Sourceone Credit Union

Nonprofit profile at a glance

EIN
361661895
IRS 990 coverage
2010–2022
Forms available
Form 990 2022
Location
Rantoul, IL, USA
Phone
8002526950
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Credit Unions

Reported finances

Revenue
$119,942
Expenses
$420,579
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • DAVE COGOZZO (PRESIDENT/TREASURER)

Highest reported compensation

  • DAVE COGOZZO (PRESIDENT/TREASURER): $37,350 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Illinois state chartered credit union operated for the mutual benefit of its members. The credit union makes loans to members and pays dividends to members with share deposits at a competitive rate of interest.

What it reported doing in 2022

Credit union pays out dividends to its members on a share deposit accounts at a rate of interest.

Operating model

Revenue model
Cannot be determined from the filing. The filing does not provide enough consistent revenue detail to tell how this nonprofit funds its work.
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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 56
  • Sustainability: 4
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • 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: 77.8%; rating input score 78; 20th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -250.7%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 8.9%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: 1.2% per year; rating input score 100; 42nd percentile among comparable filings
  • Revenue growth: -3.7% per year; rating input score 0; 16th percentile among comparable filings
  • Asset growth: -5% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 9 board members independent · 2 of 8 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $37K · 9 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 13 filing years from 2010 to 2022
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Accountability: Governance controls: 5 of 7 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.