Southeast Financial Credit Union
- Assets
- $457.4m
- Revenue
- $24.7m
- Investments
- $19.8m
- Employees
- 166
- Location
- Franklin, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- EIN
- 62-0382058
Organization Overview
Southeast Financial Credit Union is located in Franklin, TN. The organization was established in 1952. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Southeast Financial Credit Union employed 166 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Southeast Financial 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, Southeast Financial Credit Union generated $24.7m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $22.2m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.3%) per year over the past 7 years. 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
PROVIDE FINANCIAL SERVICES FOR APPROXIMATELY 39,812 MEMBERS IN THE FORM OF LOANS, SAVINGS ACCOUNTS, SHARE CERTIFICATES AND OTHER FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES FOR APPROXIMATELY 39,812 MEMBERS IN THE FORM OF LOANS, SHARE ACCOUNTS, SHARE CERTIFICATES AND OTHER FINANCIAL SERVICES.SERVICES INCLUDE ATM/DEBIT CARD PROGRAM, INTERNATIONAL REMITTANCES, NO SURCHARGE ATM'S, BUSINESS SHARE ACCOUNTS, HEALTH SAVINGS ACCOUNTS, NO COST SHARE DRAFTS, SHARE CERTIFICATES WITH LOW MINIMUM BALANCE REQUIREMENTS, INSURANCE/INVESTMENT SALES, STUDENT SCHOLARSHIPS, BUSINESS LOANS, CREDIT BUILDER, INDIRECT CONSUMER LENDING, INTEREST ONLY OR PAYMENT OPTION 1ST MORTGAGE LOANS, OVERDRAFT LINES OF CREDIT, OVERDRAFT/PROTECTION/COURTESY PAY, PARTICIPATION LOANS, REAL ESTATE LOANS, RISK BASED LOANS, SHARE SECURED CREDIT CARDS, FINANCIAL EDUCATION, FINANCIAL COUNSELING, FIRST TIME HOMEBUYER PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Dahlstrom President | Officer | 40 | $490,369 |
John Jacoway CEO | Officer | 40 | $476,331 |
Kendrick Coulthard President Of Mfs | 40 | $273,268 | |
Leigh Glover Mfs Rep | 40 | $245,593 | |
Kelly Keenan COO | Officer | 40 | $174,457 |
David Harlan Mfs Rep | 40 | $165,493 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lenders Protection Llc Subprime Lending | 12/30/21 | $127,917 |
Trader Interactive Advertising | 12/30/21 | $436,508 |
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 | $17,163,501 |
| Investment income | $941,180 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,650 |
| Net Gain/Loss on Asset Sales | $23,230 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,675,556 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,141,158 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,100,317 |
| Pension plan accruals and contributions | $49,531 |
| Other employee benefits | $1,140,490 |
| Payroll taxes | $608,762 |
| Fees for services: Management | $0 |
| Fees for services: Legal | -$1,450 |
| Fees for services: Accounting | $124,366 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $138,034 |
| Advertising and promotion | $1,009,673 |
| Office expenses | $91,149 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,428,736 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,484 |
| Interest | $1,172,017 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $625,453 |
| Insurance | $0 |
| All other expenses | $3,592,233 |
| Total functional expenses | $22,216,703 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,836,551 |
| Savings and temporary cash investments | $73,873,028 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $304,237 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $335,260,382 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $559,982 |
| Net Land, buildings, and equipment | $12,524,787 |
| Investments—publicly traded securities | $112,247 |
| Investments—other securities | $19,754,858 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,138,434 |
| Total assets | $457,364,506 |
| Accounts payable and accrued expenses | $6,323,003 |
| 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 | $418,066,439 |
| Total liabilities | $424,389,442 |
| 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 | $32,975,064 |
| Total liabilities and net assets/fund balances | $457,364,506 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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Guardian Credit Union Montgomery, AL | $763,618,487 | $55,701,810 |
Avadian Credit Union Birmingham, AL | $1,107,599,442 | $50,956,352 |
Self Help Credit Union Durham, NC | $1,341,389,804 | $52,319,101 |
Credit Unions In The State Of Alabama Rainbow City, AL | $666,462,536 | $43,280,897 |
Leaders Credit Union Jackson, TN | $642,989,895 | $47,507,703 |
State Chartered Credit Unions In North Carolina Durham, NC | $720,522,330 | $47,882,386 |
Five Star Credit Union Dothan, AL | $661,046,497 | $37,991,386 |
First South Financial Credit Union Bartlett, TN | $775,898,594 | $36,735,546 |
Credit Unions In The State Of Alabama Decatur, AL | $941,244,457 | $37,679,526 |
Corporate America Credit Union Irondale, AL | $4,460,889,725 | $54,551,160 |
Southeast Financial Credit Union Franklin, TN | $457,364,506 | $24,675,556 |