HOLYOKE CREDIT UNION (EIN 041448660) - Form 990 Financial Analysis & Trantor Score

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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

1911

Legal Domicile

Principal Officer

JAMES T WOLOHAN

Phone

4132786860

Tax Period

2023-01-01 to 2023-12-31

HOLYOKE CREDIT UNION, founded in 1911, is a mid-sized nonprofit that reported $12.7M in total revenue in fiscal year 2023. Revenue surged 22% from the prior year, signaling strong growth momentum.

Mission

THE HOLYOKE CREDIT UNION MISSION IS TO PROVIDE MEMBERS WITH AN EXCELLENT SELECTION OF HIGH-QUALITY AND PROVIDE AFFORDABLE FINANCIAL PRODUCTS AND SERVICES IN A SOCIALLY RESPONSIBLE MANNER. OUR CREDIT UNION ADHERES TO THE HIGHEST ETHICAL STANDARDS OF THE BANKING INDUSTRY, WHILE WE MAINTAIN FINANCIAL SECURITY AND PROVIDE OUR EMPLOYEES WITH GAINFUL AND SECURE EMPLOYMENT.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $8,077,949

Investment Income $3,685,497

Other Revenue $957,567

TOTAL REVENUE $12,721,013

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,561,474

Fundraising Expenses $0

Program Expenses $12,497,017

Other Expenses $8,935,543

TOTAL EXPENSES $12,497,017

Year-over-Year Comparison

	2023	2022	Change
Revenue	$12,721,013	$10,438,136	+0.2%
Expenses	$12,497,017	$9,354,398	+0.3%
Net Income	$223,996	$1,083,738	-0.8%

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

Volunteers

N/A

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

$1,164,307

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS PAQUIN	CHAIRMAN	3.00	Director	$0	$0	$0
MICHAEL GHAZIL	VICE CHAIRMAN	3.00	Director	$0	$0	$0
JOSEPH BEAULIEU	TREASURER	3.00	Director	$0	$0	$0
ROBERT FERRIER	DIRECTOR	1.00	Director	$0	$0	$0
ANNE MARIE MARONA	DIRECTOR	1.00	Director	$0	$0	$0
DENNIS MORAN	DIRECTOR	1.00	Director	$0	$0	$0
JEFFREY PRZEKOPOWSKI	DIRECTOR	1.00	Director	$0	$0	$0
CYNTHIA ANN SHEA-DESROCHES	DIRECTOR	1.00	Director	$0	$0	$0
DAVID N VIAMARI	DIRECTOR	1.00	Director	$0	$0	$0
WAYNE BENNETT	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL MURPHY	PRESIDENT/CEO	40.00	Officer	$233,183	$41,660	$274,843
JAMES WOLOHAN	EXECUTIVE VICE PRESIDENT	40.00	Officer	$174,913	$29,383	$204,296
GARY CLARKE	CHIEF FINANCIAL OFFICER	40.00	Officer	$140,266	$20,452	$160,718
JENNIFER BROOKS	SENIOR VP MORTGAGE	40.00	Officer	$115,398	$20,115	$135,513
CELIA ALVARADO	SMALL BUSINESS LENDING OFF	40.00	Officer	$117,436	$15,353	$132,789
STACEY O'SULLIVAN	VP LENDING ADMINISTRATION	40.00	Officer	$136,236	$9,103	$145,339
ADRIENNE SCOTT	RETAIL BANKING OFFICER	40.00	Officer	$101,813	$8,996	$110,809
KARI TROMBLEY	OPERATIONS MANAGER	40.00	Highest	$127,110	$13,625	$140,735

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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$12,721,013	$12,497,017	$268,762,394	$223,996
2022	$10,438,136	$9,354,398	$254,372,424	$1,083,738
2021	$10,425,579	$8,909,846	$242,121,845	$1,515,733
2020	$10,939,108	$9,304,369	$227,078,051	$1,634,739
2019	$11,655,369	$10,644,557	$205,289,367	$1,010,812
2018	$10,328,968	$9,672,783	$196,145,655	$656,185

HOLYOKE CREDIT UNION