Gale Credit Union

Nonprofit profile at a glance

EIN
370694528
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Galesburg, IL, USA
Phone
3093431777
Rating
52
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$3,666,245
Expenses
$3,198,137
Assets
$59,908,790
Liabilities
$53,010,585

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

Leadership & pay

11 people listed

Executive titles in this filing

  • RANDY D MCELWEE (CEO/TREASURER)
  • JOY SKOLD (VICE PRESIDENT)

Highest reported compensation

  • RANDY D MCELWEE (CEO/TREASURER): $167,387 total reported compensation
  • JOY SKOLD (VICE PRESIDENT): $93,056 total reported compensation

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

Overview

Mission

To promote thrift and to provide the highest quality competitive services and benefits to its members, while assuring the credit unions long-term financial stability.

What it reported doing in 2024

Provided consumer lending and received deposits from the credit union membership. The credit union services more than 8,550 member share type accounts and more than 3,770 loan type accounts, including visa cards.

Operating model

Revenue model
Earned-program. 82% 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

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: 100
  • Accountability: 79
  • Sustainability: 65
  • Growth: 60

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: 90.9%; rating input score 91; 21st percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 12.8%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 18.73; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.88; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 8.1%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 8.5% per year; rating input score 100; 62nd percentile among comparable filings
  • Asset growth: 6.2% per year; rating input score 100; 41st percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 10 of 11 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $167K · 11 people listed
  • Consistency: 11 of 30 current checks pass · 19 findings to review
  • Schedules: 3 filed schedules
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Advertising column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX AllOtherExpenses column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX CompCurrentOfficersDirectors column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX ConferencesMeetings column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX DepreciationDepletion column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesAccounting column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesLegal column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesOther column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX InformationTechnology column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Insurance column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Interest column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Occupancy column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OfficeExpenses column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OtherEmployeeBenefits column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OtherSalariesAndWages column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX PayrollTaxes column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX PensionPlanContributions column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Travel column sum did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.