Lakes Community Credit Union

Nonprofit profile at a glance

EIN
380936455
IRS 990 coverage
2010–2019
Forms available
Form 990 2019
Location
Lake Orion, MI, USA
Phone
2488144000
Rating
47
Verdict
MIXED
Rating confidence
Moderate
Sector
Credit Unions

Official website

Reported finances

Revenue
$4,601,902
Expenses
$3,816,961
Assets
$96,570,328
Liabilities
$85,094,750

Source: IRS Form 990. Selected filing: tax year 2019. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • Carolyn Chevrier (CEO)

Highest reported compensation

  • Carolyn Chevrier (CEO): $176,268 total reported compensation
  • Samir Shabander (CFO): $131,799 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2019. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide high quality products and services to enhance the economic and social well being of our members/owners and the community.

What it reported doing in 2019

Provide 5,607 loans including new/used vehicle, recreational vehicle, unsecured, overdraft line of credit, share secured, indirect, business, credit card, mortgage, home equity, and participation.

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

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: 71
  • Accountability: 95
  • Sustainability: 71
  • 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; 62nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Missing
  • 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: 8 of 9 controls in place; rating input score 89
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 17.1%; rating input score 78; 78th percentile among comparable filings
  • Total-asset coverage ratio: 25.3; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.88; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 8.1%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: 3.9% 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: 9 of 9 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $176K · 10 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $533K reported
  • Consistency: 14 of 15 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 10 filing years from 2010 to 2019
  • 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.

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.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.