Financial One Credit Union

Nonprofit profile at a glance

EIN
410644981
IRS 990 coverage
2010–2022
Forms available
Form 990 2022
Location
Columbia Heights, MN, USA
Phone
7634047600
Rating
35
Verdict
REVIEW
Rating confidence
Moderate

Reported finances

Revenue
$8,403,674
Expenses
$8,844,239
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • Ross Bloomquist (President & CEO)

Highest reported compensation

  • Ross Bloomquist (President & CEO): $231,748 total reported compensation
  • Lacey Mack (CLO): $166,186 total reported compensation
  • Deb Connell (CFO): $156,582 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

It is a cooperative member-owned and controlled organization dedicated to improving the economic well-being of its members by providing comprehensive financial services

What it reported doing in 2022

Dividends paid on draft, savings and Term Share Certificate Accounts to 10242 members

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Member-benefit provider. The nonprofit used 100% of its reported program spending for member benefits.

The verdict

REVIEW - The filed numbers largely add up and program spending has grown recently. 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: 7
  • Transparency & Controls: 60
  • Accountability: 42
  • Sustainability: 13
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 8.1%; rating input score 8
  • Program expense ratio: 7.8%; rating input score 8
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 3rd 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: -5.2%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 7.9%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 16.4% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: 8.7% per year; rating input score 100; 65th percentile among comparable filings
  • Asset growth: 4.9% per year; rating input score 100; 36th percentile among comparable filings

Details

  • Where the money goes: 8.1% of revenue deployed · 7.8% of spending went to programs
  • Governance: 0 of 7 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $232K · 20 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2010 to 2022
  • Contacts: How to reach this organization
  • Money network: 15 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 8/100.
  • High — Financial Efficiency: Program expense ratio scored 8/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 20/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.