Dexter Credit Union

Nonprofit profile at a glance

EIN
050256493
IRS 990 coverage
2010–2015
Forms available
Form 990 2015
Location
Central Falls, RI, USA
Phone
4017246200
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$5,043,492
Expenses
$7,061,092
Assets
$96,658,279
Liabilities
$91,144,283

Source: IRS Form 990. Selected filing: tax year 2015. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • STEPHEN J ANGELL ESQUIRE (PRESIDENT & CEO)
  • PAUL R BROUSSEAU (SR EXEC VICE PRESIDENT)
  • JON E WALMSLEY CPA (SR EXEC VICE PRESIDENT/CFO)

Highest reported compensation

  • STEPHEN J ANGELL ESQUIRE (PRESIDENT & CEO): $225,572 total reported compensation
  • JON E WALMSLEY CPA (SR EXEC VICE PRESIDENT/CFO): $133,060 total reported compensation
  • PAUL R BROUSSEAU (SR EXEC VICE PRESIDENT): $97,931 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2015. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The credit union is committed to: 1) being responsive to the needs of the membership it serves; 2) providing service with a personal touch; and 3) providing products and services which are competitively priced and which are consistent with the overall long-term business plan.

What it reported doing in 2015

The credit union has 3,079 loans totaling $68,635,938 from members and $90,881,510 of deposits in 16,282 member accounts for the year ended december 31, 2015.

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: 66
  • Accountability: 83
  • Sustainability: 34
  • 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: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • 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: 87.5%; rating input score 88; 19th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -40%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 13.69; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.94; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 6.5%; rating input score 37; 37th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -0.9% per year; rating input score 0; 21st percentile among comparable filings
  • Asset growth: -3.8% per year; rating input score 0; 15th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 7 of 8 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $226K · 11 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 6 filing years from 2010 to 2015
  • Contacts: How to reach this organization
  • Money network: 3 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 — Sustainability: Operating margin scored 2/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • Moderate — Sustainability: Officer compensation ratio scored 37/100.