2024-10-28T12:28:43-05:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 580801176 SOUTHEASTERN CREDIT UNION SOUT 2292442732 PO BOX 2067 VALDOSTA GA 316042067 E MICHAEL GUDELY CEO 2292442732 2024-10-28 1 0 JOHN J MURNANE JR P03021572 3052328272 2024-10-28 2023 2024-10-15 13:58:12Z E MICHAEL GUDELY PO BOX 2067 VALDOSTA GA 316042067 19756650 0 X WWW.SOUTHEASTERNCU.COM X 1953 GA THE MISSION OF SOUTHEASTERN CREDIT UNION IS TO DELIVER VALUE AND PROVIDE LEGENDARY SERVICE TO ITS MEMBERSHIP. 7 7 126 7 77280 0 0 0 14852362 17368619 1030591 2388031 0 0 15882953 19756650 54000 38173 0 0 6335024 6384393 0 0 0 6363776 10614732 12752800 17037298 3130153 2719352 341470817 374753426 309037945 340327580 32432872 34425846 X SOUTHEASTERN CREDIT UNION IS A COMMUNITY CHARTERED ORGANIZATION COVERING FOURTEEN SOUTH GEORGIA COUNTIES (BENN HILL, BERRIEN, BROOKS, COLQUITT, COOK, ECHOLS, IRWIN, LANIER, LOWNDES, THOMAS, TIFT, TURNER, WARE, AND PIERCE). SOUTHEASTERN CREDIT UNION IS DEDICATED TO DELIVERING VALUE WHILE PROVIDING LEGENDARY SERVICE. 0 0 SOUTHEASTERN CREDIT UNION SERVED THE FINANCIAL NEEDS OF 24,639 MEMBERS IN 2023. THE CREDIT UNION PROVIDED CONSUMERS AND BUSINESS LOANS AND DEPOSITS TOTALING APPROXIMATELY $282,000,000 AND $327,000,000, RESPECTIVELY, THROUGH EIGHT FULL-SERVICE LOCATIONS. SOUTHEASTERN CREDIT UNION SEEKS TO BE A GOOD COMMUNITY CITIZEN AND IS INVOLVED IN MANY COMMUNITY SERVICE ACTIVITIES DONATING $38,173 TO LOCAL SCHOOLS AND CHARITY ORGANIZATIONS. THE CREDIT UNION, ALONG WITH ITS EMPLOYEES CONTRIBUTE TO THE UNITED WAY. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 9210 0 1 126 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X SOUTHEASTERN CREDIT UNION 2292443732 PO BOX 2067 VALDOSTA GA 316042067 CHARLES EIDSON BOARD - CHAIRPESON 1.00 X 0 0 0 WAYNE PLUMLY BOARD - VICE CHAIRPESON 1.00 X 0 0 0 C ANTHONY PAYTON BOARD - TREASURER 1.00 X 0 0 0 JERRY PERMENTER BOARD - DIRECTOR 1.00 X 0 0 0 VALERIE BRYANT BOARD - DIRECTOR 1.00 X 0 0 0 ROY MCNEAL BOARD - DIRECTOR 1.00 X 0 0 0 DR DUSTIN KILBY BOARD - SECRETARY 1.00 X 0 0 0 LEANNA PLEDGER BOARD - DIRECTOR 1.00 X 0 0 0 EDWARD MICHAEL GUDELY PRESIDENT/CEO 40.00 X 321004 0 47732 JENNIFER STASIO SVP/CFO 40.00 X 192770 0 36858 ERIC BENNETT VP CLO 40.00 X 152055 0 21135 MITCHELL BURTON VP RETAIL SERVICES 40.00 X 101252 0 16597 EDDIE SMITH BUSINESS DEVELOPMENT 40.00 X 162847 0 15694 BERRY TANNER WAYCROSS AREA EXECUTIVE 40.00 X 133934 0 12142 JEREMY HATCHER AVP COMMERCIAL LENDING 40.00 X 106515 0 15133 1170377 0 165291 7 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROVIDER 1405431 CONSULTANT & BUILDERS INC 3100 MEDLOCK BRIDGE ROAD PEACHTREE CORNERS GA 30071 CONSULTANT/ CONTRACTOR 1072457 KASASA LTD PO BOX 527 LUBBOCK TX 79408 MEMBER PRODUCTS 167456 DOXIM 747 E WHITCOMB AVE MADISON HEIGHTS MI 48071 STATEMENT PRODUCTION 164470 ATT 208 S AKRAD ST DALLAS TX 75202 PHONE SERVICE 161368 6 LOAN INCOME 522100 13123358 13123358 FEES, CHARGES, AND OTHER INCOME 522100 4167981 4167981 FINANCE AND INSURANCE 520000 77280 77280 17368619 2388031 2388031 19756650 17291339 77280 2388031 X 38173 889403 4282797 259918 566613 385662 12036 99600 1535648 8403 463371 138237 519950 137815 4700165 48896 667577 92897 ATM/VISA/SHARE DRAFT PR 1050364 LOAN SERVICING 428895 PROVISION FOR LOAN LOSS 375939 MAINTENANCE & REPAIRS 205264 129675 17037298 3339972 4140865 15867384 9098743 26903 80386 5279633 5360533 250422313 279725598 634700 713395 15032513 5981834 8561741 9050679 49990241 59376993 1345007 1984832 27221 15281 5975702 5206121 341470817 374753426 4017857 3410755 247521 365924 10000000 304772567 326550901 309037945 340327580 X 0 0 0 0 32432872 34425846 32432872 34425846 341470817 374753426 X 2719352 485622 -1212000 X X 0 1 X 1 0 0 1 X 2947708 2947708 7450948 2969498 4481450 372385 347198 25187 3226486 2615383 611103 1034986 49755 985231 9050679 SHARES 102479937 SHARE DRAFTS 68616435 MONEY MARKETS 55842611 IRA SHARES 4961855 SHARE CERTIFICATES 83881389 IRA CERTIFICATES 10768674 326550901 X 19756650 0 19756650 0 19756650 17037298 0 17037298 0 17037298 PART IV, LINE 2B: AS A MORTGAGE LOAN SERVICER, THE CREDIT UNION RECEIVES PROPERTY TAX PAYMENTS AND INSURANCE PAYMENTS AND THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES ON BEHALF OF THE BORROWERS. PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. X X X X 0 1 0 EDWARD MICHAEL GUDELY PRESIDENT/CEO 291406 0 29598 0 0 0 24989 0 22743 0 368736 0 0 0 JENNIFER STASIO SVP/CFO 159829 0 32941 0 0 0 14859 0 21999 0 229628 0 0 0 EDDIE SMITH BUSINESS DEVELOPMENT 124181 0 38666 0 0 0 6878 0 8816 0 178541 0 0 0 ERIC BENNETT VP CLO 134541 0 17514 0 0 0 10254 0 10881 0 173190 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE PRESIDENT/CEO THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE EXECUTIVE'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE EXECUTIVE MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOANS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. MICHAEL GADELY CEO TO FUND SPLIT DOLLAR LIFE INSURANCE POLICIES X 4884784 5360533 0 1 1 5360533 SCHEDULE L PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE PRESIDENT/CEO THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE EXECUTIVE'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE EXECUTIVE MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOANS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE ANNUAL MEETING OF MEMBERS OF THE CREDIT UNION SHALL BE HELD DURING THE MONTH OF MARCH, FOR THE PURPOSE OF ELECTING DIRECTORS AND TRANSACTING ANY AND ALL BUSINESS THAT MAY PROPERLY COME BEFORE THE MEETING. ANY VACANCY ON THE BOARD OR SUPERVISORY COMMITTEE SHALL BE FILLED BY VOTE OF A MAJORITY OF THE DIRECTORS THEN HOLDING OFFICE, EVEN THOUGH LESS THAN A QUORUM. DIRECTORS SO APPOINTED SHALL HOLD OFFICE ONLY UNTIL THE NEXT ANNUAL MEETING, AT WHICH ANY UNEXPIRED TERMS SHALL BE FILLED BY VOTE OF THE MEMBERS, AND UNTIL THE QUALIFICATION OF THEIR SUCCESSORS. MEMBERS OF THE SUPERVISORY COMMITTEE SO APPOINTED SHALL HOLD OFFICE UNTIL THE FIRST REGULAR MEETING OF THE BOARD FOLLOWING THE NEXT ANNUAL MEETING OF MEMBERS AT WHICH THE REGULAR TERM EXPIRES AND UNTIL THE APPOINTMENT AND QUALIFICATION OF THEIR SUCCESSORS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF DIRECTORS AND FIELD OF MEMBERSHIP AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. BYLAWS ADOPTED BY THE BOARD OF DIRECTORS MAY BE ALTERED, AMENDED OR REPEALED, AND NEW BYLAWS ADOPTED BY THE MEMBERS. THE MEMBERS MAY PRESCRIBE THAT ANY BYLAW OR BYLAWS ADOPTED BY THEM SHALL NOT BE ALTERED, AMENDED OR REPEALED, BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS PREPARED BY A THIRD PARTY CPA FIRM. THE RETURN IS REVIEWED BY THE FULL BOARD PRIOR TO FILING. ONCE THE REVIEW AND ANY NECESSARY CORRECTIONS ARE COMPLETED, THE RETURN IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS ADHERENCE TO THE CONFLICT OF INTEREST POLICY THROUGH EMPLOYEE DISCLOSURE AND MANAGEMENT OF EMPLOYEES. IN THE EVENT OF A POTENTIAL CONFLICT, THE INTERESTED PERSON SHALL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS AND VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE OF THE CREDIT UNION ENGAGED AN INDEPENDENT THIRD PARTY TO CONDUCT AN ANALYSIS OF CEO COMPENSATION IN 2023 TO DETERMINE REASONABLENESS. THE COMPENSATION FOR ALL OTHER KEY EMPLOYEES IS REVIEWED BY A THIRD PARTY CONSULTANT AT LEAST ANNUALLY TO DETERMINE REASONABLENESS. ALL DECISIONS AND COMPARABILITY DATA ARE DOCUMENTED IN MEETING MINUTES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC ON THE NCUA'S WEBSITE VIA THE 5300 CALL REPORT FILING. FORM 990, PART IX, LINE 11G PROFESSIONAL & OUTSIDE SERVICES 1,535,648. FORM 990, PART IX, LINE 24E SHARE/FRAUD LOSSES 61,775. STATE BANK EXAM FEE 42,602. MISCELLANEOUS 25,714. CASH OVER & SHORT -416. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -1,212,000. FROM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.