Credit Unions Chartered in the State of Michigan Iron Workers Local 25 Credit Union

Nonprofit profile at a glance

EIN
381721609
IRS 990 coverage
2011–2013
Forms available
Form 990 2013
Location
Novi, MI, USA
Phone
2483442560
Rating
46
Verdict
MIXED
Rating confidence
Moderate
Sector
Public, Societal Benefit

Reported finances

Revenue
$103,371
Expenses
$244,995
Assets
$1,501,090
Liabilities
$1,378,183

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • Kris Kapcia (President)
  • Art Ellul (Vice President)

Highest reported compensation

  • Kelly Horn (Manager): $54,965 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2013. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide service excellence and meet the financial needs of our member/owners by offering high quality, low cost financial products, services and information while maintaining fiscal soundness. We are dedicated to serving the members' best interest and earning the trust, confidence and loyalty of our membership by operating in a personal, ethical and financially sound manner. The foundation of our mission is established from the credit union philosophy of "people helping people" and it is the objective of every member of the Board of Directors, all committees, management and staff.

What it reported doing in 2013

Offer Automated Teller Machines, Wire Transfers, Debit Cards, Money Orders and various insurance programs.

Operating model

Revenue model
Other-operating. 92% 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: 90
  • Sustainability: 28
  • Growth: 0

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; 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: 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: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -137%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 6.13; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.92; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 22.4%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -5.9% per year; rating input score 0; 22nd percentile among comparable filings
  • Asset growth: -9.1% per year; rating input score 0; 16th 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 · 6 of 8 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $55K · 8 people listed
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Filing history: 3 filing years from 2011 to 2013
  • 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.
  • 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 1/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 18/100.