Buckeye State Credit Union
Nonprofit profile at a glance
- EIN
- 340746485
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Akron, OH, USA
- Phone
- 3302539197
- Rating confidence
- Limited
Reported finances
- Revenue
- $12,167,229
- Expenses
- $11,361,425
- Assets
- $144,110,523
- Liabilities
- $129,536,796
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
10 people listed
Executive titles in this filing
- DAVID NERO (PRESIDENT)
- MIKE WILLIAMS (VICE PRESIDENT)
- MICHAEL ABERNATHY (CEO)
Highest reported compensation
- MICHAEL ABERNATHY (CEO): $300,483 total reported compensation
- DEANA ALLEN (COO): $163,681 total reported compensation
- DAN PERRY (CSO): $139,359 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
See schedule o. To encourage savings and making loans at competitively low interest rates. The credit union strives to provide the highest level of personal service in a courteous and professional manner and to treat all individuals fairly and with dignity. The credit union holds safety and soundness to be of high importance, pledges to safeguard the assets, places a high importance on consumer education and looks for better ways to reach out to the under-served in the membership field. In addition, the credit union promises to communicate its services to its members in a meaningful way so that they will understand and appreciate the unique roll that it plays in their lives. Finally, the credit union pledges to preserve and protect the privacy and confidentiality of all member financial records and transactions and to provide the members with complete and accurate information concerning their rights as savers and borrowers.
What it reported doing in 2024
Depository accounts - the credit union strives to provide its members with financial flexibility and encourage savings with various types of depository accounts. The credit union also provides its members with the allowance of a debit card and logged thousands of transactions during the year. Member services, including internet banking and bill pay provide members with the fastest and safest ways of transacting business. This includes overdraft protection to assist members with services to avoid unwanted fees.
Operating model
- Revenue model
- Earned-program. 76% 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
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 74
- Accountability: 83
- Sustainability: 61
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 85.7%; rating input score 86; 19th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- 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: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 6.6%; rating input score 59; 59th percentile among comparable filings
- Total-asset coverage ratio: 12.68; rating input score 93; 93rd percentile among comparable filings
- Liabilities to assets ratio: 0.9; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 6.5%; rating input score 39; 39th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 7.8% per year; rating input score 100; 64th percentile among comparable filings
- Asset growth: 4.9% per year; rating input score 100; 35th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 6 of 7 board members independent · 7 of 9 filing controls reported
- Programs: 2 filed program accomplishments
- Leadership: top reported pay $300K · 10 people listed · 2 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $1.7M reported
- Consistency: 12 of 12 current checks pass
- Schedules: 5 filed schedules · includes major donors and executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 5 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.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- Review — Sustainability: Operating margin scored 59/100.
- High — Sustainability: Liabilities to assets ratio scored 10/100.
- Moderate — Sustainability: Officer compensation ratio scored 39/100.