Service Credit Union

Nonprofit profile at a glance

EIN
020240752
IRS 990 coverage
2010–2020
Forms available
Form 990 2020
Location
Portsmouth, NH, USA
Phone
6034228300
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$158,075,310
Expenses
$609,472,276
Assets
$0
Liabilities
$0

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

Leadership & pay

18 people listed

Executive titles in this filing

  • DAVID ARAUJO (PRESIDENT/CEO)

Highest reported compensation

  • DAVID ARAUJO (PRESIDENT/CEO): $690,402 total reported compensation
  • DAN CLARKE (SVP, MEMBER EXPERIENCE): $286,965 total reported compensation
  • PHILIP VON STREICHER (VP OVERSEAS): $271,476 total reported compensation

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

Overview

Mission

Doing what is right for our members by improving financial well-being, supporting communities we serve and creating value and enduring relationships.

What it reported doing in 2020

The credit union provides various types of loans, cds, share accounts, and ira cds to members. Interest on members' share and savings accounts for the 9 month period ending september 30, 2020 was $27,454,331.as of september 30, 2020, the credit union converted to a federal credit union and ceased existence as a state chartered tax-exempt credit union.

Operating model

Revenue model
Earned-program. 97% 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: 96
  • Accountability: 100
  • Sustainability: 10
  • 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; 67th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.9%; rating input score 100; 45th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 80th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -285.6%; rating input score 0; 0th 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: 0.5%; rating input score 85; 85th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 4.4% per year; rating input score 100; 44th percentile among comparable filings
  • Asset growth: 1.8% per year; rating input score 100; 16th 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 · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $690K · 18 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $9.8M reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 6 filed schedules · includes grants, executive pay, and related organizations
  • Filing history: 11 filing years from 2010 to 2020
  • Contacts: How to reach this organization
  • Money network: 31 filed money-flow records
  • Related organizations: 18 filed related-organization links
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.