2017-11-10T15:23:26-06:00 2016-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2016-01-01 580801176 SOUTHEASTERN CREDIT UNION SOUT 2292442732 PO BOX 2067 VALDOSTA GA 316042067 JIM DOYLE CFO 2292442732 2017-11-10 1 DOUGLAS J ORTH P01076394 3052328272 40.141.134.7 2017-11-10 15:59:56 ES P 062293E64DF58CF8D35332F263D6456F83B37FCF 062293E64DF58CF8D35332F263D6456F83B37FCF 2016 2017-02-10 21:41:12Z X E MICHAEL GUDELY PO BOX 2067 VALDOSTA GA 316042067 16916907 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. SOUTHEASTERN CREDIT UNION IS A COMMUNITY CHARTERED ORGANIZATION COVERING TEN SOUTH GEORGIA COUNTIES (BEN HILL, BERRIEN, BROOKS, COOK, ECHOLS, IRWIN, LANIER, LOWNDES, TIFT, AND TURNER). SOUTHEASTERN CREDIT UNION IS ORGANIZED AND CHARTERED UNDER THE LAWS OF GEORGIA TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS AND BUSINESSES. 7 7 109 9 94397 -104386 0 11691573 11598411 511379 824898 341098 414062 12544050 12837371 0 0 4277912 4376379 0 0 6551510 6755296 10829422 11131675 1714628 1705696 221595634 228784729 200549058 207034786 21046576 21749943 X THE MISSION OF SOUTHEASTERN CREDIT UNION IS TO DELIVER VALUE AND PROVIDE LEGENDARY SERVICE TO ITS MEMBERSHIP. SOUTHEASTERN CREDIT UNION IS A COMMUNITY CHARTERED ORGANIZATION COVERING TEN SOUTH GEORGIA COUNTIES (BEN HILL, BERRIEN, BROOKS, COOK, ECHOLS, IRWIN, LANIER, LOWNDES, TIFT, AND TURNER). 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 29,506 MEMBERS IN 2016. IT PROVIDED BUSINESS AND CONSUMER LOANS AND DEPOSITS TOTALING $156.7 MILLION AND $204.3 MILLION, RESPECTIVELY, THROUGH SIX FULL SERVICE LOCATIONS SOUTHEASTERN CREDIT UNION SEEKS TO BE A GOOD COMMUNITY CITIZEN AND IS INVOLVED IN MANY COMMUNITY SERVICE ACTIVITIES. ITS 2016 EFFORTS WERE RECOGNIZED AS NATIONAL RUNNER-UP FOR THE CUNA MUTUAL DORA MAXWELL SOCIAL RESPONSIBILITY AWARD. SOUTHEASTERN CREDIT UNION WAS RECOGNIZED BY CUNA FOR SPONSORING THE SECOND HARVEST OF SOUTH GEORGIA FILL-A-TRUCK FOOD DRIVE RAISING OVER 56,000 POUNDS OF FOOD FOR LOCAL FOOD BANKS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 1 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 6661 0 1 109 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 0 0 1 1 1 0 0 X JIM DOYLE 2292931318 PO BOX 2067 VALDOSTA GA 316042067 C ANTHONY PAYTON VICE CHAIRMAN 0.00 X 0 0 0 JOHN LEONARD TREASURER 0.00 X 0 0 0 ROY MCNEAL SECRETARY 0.00 X 0 0 0 MOLLY DEESE DIRECTOR 0.00 X 0 0 0 CHARLES EIDSON DIRECTOR 0.00 X 0 0 0 H MICHAEL BEVERLY DIRECTOR 0.00 X 0 0 0 JERRY PERMENTER CHAIRMAN 0.00 X 0 0 0 E MICHAEL GUDELY CEO 40.00 X 223772 0 10802 SHARON L LABRANCHE COO 40.00 X 141720 0 12763 JAMES P DOYLE CFO 40.00 X 99401 0 3829 STEVEN P SAINZ SVP/CRO 40.00 X 111071 0 13106 DONNEE L UPSON VP IT 40.00 X 104202 0 8083 680166 0 48583 4 0 1 0 FISERV PO BOX 745148 ATLANTA GA 30374 DATA PROCESSING SERVICES 675721 1 INCOME FROM LOANS 522100 7099399 7099399 FEES/CHARGES/OTHER 522100 4404615 4404615 UNRELATED BUSINESS INCOME 900099 94397 94397 11598411 844522 844522 4059912 4079536 -19624 -19624 -19624 MISCELLANEOUS INCOME 522100 401422 401422 GAIN ON INVESTMENT 522100 12640 12640 414062 12837371 11898452 94397 844522 X 492287 2972684 193600 459905 257903 41228 76919 377616 344800 355792 520648 76975 912905 86620 442779 98219 PROVISION FOR LOAN LOSS 1349000 MAINTENANCE & REPAIRS 669221 ATM/VISA/SHARE DRAFT PR 603660 MISCELLANEOUS 324413 474501 11131675 3001822 3292753 20888465 19163264 243000 486000 146283277 141222905 274937 257338 13359509 4464442 8791653 8895067 35336913 49466469 2988564 1891735 25608 98857 3761395 4010341 221595634 228784729 1731032 2710492 48038 55344 198769988 204268950 200549058 207034786 X 0 0 0 0 21046576 21749943 21046576 21749943 221595634 228784729 1705696 -1002329 0 X X 0 1 X 1 0 0 1 X 2947708 2947708 7044693 1483706 5560987 120496 116640 3856 3246612 2864096 382516 8895067 SHARES 55942617 SHARE DRAFT ACCOUNTS 30484807 MONEY MARKET ACCOUNTS 66131853 IRA SHARES 4826103 CERTIFICATES 46883570 204268950 X 12844355 0 12844355 -6984 -6984 12837371 11138659 6984 6984 11131675 0 11131675 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: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. PRIOR TO THE CONVERSION TO A STATE CHARTER, THE CREDIT UNION WAS NOT REQUIRED TO FILE ANY FEDERAL INCOME TAX RETURNS. PART XI, LINE 4B - OTHER ADJUSTMENTS: NET LOSSES ON INVESTMENTS REPORTED AS EXPENSE IN THE AUDITED FINANCIAL STATEMENTS, BUT REPORTED IN THE STATEMENT OF REVENUE ON FORM 990 PART XII, LINE 2D - OTHER ADJUSTMENTS: NET LOSSES ON INVESTMENTS REPORTED AS EXPENSE IN THE AUDITED FINANCIAL STATEMENTS, BUT REPORTED IN THE STATEMENT OF REVENUE ON FORM 990 X 1 1 X X X 0 1 0 E MICHAEL GUDELY CEO 213379 0 0 0 10393 0 5945 0 4857 0 234574 0 0 0 SHARON L LABRANCHE COO 125034 0 16686 0 0 0 10140 0 2623 0 154483 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ENTERED INTO A SPLIT DOLLAR LIFE INSURANCE AGREEMENT WHICH IS A COLLATERAL ASSIGNMENT ARRANGEMENT BETWEEN THE CREDIT UNION AND THE CEO, MICHAEL GUDELY. THIS AGREEMENT INVOLVES A METHOD OF PAYING FOR LIFE INSURANCE COVERAGE FOR THE EXECUTIVE BY SPLITTING THE ELEMENTS OF A LIFE INSURANCE POLICY. UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT OF LIFE PROCEEDS TO THE CREDIT UNION. IN RETURN FOR A LOAN EQUAL TO THE AMOUNT OF PREMIUMS PAID, THE EXECUTIVE AND THEIR ESTATE AGREE TO REPAY THE CREDIT UNION WITH LIFE INSURANCE PROCEEDS UPON DEATH. THE FACE VALUE OF THE POLICY WAS APPROXIMATELY $3,800,000 AND THE TOTAL LOAN BALANCE UNDER THIS AGREEMENT WAS APPROXIMATELY $486,000 AS OF DECEMBER 31, 2016. E MICHAEL GUDELY CEO TO FUND SPLIT DOLLAR LIFE INSURANCE POLICY X 243000 486000 0 1 1 486000 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 CEO AND CFO. ONCE THE REVIEW AND ANY NECESSARY CORRECTIONS ARE COMPLETED, THE RETURN IS FILED. FORM 990, PART VI, SECTION B, LINE 15A THE PERSONNEL COMMITTEE OF THE CREDIT UNION ENGAGED AN INDEPENDENT THIRD PARTY TO CONDUCT AN ANALYSIS OF CEO COMPENSATION IN 2016. 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 24E LOAN SERVICING 298,159. COLLECTIONS EXPENSE 137,150. STATE BANK EXAM FEE 39,192. 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.