River Valley Credit Union

Nonprofit profile at a glance

EIN
030196668
IRS 990 coverage
2010–2020
Forms available
Form 990 2020
Location
Brattleboro, VT, USA
Phone
8022544800
Rating
42
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$6,994,166
Expenses
$6,514,723
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

14 people listed

Executive titles in this filing

  • Jeffrey Morse (CEO/President)

Highest reported compensation

  • Jeffrey Morse (CEO/President): $235,520 total reported compensation
  • Jill Fortier (CFO): $96,909 total reported compensation
  • Ethan Grimes (VP Mortgage Lending): $82,434 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To operate a State Chartered Credit Union to provide loan and deposit services for the benefit of its members.

What it reported doing in 2020

Program services relate to daily operations of a locally controlled, full service credit union. We make loans, accept deposit accounts, and continually and efficiently provide other relevant financial services to a member base of approximately 18,550 members.

Operating model

Revenue model
Other-operating. 99% of the money available for current operations came from other operating 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

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 66
  • Accountability: 91
  • Sustainability: 24
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • 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; 64th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 6.9%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 7.4%; rating input score 38; 38th percentile among comparable filings

Growth

  • Program expense growth: -17.5% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: 5.8% per year; rating input score 100; 55th percentile among comparable filings
  • Asset growth: 1.5% per year; rating input score 100; 24th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 8 of 8 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $6.5M in reported program spending
  • Leadership: top reported pay $236K · 14 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $784K reported
  • Consistency: 9 of 10 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 11 filing years from 2010 to 2020
  • Contacts: How to reach this organization
  • Money network: 4 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • Moderate — Sustainability: Operating margin scored 42/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 38/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.