Ward County Credit Union

Nonprofit profile at a glance

EIN
751085796
IRS 990 coverage
2010–2021
Forms available
Form 990 2021, Form 990-T 2020
Location
Monahans, TX, USA
Phone
4329433445
Rating
84
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$640,973
Expenses
$598,389
Assets
$18,363,115
Liabilities
$16,797,012

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

Leadership & pay

8 people listed

Executive titles in this filing

  • Kay Rankin-Swan (Manager/CEO/Treasurer)

Highest reported compensation

  • Kay Rankin-Swan (Manager/CEO/Treasurer): $56,802 total reported compensation

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

Overview

Mission

WCCU was chartered for the purpose of encouraging thrift among its members, creating a source of credit at fair and reasonable rates of interest.

What it reported doing in 2021

Checking Accounts - WCCU provides checking accounts for consumers with various features, from free accounts to those with enhanced benefits. Most offer dividends that are paid monthly. Additionally, WCTCU extends the reach of these accounts to all members with free debit cards, internet account access and free use of the internet bill payer platform.

Operating model

Revenue model
Earned-program. 72% of the money available for current operations came from fees and other program revenue.
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

STRONG - 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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 90
  • Accountability: 84
  • Sustainability: 54
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 94.6%; rating input score 95
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 6.6%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 30.69; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.91; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 9.5%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: 0.4% per year; rating input score 100; 31st percentile among comparable filings
  • Revenue growth: -1.3% per year; rating input score 0; 16th percentile among comparable filings
  • Asset growth: 3.2% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 94.6% of revenue deployed · 100% of spending went to programs
  • Governance: 8 of 8 board members independent · 5 of 8 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $57K · 8 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 12 filing years from 2010 to 2021
  • Contacts: How to reach this organization
  • Money network: 3 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 42/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.