FAIRWINDS 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

1949

Legal Domicile

Principal Officer

LARRY F TOBIN

Phone

4072776030

Tax Period

2023-01-01 to 2023-12-31

FAIRWINDS CREDIT UNION, founded in 1949, is a major nonprofit that reported $214.5M in total revenue in fiscal year 2023. Revenue surged 24% from the prior year, signaling strong growth momentum. The organization ran a surplus of $45.3M, a strong 21% operating margin.

Mission

CHANGING MEMBERS' LIVES ON THE JOURNEY TO FINANCIAL FREEDOM

Program Service Accomplishments

Program 1

THE CREDIT UNION NATIONAL ASSOCIATION DETERMINED THAT FAIRWINDS PROVIDED $15,238,553 IN DIRECT FINANCIAL BENEFITS TO ITS 225,811 MEMBERS DURING THE TWELVE MONTHS ENDED DECEMBER 2023. THESE BENEFITS...

Program 2

FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $2.8 MILLION ON THEIR 15-YEAR MORTGAGES IN 2023 BY OFFERING 15-YEAR MORTGAGE LOAN RATES THAT WERE AT LEAST 0.57% LOWER THAN THAT WHICH OTHER FLORIDA BANKS...

FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $2.8 MILLION ON THEIR 15-YEAR MORTGAGES IN 2023 BY OFFERING 15-YEAR MORTGAGE LOAN RATES THAT WERE AT LEAST 0.57% LOWER THAN THAT WHICH OTHER FLORIDA BANKS OFFERED.

Program 3

FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $3.3 MILLION ON THEIR 30-YEAR MORTGAGES IN 2023 BY OFFERING 30-YEAR MORTGAGE LOAN RATES THAT WERE AT LEAST 0.44% LOWER THAN THAT WHICH OTHER FLORIDA BANKS...

FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $3.3 MILLION ON THEIR 30-YEAR MORTGAGES IN 2023 BY OFFERING 30-YEAR MORTGAGE LOAN RATES THAT WERE AT LEAST 0.44% LOWER THAN THAT WHICH OTHER FLORIDA BANKS OFFERED.

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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 $177,962,125

Investment Income $31,463,190

Other Revenue $5,079,297

TOTAL REVENUE $214,504,612

Expense Breakdown

Grants Paid $328,653

Salaries & Benefits $63,136,545

Fundraising Expenses $0

Other Expenses $105,722,663

TOTAL EXPENSES $169,187,861

Year-over-Year Comparison

	2023	2022	Change
Revenue	$214,504,612	$172,388,805	+0.2%
Expenses	$169,187,861	$136,129,682	+0.2%
Net Income	$45,316,751	$36,259,123	+0.2%

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

720

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

$13,191,854

Total Directors

Key Employees

$3,475,250

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CAROL DENTON	BOARD MEMBER	0.50	Director	$0	$0	$0
JOHN MAHONY	BOARD MEMBER	0.50	Director	$0	$0	$0
ELIZABETH KRAHMER	VICE CHAIRPERSON	0.50	Director	$0	$0	$0
MACK PERRY	BOARD MEMBER	0.50	Director	$0	$0	$0
RICHARD LEIGH	SECRETARY	0.50	Director	$0	$0	$0
LISA SNEAD	CHAIRPERSON	0.50	Director	$0	$0	$0
JASON ALBU	TREASURER	0.50	Director	$0	$0	$0
LARRY TOBIN	CEO/PRESIDENT	60.00	Officer	$4,142,737	$1,113,978	$5,256,715
KATHY CHONODY	SR EVP-CFO	60.00	Officer	$5,799,938	$528,951	$6,328,889
PHILLIP TISCHER	SR EVP-COO	60.00	Officer	$1,030,000	$576,250	$1,606,250
JAMES ADAMCZYK	SR EVP-CSO	60.00	Key Emp	$678,529	$420,115	$1,098,644
CHARLES LAI	EXEC VP-CIO	60.00	Key Emp	$515,892	$120,854	$636,746
MATHY HOGAN	EXEC VP-PAYMENTS & DIGITAL BANKING	60.00	Key Emp	$522,336	$71,247	$593,583
DIANNE OWEN	EXEC VP-SALES & MARKETING	60.00	Key Emp	$478,757	$96,861	$575,618
CATHY HERTZ	EXEC VP-HUMAN RESOURCES	60.00	Key Emp	$522,529	$48,130	$570,659
THOMAS HOWELL	VP-FINANCIAL ADVISOR	60.00	Highest	$844,469	$40,200	$884,669
THOMAS BALDWIN III	SVP-RETAIL BANKING & WEALTH MANAGEMENT	60.00	Highest	$340,162	$55,277	$395,439
JORGE M FONT	SVP-BUSINESS SERVICES	60.00	Highest	$374,142	$68,980	$443,122
KIMBERLY WIGHTMAN	SVP-FINANCE/CONTROLLER	60.00	Highest	$494,999	$28,888	$523,887
BRYAN MEIZINGER	SVP-LENDING	60.00	Highest	$368,930	$36,860	$405,790

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	$214,504,612	$169,187,861	$4,424,198,635	$45,316,751
2022	$172,388,805	$136,129,682	$4,460,813,071	$36,259,123
2021	$164,616,807	$110,423,665	$4,043,048,917	$54,193,142
2020	$151,112,258	$135,095,327	$3,454,197,091	$16,016,931
2019	$146,664,282	$112,844,613	$2,670,383,320	$33,819,669
2018	$127,766,505	$97,050,305	$2,319,988,714	$30,716,200