Everwise Credit Union
Nonprofit profile at a glance
- EIN
- 350702986
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- South Bend, IN, USA
- Phone
- 5742328012
- Rating confidence
- Limited
Reported finances
- Revenue
- $329,956,987
- Expenses
- $301,285,359
- Assets
- $5,252,696,962
- Liabilities
- $4,834,557,480
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
24 people listed
Executive titles in this filing
- Jason Osterhage (President & CEO)
- Waylon Peterson (President, Everwise Wealth Management)
Highest reported compensation
- Jason Osterhage (President & CEO): $793,071 total reported compensation
- Waylon Peterson (President, Everwise Wealth Management): $533,166 total reported compensation
- Daniel Woodhouse (Financial Advisor III): $481,045 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
State Chartered Credit Union
What it reported doing in 2024
In 2024, we continued our dedication to empowering our members and fostering a first-class workplace for our employees. We acquired land for two new branches in Hamilton County to expand our presence in central Indiana and introduced four Employee Resource Groups to provide our employees with professional development, leadership opportunities, and internal networking. 2024 marked our first full year as Everwise Credit Union, celebrating the completion of our re-founding journey. Despite a volatile and challenging environment for the banking industry, Everwise remained resilient and operated profitably. Deposits grew by 9.98%, loans outstanding increased 2.61%, and net income was $28.67 million. Through Everwise and the Everwise Foundation, we contributed over $900,000 to various organizations, with more than 600 dedicated employees volunteering at 45 non-profit locations throughout our markets.
Operating model
- Revenue model
- Other-operating. 91% 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
- 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: 96
- Accountability: 42
- Sustainability: 68
- Growth: 60
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; 68th percentile among comparable filings
- Pay-setting controls: 5 of 6 controls in place; rating input score 83
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 0%; rating input score 0; 4th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- 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: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 8.7%; rating input score 69; 69th percentile among comparable filings
- Total-asset coverage ratio: 17.43; rating input score 96; 96th percentile among comparable filings
- Liabilities to assets ratio: 0.92; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 2.1%; rating input score 53; 53rd percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 8.4% per year; rating input score 100; 70th percentile among comparable filings
- Asset growth: 7.5% per year; rating input score 100; 55th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 0 of 9 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $301.3M in reported program spending
- Leadership: top reported pay $793K · 24 people listed · 5 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $5.9M reported
- Consistency: 14 of 14 current checks pass
- Schedules: 6 filed schedules · includes grants, executive pay, and related organizations
- Filing history: 12 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 32 filed money-flow records
- Related organizations: 4 filed related-organization links
- 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Accountability: Independent voting board scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 10/100.
- Review — Sustainability: Officer compensation ratio scored 53/100.