Innovations Financial Credit Union

Nonprofit profile at a glance

EIN
590706843
IRS 990 coverage
2022–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Panama City, FL, US
Phone
(850) 233-4400
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$35,305,173
Expenses
$32,767,483
Assets
$615,037,932
Liabilities
$573,369,415

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

Leadership & pay

19 people listed

Executive titles in this filing

  • DAVID SOUTHALL (PRESIDENT/CEO)

Highest reported compensation

  • DAVID SOUTHALL (PRESIDENT/CEO): $523,848 total reported compensation
  • MICHAEL GLADDEN (EVP/COO): $482,413 total reported compensation
  • JEREMY HINTON (SVP/CFO): $391,913 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 serve our members with quality, value and integrity.

What it reported doing in 2024

Provide 16,356 loans including mortgages, business, home equity, credit cards, share secured, vehicle, and line of credit loans with aggregate loan balances that approximated $448,771,000 as of december 31, 2024.

Operating model

Revenue model
Earned-program. 88% 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: 89
  • Accountability: 100
  • Sustainability: 60
  • Growth: 100

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; 62nd 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: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th 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: 7.2%; rating input score 60; 60th percentile among comparable filings
  • Total-asset coverage ratio: 18.77; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.93; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 9.5%; rating input score 22; 22nd percentile among comparable filings

Growth

  • Program expense growth: 33.3% per year; rating input score 100; 96th percentile among comparable filings
  • Revenue growth: 22.7% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: 26.3% per year; rating input score 100; 94th percentile among comparable filings

Details

  • What they do: 1 operating location identified
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 8 of 8 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $524K · 19 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.1M reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 18 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 — Sustainability: Liabilities to assets ratio scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 22/100.