PenAir Credit Union
Nonprofit profile at a glance
- EIN
- 590642991
- IRS 990 coverage
- 2022–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Pensacola, FL, US
- Phone
- 877-473-6247
- Rating confidence
- Limited
Reported finances
- Revenue
- $174,340,544
- Expenses
- $158,515,785
- Assets
- $2,554,438,294
- Liabilities
- $2,352,512,612
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
30 people listed
Executive titles in this filing
- DELBERT MORGAN (PRESIDENT CEO)
Highest reported compensation
- DELBERT MORGAN (PRESIDENT CEO): $706,591 total reported compensation
- CHRIS FUNK (SVP/CHIEF LENDING OFFICER): $339,848 total reported compensation
- DERRICK AGUILAR (SVP/CHIEF EXPERIENCE OFFICER): $324,223 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The credit union's mission is to promote thrift among its members, creating sources of credit at a fair and reasonable rates of interest, and providing an opportunity for its members to use and control their resources on a democratic basis to improve their economic and social condition. The credit union serves members in baldwin or mobile counties in Alabama and from escambia to leon counties in Florida. The credit union further serves members joining the credit union as a friend of the navy marine corp relief society. The total number of members is in excess of 129,000.
What it reported doing in 2024
In our efforts to promote thrift among our members, the credit union provides competitive savings products, which include savings, checking, certificate of deposit accounts as well as ira savings and certificate of deposit accounts.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- 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: 85
- Accountability: 100
- Sustainability: 65
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 90.9%; rating input score 91; 6th percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Missing
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 91.7%; rating input score 92; 24th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- 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: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 9.1%; rating input score 70; 70th percentile among comparable filings
- Total-asset coverage ratio: 16.11; rating input score 95; 95th percentile among comparable filings
- Liabilities to assets ratio: 0.92; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 3.8%; rating input score 28; 28th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 57.8% per year; rating input score 100; 99th percentile among comparable filings
- Asset growth: 3.5% per year; rating input score 100; 24th percentile among comparable filings
Details
- What they do: 1 operating location identified
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 7 of 7 board members independent · 9 of 9 filing controls reported
- Programs: 2 filed program accomplishments
- Leadership: top reported pay $707K · 30 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $12M reported
- Consistency: 12 of 13 current checks pass · 1 finding to review
- Schedules: 6 filed schedules · includes grants and executive pay
- Filing history: 3 filing years from 2022 to 2024
- Contacts: How to reach this organization
- Money network: 26 filed money-flow records
- Related organizations: 9 filed related-organization links
- 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 — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- High — Sustainability: Liabilities to assets ratio scored 10/100.
- High — Sustainability: Officer compensation ratio scored 28/100.