Beacon Credit Union Inc

Nonprofit profile at a glance

EIN
540606388
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Lynchburg, VA, USA
Phone
4342371566
Rating
48
Verdict
MIXED
Rating confidence
Moderate
Sector
Financial Institutions

Official website

Reported finances

Revenue
$24,198,465
Expenses
$21,496,362
Assets
$332,485,880
Liabilities
$297,273,091

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

Leadership & pay

15 people listed

Executive titles in this filing

  • Greg McConville (CEO)

Highest reported compensation

  • Greg McConville (CEO): $493,266 total reported compensation
  • Susan Krantz (SVP of Operations): $214,748 total reported compensation
  • Joe Goude (SVP of Retail): $196,436 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 mission of BCU is to serve its members with loan and deposit products that meet their financial needs and help achieve their financial goals.

What it reported doing in 2024

Gave college scholarships. Raised money for CASA, Boys and Girls Clubs and Big Brothers/Big Sisters. Contributed to YMCA, Pregnancy Center, Centra Foundation and Fellowship of Christan Athletes among others. Contributed to local food pantries. Employees active in community organizations such as SPCA.

Operating model

Revenue model
Other-operating. 96% 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: 77
  • Accountability: 95
  • Sustainability: 66
  • 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: 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; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 11.2%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 15.47; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.89; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 7.3%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 8.2% per year; rating input score 100; 66th percentile among comparable filings
  • Asset growth: 9.7% per year; rating input score 100; 63rd percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $493K · 15 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $179K reported
  • Consistency: 14 of 15 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 24 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.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.