WORCESTER FIRE DEPT CREDIT UNION (EIN 041989205) - 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

1937

Legal Domicile

Phone

5087521122

Tax Period

2024-01-01 to 2024-12-31

WORCESTER FIRE DEPT CREDIT UNION, founded in 1937, is a community nonprofit that reported $1.2M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. Net assets of $5.8M represent 56 months of operating reserves.

Mission

To ensure thrift among its members by the accumulation of their savings and loaning of such savings to its members for provident purposes.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $511,862

Investment Income $632,189

Other Revenue $92,197

TOTAL REVENUE $1,236,248

Expense Breakdown

Grants Paid $0

Salaries & Benefits $413,394

Fundraising Expenses $0

Program Expenses $1,206,594

Other Expenses $498,071

TOTAL EXPENSES $1,206,594

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,236,248	$1,124,089	+0.1%
Expenses	$1,206,594	$1,066,716	+0.1%
Net Income	$29,654	$57,373	-0.5%

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

$175,000

Total Directors

$84,000

Key Employees

$145,000

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Lisa Carmody	Manager	40	Officer Key Emp	$106,000	$0	$106,000
Daniel Spencer	Treasurer	20	Officer Director Key Emp	$39,000	$0	$39,000
Gerard Dio	President	20	Officer Director	$30,000	$0	$30,000
Brian Tangney	Director	10	Director	$15,000	$0	$15,000
Robert Johnson	Vice President	0.5	Officer Director	$0	$0	$0
Arthur Davison	Director	0.5	Director	$0	$0	$0
Michael Coakley	Director	0.5	Director	$0	$0	$0
Josh Watson	Director	0.5	Director	$0	$0	$0
Matthew Coakley	Director	0.5	Director	$0	$0	$0

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	$1,236,248	$1,206,594	$44,946,785	$29,654
2023	$1,124,089	$1,066,716	$45,647,147	$57,373
2022	$974,928	$906,557	$51,655,973	$68,371
2021	$946,881	$896,273	$50,213,280	$50,608
2020	$1,027,164	$1,014,470	$46,348,193	$12,694
2020	$1,027,164	$1,014,470	$46,348,193	$12,694
2019	$1,101,461	$1,086,515	$40,003,126	$14,946
2018	$1,101,927	$1,062,070	$39,711,296	$39,857

WORCESTER FIRE DEPT CREDIT UNION