1St Gateway Credit Union Drennen

Nonprofit profile at a glance

EIN
420802440
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Camanche, IA, USA
Phone
5635434121
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Credit Unions

Official website

Reported finances

Revenue
$10,364,742
Expenses
$9,509,740
Assets
$168,664,591
Liabilities
$145,318,402

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • PATRICK J DRENNEN (CEO)

Highest reported compensation

  • PATRICK J DRENNEN (CEO): $302,066 total reported compensation
  • ANGELA IZER (COO): $171,506 total reported compensation
  • JENNA PAYSEN (CFO): $105,628 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Non-profit financial working to help consumers invest and borrow at the best rates and terms.

What it reported doing in 2025

1st gateway credit union attempts to differentiate itself from other financial organizations by excelling as a "relationship/loyalty builder." the organization's goal is to build mutually beneficial member relationships that provide superior overal solution to each individual financial services needs.

Operating model

Revenue model
Earned-program. 75% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 77
  • Accountability: 100
  • Sustainability: 59
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92.9%; rating input score 93
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • 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: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 8.2%; rating input score 54; 54th percentile among comparable filings
  • Total-asset coverage ratio: 17.74; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.86; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 6.1%; rating input score 49; 49th percentile among comparable filings

Growth

  • Program expense growth: 8% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 5.4% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 5% per year; rating input score 100; 34th percentile among comparable filings

Details

  • Where the money goes: 92.9% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $9.5M in reported program spending
  • Leadership: top reported pay $302K · 11 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • Review — Sustainability: Operating margin scored 54/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Moderate — Sustainability: Officer compensation ratio scored 49/100.