Prevail Credit Union

Nonprofit profile at a glance

EIN
910556703
IRS 990 coverage
2010–2012
Forms available
Form 990 2012
Location
Seattle, WA, USA
Phone
2063821888
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$14,311,067
Expenses
$11,122,780
Assets
$245,344,875
Liabilities
$222,542,222

Source: IRS Form 990. Selected filing: tax year 2012. Amounts in USD.

Leadership & pay

11 people listed

Source: IRS Form 990. Selected filing: tax year 2012. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To enhance the quality of our members lives with outstanding service.

What it reported doing in 2012

Prevail credit union services king county government employees, a wide array of segs as well as communities within the state of Washington, and offers a wide array of products and services including depositary, loan products, and an atm/debit program. We ended the year with 16,903 members, with 36,710 share accounts and 7,377 in outstanding loan accounts.

Operating model

Revenue model
Earned-program. 87% 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: 76
  • Accountability: 77
  • Sustainability: 75
  • 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; 59th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • 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; 70th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 22.3%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 22.06; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.91; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 6.4%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 0.3% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: 2.5% per year; rating input score 100; 41st 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 · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $241K · 11 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 3 filing years from 2010 to 2012
  • 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.

  • Moderate — Accountability: Governance controls: 4 of 8 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • High — Sustainability: Officer compensation ratio scored 27/100.