Mutual Security Credit Union Inc

Nonprofit profile at a glance

EIN
060701899
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Shelton, CT, USA
Phone
8007612400
Rating confidence
Limited

Reported finances

Revenue
$20,187,778
Expenses
$18,920,512
Assets
$354,958,379
Liabilities
$323,462,691

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

Leadership & pay

14 people listed

Executive titles in this filing

  • HENRY BAUM (CEO)

Highest reported compensation

  • HENRY BAUM (CEO): $340,729 total reported compensation
  • JEFFREY TRACEY (VP, LENDING): $229,171 total reported compensation
  • MARIA LAZOR (VP, RISK & STRATERGY MANAGEMENT): $197,235 total reported compensation

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

Overview

Mission

We are builders of financial well-being within the communities we serve.

What it reported doing in 2024

Mutual security credit union offers members various consumer loan products (personal loans, auto loans, mortgages - 1st, 2nd, and home equity lines of credit, smart energy loans). New loans issued in 2024: personal loans = 598, new & used auto loans = 894, 1st, 2nd & helocs = 109, smart energy loans = 66.

Operating model

Revenue model
Earned-program. 96% 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: 86
  • Accountability: 77
  • Sustainability: 60
  • 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: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • 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: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 6.3%; rating input score 58; 58th percentile among comparable filings
  • Total-asset coverage ratio: 18.76; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.91; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 7.7%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 3.1% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: 3.8% per year; rating input score 100; 28th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 7 of 7 board members independent · 4 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $341K · 14 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.7M reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Moderate — Accountability: Governance controls: 4 of 8 not reported.
  • Review — Sustainability: Operating margin scored 58/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.