BestSource Credit Union

Nonprofit profile at a glance

EIN
381461222
IRS 990 coverage
2010–2013
Forms available
Form 990 2013
Location
Waterford, MI, USA
Phone
2488861261
Rating
48
Verdict
MIXED
Rating confidence
Moderate
Sector
Credit Unions

Official website

Reported finances

Revenue
$5,293,072
Expenses
$3,946,829
Assets
$94,064,343
Liabilities
$83,338,081

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • John Normandeau (President/CEO)
  • Sharron Anderson (Vice President of Sales)

Highest reported compensation

  • John Normandeau (President/CEO): $117,474 total reported compensation
  • Teresa DiGaetano (CFO): $96,636 total reported compensation
  • Sharron Anderson (Vice President of Sales): $81,186 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2013. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Financial institution committed to improve members' financial lives through savings plans to help build wealth and prepare for the future, products and services designed to fit their needs at any stage of life and educational seminars and resources.

What it reported doing in 2013

Promoted thrift to 8,638 members by offering loans, deposits and other related financial products.

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: 90
  • Accountability: 86
  • Sustainability: 74
  • Growth: 0

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: Limited
  • 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; 65th 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: 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: 25.4%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 23.83; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.89; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 7.5%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -9.3% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: -3.3% per year; rating input score 0; 19th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 5 of 5 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $117K · 7 people listed
  • Highest-paid contractors: 3 contractors listed · $573K reported
  • Consistency: 13 of 14 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 4 filing years from 2010 to 2013
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.