Premier Credit Union

Nonprofit profile at a glance

EIN
366084996
IRS 990 coverage
2010–2014
Forms available
Form 990 2014, Form 990-N 2009
Location
Palatine, IL, USA
Phone
8474961638
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Credit Unions

Official website

Reported finances

Revenue
$5,717,485
Expenses
$4,874,193
Assets
$178,161,226
Liabilities
$160,817,641

Source: IRS Form 990. Selected filing: tax year 2014. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • JAMES A ROCHE (CEO)

Highest reported compensation

  • JAMES A ROCHE (CEO): $236,848 total reported compensation
  • MARY FRAN CALLAHAN (CFO): $133,145 total reported compensation
  • JENNIFER FOURNIER (VP OF MARKETING): $110,057 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2014. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Illinois state chartered credit union

What it reported doing in 2014

Credit union pays out dividends to its members on share deposit accounts at a market rate of interest. The number of share accounts at 12/31/14 is 24,008 with a balance of $159,785,112. The credit union offers checking accounts, online banking, and a variety of savings vehicles.

Operating model

Revenue model
Earned-program. 64% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 64
  • Accountability: 95
  • Sustainability: 69
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87%; rating input score 87
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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; 65th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 14.7%; rating input score 78; 78th percentile among comparable filings
  • Total-asset coverage ratio: 36.55; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.9; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 13.8%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: -3.8% per year; rating input score 0; 22nd percentile among comparable filings
  • Revenue growth: -1.5% per year; rating input score 0; 20th percentile among comparable filings
  • Asset growth: 5.9% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 87% of revenue deployed · 100% of spending went to programs
  • Governance: 12 of 12 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $237K · 17 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 5 filing years from 2010 to 2014
  • Contacts: How to reach this organization
  • Money network: 30 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.