Melrose Credit Union
Nonprofit profile at a glance
- EIN
- 131739819
- IRS 990 coverage
- 2010–2016
- Forms available
- Form 990 2016
- Location
- Briarwood, NY, USA
- Phone
- 7186589800
- Rating
- 36
- Verdict
- REVIEW
- Rating confidence
- Moderate
- Sector
- Credit Unions
Reported finances
- Revenue
- $65,452,408
- Expenses
- $160,642,837
- Assets
- $1,782,031,376
- Liabilities
- $1,691,174,380
Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.
Leadership & pay
23 people listed
Executive titles in this filing
- LAURIE BENJAMIN (Vice President)
- PAUL WOLDAR (President)
- STEVEN KRAUSER (INTERIM CEO)
- ALAN KAUFMAN (EX-CEO)
Highest reported compensation
- ALAN KAUFMAN (EX-CEO): $393,336 total reported compensation
- MARION SMITH (ASST TREASURER): $388,197 total reported compensation
- STEVEN KRAUSER (INTERIM CEO): $320,626 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2016. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Credit union established to fulfill our members financial needs in a safe, sound manner while promoting thrift and granting affordable loans for provident purposes.
What it reported doing in 2016
Melrose credit union offered various other services to its members such as atm and debit cards, financial education through free workshops & seminars, free certified financial planning.
Operating model
- Revenue model
- Earned-program. 94% 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
REVIEW - 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: 62
- Accountability: 76
- Sustainability: 34
- Growth: 20
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: 91.7%; rating input score 92; 6th percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 49%; rating input score 49; 10th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 75%; rating input score 75; 26th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- 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: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -145.4%; rating input score 0; 0th percentile among comparable filings
- Total-asset coverage ratio: 11.09; rating input score 95; 95th percentile among comparable filings
- Liabilities to assets ratio: 0.95; rating input score 9; 9th percentile among comparable filings
- Officer compensation ratio: 2.3%; rating input score 46; 46th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: -0.9% per year; rating input score 0; 9th percentile among comparable filings
- Asset growth: 3.8% per year; rating input score 100; 38th percentile among comparable filings
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 6 of 8 board members independent · 7 of 9 filing controls reported
- Programs: 3 filed program accomplishments
- Leadership: top reported pay $393K · 23 people listed · 1 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $2.8M reported
- Consistency: 11 of 13 current checks pass · 2 findings to review
- Schedules: 6 filed schedules · includes grants and executive pay
- Filing history: 7 filing years from 2010 to 2016
- Contacts: How to reach this organization
- Money network: 37 filed money-flow records
- Related organizations: 2 filed related-organization links
- 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 — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- Moderate — Transparency & Controls: Grant itemization coverage scored 49/100.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Operating margin scored 0/100.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Sustainability: Liabilities to assets ratio scored 9/100.
- Moderate — Sustainability: Officer compensation ratio scored 46/100.
- High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.