Ashland Credit Union

Nonprofit profile at a glance

EIN
616024972
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Ashland, KY, USA
Phone
1-800-245-8112
Rating
42
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$25,824,455
Expenses
$24,800,290
Assets
$404,109,117
Liabilities
$361,078,528

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

Leadership & pay

12 people listed

Executive titles in this filing

  • LARRY J LUCAS (PRESIDENT)

Highest reported compensation

  • LARRY J LUCAS (PRESIDENT): $355,066 total reported compensation

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

Overview

Mission

The primary function of the credit union is to provide loans to its members.

What it reported doing in 2024

The purpose of the credit union is to promote thrift, make interest bearing loans to its members, and to provide its members such other financial services in the best interest of the credit union and of its members.

Operating model

Revenue model
Earned-program. 75% 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 - Most voting board members are independent and total assets are large relative to annual expenses, but may not be spendable cash. 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: 55
  • Accountability: 95
  • Sustainability: 62
  • 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: 91.7%; rating input score 92; 6th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • 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 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 4%; rating input score 50; 50th percentile among comparable filings
  • Total-asset coverage ratio: 16.29; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.89; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 1.4%; rating input score 82; 82nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 9.6% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 7.1% per year; rating input score 100; 49th percentile among comparable filings

Details

  • What they do: 7 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 44555 of 44555 board members independent · 7 of 8 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $355K · 12 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 13 of 15 current checks pass · 2 findings to review
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Schedule D land buildings reconciliation did not reconcile in the filed values.
  • Review — Sustainability: Operating margin scored 50/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.