha Sherpy Executive Vice President | Officer | 40 | $998,475 |
Ray Hull Ceo/treasurer | OfficerTrustee | 40 | $891,813 |
Jim Phillips CFO | Officer | 40 | $672,802 |
James Richards VP Of Mortgages | Officer | 40 | $227,568 |
Sam Posey Cio | Officer | 40 | $199,812 |
John Purdy Chief Lending Officer | Officer | 40 | $173,891 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Digital Insight Homebanking | 12/30/21 | $743,681 |
Bitdiamond Communications Solutions Statement Processor | 12/30/21 | $179,944 |
Fiserv Card And Core Processing | 12/30/21 | $1,127,415 |
View All Vendors
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $14,190,073 |
| Investment income | $2,587,695 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $117,343 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $11,733 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,906,844 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,550 |
| Grants and other assistance to domestic individuals. | $11,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,942,019 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,580,755 |
| Pension plan accruals and contributions | $254,165 |
| Other employee benefits | $414,661 |
| Payroll taxes | $404,935 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $41,125 |
| Fees for services: Accounting | $133,830 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $43,211 |
| Fees for services: Other | $291,904 |
| Advertising and promotion | $210,980 |
| Office expenses | $1,502,270 |
| Information technology | $17,578 |
| Royalties | $0 |
| Occupancy | $781,651 |
| Travel | $147,290 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,740 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $843,197 |
| Insurance | $131,959 |
| All other expenses | $0 |
| Total functional expenses | $14,565,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,597,225 |
| Savings and temporary cash investments | $119,975,205 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $8,855,156 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $190,621,065 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $15,394,274 |
| Investments—publicly traded securities | $170,160,194 |
| Investments—other securities | $844,886 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,315,971 |
| Total assets | $537,763,976 |
| Accounts payable and accrued expenses | $4,805,474 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $486,518,739 |
| Total liabilities | $491,324,213 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $46,439,763 |
| Total liabilities and net assets/fund balances | $537,763,976 |
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