HARVARD FEDERAL CREDIT UNION (EIN 046017806) - 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

1939

Legal Domicile

Principal Officer

CRAIG E LEONARD

Phone

6174954460

Tax Period

2024-01-01 to 2024-05-31

HARVARD FEDERAL CREDIT UNION, founded in 1939, is a mid-sized nonprofit that reported $24.9M in total revenue in fiscal year 2023. Revenue fell 54% from the prior year — a significant decline worth monitoring.

Mission

PROVIDE CONVENIENT FINANCIAL AND PERSONAL SERVICES IN THE BEST INTEREST OF OUR MEMBERS, AS WELL AS EDUCATING OUR COMMUNITY ABOUT FINANCES.

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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 $23,632,130

Investment Income $1,253,642

Other Revenue $0

TOTAL REVENUE $24,885,772

Expense Breakdown

Grants Paid $89,436

Salaries & Benefits $6,709,163

Fundraising Expenses $0

Other Expenses $18,008,233

TOTAL EXPENSES $24,806,832

Year-over-Year Comparison

	2023	2022	Change
Revenue	$24,885,772	$53,971,563	-0.5%
Expenses	$24,806,832	$50,624,656	-0.5%
Net Income	$78,940	$3,346,907	-1.0%

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

162

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

$1,052,619

Total Directors

Key Employees

$644,432

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JASON LUKE	CHAIR/DIRECTOR	1.00	Officer Director	$0	$0	$0
KARRIE FORD	VICE CHAIR/DIRECTOR	1.00	Officer Director	$0	$0	$0
DEE DEE CHEN	VICE CHAIR/DIRECTOR	1.00	Officer Director	$0	$0	$0
APRIL EDRINGTON	CLERK/DIRECTOR	1.00	Officer Director	$0	$0	$0
MARY STRAUB	TREASURER/DIRECTOR	1.00	Officer Director	$0	$0	$0
MARTY RAY	DIRECTOR	1.00	Director	$0	$0	$0
HARMAN KAUR	DIRECTOR	1.00	Director	$0	$0	$0
MARY ANN O'BRIEN	DIRECTOR	1.00	Director	$0	$0	$0
GONZALO SANZ	DIRECTOR	1.00	Director	$0	$0	$0
SHAHAR ZIV	DIRECTOR	1.00	Director	$0	$0	$0
JOHN LICHTEN	DIRECTOR	1.00	Director	$0	$0	$0
CRAIG LEONARD	PRESIDENT & CEO	40.00	Officer	$556,250	$94,820	$651,070
THOMAS MONTILLI	EVP & CHIEF EXPERIENCE OFF	40.00	Officer	$345,962	$55,587	$401,549
KATHERINE ARMSTRONG	SVP, CHIEF FINANCIAL OFFICER	40.00	Key Emp	$265,133	$48,104	$313,237
JOHN DEGNAN	SVP, OPERATIONS	40.00	Key Emp	$282,355	$48,840	$331,195
HELEN LASKARIS	MORTGAGE LOAN ORIGINATOR	40.00	Highest	$216,059	$25,765	$241,824
SHARON CUMMINGS	MORTGAGE LOAN ORIGINATOR	40.00	Highest	$191,077	$27,021	$218,098
TANYA TANARO	VP, EDUCATION & CONSUMER LENDING	40.00	Highest	$185,115	$37,688	$222,803
MICHAEL LEVINE	MORTGAGE LOAN ORIGINATOR	40.00	Highest	$164,638	$24,613	$189,251
JAYNE MATTHEWS	MORTGAGE LOAN ORIGINATOR	40.00	Highest	$176,648	$36,713	$213,361

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	$24,885,772	$24,806,832	No data	$78,940
2023	$53,971,563	$50,624,656	$1,212,810,381	$3,346,907
2022	$44,999,109	$36,335,706	$1,145,537,469	$8,663,403
2021	$42,695,601	$33,579,956	$1,037,994,144	$9,115,645
2020	$43,073,837	$35,107,979	$936,760,234	$7,965,858
2019	$41,742,454	$34,869,443	$815,945,301	$6,873,011
2018	$35,466,964	$28,914,790	$732,242,446	$6,552,174

HARVARD FEDERAL CREDIT UNION