Leading Edge Credit Union

Nonprofit profile at a glance

EIN
411563619
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Worthington, MN, USA
Phone
5077752802
Rating confidence
Limited

Reported finances

Revenue
$9,894,174
Expenses
$9,491,129
Assets
$138,807,045
Liabilities
$126,477,779

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • CHAD MERRIHEW (CEO & PRESIDENT)

Highest reported compensation

  • CHAD MERRIHEW (CEO & PRESIDENT): $290,813 total reported compensation
  • DONNA TIMS (CFO): $143,964 total reported compensation
  • ANGELA HENNEN (CIO): $132,926 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We are the trusted financial cooperative focused on providing exceptional products and services to benefit the financial growth and future success of our communities and members.

What it reported doing in 2025

Deposits - currently have $121,744,779 in deposits held by our 11,614 members

Operating model

Revenue model
Earned-program. 91% 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: 71
  • Accountability: 86
  • Sustainability: 51
  • 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; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • 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; 63rd percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 4.1%; rating input score 40; 40th percentile among comparable filings
  • Total-asset coverage ratio: 14.62; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.91; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 7.2%; rating input score 44; 44th percentile among comparable filings

Growth

  • Program expense growth: 53% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 7% per year; rating input score 100; 52nd percentile among comparable filings
  • Asset growth: 5.8% per year; rating input score 100; 37th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 5 of 5 board members independent · 6 of 9 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $291K · 9 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $413K reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 5 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 40/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • Moderate — Sustainability: Officer compensation ratio scored 44/100.