Corning Cable Systems Credit Union

Nonprofit profile at a glance

EIN
560768867
IRS 990 coverage
2010–2016
Forms available
Form 990 2016
Location
Hickory, NC, USA
Phone
8289015101
Rating
46
Verdict
MIXED
Rating confidence
Moderate
Sector
Credit Unions

Reported finances

Revenue
$1,129,871
Expenses
$1,235,210
Assets
$34,203,817
Liabilities
$30,821,707

Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • Marc Jacobson (CEO/President)

Highest reported compensation

  • Marc Jacobson (CEO/President): $96,539 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2016. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide financial services to its members for a reasonable cost and reasonable dividends to member share savings deposits

What it reported doing in 2016

Total number of loans: 1354 Total amount of loans: 12,176,859 Total number of members: 3738 Total amount of member shares: $30,755,394

Operating model

Revenue model
Other-operating. 79% 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: 79
  • Sustainability: 43
  • Growth: 20

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; 63rd percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -9.3%; rating input score 16; 16th percentile among comparable filings
  • Total-asset coverage ratio: 27.69; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.9; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 7.8%; rating input score 45; 45th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -3.7% per year; rating input score 0; 15th percentile among comparable filings
  • Asset growth: 1.6% per year; rating input score 100; 38th 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 · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $97K · 8 people listed
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Filing history: 7 filing years from 2010 to 2016
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.
  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Sustainability: Operating margin scored 16/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • Moderate — Sustainability: Officer compensation ratio scored 45/100.