The Southern Credit Union
- Assets
- $527.5m
- Revenue
- $24.7m
- Investments
- $987.9k
- Employees
- 94
- Location
- Fayetteville, GA
- Founding
- Data as of
- 12/2023
- EIN
- 58-0905515
Organization Overview
The Southern Credit Union is located in Fayetteville, GA. As of 12/2023, Southern Credit Union employed 94 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 12/2023, Southern Credit Union generated $24.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $19.2m during the year ending 12/2023. While expenses have increased by 5.0% per year over the past 8 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
2023
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 31,985 MEMBERS, AS A STATE-CHARTERED CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ray Hull CEO | OfficerTrustee | 40 | $1,076,880 |
Morris Kelly Board Chairman | OfficerTrustee | 2 | $16,800 |
Wilton Marchman Board Vice-Chair | OfficerTrustee | 2 | $16,800 |
Michael Foran Board Member | OfficerTrustee | 1.5 | $16,800 |
Robert Matthews Board Member | OfficerTrustee | 1.5 | $16,800 |
Randy Hobbs Board Member | OfficerTrustee | 1.5 | $16,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Card And Core Processing | 12/30/23 | $1,504,434 |
Digital Insight Homebanking | 12/30/23 | $757,181 |
Bitdiamond Communications Solutions Statement Processor | 12/30/23 | $216,136 |
Blackjack Paving Paving | 12/30/23 | $187,114 |
Wallace Electric Co Electrician | 12/30/23 | $209,470 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,009,372 |
| 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 | $2,009,372 |
| Total Program Service Revenue | $16,054,271 |
| Investment income | $6,502,788 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $101,673 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,671,604 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,070 |
| Grants and other assistance to domestic individuals. | $12,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,322,790 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,204,607 |
| Pension plan accruals and contributions | $319,218 |
| Other employee benefits | $426,164 |
| Payroll taxes | $430,139 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,268 |
| Fees for services: Accounting | $171,493 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $28,826 |
| Fees for services: Other | $737,156 |
| Advertising and promotion | $310,875 |
| Office expenses | $1,799,712 |
| Information technology | $25,071 |
| Royalties | $0 |
| Occupancy | $760,422 |
| Travel | $189,459 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $50,020 |
| Interest | $6 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $860,636 |
| Insurance | $143,370 |
| All other expenses | $306,073 |
| Total functional expenses | $19,170,799 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,927,413 |
| Savings and temporary cash investments | $42,321,333 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $9,257,882 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $223,258,365 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $15,821,764 |
| Investments—publicly traded securities | $199,380,503 |
| Investments—other securities | $987,886 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $18,495,776 |
| Total assets | $527,450,922 |
| Accounts payable and accrued expenses | $8,298,324 |
| 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 | $481,759,720 |
| Total liabilities | $490,058,044 |
| 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 | $37,392,878 |
| Total liabilities and net assets/fund balances | $527,450,922 |