St Cloud Financial Credit Union

Nonprofit profile at a glance

EIN
410517445
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
St Cloud, MN, USA
Phone
3202522634
Rating confidence
Limited
Sector
Credit Unions

Reported finances

Revenue
$21,427,747
Expenses
$20,345,269
Assets
$374,579,174
Liabilities
$349,530,260

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

Leadership & pay

16 people listed

Executive titles in this filing

  • JED MEYER (CEO)

Highest reported compensation

  • JED MEYER (CEO): $343,718 total reported compensation
  • CHASE LARSON (CLO): $204,792 total reported compensation
  • JAMIE KLEVE (COO): $178,368 total reported compensation

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

Overview

Mission

To make a meaningful difference for all, we advocate for people through a member-focused culture, an enthusiastic employee environment, and purposeful action within our community.

What it reported doing in 2024

The credit union has several types of loan programs available for our members. We funded 3,748 new loans to members during 2024. As of 12/31/2024 we had 15,324 loans to our members.

Operating model

Revenue model
Earned-program. 95% 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: 88
  • Accountability: 86
  • Sustainability: 58
  • 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; 62nd 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: Missing
    • Written employment contract: Pass
    • 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; 66th 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: 5.1%; rating input score 54; 54th percentile among comparable filings
  • Total-asset coverage ratio: 18.41; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.93; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 8.1%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 14% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 9.8% per year; rating input score 100; 64th 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: 2 filed program accomplishments
  • Leadership: top reported pay $344K · 16 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $4.1M reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 18 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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 54/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 29/100.