Duluth Fire Department Credit Union

Nonprofit profile at a glance

EIN
410226128
IRS 990 coverage
2020–2025
Forms available
Form 990 2025
Location
Duluth, MN, USA
Phone
2187238357
Rating
83
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$311,669
Expenses
$270,588
Assets
$7,352,354
Liabilities
$6,226,540

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • CHAD COOKE (PRESIDENT)
  • RICHARD GRONDAHL (VICE-PRESIDENT)

Highest reported compensation

  • DAVID J TORGERSON (MANAGER): $23,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide members with the best returns on their investments as well as competitive loan rates by using proceeds to fund these programs

What it reported doing in 2025

Dividend expense-the credit union has competitive rates on deposits for members

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 43% for direct work, and 57% for member benefits.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 90
  • Accountability: 69
  • Sustainability: 62
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93%; rating input score 93
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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; 64th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 13.2%; rating input score 62; 62nd percentile among comparable filings
  • Total-asset coverage ratio: 27.17; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.85; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 8.5%; rating input score 28; 28th percentile among comparable filings

Growth

  • Program expense growth: 30.9% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 14.4% per year; rating input score 100; 79th percentile among comparable filings
  • Asset growth: 3.7% per year; rating input score 100; 38th percentile among comparable filings

Details

  • Where the money goes: 93% of revenue deployed · 100% of spending went to programs
  • Governance: 5 of 5 board members independent · 2 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $271K in reported program spending
  • Leadership: top reported pay $23K · 6 people listed
  • Consistency: 39 of 39 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 6 filing years from 2020 to 2025
  • 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 — Accountability: Governance controls: 5 of 7 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.
  • High — Sustainability: Officer compensation ratio scored 28/100.