Seaport Credit Union

Nonprofit profile at a glance

EIN
042015276
IRS 990 coverage
2010–2014
Forms available
Form 990 2014
Location
Salem, MA, USA
Phone
9787441153
Rating
52
Verdict
MIXED
Rating confidence
Moderate
Sector
Credit Unions

Reported finances

Revenue
$1,935,597
Expenses
$2,056,608
Assets
$58,007,085
Liabilities
$49,233,939

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

Leadership & pay

11 people listed

Executive titles in this filing

  • PATRICIA WARREN (President & CEO)
  • JOHN MURPHY (President & CEO)

Highest reported compensation

  • JOHN MURPHY (President & CEO): $137,783 total reported compensation
  • WILLIAM A KEANE (CFO): $84,034 total reported compensation
  • ANN MARIE WAUGH (CLO): $71,342 total reported compensation

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

Overview

Mission

Credit union- thrift services

What it reported doing in 2014

Maintenance of members' share and deposit accounts and the payment of interest thereon. Number of accounts 5,719.

Operating model

Revenue model
Earned-program. 66% 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

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: 7
  • Transparency & Controls: 100
  • Accountability: 84
  • Sustainability: 42
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 8.1%; rating input score 8
  • Program expense ratio: 9%; rating input score 9
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 87.5%; rating input score 88; 20th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Fail
    • 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: -6.3%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 28.21; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.85; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 16.3%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: -11% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: -7.5% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: -0% per year; rating input score 0; 34th percentile among comparable filings

Details

  • Where the money goes: 8.1% of revenue deployed · 9% of spending went to programs
  • Governance: 7 of 8 board members independent · 7 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $185K in reported program spending
  • Leadership: top reported pay $138K · 11 people listed
  • Highest-paid contractors: 1 contractor listed · $196K reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 5 filing years from 2010 to 2014
  • Contacts: How to reach this organization
  • Money network: 17 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 8/100.
  • High — Financial Efficiency: Program expense ratio scored 9/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 20/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • High — Sustainability: Officer compensation ratio scored 17/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.