802 Credit Union

Nonprofit profile at a glance

EIN
036005430
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Barre, VT, USA
Phone
8024799411
Rating
45
Verdict
MIXED
Rating confidence
Moderate
Sector
Credit Unions

Official website

Reported finances

Revenue
$30,077,912
Expenses
$22,207,914
Assets
$416,360,161
Liabilities
$367,195,031

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

Leadership & pay

20 people listed

Executive titles in this filing

  • Sean Gammon (Exec Director/CEO)
  • Jeff Mobus (Board Chair/President)

Highest reported compensation

  • Sean Gammon (Exec Director/CEO): $412,150 total reported compensation
  • Stacey Benoit (Chief Operating Officer): $175,937 total reported compensation
  • Jill Fortier (Chief Financial Officer): $163,302 total reported compensation

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

Overview

Mission

Credit Union - Services directly related to credit union operations providing automobile, home equity, and personal loans to a membership of approximately 37,200.

What it reported doing in 2024

Membership benefit programs and services directly related to Credit Union operations providing automobile, home equity, personal loans and mortgages to a membership of approximately 37,200.

Operating model

Revenue model
Other-operating. 87% of the money available for current operations came from other operating 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

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: 66
  • Accountability: 91
  • Sustainability: 74
  • Growth: 60

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; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 26.2%; rating input score 86; 86th percentile among comparable filings
  • Total-asset coverage ratio: 18.75; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.88; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 6.6%; rating input score 38; 38th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 28.5% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: 13.5% per year; rating input score 100; 77th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 11 of 11 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $412K · 20 people listed · 1 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: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 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.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Moderate — Sustainability: Officer compensation ratio scored 38/100.