TREMONT 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

1952

Legal Domicile

Principal Officer

GEORGE HARDIMAN

Phone

7818435626

Tax Period

2023-01-01 to 2023-12-31

TREMONT CREDIT UNION, founded in 1952, is a mid-sized nonprofit in the Public & Societal Benefit sector that reported $14.0M in total revenue in fiscal year 2023. Revenue surged 25% from the prior year, signaling strong growth momentum.

Mission

STATE CHARTERED CREDIT UNION

Program Service Accomplishments

Program 1

THE CREDIT UNION PROVIDES FINANCIAL PRODUCTS SUCH AS VARIOUS TYPES OF DEPOSIT ACCOUNTS AND LOANS TO ITS MEMBERS.

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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 $12,576,258

Investment Income $1,377,674

Other Revenue $0

TOTAL REVENUE $13,953,932

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,878,438

Fundraising Expenses $0

Other Expenses $10,177,706

TOTAL EXPENSES $14,056,144

Year-over-Year Comparison

	2023	2022	Change
Revenue	$13,953,932	$11,136,951	+0.3%
Expenses	$14,056,144	$10,636,902	+0.3%
Net Income	$-102,212	$500,049	-1.2%

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

$682,659

Total Directors

$490,584

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARTIN CONNOLLY	DIRECTOR	2.00	Director	$0	$0	$0
DARRELL ELOW	DIRECTOR	2.00	Director	$0	$0	$0
GEORGE HARDIMAN	CEO	40.00	Officer Director	$434,946	$31,638	$466,584
DONALD SMITH	DIRECTOR	2.00	Director	$0	$0	$0
KEVIN MULLEN	CHAIR	4.00	Director	$24,000	$0	$24,000
EDWARD KENNEDY	DIRECTOR	2.00	Director	$0	$0	$0
AMY DONOVAN	DIRECTOR	2.00	Director	$0	$0	$0
MICHAEL CONNOLLY	DIRECTOR	2.00	Director	$0	$0	$0
DAWN MARIE DURANT	DIRECTOR	2.00	Director	$0	$0	$0
JAMES NEE	DIRECTOR	2.00	Director	$0	$0	$0
BRIAN GOLDEN	DIRECTOR	2.00	Director	$0	$0	$0
MARIA COSTA	SVP LENDING	40.00	Officer	$0	$0	$0
JAMES ROY	CFO	40.00	Officer	$184,348	$31,727	$216,075
KENNETH PROVOST	CONTROLLER	40.00	Highest	$104,995	$16,563	$121,558

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	No data	No data	No data	No data
2023	$13,953,932	$14,056,144	$261,134,842	$-102,212
2022	$11,136,951	$10,636,902	$255,114,045	$500,049
2022	$11,136,951	$10,636,902	$255,114,045	$500,049
2021	$9,907,662	$9,307,134	$244,401,139	$600,528
2020	$9,193,968	$8,940,771	$240,451,967	$253,197
2019	$10,236,397	$9,006,691	$203,534,916	$1,229,706
2018	$9,292,143	$8,071,440	$184,787,616	$1,220,703