Wanigas Credit Union

Nonprofit profile at a glance

EIN
381515480
IRS 990 coverage
2010–2021
Forms available
Form 990 2021
Location
Saginaw, MI, USA
Phone
9897999800
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$18,275,533
Expenses
$14,359,526
Assets
$415,190,693
Liabilities
$360,269,950

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • BERNARD D WILLIAMS (CEO)

Highest reported compensation

  • BERNARD D WILLIAMS (CEO): $434,466 total reported compensation
  • TAMMY A O'LEARY (DIRECTOR OF LENDING): $323,300 total reported compensation
  • LISA SHOEMAKER (MORTGAGE OPERATIONS MANAGE): $192,511 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

A member-owned financial cooperative dedicated to providing a full range of quality financial products and services that meet the ever-changing needs of our membership.

What it reported doing in 2021

Provide 24,319 loans including vehicle, signature, recreational vehicle, student, mortgage, home equity, overdraft privilege, overdraft protection, and credit card loans.

Operating model

Revenue model
Earned-program. 90% 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: 92
  • Sustainability: 70
  • 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: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 85.7%; rating input score 86; 17th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 21.4%; rating input score 79; 79th percentile among comparable filings
  • Total-asset coverage ratio: 28.91; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.87; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 8.7%; rating input score 22; 22nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2.5% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: 4.2% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 6 of 7 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $434K · 13 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $1.1M reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2010 to 2021
  • Contacts: How to reach this organization
  • Money network: 7 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 — Sustainability: Liabilities to assets ratio scored 11/100.
  • High — Sustainability: Officer compensation ratio scored 22/100.