Credit Union Chartered in St of Mi 399 Menominee Area Credit Union

Nonprofit profile at a glance

EIN
381555308
IRS 990 coverage
2010–2017
Forms available
Form 990 2017
Location
Menominee, MI, USA
Phone
9068633854
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Credit Unions

Reported finances

Revenue
$261,737
Expenses
$1,758,061
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2017. Amounts in USD.

Leadership & pay

12 people listed

Executive titles in this filing

  • MICHAEL KAUFMAN (PRESIDENT)

Highest reported compensation

  • MINDY BREZSKO (TREASURER): $39,152 total reported compensation
  • MICHELLE BEARDSLEY (CREDIT CMTTE): $17,362 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2017. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Menominee area credit union is a small Michigan state chartered credit union providing members with affordable loan account services, savings, checking accounts, and atm internet banking. We are committed to helping our member-owners achieve their financial goals by offering them lower interest rates, higher saving rates and charging fewer fees. We have served the area for over 60 years.

What it reported doing in 2017

Menominee area credit union is a small Michigan state charted credit union providing members with affordable loan, account services, checking accounts, and atm internet banking. We are committed to helping our member-owners achieve their financial goals by offering them lower loan reates, higher savings rates and charging fewer fees. We have been serving the area for over 60 years

Operating model

Revenue model
Earned-program. 81% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 80% for direct work, and 20% for member benefits.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 81
  • Sustainability: 5
  • 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: 85.7%; rating input score 86; 22nd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -571.7%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 3.2%; rating input score 40; 40th percentile among comparable filings

Growth

  • Program expense growth: 66.6% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: -0.2% per year; rating input score 0; 32nd percentile among comparable filings
  • Asset growth: -7% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 6 of 7 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $39K · 12 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 7 filing years from 2010 to 2017
  • Contacts: How to reach this organization
  • Money network: 2 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 40/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.