Southeastern Credit Union Foundation

Nonprofit profile at a glance

EIN
592252733
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Tallahassee, FL, USA
Phone
8662310545
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$1,149,926
Expenses
$1,319,973
Assets
$4,743,582
Liabilities
$355,269

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

Leadership & pay

17 people listed

Executive titles in this filing

  • PATRICK LAPINE (CEO (UNTIL 4/24))
  • SAMANTHA BEELER (PRESIDENT LEAGUE)

Highest reported compensation

  • PATRICK LAPINE (CEO (UNTIL 4/24)): $4,138,105 total reported compensation
  • SAMANTHA BEELER (PRESIDENT LEAGUE): $569,190 total reported compensation
  • STEVEN SCHWARTZ (CFO): $475,431 total reported compensation

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

Overview

Mission

To enrich credit unions and the lives of their employees and members.

What it reported doing in 2024

Community impact and credit union development grants: the foundation provides grants to support credit union initiatives that strengthen member financial well-being and institutional sustainability. The community impact grant program funds projects focused on financial literacy, outreach, and support for credit unions pursuing cdfi certification or grant funding. The credit union development grant program assists with efforts to improve staff training, technology adoption, operational efficiency, and innovation.

Operating model

Revenue model
Donor-supported. 79% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 71% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 54
  • Accountability: 86
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 95.4%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 22nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 22.3%; rating input score 22; 26th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -14.8%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 3.59; rating input score 79; 79th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 47; 47th percentile among comparable filings
  • Officer compensation ratio: 35.8%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: 25% per year; rating input score 100; 87th percentile among comparable filings
  • Revenue growth: 12.2% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 7.1% per year; rating input score 100; 48th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 95.4% of spending went to programs
  • Governance: 12 of 12 board members independent · 6 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $1.3M in reported program spending
  • Leadership: top reported pay $4.1M · 17 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 23 of 24 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 11 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 27 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 22/100.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Sustainability: Operating margin scored 13/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 47/100.