BHCU

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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

GARY GOLDEN

Phone

6105952929

Tax Period

2023-01-01 to 2023-12-31

BHCU, founded in 1952, is a mid-sized nonprofit that reported $10.7M in total revenue in fiscal year 2023. Revenue surged 31% from the prior year, signaling strong growth momentum. Expenses of $9.8M left a modest 8% surplus.

Mission

BHCU IS COMMITTED TO PROVIDING ITS MEMBERS A HAVEN OF FINANCIAL STABILITY AND PROTECTION WHILE PROVIDING AN ARRAY OF PRODUCTS THAT FIT THEIR NEEDS. THE CREDIT UNION INTENDS TO DO THIS BY MAKING SOUND, CALCULATED INVESTMENTS, OFFERING LOW INTEREST LOANS, AND HIGH YIELDING DIVIDENDS. AS OUR PRODUCT LINES OF SERVICE EXPAND, WE PLEDGE TO OUR MEMBERS, THAT OUR PERSONNEL WILL CONTINUE TO PROVIDE THE HIGHEST LEVEL OF EXPERIENCE AND COURTESY POSSIBLE.

Program Service Accomplishments

Program 1

Expenses: $9,805,015 Revenue: $10,688,695

CREDIT UNIONS ARE COOPERATIVE SAVINGS AND CREDIT ASSOCIATIONS INCORPORATED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR SUCH MEMBERS AT REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR THEIR MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.

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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 $8,342,413

Investment Income $1,420,511

Other Revenue $925,771

TOTAL REVENUE $10,688,695

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,597,304

Fundraising Expenses $0

Program Expenses $9,805,015

Other Expenses $6,207,711

TOTAL EXPENSES $9,805,015

Year-over-Year Comparison

	2023	2022	Change
Revenue	$10,688,695	$8,145,035	+0.3%
Expenses	$9,805,015	$6,807,517	+0.4%
Net Income	$883,680	$1,337,518	-0.3%

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

N/A

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

$1,470,505

Total Directors

$63,200

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOSEPH CONTE	PRESIDENT & CHAIRMAN OF BO	1.00	Director	$11,400	$0	$11,400
RICHARD RANALLI	VICE PRESIDENT OF THE BOAR	1.00	Director	$6,600	$0	$6,600
KENNETH KNOLL	TREASURER OF THE BOARD	1.00	Director	$6,200	$0	$6,200
JOSEPH KELLEHER	SECRETARY OF THE BOARD	1.00	Director	$6,800	$0	$6,800
GUY FERRANTI	BOARD OF DIRECTOR	1.00	Director	$8,000	$0	$8,000
JOSEPH FORTUNATO	BOARD OF DIRECTOR	1.00	Director	$4,800	$0	$4,800
MICHAEL MUDRICK	BOARD OF DIRECTOR	1.00	Director	$9,000	$0	$9,000
JENNIFER RINELLA	BOARD OF DIRECTOR	1.00	Director	$5,800	$0	$5,800
DOUGLAS WILLIAMSON	BOARD OF DIRECTOR (ENDING 9/26/2023)	1.00	Director	$4,600	$0	$4,600
MICHAEL BARBACANO	BOARD OF DIRECTOR (BEGINNING 9/26/2023)	1.00	Director	$0	$0	$0
GARY GOLDEN	CEO	40.00	Officer	$378,071	$452,472	$830,543
CHERYL ALTIERI	EVP	35.00	Officer	$84,726	$47,863	$132,589
EDWARD BIERNACKI	CFO	40.00	Officer	$202,681	$53,109	$255,790
KEVIN PYLE	COO	40.00	Officer	$193,811	$57,772	$251,583
GERALD DORN	CCO	40.00	Highest	$143,243	$29,115	$172,358
RYAN CONTE	AVP, HEAD OF MEMBER EXPERIENCE	40.00	Highest	$113,379	$40,561	$153,940

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	$10,688,695	$9,805,015	$237,428,003	$883,680
2022	$8,145,035	$6,807,517	$226,173,847	$1,337,518
2021	$8,169,647	$6,047,113	$210,321,803	$2,122,534
2020	$7,456,310	$6,302,317	$197,411,033	$1,153,993
2019	$7,002,084	$5,750,632	$169,829,242	$1,251,452