Farmway Credit Union

Nonprofit profile at a glance

EIN
480625704
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Beloit, KS, USA
Phone
7857382224
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$5,962,514
Expenses
$5,286,138
Assets
$102,231,224
Liabilities
$79,112,589

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

Leadership & pay

10 people listed

Executive titles in this filing

  • DEANNE WINKEL (VICE-PRESIDENT)
  • JOSEPH DENEKE (PRESIDENT)
  • JEFF ZIMMER (VICE-PRESIDENT)

Highest reported compensation

  • JOSEPH DENEKE (PRESIDENT): $224,974 total reported compensation
  • JEFF ZIMMER (VICE-PRESIDENT): $166,980 total reported compensation
  • DEANNE WINKEL (VICE-PRESIDENT): $158,037 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 financial services for mutual purposes

What it reported doing in 2025

Provide a source of credit and other financial related services to 7,418 members

Operating model

Revenue model
Earned-program. 85% 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

SUPPORTED - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 66
  • Accountability: 95
  • Sustainability: 60
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 79.1%; rating input score 79
  • 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: 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 11.3%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 19.34; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.77; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 10.4%; rating input score 32; 32nd percentile among comparable filings

Growth

  • Program expense growth: 4.1% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: 2.1% per year; rating input score 100; 17th percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 17th percentile among comparable filings

Details

  • Where the money goes: 79.1% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 7 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $5.3M in reported program spending
  • Leadership: top reported pay $225K · 10 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 16 filing years from 2010 to 2025
  • 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.
  • 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.

  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Review — Sustainability: Operating margin scored 59/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • Moderate — Sustainability: Officer compensation ratio scored 32/100.