Greenwood Credit Union Inc

Overview

Mission

The credit union is an association owned by its member depositors. Interest income from loans and investments allow the credit union to provide low cost financial services to its members.

What it reported doing in 2024

Investment income from loans and investments provide funds necessary to provide low cost financial products to member owners. At december 31, 2024, the credit union had 85,875 share/deposit accounts and 39,251 loan accounts.

Operating model

Revenue model
Earned-program. 95% 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.

Nonprofit profile at a glance

EIN
050254228
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Headquarters
Warwick, RI, USA
Rating
44
Verdict
MIXED
Rating confidence
Moderate

Official website

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The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 64
  • Accountability: 84
  • Sustainability: 65
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 71st percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited
  • Public monitoring controls: Limited
  • Public policy transparency: Limited
  • Public financial transparency: Limited
  • Impact reporting controls: Limited
  • Public relationship transparency: Limited

Accountability

  • Independent voting board: 88.9%; rating input score 89; 34th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
  • Public governance controls: Limited
  • Zakat policy transparency: Limited

Sustainability

  • Operating margin: 9.2%; rating input score 70; 70th percentile among comparable filings
  • Operating reserve ratio: 17.77; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.91; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 4.1%; rating input score 25; 25th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 9.6% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: 7.9% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 8 of 9 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $793K · 13 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 13 of 14 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 14 annual filings from 2010 to 2024
  • Money network: 13 filed money-flow records