Members Source Credit Union

Nonprofit profile at a glance

EIN
350873966
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Merrillville, IN, USA
Phone
2197654141
Rating
83
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$4,537,436
Expenses
$3,996,107
Assets
$92,188,560
Liabilities
$80,218,573

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

8 people listed

People named in this filing

  • Jeff Perz (Chairman)
  • Barry Weiss (Director)
  • Jim Juarez (Director)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Credit Union is a not-for-profit, member-owned financial institution, we work hard to ensure the credit union philosophy of people helping people. We offer a full line of products and services.

What it reported doing in 2024

To promote thrift & provide low cost loans among members. This is accomplished on a co-operative basis for the mutual benefit of those in their field of membership.

Operating model

Revenue model
Earned-program. 74% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 90
  • Accountability: 82
  • Sustainability: 71
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 79.2%; rating input score 79
  • Program expense ratio: 100%; rating input score 100
  • 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; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 11.9%; rating input score 66; 66th percentile among comparable filings
  • Total-asset coverage ratio: 23.07; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.87; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 4.2% per year; rating input score 100; 35th percentile among comparable filings
  • Revenue growth: 3.5% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: 2.3% per year; rating input score 100; 21st percentile among comparable filings

Details

  • Where the money goes: 79.2% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • 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 6 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.