Hercules Credit Union

Nonprofit profile at a glance

EIN
870237696
IRS 990 coverage
2010–2017
Forms available
Form 990 2017
Location
Salt Lake City, UT, USA
Phone
8019689011
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Credit Unions

Official website

Reported finances

Revenue
$2,311,013
Expenses
$2,292,769
Assets
$69,437,066
Liabilities
$63,256,765

Source: IRS Form 990. Selected filing: tax year 2017. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • BRETT M BLACKBURN (President)

Highest reported compensation

  • BRETT M BLACKBURN (President): $130,200 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2017. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Non-profit credit union

What it reported doing in 2017

Non-profit federally insured state chartered credit union

Operating model

Revenue model
Earned-program. 100% 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

STRONG - 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: 88
  • Transparency & Controls: 90
  • Accountability: 83
  • Sustainability: 53
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.2%; rating input score 99
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: 87.5%; rating input score 88; 18th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0.8%; rating input score 38; 38th percentile among comparable filings
  • Total-asset coverage ratio: 30.29; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.91; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 5.7%; rating input score 43; 43rd percentile among comparable filings

Growth

  • Program expense growth: 4.3% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 0.3% per year; rating input score 100; 22nd percentile among comparable filings
  • Asset growth: 3.6% per year; rating input score 100; 43rd percentile among comparable filings

Details

  • Where the money goes: 99.2% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 8 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.3M in reported program spending
  • Leadership: top reported pay $130K · 8 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 8 filing years from 2010 to 2017
  • 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.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 38/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Moderate — Sustainability: Officer compensation ratio scored 43/100.