Allegan Credit Union
Nonprofit profile at a glance
- EIN
- 381465061
- IRS 990 coverage
- 2022–2022
- Forms available
- Form 990 2022
- Location
- Allegan, MI, USA
- Phone
- 2696735465
- Rating
- 43
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Community Improvement, Capacity Building N.E.C.
Reported finances
- Revenue
- $3,340,217
- Expenses
- $3,288,388
- Assets
- $84,441,604
- Liabilities
- $76,750,772
Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.
Leadership & pay
9 people listed
Executive titles in this filing
- Kristopher Lewis (CEO)
Highest reported compensation
- Kristopher Lewis (CEO): $160,760 total reported compensation
- Chris Harris (CFO): $40,943 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Allegan Credit Union values people over profit, relationships over revenue, and community over credit score to share the future of the credit union for the good of the members because servicng them is why we are here.
What it reported doing in 2022
The Credit Union provides a variety of loans to members including real estate, credit card, vehicle and other. The total number of loans outstanding at 12/31/2022 was 4,439.
Operating model
- Revenue model
- Earned-program. 92% 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.
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: 77
- Accountability: 86
- Sustainability: 53
- Growth: NotEnoughData
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; 63rd percentile among comparable filings
- Pay-setting controls: 3 of 6 controls in place; rating input score 50
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- 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: 6 of 9 controls in place; rating input score 67
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 1.6%; rating input score 40; 40th percentile among comparable filings
- Total-asset coverage ratio: 25.68; rating input score 97; 97th percentile among comparable filings
- Liabilities to assets ratio: 0.91; rating input score 8; 8th percentile among comparable filings
- Officer compensation ratio: 6.1%; rating input score 43; 43rd percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 9 of 9 board members independent · 6 of 9 filing controls reported
- Programs: 2 filed program accomplishments
- Leadership: top reported pay $161K · 9 people listed · 3 of 6 pay-setting controls reported
- Highest-paid contractors: 2 contractors listed · $372K reported
- Consistency: 13 of 14 current checks pass · 1 finding to review
- Schedules: 4 filed schedules · includes executive pay
- Contacts: How to reach this organization
- Money network: 2 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.
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 8 not reported.
- Moderate — Sustainability: Operating margin scored 40/100.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- High — Sustainability: Liabilities to assets ratio scored 8/100.
- Moderate — Sustainability: Officer compensation ratio scored 43/100.