Premier Source Credit Union

Nonprofit profile at a glance

EIN
042444639
IRS 990 coverage
2010–2018
Forms available
Form 990 2018
Location
East Longmeadow, MA, USA
Phone
4135252002
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$3,216,300
Expenses
$3,113,247
Assets
$62,230,796
Liabilities
$53,930,574

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

13 people listed

Highest reported compensation

  • BONNIE RAYMOND (C.E.O.): $149,267 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Credit union - thrift services

What it reported doing in 2018

Maintenance of member share and deposit accounts and the payment of interest thereon. Number of share accounts is 9,610. Loans to memebers at market interest and maintenance of accounts thereon. Number of loan accounts is 2,548.

Operating model

Revenue model
Earned-program. 82% 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: 85
  • Sustainability: 58
  • 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: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.3%; rating input score 92; 23rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: 3.2%; rating input score 49; 49th percentile among comparable filings
  • Total-asset coverage ratio: 19.99; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.87; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 4.8%; rating input score 50; 50th percentile among comparable filings

Growth

  • Program expense growth: -47.9% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: 4.6% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: 7.1% per year; rating input score 100; 59th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 12 of 13 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $149K · 13 people listed
  • Consistency: 13 of 13 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 9 filing years from 2010 to 2018
  • 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: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 49/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Review — Sustainability: Officer compensation ratio scored 50/100.