Southern Mutual Financial Services Inc is located in New Iberia, LA. The organization was established in 2000. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Mutual Financial Services Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Southern Mutual Financial Services Inc generated $39.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (17.6%) each year. All expenses for the organization totaled $140.2k during the year ending 12/2021. 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
THE ORGANIZATION IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CONCERNED WITH QUALITY OF LIFE OF VERY LOW,LOW & MODERATE INCOME PERSONS ESPECIALLY PERTAINING TO AFFORDABLE HOUSING,HOME OWNERSHIP TRAINING ED. & FINANCIAL BUDGETING ESPECIALLY IN NINE RURAL PARISHES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
(A) LENDING PROGRAMSMFS IS COMMITTED TO PROVIDING ACCESSIBLE CAPITAL THROUGH FINANCIAL PRODUCTS AND ARMS-LENGTH TRANSACTIONS TO VERY LOW, LOW AND MODERATE INCOME PERSONS.
(B) FAMILY AND COMMUNITY DEVELOPMENT PROGRAMSMFS IS COMMITTED TO CREATING HEALTHY COMMUNITIES BY PROVIDING EDUCATION AND TRAINING TO HELP FAMILIES BUILD AND MAINTAIN THEIR ASSETS AND BUILD THEIR WEALTH.THE FAMILY AND COMMUNITY DEVELOPMENT PROGRAM INCLUDES:(1) HOMEOWNERSHIP COUNSELING - GIVES POTENTIAL HOMEOWNERS HANDS-ON EXPERIENCE IN PURCHASING OR CONSTRUCTING A HOME, HOW MORTGAGE LENDING WORKS, BUDGETING, AND WHAT HOMEOWNERSHIP COULD MEAN IN THEIR LIVES.(2) FINANCIAL BUDGETING - PROVIDES TRAINING AND TECHNICAL ASSISTANCE TO VERY LOW, LOW AND MODERATE INCOME FAMILIES IN PREPARATION AND MAINTENANCE OF A FINANCIAL BUDGET.(3) SKILL TRANSFER TRAINING - PROMOTES SELF-SUFFICIENCY BY TEACHING PEOPLE HOW THEY CAN SAVE MONEY BY DOING THEIR OWN HOME REPAIRS AND MAINTENANCE AND KEEP THE VALUE IN THEIR HOMES.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Lorna Bourg Treasurer | OfficerTrustee | 6 | $0 |
Helen Vinton Secretary | OfficerTrustee | 4 | $0 |
Dr Phebe Hayes President | OfficerTrustee | 2 | $0 |
Martha Moore Member | Trustee | 1 | $0 |
Lionel Metz Board Member | Trustee | 1 | $0 |
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 | $16,793 |
Noncash contributions included in lines 1a–1f | $16,793 |
Total Revenue from Contributions, Gifts, Grants & Similar | $16,793 |
Total Program Service Revenue | $22,585 |
Investment income | $450 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $39,828 |
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. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $32,013 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $2,484 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $45,738 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $0 |
Office expenses | $995 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $4,904 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $5,589 |
All other expenses | $7,253 |
Total functional expenses | $140,150 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $16,064 |
Savings and temporary cash investments | $267,590 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $397,817 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $71,280 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $1,455 |
Total assets | $754,206 |
Accounts payable and accrued expenses | $1,110 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $11,107 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $188,439 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $400 |
Total liabilities | $201,056 |
Net assets without donor restrictions | $512,256 |
Net assets with donor restrictions | $40,894 |
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 | $0 |
Total liabilities and net assets/fund balances | $754,206 |
Over the last fiscal year, we have identified 1 grants that Southern Mutual Financial Services Inc has recieved totaling $50,000.
Awarding Organization | Amount |
---|---|
Opportunity Finance Network Philadelphia, PA PURPOSE: COVID-19 GRANT | $50,000 |
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