Nw Iowa Credit Union
Nonprofit profile at a glance
- EIN
- 426098592
- IRS 990 coverage
- 2010–2022
- Forms available
- Form 990 2022
- Location
- Le Mars, IA, USA
- Phone
- 7125467676
- Rating
- 82
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Credit Unions
Reported finances
- Revenue
- $2,770,938
- Expenses
- $3,112,378
- Assets
- $87,331,389
- Liabilities
- $79,529,485
Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.
Leadership & pay
11 people listed
Executive titles in this filing
- STEVEN DE BOER PART YEAR (CEO)
Highest reported compensation
- MATTHEW CHIZEK (CONTRACTED EXECUTIVE (PART YEAR)): $87,463 total reported compensation
- STEVEN DE BOER PART YEAR (CEO): $33,360 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
N.w. Iowa credit union is a member owned, non-profit financial institution providing personalized, competitive services that promote the economic well-being of present and future members.
What it reported doing in 2022
To create a source of credit at a fair and reasonable rate of interest, encourage habits of thrift among members, and provide the opportunity for members to use and control their savings for their mutual benefit.
Operating model
- Revenue model
- Other-operating. 84% of the money available for current operations came from other operating 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 expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 89
- Transparency & Controls: 90
- Accountability: 63
- Sustainability: 42
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- 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; 64th percentile among comparable filings
- Governance controls: 1 of 9 controls in place; rating input score 11
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Fail
- 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: -12.3%; rating input score 12; 12th percentile among comparable filings
- Total-asset coverage ratio: 28.06; rating input score 98; 98th percentile among comparable filings
- Liabilities to assets ratio: 0.91; rating input score 8; 8th percentile among comparable filings
- Officer compensation ratio: 3.9%; rating input score 60; 60th percentile among comparable filings
Growth
- Program expense growth: 11.3% per year; rating input score 100; 70th percentile among comparable filings
- Revenue growth: 6.2% per year; rating input score 100; 53rd percentile among comparable filings
- Asset growth: 7.9% per year; rating input score 100; 51st percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 100% of spending went to programs
- Governance: 9 of 9 board members independent · 1 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $3.1M in reported program spending
- Leadership: top reported pay $87K · 11 people listed
- Consistency: 29 of 29 current checks pass
- Schedules: 2 filed schedules
- Filing history: 13 filing years from 2010 to 2022
- Contacts: How to reach this organization
- Money network: 2 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 — Accountability: Governance controls: 7 of 8 not reported.
- High — Sustainability: Operating margin scored 12/100.
- High — Sustainability: Liabilities to assets ratio scored 8/100.
- High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.