Chicago Central Commerce Credit Union

Nonprofit profile at a glance

EIN
420326940
IRS 990 coverage
2010–2020
Forms available
Form 990 2020
Location
Waterloo, IA, USA
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Credit Unions

Reported finances

Revenue
$325,808
Expenses
$325,808
Assets
$7,242,942
Liabilities
$5,791,155

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • WAYNE PURK (PRESIDENT)

People named in this filing

  • SCOTT ABELS (VICE CHAIRPE)
  • NEDRA SUE ALBRIGHT (CHAIRPERSON)
  • SHINITA CRAWLEY (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Credit unions create a source of credit at a fair and reasonable rate of interest, encourage habits of thrift among their members, and provide an opportunity for their members to use and control their own money on a democratic basis in order to improve their economic and social condition.

Operating model

Revenue model
Earned-program. 68% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 76
  • Sustainability: 53
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0%; rating input score 34; 34th percentile among comparable filings
  • Total-asset coverage ratio: 22.23; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.8; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 72; 72nd percentile among comparable filings

Growth

  • Program expense growth: 2.4% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: -1% per year; rating input score 0; 31st percentile among comparable filings
  • Asset growth: -0.8% per year; rating input score 0; 25th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 8 of 8 board members independent · 3 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $326K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 10 filing years from 2010 to 2020
  • Contacts: How to reach this organization
  • 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.

  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 34/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.