Life Credit Union

Nonprofit profile at a glance

EIN
620607232
IRS 990 coverage
2010–2020
Forms available
Form 990 2020
Location
Nashville, TN, USA
Phone
6152305433
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$2,184,095
Expenses
$2,393,473
Assets
$41,044,841
Liabilities
$37,169,338

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • PAM NOLEN (PRESIDENT/CEO)

Highest reported compensation

  • PAM NOLEN (PRESIDENT/CEO): $170,339 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide quality, personal service that meets or exceeds member needs. Our goal is to develop and promote competitively-priced financial services and deliver those services in a professional, convenient, efficient and cost effective manner.

What it reported doing in 2020

Providing financial services for approximately 4000 members including savings, checking, loans, consumer research and financial counseling

Operating model

Revenue model
Earned-program. 68% 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: 60
  • Accountability: 84
  • Sustainability: 37
  • Growth: 60

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: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • 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: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -9.6%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 17.15; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.91; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 7.1%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 1.2% per year; rating input score 100; 24th percentile among comparable filings
  • Asset growth: 4.5% per year; rating input score 100; 39th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 3962 of 3962 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $170K · 8 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 11 filing years from 2010 to 2020
  • Contacts: How to reach this organization
  • Money network: 3 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 9/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.