Financial Plus Credit Union

Nonprofit profile at a glance

EIN
381439120
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Flint, MI, USA
Phone
8102442200
Rating confidence
Limited

Official website

Reported finances

Revenue
$90,271,577
Expenses
$78,263,421
Assets
$1,407,340,183
Liabilities
$1,245,897,269

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

Leadership & pay

22 people listed

Executive titles in this filing

  • BRADLEY BERGMOOSER (PRESIDENT & CEO)

Highest reported compensation

  • BRADLEY BERGMOOSER (PRESIDENT & CEO): $734,112 total reported compensation
  • BERNARD WILLIAMS (INTEGRATION ADVISOR): $426,524 total reported compensation
  • WADE DECKER (CFO): $406,116 total reported compensation

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

Overview

Mission

Commitment to enhancing the financial well-being of our members! Passion for service! Dedication to enriching the communities we serve!

What it reported doing in 2024

We provide safe and affordable financial products that enabled our 81,000+ members to meet financial goals such as purchasing a vehicle or new home, saving for life events such as college and weddings, or just paying bills efficiently and conveniently online or with their phones.

Operating model

Revenue model
Earned-program. 85% 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

- 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: 88
  • Accountability: 100
  • Sustainability: 70
  • 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: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • 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; 77th 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: 13.3%; rating input score 79; 79th percentile among comparable filings
  • Total-asset coverage ratio: 17.98; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.89; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 4.2%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 13.2% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 13.2% per year; rating input score 100; 82nd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $734K · 22 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $7.5M reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 11 filing years from 2014 to 2024
  • 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.
  • 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 — Sustainability: Liabilities to assets ratio scored 14/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.