Southern Lakes Credit Union

Nonprofit profile at a glance

EIN
390900961
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Kenosha, WI, USA
Phone
2626941600
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$5,608,590
Expenses
$5,150,434
Assets
$104,915,717
Liabilities
$94,804,089

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • JOHN LYON (PRESIDENT/CEO)

Highest reported compensation

  • JOHN LYON (PRESIDENT/CEO): $156,077 total reported compensation
  • ROBERT HOEPFNER (VP LENDING): $123,213 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We will stirve to make a significant difference in improving the quality of life of our members and the communities we serve by providing affordable access to credit and financial services.

What it reported doing in 2024

We drive value back to our members and help them save money on interest by offering loans at very competitive rates. As of december 31, 2024, we have 4,345 loans outstanding to our members totalling $69,637,329. We work with borrowers to improve their credit so they pay less in interest over their lives and work with first-time borrowers to understand loans and credit. In 2024, our members obtained 1,203 loans from their credit union totaling $28,938,186.

Operating model

Revenue model
Earned-program. 74% 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: 77
  • Accountability: 86
  • Sustainability: 63
  • 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; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • 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: 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: 6 of 9 controls in place; rating input score 67
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 8.2%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 20.37; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.9; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 5.4%; rating input score 51; 51st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2.9% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: 2.2% per year; rating input score 100; 20th 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 · 6 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $156K · 9 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $551K reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 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.
  • 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.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Review — Sustainability: Operating margin scored 59/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • Review — Sustainability: Officer compensation ratio scored 51/100.