Southbridge Credit Union (EIN 042023790) - 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

1938

Legal Domicile

Principal Officer

Jeffrey Canniff

Phone

5087655454

Tax Period

2024-01-01 to 2024-12-31

Southbridge Credit Union, founded in 1938, is a mid-sized nonprofit that reported $11.9M in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion. Expenses of $11.4M left a modest 4% surplus.

Mission

PROVIDE FINANCIAL PRODUCTS AND PERSONALIZED SERVICES THAT WILL ASSIST OUR MEMBERS IN ACHIEVING THEIR FINANCIAL GOALS.

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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 $9,956,574

Investment Income $714,513

Other Revenue $1,207,195

TOTAL REVENUE $11,878,282

Expense Breakdown

Grants Paid $115,112

Salaries & Benefits $3,559,128

Fundraising Expenses $0

Other Expenses $7,756,352

TOTAL EXPENSES $11,430,592

Year-over-Year Comparison

	2024	2023	Change
Revenue	$11,878,282	$10,589,215	+0.1%
Expenses	$11,430,592	$10,331,619	+0.1%
Net Income	$447,690	$257,596	+0.7%

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

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

$535,530

Total Directors

$12,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Katherine R Theodoss	President/CEO	40.0	Officer	$270,406	$47,573	$317,979
Jeffrey Canniff	CFO/Treasurer	40.0	Officer	$198,644	$18,907	$217,551
Jo-Ann Santelli	VP of Commercial Loans	40.0	Highest	$119,712	$27,856	$147,568
Karen Brousseau	SVP of Retail Operations	40.0	Highest	$128,741	$16,412	$145,153
LYNN MERO	VP OF CONSUMER LENDING	40.0	Highest	$121,111	$20,294	$141,405
Maria Garcia-Torres	SVP of Administration	40.0	Highest	$127,471	$12,190	$139,661
Phil Cyr	Chairperson of the Board	4.0	Director	$11,000	$0	$11,000
John A Lafleche	Director (Resigned 11/2024)	3.0	Director	$1,000	$0	$1,000
James Keyes	DIRECTOR	40.0	Director	$0	$0	$0
Michelle M Anderson	dIRECTOR	2.0	Director	$0	$0	$0
MADALINE I BONADEIES	Director	2.0	Director	$0	$0	$0
BENJAMIN TULLY	DiRECTOR	2.0	Director	$0	$0	$0
William Trifone	Director	2.0	Director	$0	$0	$0
Robert Caprera	DiRECTOR	2.0	Director	$0	$0	$0
Jose Dingai	DireCTOR	2.0	Director	$0	$0	$0
Amy Howard	Director	2.0	Director	$0	$0	$0
Rebecca Bruso	DireCTOR	2.0	Director	$0	$0	$0
Gary Fontaine	Director (as of 9/24/2024)	2.0	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
2024	$11,878,282	$11,430,592	$222,471,452	$447,690
2023	$10,589,215	$10,331,619	$213,066,598	$257,596
2022	$9,370,814	$8,248,124	$210,069,860	$1,122,690
2021	$8,395,141	$7,941,976	$204,683,991	$453,165
2020	$8,804,606	$8,635,831	$202,221,584	$168,775
2019	$9,399,424	$8,941,507	$189,072,301	$457,917
2018	$8,820,160	$8,627,254	$186,828,744	$192,906

Southbridge Credit Union