INSTEP Credit Union

Nonprofit profile at a glance

EIN
720456989
IRS 990 coverage
2010–2022
Forms available
Form 990 2022
Location
New Orleans, LA, USA
Rating
52
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$4,296,522
Expenses
$3,923,876
Assets
$49,616,390
Liabilities
$41,796,711

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • Helen Delin (President & CEO)

Highest reported compensation

  • Helen Delin (President & CEO): $145,282 total reported compensation
  • Joyce Kelley (Chief Financial Officer): $75,874 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To encourage thrift among its members, creating a source of credit at fair and reasonable rates of interest, providing other financial services, and providing an opportunity for its members to use and control their own money on a democratic basis.

Operating model

Revenue model
Other-operating. 98% 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: 100
  • Accountability: 77
  • Sustainability: 62
  • 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 8.7%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 12.64; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.84; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 5.6%; rating input score 46; 46th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 6.3% per year; rating input score 100; 53rd percentile among comparable filings
  • Asset growth: 4.1% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 7 of 7 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $3.9M in reported program spending
  • Leadership: top reported pay $145K · 9 people listed
  • Consistency: 12 of 13 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Filing history: 13 filing years from 2010 to 2022
  • 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.
  • Moderate — Accountability: Governance controls: 4 of 8 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Review — Sustainability: Operating margin scored 59/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Moderate — Sustainability: Officer compensation ratio scored 46/100.