BUCKEYE STATE 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

1933

Legal Domicile

Principal Officer

MICHAEL ABERNATHY

Phone

3302539197

Tax Period

2023-01-01 to 2023-12-31

BUCKEYE STATE CREDIT UNION, founded in 1933, is a mid-sized nonprofit that reported $11.8M in total revenue in fiscal year 2023. Revenue grew 8% year-over-year, indicating healthy expansion. Expenses of $10.4M left a modest 11% surplus.

Mission

TO ENCOURAGE SAVINGS AND MAKING LOANS AT COMPETITIVELY LOW INTEREST RATES. THE CREDIT UNION STRIVES TO PROVIDE THE HIGHEST LEVEL OF PERSONAL SERVICE IN A COURTEOUS AND PROFESSIONAL MANNER AND TO TREAT ALL INDIVIDUALS FAIRLY AND WITH DIGNITY. THE CREDIT UNION HOLDS SAFETY AND SOUNDNESS TO BE OF HIGH IMPORTANCE, PLEDGES TO SAFEGUARD THE ASSETS, PLACES A HIGH IMPORTANCE ON CONSUMER EDUCATION AND LOOKS FOR BETTER WAYS TO REACH OUT TO THE UNDER-SERVED IN THE MEMBERSHIP FIELD. IN ADDITION, THE CREDIT UNION PROMISES TO COMMUNICATE ITS SERVICES TO ITS MEMBERS IN A MEANINGFUL WAY SO THAT THEY WILL UNDERSTAND AND APPRECIATE THE UNIQUE ROLL THAT IT PLAYS IN THEIR LIVES. FINALLY, THE CREDIT UNION PLEDGES TO PRESERVE AND PROTECT THE PRIVACY AND CONFIDENTIALITY OF ALL MEMBER FINANCIAL RECORDS AND TRANSACTIONS AND TO PROVIDE THE MEMBERS WITH COMPLETE AND ACCURATE INFORMATION CONCERNING THEIR RIGHTS AS SAVERS AND BORROWERS.

Program Service Accomplishments

Program 1

MEMBER LOANS - THE CREDIT UNION STRIVES TO PROVIDE ITS MEMBERS WITH FINANCIAL FLEXIBILITY AND ENCOURAGE SAVINGS WITH VARIOUS TYPES OF LOANS.

Program 2

DEPOSITORY ACCOUNTS - THE CREDIT UNION STRIVES TO PROVIDE ITS MEMBERS WITH FINANCIAL FLEXIBILITY AND ENCOURAGE SAVINGS WITH VARIOUS TYPES OF DEPOSITORY ACCOUNTS. THE CREDIT UNION ALSO PROVIDES ITS...

DEPOSITORY ACCOUNTS - THE CREDIT UNION STRIVES TO PROVIDE ITS MEMBERS WITH FINANCIAL FLEXIBILITY AND ENCOURAGE SAVINGS WITH VARIOUS TYPES OF DEPOSITORY ACCOUNTS. THE CREDIT UNION ALSO PROVIDES ITS MEMBERS WITH THE ALLOWANCE OF A DEBIT CARD AND LOGGED THOUSANDS OF TRANSACTIONS DURING THE YEAR. MEMBER SERVICES, INCLUDING INTERNET BANKING AND BILL PAY PROVIDE MEMBERS WITH THE FASTEST AND SAFEST WAYS OF TRANSACTING BUSINESS. THIS INCLUDES OVERDRAFT PROTECTION TO ASSIST MEMBERS WITH SERVICES TO AVOID UNWANTED FEES.

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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 $1,200,920

Program Service Revenue $9,565,307

Investment Income $687,066

Other Revenue $350,257

TOTAL REVENUE $11,803,550

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,259,678

Fundraising Expenses $0

Other Expenses $6,186,894

TOTAL EXPENSES $10,446,572

Year-over-Year Comparison

	2023	2022	Change
Revenue	$11,803,550	$10,887,397	+0.1%
Expenses	$10,446,572	$9,389,132	+0.1%
Net Income	$1,356,978	$1,498,265	-0.1%

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

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

$739,469

Total Directors

$296,253

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES HARTMAN	DIRECTOR	2.00	Director	$0	$0	$0
DAVID NERO	PRESIDENT	2.00	Officer Director	$0	$0	$0
JOHN WEAVER	TREASURER	2.00	Officer Director	$0	$0	$0
MIKE WILLIAMS	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
MICHAEL ABERNATHY	CEO	40.00	Officer Director	$273,767	$22,486	$296,253
CAROLE ANTHONY	SECRETARY	2.00	Officer Director	$0	$0	$0
WALTER SIMMONS	DIRECTOR	2.00	Director	$0	$0	$0
DEANA ALLEN	COO	40.00	Officer	$152,169	$8,012	$160,181
BRAD RILEY	CFO	40.00	Officer	$129,201	$12,401	$141,602
DAN PERRY	CRO	40.00	Officer	$127,177	$14,256	$141,433

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	$11,803,550	$10,446,572	$142,146,053	$1,356,978
2022	$10,887,397	$9,389,132	$138,744,646	$1,498,265
2021	$8,727,303	$7,625,573	$103,090,579	$1,101,730
2020	$7,858,479	$6,509,774	$91,903,250	$1,348,705
2019	$6,906,797	$5,840,807	$75,193,397	$1,065,990
2018	$6,268,530	$5,174,778	$74,971,779	$1,093,752