SOUTHEAST FINANCIAL CREDIT UNION C… - 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

1936

Legal Domicile

Principal Officer

ADAM TOUNGETTE

Phone

6157433700

Tax Period

2023-01-01 to 2023-12-31

SOUTHEAST FINANCIAL CREDIT UNION C/O ADAM TOUNGETTE, founded in 1936, is a mid-sized nonprofit that reported $29.3M in total revenue in fiscal year 2023. Revenue grew 18% year-over-year, indicating healthy expansion. Expenses of $28.3M left a modest 3% surplus.

Mission

PROVIDE FINANCIAL SERVICES FOR APPROXIMATELY 39,823 MEMBERS IN THE FORM OF LOANS, SAVINGS ACCOUNTS, SHARE CERTIFICATES AND OTHER FINANCIAL SERVICES.

Program Service Accomplishments

Program 1

PROVIDE FINANCIAL SERVICES FOR APPROXIMATELY 39,823 MEMBERS IN THE FORM OF LOANS, SHARE ACCOUNTS, SHARE CERTIFICATES AND OTHER FINANCIAL SERVICES.SERVICES INCLUDE ATM/DEBIT CARD PROGRAM...

PROVIDE FINANCIAL SERVICES FOR APPROXIMATELY 39,823 MEMBERS IN THE FORM OF LOANS, SHARE ACCOUNTS, SHARE CERTIFICATES AND OTHER FINANCIAL SERVICES.SERVICES INCLUDE ATM/DEBIT CARD PROGRAM, INTERNATIONAL REMITTANCES, NO SURCHARGE ATM'S, BUSINESS SHARE ACCOUNTS, HEALTH SAVINGS ACCOUNTS, NO COST SHARE DRAFTS, SHARE CERTIFICATES WITH LOW MINIMUM BALANCE REQUIREMENTS, INSURANCE/INVESTMENT SALES, STUDENT SCHOLARSHIPS, BUSINESS LOANS, CREDIT BUILDER, INDIRECT CONSUMER LENDING, INTEREST ONLY OR PAYMENT OPTION 1ST MORTGAGE LOANS, OVERDRAFT LINES OF CREDIT, OVERDRAFT/PROTECTION/COURTESY PAY, PARTICIPATION LOANS, REAL ESTATE LOANS, RISK BASED LOANS, SHARE SECURED CREDIT CARDS, FINANCIAL EDUCATION, FINANCIAL COUNSELING, FIRST TIME HOMEBUYER PROGRAM.

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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 $0

Program Service Revenue $22,256,999

Investment Income $1,321,503

Other Revenue $5,682,315

TOTAL REVENUE $29,260,817

Expense Breakdown

Grants Paid $0

Salaries & Benefits $12,055,203

Fundraising Expenses $0

Other Expenses $16,277,356

TOTAL EXPENSES $28,332,559

Year-over-Year Comparison

	2023	2022	Change
Revenue	$29,260,817	$24,888,572	+0.2%
Expenses	$28,332,559	$23,487,341	+0.2%
Net Income	$928,258	$1,401,231	-0.3%

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

169

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

$1,895,810

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CLEO DUCKWORTH	CHAIR, BOARD MEMBER	1.00	Director	$0	$0	$0
BEVERLY A HICKS	BOARD MEMBER	1.00	Director	$0	$0	$0
KELSIE JONES	BOARD MEMBER	1.00	Director	$0	$0	$0
SCARLET SNEED	BOARD MEMBER	1.00	Director	$0	$0	$0
BILLY HATMAKER	BOARD MEMBER	1.00	Director	$0	$0	$0
WALTER COSTNER	BOARD MEMBER	1.00	Director	$0	$0	$0
TROY CRAWFORD	BOARD MEMBER	1.00	Director	$0	$0	$0
ROBERT HALE	AUDIT COMMITTEE	1.00	Director	$0	$0	$0
JILL ARNOLD	CREDIT APPEALS COMMITTEE	1.00	Director	$0	$0	$0
VINCE MALONE	AUDIT COMMITTEE	1.00	Director	$0	$0	$0
JEFF DAHLSTROM	PRESIDENT	40.00	Officer	$591,329	$33,685	$625,014
JOHN JACOWAY	CEO	40.00	Officer	$604,624	$28,601	$633,225
KELLY KEENAN	COO	40.00	Officer	$205,046	$20,894	$225,940
RONNIE MILLER	CAO	40.00	Officer	$177,466	$23,720	$201,186
DAVID KELLEY	CLO	40.00	Officer	$191,087	$19,358	$210,445
KENDRICK COULTHARD	PRESIDENT OF MFS	40.00	Highest	$211,404	$33,309	$244,713
LEIGH GLOVER	MFS REP	40.00	Highest	$183,660	$19,337	$202,997
SUSAN HAMILTON	VP, COMPLIANCE AND TRAININ	40.00	Highest	$131,902	$21,526	$153,428
LELAH HILL	VP, HUMAN RESOURCES	40.00	Highest	$173,014	$18,308	$191,322
DAVID HARLAN	MFS REP	40.00	Highest	$138,797	$17,290	$156,087

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	$29,260,817	$28,332,559	$474,047,510	$928,258
2022	$24,888,572	$23,487,341	$454,815,364	$1,401,231
2021	$24,675,556	$22,216,703	$457,364,506	$2,458,853
2020	$23,885,264	$23,908,336	$416,742,002	$-23,072
2019	$24,996,970	$23,033,507	$382,302,574	$1,963,463
2018	$24,005,233	$22,939,369	$368,449,082	$1,065,864

SOUTHEAST FINANCIAL CREDIT UNION C/O ADAM TOUNGETTE