IMPACT 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

1937

Legal Domicile

Principal Officer

SCOTT HICKS

Phone

4195477781

Tax Period

2024-01-01 to 2024-12-31

IMPACT CREDIT UNION, founded in 1937, is a mid-sized nonprofit that reported $11.2M in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $10.4M left a modest 7% surplus.

Mission

TO HELP OUR MEMBER-OWNERS TO MANAGE THEIR FINANCIAL LIVES AND TO RUN A STABLE CREDIT UNION BY: CHOOSING TO DO WHAT IS RIGHT, CARING ABOUT OUR MEMBER'S NEEDS, AND PROVIDING FINANCIAL EDUCATION AND QUALITY PRODUCTS AND SERVICES THAT BENEFIT OUR MEMBERS, BECAUSE WE ARE THE STEWARD OF OUR MEMBER'S MONEY.

Program Service Accomplishments

Program 1

PROVIDE 14,352 MEMBERS WITH REGULAR SHARES, SHARE DRAFTS, MONEY MARKETS, IRA AND CERTIFICATES OF DEPOSIT TOTALING 31,868.

Program 2

ORIGINATE LOANS AND SERVICE A LOAN PORTFOLIO OF 9,912 INCLUDING NEW AND USED VEHICLES, RECREATIONAL VEHICLES, SIGNATURE, 1ST MORTGAGE, HOME EQUITY, CREDIT CARD, AND SHARE SECURED LOANS.

Program 3

OFFER CHECK CASHING, COURTESY PAY, WIRE TRANSFER, ELECTRONIC BANKING, ATM AND VARIOUS INSURANCE PROGRAMS TO ELIGIBLE MEMBERS.

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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 $9,857,710

Investment Income $1,280,487

Other Revenue $30,235

TOTAL REVENUE $11,168,432

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,988,047

Fundraising Expenses $0

Other Expenses $6,363,184

TOTAL EXPENSES $10,351,231

Year-over-Year Comparison

	2024	2023	Change
Revenue	$11,168,432	$9,803,163	+0.1%
Expenses	$10,351,231	$9,189,229	+0.1%
Net Income	$817,201	$613,934	+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

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

$762,885

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SCOTT HICKS	PRESIDENT/CE	40.00	Officer	$257,543	$158,383	$415,926
BRUCE JOSEPH	FINANCIAL PL	40.00	Highest	$228,312	$32,992	$261,304
SONYA SMITH	EVP/CFO	40.00	Officer	$150,160	$55,168	$205,328
KELLY STRECKER	SVP/CLO	40.00	Officer	$114,345	$27,286	$141,631
CRAIG DAVIS	VP OPERATION	40.00	Highest	$100,610	$18,123	$118,733
NICHOLAS COURTRIGHT	TREASURER/SE	0.50	Officer Director	$0	$0	$0
MICHAEL HALBEISEN	DIRECTOR	0.50	Officer Director	$0	$0	$0
TROY HASHBARGER	CHAIRMAN	0.50	Officer Director	$0	$0	$0
BRUCE HIRT	DIRECTOR	0.50	Officer Director	$0	$0	$0
GARY HOTZ	DIRECTOR	0.50	Officer Director	$0	$0	$0
KAREN MACFARLAND	DIRECTOR	0.50	Officer Director	$0	$0	$0
CURTIS REICHMAN	VICE CHAIRMA	0.50	Officer 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	$11,168,432	$10,351,231	$185,711,223	$817,201
2023	$9,803,163	$9,189,229	$177,641,796	$613,934
2022	$8,485,851	$8,043,108	$185,065,864	$442,743
2021	$7,906,870	$7,749,288	$184,776,564	$157,582
2020	$7,908,130	$7,884,399	$173,570,329	$23,731
2019	$8,319,945	$8,073,838	$146,844,263	$246,107
2018	$8,190,390	$7,237,108	$142,880,341	$953,282