Southeast Financial Credit Union C/o Adam Toungette

Nonprofit profile at a glance

EIN
620382058
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Franklin, TN, USA
Phone
6157433700
Rating confidence
Limited

Official website

Reported finances

Revenue
$31,581,827
Expenses
$30,863,516
Assets
$457,257,969
Liabilities
$421,368,314

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • JEFF DAHLSTROM (PRESIDENT)
  • JOHN JACOWAY (CEO)
  • KENDRICK COULTHARD (PRESIDENT OF SFWM)

Highest reported compensation

  • JEFF DAHLSTROM (PRESIDENT): $1,008,462 total reported compensation
  • JOHN JACOWAY (CEO): $998,999 total reported compensation
  • KENDRICK COULTHARD (PRESIDENT OF SFWM): $384,545 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide financial services for approximately 38,654 members in the form of loans, savings accounts, share certificates and other financial services.

What it reported doing in 2024

Provide financial services for approximately 38,654 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.

Operating model

Revenue model
Earned-program. 76% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 94
  • Accountability: 82
  • Sustainability: 51
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 2.3%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 14.82; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.92; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 12.1%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: -22.5% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: -0.3% per year; rating input score 0; 8th percentile among comparable filings
  • Asset growth: 0.3% per year; rating input score 100; 11th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 7 of 7 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $1M · 17 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $653K reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 4 filed schedules · includes executive pay and related organizations
  • Filing history: 12 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 10 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.