SERVICE CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1957

Legal Domicile

Principal Officer

DAVID ARAUJO

Phone

6034228300

Tax Period

2020-01-01 to 2020-09-30

SERVICE CREDIT UNION, founded in 1957, is a major nonprofit that reported $158.1M in total revenue in fiscal year 2020. Revenue fell 26% from the prior year — a significant decline worth monitoring. Expenses of $609.5M exceeded revenue, resulting in a 286% operating deficit.

Mission

DOING WHAT IS RIGHT FOR OUR MEMBERS BY IMPROVING FINANCIAL WELL-BEING, SUPPORTING COMMUNITIES WE SERVE AND CREATING VALUE AND ENDURING RELATIONSHIPS.

Program Service Accomplishments

Program 1

THE CREDIT UNION PROVIDES VARIOUS TYPES OF LOANS, CDS, SHARE ACCOUNTS, AND IRA CDS TO MEMBERS. INTEREST ON MEMBERS' SHARE AND SAVINGS ACCOUNTS FOR THE 9 MONTH PERIOD ENDING SEPTEMBER 30, 2020 WAS...

THE CREDIT UNION PROVIDES VARIOUS TYPES OF LOANS, CDS, SHARE ACCOUNTS, AND IRA CDS TO MEMBERS. INTEREST ON MEMBERS' SHARE AND SAVINGS ACCOUNTS FOR THE 9 MONTH PERIOD ENDING SEPTEMBER 30, 2020 WAS $27,454,331.AS OF SEPTEMBER 30, 2020, THE CREDIT UNION CONVERTED TO A FEDERAL CREDIT UNION AND CEASED EXISTENCE AS A STATE CHARTERED TAX-EXEMPT CREDIT UNION.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2020)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $152,515,405

Investment Income $5,468,365

Other Revenue $91,540

TOTAL REVENUE $158,075,310

Expense Breakdown

Grants Paid $473,552,351

Salaries & Benefits $50,646,317

Fundraising Expenses $0

Other Expenses $57,819,277

TOTAL EXPENSES $609,472,276

Year-over-Year Comparison

	2020	2019	Change
Revenue	$158,075,310	$212,206,611	-0.3%
Expenses	$609,472,276	$174,349,235	+2.5%
Net Income	$-451,396,966	$37,857,376	-12.9%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,620,853

Total Directors

$28,509

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOANNE WHITING	DIRECTOR	2.00	Director	$4,134	$0	$4,134
SCOTT WENSLEY	VICE CHAIR / TREASURER	2.00	Officer Director	$7,763	$0	$7,763
DR JAMES FISHBEIN	CHAIR	2.00	Officer Director	$3,931	$0	$3,931
DAN EAGAN	DIRECTOR	2.00	Director	$8,547	$0	$8,547
CLIFFORD TAYLOR	DIRECTOR	2.00	Director	$4,134	$0	$4,134
SUE DESJARDINS	SECRETARY	2.00	Officer Director	$0	$0	$0
MICHAEL MCMAHON	DIRECTOR	2.00	Director	$0	$0	$0
DAVID ARAUJO	PRESIDENT/CEO	40.00	Officer	$646,413	$43,989	$690,402
FAWN TERWILLIGER	SVP, CHIEF LENDING OFFICER	40.00	Officer	$172,609	$35,711	$208,320
DAN CLARKE	SVP, MEMBER EXPERIENCE	40.00	Officer	$250,647	$36,318	$286,965
SATISH MEHTA	SVP, CHIEF ADMINISTRATIVE OFFICER	40.00	Officer	$175,635	$15,867	$191,502
GEOFFRY GILTON	SVP, TECHNOLOGY	40.00	Officer	$175,479	$15,830	$191,309
MICHAEL DVORAK	SVP, ACCOUNTING & FINANCE	40.00	Officer	$38,860	$1,801	$40,661
PHILIP VON STREICHER	VP OVERSEAS	40.00	Highest	$235,188	$36,288	$271,476
MICHAEL BERGERON	VP LOGISTICS	40.00	Highest	$185,569	$46,528	$232,097
MICHAEL PORTER	VP OPERATIONS	40.00	Highest	$194,332	$51,167	$245,499
WENDY BESWICK	VP MARKETING	40.00	Highest	$190,923	$35,949	$226,872
MAY HATEM	VP, HR/TRAINING	40.00	Highest	$162,420	$20,006	$182,426

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2020	$158,075,310	$609,472,276	No data	$-451,396,966
2019	$212,206,611	$174,349,235	$3,821,189,390	$37,857,376
2018	$190,069,385	$154,341,217	$3,502,730,439	$35,728,168