2022-11-01T16:59:44-05:00 2021-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2021-01-01 580801176 SOUTHEASTERN CREDIT UNION SOUT 2292442732 PO BOX 2067 VALDOSTA GA 316042067 E MICHAEL GUDELY CEO 2292442732 2022-11-01 1 E MICHAEL GUDELY 999009999 JOHN J MURNANE JR P03021572 3052328272 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z E MICHAEL GUDELY PO BOX 2067 VALDOSTA GA 316042067 14804885 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 7 112 7 77825 0 0 0 13747005 14121764 601281 368551 0 0 14348286 14490315 0 0 0 0 5919139 6185558 0 0 0 6426589 5999902 12345728 12185460 2002558 2304855 302946528 334399365 272779415 302425332 30167113 31974033 X SOUTHEASTERN CREDIT UNION IS A COMMUNITY CHARTERED ORGANIZATION COVERING FOURTEEN SOUTH GEORGIA COUNTIES (BENN HILL, BERRIEN, BROOKS, COLQUIT, COOK, ECHOLS, IRWIN, LANIER, LOWNDES, THOMAS, TIFT, TURNER, WARE AND PIERCE). SOUTHEASTERN CREDIT UNION IS ORGANIZED AND CHARTERED UNDER THE LAWS OF GEORGIA TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS AND BUSINESSES. 0 0 SOUTHEASTERN CREDIT UNION SERVED THE FINANCIAL NEEDS OF 25,791 MEMBERS IN 2021. THE CREDIT UNION PROVIDED BUSINESS AND CONSUMER LOANS AND DEPOSITS TOTALING APPROXIMATELY $229,000,000 AND 283,000,000, RESPECTIVELY, THROUGH EIGHT FULL SERVICE LOCATIONS. SOUTHEASTERN CREDIT UNION SEEKS TO BE A GOOD COMMUNITY CITIZEN AND IS INVOLVED IN MANY COMMUNITY SERVICE ACTIVITIES. ANNUALLY EMPLOYEES AND THE CREDIT UNION CONTRIBUTE TO THE UNITED WAY. THE CREDIT UNION SUPPORTS THE LOCAL SCHOOL ATHLETICS. 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 5768 0 1 112 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 C ANTHONY PAYTON BOARD - SECRETARY 1.00 X 0 0 0 LEANNA PLEDGER BOARD - DIRECTOR 1.00 X 0 0 0 ROY MCNEAL BOARD - CHAIRPERSON 1.00 X 0 0 0 DR DUSTIN KILBY BOARD - VICE CHAIRPESON 1.00 X 0 0 0 CHARLES EIDSON BOARD - VICE CHAIRPESON 1.00 X 0 0 0 JERRY PERMENTER BOARD - CHAIRPERSON 1.00 X 0 0 0 WAYNE PLUMLY BOARD - TREASURER 1.00 X 0 0 0 E MICHAEL GUDELY PRESIDENT/CEO 40.00 X 245392 0 43612 STEVEN P SAINZ SVP/CLO 40.00 X 154154 0 24196 JENNIFER STASIO SVP/CFO 40.00 X 176485 0 33223 ERIC BENNETT VP OF RETAIL SERVICES 40.00 X 118721 0 19827 CINDY KELLEY MORTGAGE ORIGINATOR 40.00 X 168493 0 11807 BERRY TANNER VP WARE/PIERCE EXECUTIVE 40.00 X 121094 0 9537 MICHAEL JAMES GIBBINS AVP OF BUSINESS SERVICES 40.00 X 116393 0 12522 1100732 0 154724 7 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROVIDER 1095281 KASASA LTD PO BOX 527 LUBBOCK TX 79408 MEMBER PRODUCTS 256856 ATT 208 S AKRAD ST DALLAS TX 75202 PHONE SERVICE 174918 SOUTH GEORGIA CLEANING SERVICE INC 1759 AIRPORT RD VALDOSTA GA 31601 CLEANING SERVICE 103452 4 LOAN INCOME 522100 9179872 9179872 FEES, CHARGES, AND OTHER INCOME 522100 4864067 4864067 FINANCE AND INSURANCE 520000 77825 77825 14121764 382121 382121 301000 314570 -13570 -13570 -13570 14490315 14030369 77825 382121 X 677062 4332512 295333 514337 366314 37174 93750 1221714 154391 500018 91994 539281 69912 1044248 47957 563653 61754 ATM/VISA/SHARE DRAFT PR 713050 LOAN SERVICING 350558 MAINTENANCE & REPAIRS 204245 PROVISION FOR LOAN LOSS 185661 120542 12185460 3201135 3174076 44866730 50265484 26133 18811 5070852 5173722 219344240 227593525 462732 546703 13259195 4767642 8517078 8491553 16357073 33777644 1247289 1233503 51100 39160 3802166 4085184 302946528 334399365 2709465 2634249 233128 243404 269836822 299547679 272779415 302425332 X 0 0 0 0 30167113 31974033 30167113 31974033 302946528 334399365 2304855 -497935 0 X X 0 1 X 1 0 0 1 X 2947708 2947708 7022721 2487561 4535160 360716 246930 113786 2887710 1996205 891505 40340 36946 3394 8491553 SHARES 109578434 SHARE DRAFTS 57759823 MONEY MARKETS 73381380 IRA SHARES 5071876 SHARE CERTIFICATES 44367270 IRA CERTIFICATES 9388896 299547679 X 14490315 0 14490315 0 14490315 12185460 0 12185460 0 12185460 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 E MICHAEL GUDELY PRESIDENT/CEO 245392 0 0 0 0 0 25126 0 18486 0 289004 0 0 0 JENNIFER STASIO SVP/CFO 148540 0 27945 0 0 0 15526 0 17697 0 209708 0 0 0 CINDY KELLEY MORTGAGE ORIGINATOR 33096 0 135397 0 0 0 5151 0 6656 0 180300 0 0 0 STEVEN P SAINZ SVP/CLO 132506 0 21648 0 0 0 13229 0 10967 0 178350 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 5173722 0 1 1 5173722 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. 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. AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. 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 2021 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 1,221,714. FORM 990, PART IX, LINE 24E SHARE/FRAUD LOSSES 48,802. STATE BANK EXAM FEE 38,515. MISCELLANEOUS 22,230. GAIN/LOSS ON OREO 13,570. CASH OVER & SHORT -845. GAIN/LOSS ON DISPOSITION OF FIXED ASSETS -1,730. 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.