Centricity Credit Union

Nonprofit profile at a glance

EIN
410788273
IRS 990 coverage
2017–2025
Forms available
Form 990 2025
Location
Hermantown, MN, USA
Phone
2187402278
Rating confidence
Limited

Official website

Reported finances

Revenue
$23,552,068
Expenses
$18,836,405
Assets
$321,865,166
Liabilities
$277,316,841

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • DOUGLAS RALSTON (PRESIDENT/CEO)

Highest reported compensation

  • DOUGLAS RALSTON (PRESIDENT/CEO): $414,821 total reported compensation
  • CONSTANCE CARTER (CFO (THRU MAY 2025)): $210,329 total reported compensation
  • DAVE HORAK (MERGER TRANSITION CONSULTANT): $164,969 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

With locations in hermantown, duluth, and superior, we are a financial institution of people helping people. We care about the communities we serve and love giving our member the financial education they need to thrive and encourage saving to build economic security for themselves and their families. At all levels of our operation, we are dedicated to providing outstanding member service.

What it reported doing in 2025

Credit union lending: the credit union exists to provide loans to its members at rates and terms not available to our field of membership through banks or other financial institutions. The largest portion of our lending is made up of used vehicle loans. The credit union had $74,928,849 in used auto loans outstanding at december 31, 2025. Used auto loans represent 29.42% of all outstanding loans at december 31, 2025. The credit union had $58,290,735 in outstanding first home loans as of 12/31/2025. They represent 22.89% of our loan portfolio and 18.11% of our total assets. The average offering rate at december 31, 2025 for first mortgage loans was 6.13%. The total loan portfolio decreased $2,077,090 during 2025. The delinquency ratio for the portfolio at year end was 0.66%.

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

- 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: 77
  • Accountability: 82
  • Sustainability: 69
  • 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; 64th 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: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 20%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 17.09; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.86; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 6.4%; rating input score 47; 47th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 15.1% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 9.5% per year; rating input score 100; 64th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 5 of 9 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $415K · 15 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.7M reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 9 filing years from 2017 to 2025
  • Contacts: How to reach this organization
  • Money network: 9 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.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Moderate — Sustainability: Officer compensation ratio scored 47/100.