First Security Credit Union

Nonprofit profile at a glance

EIN
366073591
IRS 990 coverage
2018–2018
Forms available
Form 990 2018
Location
Chicago, IL, USA
Phone
8479333305
Rating
48
Verdict
MIXED
Rating confidence
Moderate
Sector
Credit Unions

Reported finances

Revenue
$474,198
Expenses
$537,119
Assets
$5,775,121
Liabilities
$5,308,736

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

8 people listed

Highest reported compensation

  • DENNIS FISHER (PresidentCEO): $88,542 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provided low cost loans and deposit services for all credit union members.

What it reported doing in 2018

Provided low cost loans and deposit services to all members.

Operating model

Revenue model
Other-operating. 90% 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

MIXED - The filed numbers largely add up and most voting board members are independent. 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: 0
  • Transparency & Controls: 90
  • Accountability: 95
  • Sustainability: 39
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • 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 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -13.3%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 10.75; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.92; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 16.5%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 7 of 7 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $537K in reported program spending
  • Leadership: top reported pay $89K · 8 people listed
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Sustainability: Operating margin scored 18/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.