State Chartered Credit Unions in Florida Loyalty Credit Union

Nonprofit profile at a glance

EIN
591009534
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Pensacola, FL, USA
Phone
8504740970
Rating confidence
Limited

Official website

Reported finances

Revenue
$20,238,769
Expenses
$19,526,002
Assets
$288,824,452
Liabilities
$259,353,971

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

Leadership & pay

18 people listed

Executive titles in this filing

  • ROBERT PARK BROOME (CEO/PRESIDENT)
  • WILLIAM FRITH (INTERIM CEO/PRESIDENT)
  • LISA MILLER FORMERLY BROWN (CEO/PRESIDENT)

Highest reported compensation

  • ROBERT PARK BROOME (CEO/PRESIDENT): $251,084 total reported compensation
  • LISA MILLER FORMERLY BROWN (CEO/PRESIDENT): $237,987 total reported compensation
  • ELIZABETH OAKES (CHIEF OPERATIONS OFFICER): $204,953 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 serve the needs of our members beyond their expectations. We strive to assist our members with all of their financial needs and provide service beyond their expectations.

What it reported doing in 2024

Income from the credit union membership and from the investment of members' funds provide the foundation from which the credit union can function and provide services to its restricted membership.

Operating model

Revenue model
Earned-program. 79% 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: 75
  • Accountability: 91
  • Sustainability: 54
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 6th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.5%; rating input score 48; 48th percentile among comparable filings
  • Total-asset coverage ratio: 14.79; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.9; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 9.2%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: 5.2% per year; rating input score 100; 43rd percentile among comparable filings
  • Revenue growth: 7.8% per year; rating input score 100; 64th percentile among comparable filings
  • Asset growth: 8.1% per year; rating input score 100; 55th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 6 of 6 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $251K · 18 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1M reported
  • Consistency: 12 of 13 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 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 9 not reported.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Moderate — Sustainability: Operating margin scored 48/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.