2025-10-08T10:53:33-05:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 580801176 SOUTHEASTERN CREDIT UNION SOUT 2292442732 PO BOX 2067 VALDOSTA GA 316042067 E MICHAEL GUDELY CEO 2292442732 2025-10-07 1 0 AUBREY CLEGG P01076395 3052328272 2025-10-07 2024 2025-03-06 01:10:19Z E MICHAEL GUDELY PO BOX 2067 VALDOSTA GA 316042067 23475823 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 7 127 7 90716 0 0 0 17368619 20477582 2388031 2998241 0 0 19756650 23475823 38173 141400 0 0 6384393 6809788 0 0 0 10614732 12917632 17037298 19868820 2719352 3607003 374753426 391341137 340327580 353314457 34425846 38026680 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 24,029 MEMBERS IN 2024. THE CREDIT UNION SERVICED CONSUMER AND BUSINESS LOANS TOTALING $281,216,582 AND DEPOSITS OF $345,403,481 THROUGH EIGHT FULL-SERVICE LOCATIONS. SOUTHEASTERN CREDIT UNION STRIVES TO BE A RESPONSIBLE COMMUNITY CITIZEN, ACTIVELY PARTICIPATING IN NUMEROUS COMMUNITY SERVICE ACTIVITIES AND DONATING $141,400 TO LOCAL SCHOOLS AND CHARITABLE ORGANIZATIONS. THE CREDIT UNION, ALONG WITH ITS EMPLOYEES, CONTRIBUTES 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 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 10132 0 1 127 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 WAYNE PLUMLY BOARD - CHAIRPESON 1.00 X 0 0 0 C ANTHONY PAYTON BOARD - VICE CHAIRPESON 1.00 X 0 0 0 VALERIE BRYANT BOARD - TREASURER 1.00 X 0 0 0 JERRY PERMENTER BOARD - SECRETARY 1.00 X 0 0 0 STEPHEN SAINZ BOARD - DIRECTOR 1.00 X 0 0 0 CLINT BUSH BOARD - DIRECTOR 1.00 X 0 0 0 CHARLES EIDSON BOARD - DIRECTOR 1.00 X 0 0 0 EDWARD MICHAEL GUDELY PRESIDENT/CEO 40.00 X 289892 0 52583 JENNIFER STASIO SVP/CFO 40.00 X 194413 0 35663 ERIC BENNETT VP CLO 40.00 X 155280 0 23125 MITCHELL BURTON VP RETAIL SERVICES 40.00 X 110183 0 19447 BERRY TANNER WAYCROSS AREA EXECUTIVE 40.00 X 128624 0 12061 EDDIE SMITH BUSINESS DEVELOPMENT 40.00 X 126440 0 20321 JEREMY HATCHER AVP COMMERCIAL LENDING 40.00 X 116789 0 25947 1121621 0 189147 7 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROVIDER 1209608 SYNERGENT PO BOX 1236 PORTLAND ME 04104 CORE PROVIDER 276861 ATT 208 S AKRAD ST DALLAS TX 75202 PHONE SERVICE 213152 CONSULTANT & BUILDERS INC 3100 MEDLOCK BRIDGE ROAD PEACHTREE CORNERS GA 30071 CONSULTANT/ CONTRACTOR 197517 KASASA LTD PO BOX 527 LUBBOCK TX 79408 MEMBER PRODUCTS 163737 15 LOAN INCOME 522100 15969511 15969511 FEES, CHARGES, AND OTHER INCOME 522100 4417355 4417355 FINANCE AND INSURANCE 520000 90716 90716 20477582 2998241 2998241 23475823 20386866 90716 2998241 X 141400 880586 4601158 291227 633174 403643 6792 103500 1879503 286668 524926 182079 611905 160973 6079939 60290 623559 93697 ATM/VISA/SHARE DRAFT PR 1080787 LOAN SERVICING 463454 SHARE/FRAUD LOSSES 327236 MAINTENANCE & REPAIRS 189850 242474 19868820 4140865 2462430 9098743 29399360 80386 82456 5360533 5412760 279725598 278424695 713395 876016 15571403 6593456 9050679 8977947 59376993 58222382 1984832 1747984 15281 3341 5206121 5731766 374753426 391341137 3410755 2910976 365924 277425 10000000 5000000 326550901 345126056 340327580 353314457 X 0 0 0 0 34425846 38026680 34425846 38026680 374753426 391341137 3607003 -6169 0 X X 0 1 X 1 0 0 1 X 2947708 2947708 8331392 3258418 5072974 415247 361241 54006 3761064 2911945 849119 115992 61852 54140 8977947 SHARES 110946329 SHARE DRAFTS 74508495 MONEY MARKETS 55727447 IRA SHARES 4352506 SHARE CERTIFICATES 88593369 IRA CERTIFICATES 10997910 345126056 X 23475823 0 23475823 0 23475823 19868820 0 19868820 0 19868820 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. 1 BERRIEN COUNTY FAMILY CONNECTIONS 1015 EXUM RD NASHVILLE GA 31639 562311325 501(C)(3) 10000 0 HURRICANE RELIEF COLQUITT COUNTY UNITED WAY 116 1ST AVE SE MOULTRIE GA 31768 580955533 501(C)(3) 10000 0 HURRICANE RELIEF CAMP ROCK OF GEORGIA 4407 ROCKY FORD RD VALDOSTA GA 31601 463163243 501(C)(3) 10000 0 HURRICANE RELIEF LOWNDES ASSOC MINISTRIES TO PEOPLE LAMP INC 714 CHARLTON ST VALDOSTA GA 31601 581597700 501(C)(3) 10000 0 HURRICANE RELIEF MAGNOLIA HOUSE PO BOX 1824 WAYCROSS GA 31502 581530718 501(C)(3) 10000 0 HURRICANE RELIEF QUITMAN BOYS & GIRLS CLUB OF AMERICA 2330 N WEBSTER RD QUITMAN GA 31643 237067775 501(C)(3) 10000 0 HURRICANE RELIEF QUITMAN FAMILY CONNECTIONS 100 W LAFAYETTE ST QUITMAN GA 31643 651167462 501(C)(3) 10000 0 HURRICANE RELIEF SECOND HARVEST 1411 HARBIN CIR VALDOSTA GA 31601 582208545 501(C)(3) 10000 0 HURRICANE RELIEF GREATER VALDOSTA UNITED WAY 1609 N PATTERSON ST VALDOSTA GA 31602 580643332 501(C)(3) 10000 0 HURRICANE RELIEF TIFTON SALVATION ARMY 1205 US HIGHWAY 82 E TIFTON GA 31794 580660607 501(C)(3) 10000 0 HURRICANE RELIEF 10 0 FORM 990, SCHEDULE I, PART I THE CHARITABLE CONTRIBUTIONS MADE DURING 2024 HAD THE COMMON PURPOSE OF PROVIDING HURRICANE RELIEF THROUGH DONATIONS TO COMMUNITY ORGANIZATIONS. THESE DONATIONS WERE NOT SUBSEQUENTLY MONITORED BY THE CREDIT UNION. X X X X 0 1 0 EDWARD MICHAEL GUDELY PRESIDENT/CEO 289892 0 0 0 0 0 23711 0 28872 0 342475 0 0 0 JENNIFER STASIO SVP/CFO 167006 0 27407 0 0 0 13928 0 21735 0 230076 0 0 0 ERIC BENNETT VP CLO 140613 0 14667 0 0 0 10018 0 13107 0 178405 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. EDWARD MICHAEL GUDELY CEO TO FUND SPLIT DOLLAR LIFE INSURANCE POLICIES X 4884784 5412760 0 1 1 5412760 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 2024 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 1,879,503. FORM 990, PART IX, LINE 24E PROVISION FOR LOAN LOSSES 174,000. STATE BANK EXAM FEE 42,694. MISCELLANEOUS 21,209. CASH OVER & SHORT 4,571. 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.