Overview
What is Southern Mutual Financial Services Inc?
Southern Mutual Financial Services Inc, based in New Iberia, Louisiana, is a community development financial institution (CDFI). Their mission is centered around improving the lives of individuals with low to moderate incomes. They prioritize affordable housing, offer homeownership training, and provide financial education and budgeting services. The organization's family and community development programs aim to foster healthy communities by equipping families with the knowledge and tools to manage and grow their assets, ultimately helping them build wealth. Southern Mutual Financial Services is committed to bettering the quality of life in their local community.
Official website here: www.southernmutualhelp.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 77% (Three-Star out of Four Star Rating)
Southern Mutual Financial Services Inc has received a Three-Star rating from Charity Navigator, reflecting a solid score of 77%. This rating is based entirely on the organization's Accountability & Finance metrics, which indicates a strong focus on transparency and responsible financial management. The absence of any material diversion of assets further highlights the organization’s commitment to ethical practices.
The organization has demonstrated excellent financial health, evident from a program expense ratio of 79.01%, which suggests that a significant portion of its funds is directed toward its programs rather than administrative costs. Additionally, Southern Mutual exhibits robust governance practices, as indicated by comprehensive policies on conflict of interest, whistleblower protections, and document retention.
While the score is commendable, it is important for potential donors to consider that the rating is derived solely from a single beacon score on Accountability & Finance. This may limit the overall assessment of the organization's impact and effectiveness in achieving its mission. Nevertheless, the positive indicators in financial accountability suggest a reliable nonprofit for potential supporters.
This AI summary has been generated from information found on Charity Navigator.
Is Southern Mutual Financial Services Inc legitimate?
Southern Mutual Financial Services Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Southern Mutual Financial Services Inc submitted a form 990EZ, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Official website here: www.southernmutualhelp.org
What is the mission statement of Southern Mutual Financial Services Inc?
Southern Mutual Financial Services Inc, functioning as a community development financial institution (CDFI), is committed to enhancing the lives of individuals with modest incomes. The organization's mission encompasses promoting affordable housing and offering homeownership training. Furthermore, it focuses on financial budgeting and education, aiming to equip individuals with the necessary skills to manage their finances effectively. Southern Mutual Financial Services' family and community development programs strive to foster healthy communities by providing education and training, enabling families to accumulate assets and build their wealth. In essence, its goal is to improve the living standards of its target demographic.
Official website here: www.southernmutualhelp.org
Who is the CEO of Southern Mutual Financial Services Inc?
Dr Phebe Hayes is the President of Southern Mutual Financial Services Inc.
Official website here: www.southernmutualhelp.org
What is the revenue of Southern Mutual Financial Services Inc?
Southern Mutual Financial Services Inc's revenue in 2022 was -$2,318.
Official website here: www.southernmutualhelp.org
Who are the executives of Southern Mutual Financial Services Inc and what are their salaries?
Here are 4 key members and their salaries:
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Official website here: www.southernmutualhelp.org
Where can I find the form 990EZ for Southern Mutual Financial Services Inc?
Southern Mutual Financial Services Inc's most recent form 990EZ was submitted in 2022 and can be accessed here.
Official website here: www.southernmutualhelp.org
Learn more at the official website: www.southernmutualhelp.org
Mission Statement of Southern Mutual Financial Services Inc
Southern Mutual Financial Services, as a community development financial institution (CDFI), is dedicated to improving the lives of individuals with modest incomes. Its mission is multifaceted, encompassing the promotion of affordable housing, homeownership training, financial budgeting, and education. By prioritizing these areas, the organization aims to empower these individuals, helping them to build and maintain their assets and ultimately, increase their wealth. Through its family and community development programs, Southern Mutual Financial Services strives to create healthier communities. These programs provide education and training to families, enabling them to better manage their finances and resources, thereby contributing to the overall well-being of their communities.
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Impact
October, 2024
Southern Mutual Financial Services Inc significantly enhances the quality of life for very low, low, and moderate-income individuals in and around New Iberia, LA. By prioritizing access to affordable housing, it plays a crucial role in addressing housing insecurity and promoting stable living conditions. The organization’s homeownership training and financial budgeting education empower families with the knowledge and skills necessary to navigate the complexities of financial management and home buying.
Through its family and community development programs, Southern Mutual Financial Services fosters healthy communities by offering resources that help families build and maintain their assets. This focus not only supports individual wealth-building but also contributes to the overall economic resilience of the community. By equipping people with financial literacy and practical homeownership skills, Southern Mutual Financial Services Inc acts as a vital catalyst for community development, ensuring that individuals can achieve sustainable financial independence and stability.
This information is meant to be a general summary of Southern Mutual Financial Services Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $80
- Program Service Revenue: $15,954
- Gross Receipts: $77,103
Assets and Liabilities:
- Total Assets: $435,365
- Total Liabilities: $12,258
- Net Assets: $423,107
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Organization Details
Phone
(337) 367-3277Principal Officer
Dr Phebe Hayes
Main Address
3602 OLD JEANERETTE ROAD, NEW IBERIA, LA, 70563
Website
www.southernmutualhelp.orgNTEE Category
Code: L20 - Housing
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