FORUM CREDIT UNION (EIN 350779057) - Form 990 Financial Analysis & Trantor Score

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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

1941

Legal Domicile

Principal Officer

Doug True

Phone

3175586000

Tax Period

2023-01-01 to 2023-12-31

FORUM CREDIT UNION, founded in 1941, is a major nonprofit in the Public & Societal Benefit sector that reported $122.0M in total revenue in fiscal year 2023. Revenue surged 28% from the prior year, signaling strong growth momentum. The organization ran a surplus of $25.8M, a strong 21% operating margin.

Mission

FORUM CREDIT UNION'S MISSION IS TO BE AN INNOVATIVE, DYNAMIC, RESPONSIVE FINANCIAL SERVICES ORGANIZATION THAT PROVIDES PRODUCTS AND SERVICES THAT CREATE VALUE FOR ITS 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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $112,801,879

Investment Income $7,049,697

Other Revenue $2,126,084

TOTAL REVENUE $121,977,660

Expense Breakdown

Grants Paid $165,000

Salaries & Benefits $36,629,174

Fundraising Expenses $0

Program Expenses $0

Other Expenses $59,348,533

TOTAL EXPENSES $96,142,707

Year-over-Year Comparison

	2023	2022	Change
Revenue	$121,977,660	$95,569,110	+0.3%
Expenses	$96,142,707	$74,186,755	+0.3%
Net Income	$25,834,953	$21,382,355	+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

452

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

$1,943,987

Total Directors

$12,350

Key Employees

$680,433

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DOUGLAS TRUE	CHIEF EXECUTIVE OFFICER	40	Officer	$665,136	$65,626	$730,762
BENJAMEN BANKS	FINANCIAL ADVISOR- PCG	40	Highest	$373,176	$67,667	$440,843
JEFFRY WELCH	CHIEF FINANCIAL OFFICER	40	Officer	$389,185	$35,074	$424,259
CHARLES ANDREW MATTINGLY	CHIEF OPERATING OFFICER	40	Officer	$343,333	$65,857	$409,190
CAMERON PIERCEFIELD	CHIEF TECHNOLOGY AND RISK OFFICER	40	Key Emp	$349,455	$41,111	$390,566
JENNIFER BUDREAU	CHIEF OPERATING OFFICER	40	Officer	$351,104	$26,930	$378,034
JIM CARR	SENIOR VICE PRESIDENT - COMMERCIAL & INVESTMENT SERVICES	40	Highest	$294,574	$49,469	$344,043
TAMMY MARRS	FINANCIAL ADVISOR	40	Highest	$275,829	$57,846	$333,675
MICHELLE ADRIAN	MORTGAGE ORIGINATOR	40	Highest	$288,101	$29,404	$317,505
ANDREW SPIRRISON	CHIEF MEMBER EXPERIENCE OFFICER	40	Key Emp	$227,989	$61,878	$289,867
CHRISTOPHER FERGUSON	VICE PRESIDENT-CONSUMER LENDING	40	Highest	$213,429	$40,246	$253,675
JODEE CURTIS	DIRECTOR	5	Director	$6,358	$0	$6,358
KELLY WILSON	DIRECTOR	5	Director	$4,250	$0	$4,250
KEVIN HUNT	CHAIRMAN	5	Officer Director	$946	$0	$946
RICK RAMBO	TREASURER	5	Officer Director	$796	$0	$796
TRACY MILLS	VICE CHAIRMAN	5	Officer Director	$0	$0	$0
CHRIS HAGENOW	SECRETARY	5	Officer Director	$0	$0	$0
LORI WINKLER	DIRECTOR	5	Director	$0	$0	$0
DONNA WILKINSON	DIRECTOR	5	Director	$0	$0	$0
JOHN GALLINA	DIRECTOR	5	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	No data	No data	No data	No data
2023	$121,977,660	$96,142,707	$2,061,308,465	$25,834,953
2022	$95,569,110	$74,186,755	$1,997,992,008	$21,382,355
2021	$93,129,055	$68,230,811	$1,879,317,913	$24,898,244
2020	$90,862,281	$76,897,255	$1,709,424,688	$13,965,026
2019	$84,015,212	$74,283,719	$1,488,919,520	$9,731,493
2018	$76,777,388	$65,823,766	$1,414,390,401	$10,953,622

FORUM CREDIT UNION