Soo Select Credit Union
Nonprofit profile at a glance
- EIN
- 410824078
- IRS 990 coverage
- 2010–2018
- Forms available
- Form 990 2018
- Location
- Thief River Falls, MN, USA
- Phone
- 2186812303
- Rating confidence
- Limited
- Sector
- Credit Unions
Reported finances
- Revenue
- $550,320
- Expenses
- $693,334
- Assets
- $0
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.
Leadership & pay
6 people listed
Executive titles in this filing
- ROBERT WOLD (PRESIDENT)
- BRUCE BJORGAARD (VICE PRESIDENT)
- JOYCE KALBAKDALEN (PRESIDENT/CEO)
Highest reported compensation
- JOYCE KALBAKDALEN (PRESIDENT/CEO): $104,163 total reported compensation
- DANA JENKINS (DIRECTOR): $288 total reported compensation
- ROBERT WOLD (PRESIDENT): $264 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide lending, savings, and other financial services to its qualifying members at terms generally better than available in the marketplace and with a "service-based emphasis" that recognizes the members' status as "owners".
What it reported doing in 2018
Annual meeting of members at which the credit union officers report to the members on the operation of the credit union. The members elect the board of directors and committee members. Over 100 members attended.
Operating model
- Revenue model
- Earned-program. 84% 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: 79
- Accountability: 91
- Sustainability: 5
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 87.5%; rating input score 88; 2nd 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: 100%; rating input score 100; 63rd 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: -26%; rating input score 6; 6th 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: 15.2%; rating input score 20; 20th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: -2% per year; rating input score 0; 16th percentile among comparable filings
- Asset growth: -7.5% per year; rating input score 0; 8th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 5 of 5 board members independent · 7 of 9 filing controls reported
- Programs: 3 filed program accomplishments
- Leadership: top reported pay $104K · 6 people listed
- Consistency: 8 of 9 current checks pass · 1 finding to review
- Schedules: 3 filed schedules
- Filing history: 9 filing years from 2010 to 2018
- Contacts: How to reach this organization
- Money network: 6 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.
- High — Growth: Revenue growth scored 0/100.
- Moderate — Transparency & Controls: Schedule D land buildings reconciliation did not reconcile in the filed values.
- High — Sustainability: Operating margin scored 6/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Total-asset coverage ratio scored 0/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Sustainability: Officer compensation ratio scored 20/100.