Crescent Credit Union

Nonprofit profile at a glance

EIN
041217290
IRS 990 coverage
2010–2019
Forms available
Form 990 2019
Location
Brockton, MA, USA
Phone
5085806511
Rating confidence
Limited

Official website

Reported finances

Revenue
$19,582,828
Expenses
$17,842,152
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2019. Amounts in USD.

Leadership & pay

19 people listed

Executive titles in this filing

  • ROBERT W GUSTAFSON (PRESIDENT & CEO)

Highest reported compensation

  • ROBERT W GUSTAFSON (PRESIDENT & CEO): $576,359 total reported compensation
  • BRIAN FINDLAY (VP FINANCE): $263,328 total reported compensation
  • PAUL PIJANOWSKI (SVP IT): $250,811 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2019. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide our members with the best possible financial products and services that a credit union can offer efficiently

What it reported doing in 2019

Crescent credit union offers a complete range of personal and business financial services to approximately 45,000 members. These services include checking, savings, certificates of deposit, and all types of loans, including mortgages, lines of credit, equity loans, personal loans and car loans. As of 12/31/2019, the credit unions had 13,311 loans outstanding, 17,233 checking accounts, 27,827 savings accounts, and 5,193 certificate and ira accounts.

Operating model

Revenue model
Earned-program. 93% 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: 87
  • Sustainability: 35
  • Growth: 0

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; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.9%; rating input score 93; 27th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 8.9%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 9.7%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -0.1% per year; rating input score 0; 13th percentile among comparable filings
  • Asset growth: -5% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 13 of 14 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $576K · 19 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $310K reported
  • Consistency: 8 of 8 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 10 filing years from 2010 to 2019
  • Contacts: How to reach this organization
  • Money network: 7 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.

  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 17/100.