NUTMEG STATE FINANCIAL 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

1936

Legal Domicile

Principal Officer

CRAIG KNELL

Phone

8605135000

Tax Period

2023-01-01 to 2023-12-31

NUTMEG STATE FINANCIAL CREDIT UNION, founded in 1936, is a mid-sized nonprofit that reported $34.0M in total revenue in fiscal year 2023. Expenses of $31.9M left a modest 6% surplus.

Mission

TO CREATE MULTI-GENERATIONAL PROSPERITY BY PROVIDING INCLUSIVE AND EQUITABLE ACCESS TO FINANCIAL PRODUCTS, SERVICES AND EDUCATION.

Program Service Accomplishments

Program 1

TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERS WITH LOW INTEREST RATE LOANS AND HIGH DIVIDEND RATE SHARE ACCOUNTS

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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 $31,323,728

Investment Income $2,723,912

Other Revenue $0

TOTAL REVENUE $34,047,640

Expense Breakdown

Grants Paid $0

Salaries & Benefits $13,057,249

Fundraising Expenses $0

Other Expenses $18,847,376

TOTAL EXPENSES $31,904,625

Year-over-Year Comparison

	2023	2022	Change
Revenue	$34,047,640	$33,470,573	+0.0%
Expenses	$31,904,625	$27,715,613	+0.2%
Net Income	$2,143,015	$5,754,960	-0.6%

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

153

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

$2,658,434

Total Directors

$455,474

Key Employees

$485,745

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LUIS RAMOS	BOARD CHAIRMAN	1.00	Director	$7,897	$0	$7,897
MICHAEL PETTI	BOARD VICE-CHAIRMAN	1.00	Director	$7,795	$0	$7,795
MARYBETH BUNKO	BOARD SECRETARY	1.00	Director	$1,150	$0	$1,150
WALLACE ABRAMSON	BOARD TREASURER	1.00	Director	$7,813	$0	$7,813
MARIA DEMARCO	SUPERVISORY COMMITTEE	1.00	Director	$3,913	$0	$3,913
MICHAEL GODBOUT	BOARD MEMBER	1.00	Director	$2,600	$0	$2,600
PJ CIMINI ESQ	BOARD MEMBER	1.00	Director	$7,800	$0	$7,800
PATRICK AHERN	PRESIDENT/COO	1.00	Officer Director	$416,506	$0	$416,506
VINCENT G ANGELILLO	SVP SALES & MARKETING	1.00	Officer	$283,340	$0	$283,340
ROBIN DEL VECCHIO	SVP - TECHNOLOGY AND OPERATIONS	1.00	Officer	$218,752	$0	$218,752
HEATHER GATES	SVP - CHIEF LENDING OFFICER	1.00	Officer	$154,808	$0	$154,808
JOHN HOLT	CHIEF EXECUTIVE OFFICER	1.00	Officer	$921,780	$0	$921,780
CRAIG KNELL	SVP - CHIEF FINANCIAL OFFICER	1.00	Officer	$239,367	$0	$239,367
AL FESTNI	SVP - STRATEGIC PARTNERSHIPS AND COMMUNITY DEV	1.00	Officer	$251,684	$0	$251,684
JOHN KORBER	SVP - STRATEGY AND INNOVATION	1.00	Officer	$172,197	$0	$172,197
SHANE P DUGAN	VICE PRESIDENT - COMMERCIAL & MORTGAGE LENDING	1.00	Key Emp	$175,524	$0	$175,524
JAVIER ROMAN	DIRECTOR - MEMBER SUCCESS	1.00	Key Emp	$155,716	$0	$155,716
MARC RIETZE	PRODUCT MARKETING MANAGER	1.00	Key Emp	$154,505	$0	$154,505

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	$34,047,640	$31,904,625	$584,719,438	$2,143,015
2022	$33,470,573	$27,715,613	$554,794,800	$5,754,960
2021	$28,973,660	$24,674,372	$514,015,975	$4,299,288
2020	$25,623,424	$26,743,276	$505,677,219	$-1,119,852
2019	$29,061,614	$25,299,709	$448,891,661	$3,761,905
2018	$24,610,905	$22,562,546	$452,366,618	$2,048,359