GENFED FINANCIAL CREDIT UNION INC

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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

1937

Legal Domicile

Principal Officer

MICHAEL DORAN

Phone

3307802403

Tax Period

2024-01-01 to 2024-12-31

GENFED FINANCIAL CREDIT UNION INC, founded in 1937, is a mid-sized nonprofit that reported $20.7M in total revenue in fiscal year 2024. Revenue grew 16% year-over-year, indicating healthy expansion. Expenses of $18.0M left a modest 13% surplus.

Mission

TO PROVIDE LENDING, SAVINGS, AND OTHER FINANCIAL SERVICES TO ITS MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A SERVICE-BASED EMPHASIS THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS.

Program Service Accomplishments

Program 1

DIVIDENDS AND INTEREST PAID TO MEMBERS ON APPROXIMATELY 52,329 DEPOSIT ACCOUNTS HELD BY APPROXIMATELY 25,114 MEMBERS.

Program 2

DIRECT LABOR AND EMPLOYEE BENEFIT COSTS INCURRED PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS.

Program 3

OTHER PROGRAM SERVICES

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $17,604,737

Investment Income $3,068,501

Other Revenue $33,042

TOTAL REVENUE $20,706,280

Expense Breakdown

Grants Paid $0

Salaries & Benefits $6,472,797

Fundraising Expenses $0

Other Expenses $8,714,250

TOTAL EXPENSES $18,047,286

Year-over-Year Comparison

	2024	2023	Change
Revenue	$20,706,280	$17,795,791	+0.2%
Expenses	$18,047,286	$14,254,029	+0.3%
Net Income	$2,658,994	$3,541,762	-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

135

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

$1,871,461

Total Directors

$646,749

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL DORAN	PRESIDENT, C	40.00	Officer Director	$421,450	$96,744	$518,194
CHRISTY YOUNG	SVP, CFO	40.00	Officer	$155,297	$8,206	$163,503
GREG ATHEY	VP, CIO	40.00	Officer	$147,089	$6,223	$153,312
RICHARD TODD	VP, COO	40.00	Officer	$136,910	$8,221	$145,131
ANN BINNIE	VP BRANCH OP	40.00	Officer	$121,244	$11,077	$132,321
JULIA TIMBROOK	VP OF HR	40.00	Officer Director	$121,186	$7,369	$128,555
KIMBERLY PALLAS	VP, CMO	40.00	Officer	$120,244	$1,221	$121,465
BRANDON PETIT	AVP OF IT	40.00	Officer	$114,082	$5,253	$119,335
CHRISTOPHER KIRSCH	VP LENDING	40.00	Officer	$103,710	$9,902	$113,612
ASHLEY CONKLIN	VP MEMBER EX	40.00	Officer	$108,495	$4,603	$113,098
CHRISTINE CREW	AVP OF MARKE	40.00	Officer	$80,036	$7,039	$87,075
SUZANNE SMITH	AVP OF COLLE	40.00	Officer	$69,448	$6,412	$75,860
JOYCE JONES	BOARD CHAIR	0.50	Director	$0	$0	$0
NANCY KROH	CHAIR EMERIT	0.50	Officer Director	$0	$0	$0
IAN LONGMAN	AUDIT COMMIT	0.50	Director	$0	$0	$0
M JOAN REED	VICE-CHAIR	0.50	Officer Director	$0	$0	$0
MELINDA STAHL	AUDIT COMMIT	0.50	Director	$0	$0	$0
SYLVIA THOMPSON	SECRETARY/TR	0.50	Officer Director	$0	$0	$0
THERESA THORNTON	AUDIT COMMIT	0.50	Director	$0	$0	$0
MATTHEW TIMBROOK	AUDIT COMMIT	0.50	Director	$0	$0	$0

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	$20,706,280	$18,047,286	$315,717,525	$2,658,994
2023	$17,795,791	$14,254,029	$310,371,474	$3,541,762
2022	$14,549,021	$12,585,364	$304,479,804	$1,963,657
2021	$12,548,115	$11,345,725	$303,431,659	$1,202,390
2020	$12,421,885	$11,310,312	$279,513,043	$1,111,573
2019	$13,546,660	$12,954,074	$251,511,114	$592,586
2018	$11,980,468	$10,510,576	$236,891,465	$1,469,892