Edison Financial Credit Union Inc

Nonprofit profile at a glance

EIN
340634205
IRS 990 coverage
2010–2015
Forms available
Form 990 2015
Location
Youngstown, OH, USA
Phone
3307468621
Rating
43
Verdict
MIXED
Rating confidence
Moderate
Sector
Credit Unions

Official website

Reported finances

Revenue
$1,719,030
Expenses
$1,555,635
Assets
$36,270,035
Liabilities
$30,815,237

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

Leadership & pay

6 people listed

Executive titles in this filing

  • DAVID BECKHORN (CEO)

Highest reported compensation

  • DAVID BECKHORN (CEO): $137,084 total reported compensation
  • MICHELLE QUIMBY (SECRETARY-TR): $3,600 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 provides financial services to qualified members. The edison financial credit union inc is owned by its membership. It exists to provide, in a friendly atmosphere, high quality family financial services at favorable terms to the members while maintaining the long term financial stability of the credit union with the highest possible levels of quality and efficiency.

What it reported doing in 2015

Data processing costs incurred recording member account activity and providing access to members accounts via home banking, visa, atm networks, and in person at credit union.

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

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: 62
  • Sustainability: 66
  • 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: 66.7%; rating input score 67; 12th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 9.5%; rating input score 68; 68th percentile among comparable filings
  • Total-asset coverage ratio: 23.32; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.85; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 9%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -6.6% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: -4.2% per year; rating input score 0; 17th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 4 of 6 board members independent · 5 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $137K · 6 people listed
  • Consistency: 12 of 13 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Filing history: 5 filing years from 2010 to 2015
  • 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.

  • 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.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.