Faith Community United Credit Union

Nonprofit profile at a glance

EIN
340827524
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Cleveland, OH, USA
Phone
2162717111
Rating
93
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$731,216
Expenses
$843,654
Assets
$15,152,552
Liabilities
$339,348

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • Jacqueline Y Moore (Chief Executive Officer)

People named in this filing

  • Tyrone McGuinea (Chairman of the Board)
  • Ronaye Steele (Director)
  • Cynthia Sullivan (Secretary of the Board)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide lending, savings, and other financial services to its qualifying members at terms better than available in the marketplace with a service based emphasis that recognizes the members as owners.

What it reported doing in 2024

Granted 1841 loans $2,448,231 to credit union members. Some members were deemed to higher risk. The costs incurred consisted of credit union staff processing loans. In addition the credit union did not have to increase the Allowance for Loan Losses in 2024. Faith Community United Credit Unionis a full service Community Development Financial Institution serving the under served community. The credit union provides consumer, mortgages, SBA and non SBA business loans. The credit union also provides home banking, debit cards, credit cards, cash advances, certified checks, automatic clearing house deposits and loan payments, and money orders. The credit pays dividends on deposits.

Operating model

Revenue model
Earned-program. 62% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and the available information about grant readiness federal audit leaves an important question unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 51
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -15.4%; rating input score 12; 12th percentile among comparable filings
  • Total-asset coverage ratio: 17.96; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 61; 61st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 17.9% per year; rating input score 100; 80th percentile among comparable filings
  • Revenue growth: 1.6% per year; rating input score 100; 22nd percentile among comparable filings
  • Asset growth: 2.7% per year; rating input score 100; 28th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $844K in reported program spending
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: Filed and resolved organization relationships.
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Sustainability: Operating margin scored 12/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.