Painesville Credit Union

Nonprofit profile at a glance

EIN
340764365
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Painesville, OH, USA
Phone
4403528974
Rating confidence
Limited

Official website

Reported finances

Revenue
$2,775,766
Expenses
$1,997,587
Assets
$45,148,644
Liabilities
$38,321,188

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

Leadership & pay

9 people listed

Executive titles in this filing

  • KENNETH TAKACS (BOARD PRESIDENT)
  • LORI GUZZI (CEO)

Highest reported compensation

  • LORI GUZZI (CEO): $137,319 total reported compensation
  • LYNNE KLINE (COO): $127,172 total reported compensation

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

Overview

Mission

To promote thrift in its members by providing lending, savings and other financial services to qualified members.

What it reported doing in 2024

Our primary service is lending, and the revenue that we receive is in the form of interest and fees on loans. The funds that we loan out are those that have been deposited by our members, so the expenses--the cost of those funds--are the dividends that we pay on these deposits plus any interest that we pay on funds that we need to borrow.

Operating model

Revenue model
Earned-program. 81% 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: 90
  • Accountability: 86
  • Sustainability: 71
  • 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; 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: 6 of 9 controls in place; rating input score 67
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 28%; rating input score 83; 83rd percentile among comparable filings
  • Total-asset coverage ratio: 22.6; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.85; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 13.2%; rating input score 22; 22nd percentile among comparable filings

Growth

  • Program expense growth: -4.2% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: 4.1% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 5% per year; rating input score 100; 35th 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 · 6 of 9 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $137K · 9 people listed
  • Consistency: 11 of 11 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 12 filing years from 2010 to 2024
  • 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.

  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • High — Sustainability: Officer compensation ratio scored 22/100.