Mutual Savings Credit Union
Nonprofit profile at a glance
- EIN
- 586035870
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Birmingham, AL, USA
- Phone
- 2052266800
- Rating
- 75
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Credit Unions
Reported finances
- Revenue
- $3,208,159
- Expenses
- $3,010,958
- Assets
- $0
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
13 people listed
Executive titles in this filing
- ELLIOTT C MOON JR (CEO/BOARD TREASURER)
Highest reported compensation
- ELLIOTT C MOON JR (CEO/BOARD TREASURER): $239,382 total reported compensation
- EMILY OAMI (VP & CONTROLLER): $137,530 total reported compensation
- JENNIFER FIORENZA (DIRECTOR AND CONTRACT EMPLOYEE): $22,050 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Cooperative society incorporated for the twofold purpose of promoting thrift among its members and creating a source of credit for them at legitimate rates of interest.
What it reported doing in 2024
Provide thrift savings and lending activities to the members of a member owned cooperative. As of december 31, 2024, the credit union had membership and provided services to approximately 5,505 members.
Operating model
- Revenue model
- Earned-program. 100% 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
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 86
- Transparency & Controls: 71
- Accountability: 81
- Sustainability: 28
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 93.9%; rating input score 94
- 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: 2 of 6 controls in place; rating input score 33
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Missing
- 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: 83.3%; rating input score 83; 16th 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: 6.1%; rating input score 54; 54th percentile among comparable filings
- Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
- Liabilities to assets ratio: Limited
- Officer compensation ratio: 13.3%; rating input score 22; 22nd percentile among comparable filings
Growth
- Program expense growth: -2.6% per year; rating input score 0; 8th percentile among comparable filings
- Revenue growth: 0.2% per year; rating input score 100; 12th percentile among comparable filings
- Asset growth: -1.3% per year; rating input score 0; 9th percentile among comparable filings
Details
- Where the money goes: 93.9% of revenue deployed · 100% of spending went to programs
- Governance: 10 of 12 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $239K · 13 people listed · 2 of 6 pay-setting controls reported
- Consistency: 22 of 22 current checks pass
- Schedules: 4 filed schedules · includes executive pay
- Filing history: 15 filing years from 2010 to 2024
- 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.
- High — Growth: Program expense growth scored 0/100.
- High — Sustainability: Total-asset coverage ratio scored 0/100.
- Review — Sustainability: Operating margin scored 54/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 22/100.