SOUTHEASTERN CREDIT UNION FOUNDATI… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1982

Legal Domicile

Principal Officer

STEVE J SCHWARTZ

Phone

8662310545

Tax Period

2023-01-01 to 2023-12-31

SOUTHEASTERN CREDIT UNION FOUNDATION, founded in 1982, is a small nonprofit that reported $584K in total revenue in fiscal year 2023. Revenue fell 63% from the prior year — a significant decline worth monitoring. Expenses of $1.2M exceeded revenue, resulting in a 112% operating deficit.

Mission

OPERATE FOR THE ADVANCEMENT OF CHARITY & EDUCATION, AND FOR OTHER CHARITABLE PURPOSES, ESPECIALLY AS THEY RELATE TO CONSUMER CREDIT.

Program Service Accomplishments

Program 1

Expenses: $772,423 Revenue: $0

COMMUNITY SPARKS PROGRAM - SPARKING COLLABORATION AMONG CREDIT UNIONS IN EACH FLORIDA, ALABAMA, AND GEORGIA TO ADDRESS AN OVERLYING DEVELOPMENT ISSUE WITHIN THE COMMUNITIES THEY SERVE. ALABAMA AND...

COMMUNITY SPARKS PROGRAM - SPARKING COLLABORATION AMONG CREDIT UNIONS IN EACH FLORIDA, ALABAMA, AND GEORGIA TO ADDRESS AN OVERLYING DEVELOPMENT ISSUE WITHIN THE COMMUNITIES THEY SERVE. ALABAMA AND GEORGIA HAVE CHOSEN TO PROVIDE HISTORICALLY BLACK COLLEGE & UNIVERSITY SCHOLARSHIPS TO PROVIDE FINANCIAL ASSISTANCE TO THE UNDERSERVED/FIRST-GENERATION COLLEGE STUDENTS ATTENDING HBCU'S WITHIN EACH OF THEIR STATES. FLORIDA IS WORKING ON A JOB UPSCALING PROJECT WITH GENERATIONS USA TO TRAIN JOB CANDIDATES WHO ARE DISPLACED OR OTHERWISE DISENGAGED IN THE CURRENT WORKFORCE AND PLACE THEM IN FLORIDA CREDIT UNIONS.

Program 2

Expenses: $113,920 Revenue: $0

FINANCIAL COUNSELING CERTIFICATION PROGRAM (FICEP) FOR CREDIT UNION STAFF, DESIGNED FOR THOSE WHO WORK WITH MEMBERS THROUGH MEMBER SERVICE, LENDING, COLLECTIONS, AND ANY OTHERS DEDICATED TO ASSISTING MEMBERS WITH FINANCIAL CAPABILITY GOALS. INCLUDES TWO PARTS OF FOUR LEARNING MODULES EACH AND TWO EXAMS TO OBTAIN THE CERTIFIED CREDIT UNION FINANCIAL COUNSELOR DESIGNATION.

Program 3

Expenses: $66,298 Revenue: $0

UPDATING AND OPERATING PROGRAMS FOR DISASTER RELIEF FOR CREDIT UNIONS AND/OR CREDIT UNION EMPLOYEES AND VOLUNTEERS WHO HAVE BEEN AFFECTED BY A NATURAL DISASTER.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $692,036

Program Service Revenue $0

Investment Income $171,050

Other Revenue $-278,984

TOTAL REVENUE $584,102

Expense Breakdown

Grants Paid $812,366

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $1,169,542

Other Expenses $427,129

TOTAL EXPENSES $1,239,495

Year-over-Year Comparison

	2023	2022	Change
Revenue	$584,102	$1,569,313	-0.6%
Expenses	$1,239,495	$1,450,859	-0.1%
Net Income	$-655,393	$118,454	-6.5%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,871,950

Total Directors

$1,186,130

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PATRICK LAPINE	CEO	1.00	Officer Director	$0	$495,683	$1,186,130
HANK HALTER	CHAIR	1.00	Officer Director	$0	$0	$0
OLA ANISE	VICE CHAIR (FROM 7/23)	1.00	Officer Director	$0	$0	$0
RICHARD SKAGGS	CHAIR-ELECT	1.00	Officer Director	$0	$0	$0
BOB CLAMPETT	SECRETARY (UNTIL 6/23)	1.00	Officer Director	$0	$0	$0
STEVE MOSELEY	SECRETARY (FROM 7/23)	1.00	Officer Director	$0	$0	$0
TINA WILLIAMS	TREASURER (UNTIL 6/23)	1.00	Officer Director	$0	$0	$0
BRIAN AKIN	TREASURER (FROM 7/23)	1.00	Officer Director	$0	$0	$0
HENRY ARMSTRONG	PAST CHAIR	1.00	Officer Director	$0	$0	$0
BRENT LISTER	TRUSTEE	1.00	Director	$0	$0	$0
DEBBIE SMITH	TRUSTEE	1.00	Director	$0	$0	$0
STEVE SWOFFORD	TRUSTEE	1.00	Director	$0	$0	$0
SAMANTHA BEELER	PRESIDENT LEAGUE	1.00	Officer	$0	$36,363	$309,161
DR WEN HEMINGWAY	CFO	1.00	Officer	$0	$98,169	$376,659

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$584,102	$1,239,495	$4,491,985	$-655,393
2022	$1,569,313	$1,450,859	$4,926,905	$118,454
2021	$1,190,369	$362,902	$4,857,599	$827,467
2020	$538,420	$656,294	$3,790,998	$-117,874
2019	$691,931	$637,915	$3,484,477	$54,016
2018	$1,213,594	$770,402	$3,180,166	$443,192
2017	$607,090	$311,841	$2,830,818	$295,249

SOUTHEASTERN CREDIT UNION FOUNDATION