FIRST NORTHERN CREDIT UNION (EIN 362009178) - 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

1944

Legal Domicile

Principal Officer

ALEX MALONE

Phone

3123326357

Tax Period

2024-01-01 to 2024-12-31

FIRST NORTHERN CREDIT UNION, founded in 1944, is a mid-sized nonprofit that reported $20.2M in total revenue in fiscal year 2024. Revenue surged 29% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.5M, a strong 17% operating margin.

Mission

CREDIT UNION OPERATED WITHOUT PROFIT FOR MUTUAL PURPOSES.

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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 $15,231,111

Investment Income $4,988,466

Other Revenue $0

TOTAL REVENUE $20,219,577

Expense Breakdown

Grants Paid $0

Salaries & Benefits $7,840,347

Fundraising Expenses $0

Other Expenses $8,908,946

TOTAL EXPENSES $16,749,293

Year-over-Year Comparison

	2024	2023	Change
Revenue	$20,219,577	$15,682,669	+0.3%
Expenses	$16,749,293	$14,831,444	+0.1%
Net Income	$3,470,284	$851,225	+3.1%

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

214

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

$1,311,420

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GERALD PARTCH	CHAIRMAN	5.00	Director	$0	$0	$0
CLINTON MORRIS	VICE CHAIRMAN	3.00	Director	$0	$0	$0
JAMES TORRES	SECRETARY	3.00	Director	$0	$0	$0
RICHARD O'TOOLE	TREASURER	3.00	Director	$0	$0	$0
KENNETH CARLSON	DIRECTOR	2.00	Director	$0	$0	$0
JIE CHU	DIRECTOR	2.00	Director	$0	$0	$0
BRANDY GOBERT	DIRECTOR	2.00	Director	$0	$0	$0
MICHAEL HOUSELOG	DIRECTOR	2.00	Director	$0	$0	$0
HEATHER JOHNSON	DIRECTOR	2.00	Director	$0	$0	$0
GLENN KALETA	DIRECTOR	2.00	Director	$0	$0	$0
MARCO LENIS	DIRECTOR	2.00	Director	$0	$0	$0
SRIDIP MUKHOPADHYAYA	DIRECTOR	2.00	Director	$0	$0	$0
JAMES POSKOZIM	DIRECTOR	2.00	Director	$0	$0	$0
DAVID RASNER	DIRECTOR	2.00	Director	$0	$0	$0
CHARLES WALLS	DIRECTOR	2.00	Director	$0	$0	$0
LISA AGASE	DIRECTOR	2.00	Director	$0	$0	$0
EDWARD BERG	PRESIDENT/CEO	40.00	Officer	$443,236	$30,000	$473,236
ALEX MALONE	SENIOR VICE PRESIDENT	40.00	Officer	$271,603	$17,389	$288,992
CHRISTOPHER DURKIN	VICE PRESIDENT	40.00	Officer	$160,719	$20,108	$180,827
JAMES GREVENITES	VICE PRESIDENT	40.00	Officer	$165,811	$5,939	$171,750
PAUL BILES	VICE PRESIDENT	40.00	Officer	$174,115	$22,500	$196,615
SARAH HERSHCLAG	MORTGAGE SALES MANAGER	40.00	Highest	$171,386	$5,138	$176,524
EVAN MCMISH	DIRECTOR OF I.T.	40.00	Highest	$144,588	$10,329	$154,917
LINDSAY SWANSON	MORTGAGE LOAN OFFICER	40.00	Highest	$127,643	$8,696	$136,339
LEAH ZYZNIEWSKI	DIRECTOR OF PAYMENT SYSTEM	40.00	Highest	$142,587	$2,588	$145,175
SERGIO NUNEZ	DIRECTOR OF HUMAN RESOURCES	40.00	Highest	$122,777	$3,460	$126,237
MALINDA FOHEY-VAN SICKLE	SR. MORTGAGE UNDERWRITER	40.00	Highest	$118,370	$5,727	$124,097
THOMAS REMAKEL	MANAGER	40.00	Highest	$113,998	$2,057	$116,055
AMANDA CLAYBURG	SALES INTEGRATION MANAGER	40.00	Highest	$107,389	$3,384	$110,773

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
2025	No data	No data	No data	No data
2024	$20,219,577	$16,749,293	$336,401,323	$3,470,284
2023	$15,682,669	$14,831,444	$350,536,640	$851,225
2022	$13,852,923	$13,573,556	$366,938,547	$279,367
2021	$14,919,062	$13,979,497	$376,782,772	$939,565
2020	$15,864,341	$14,794,690	$348,956,150	$1,069,651
2019	$14,563,171	$14,119,887	$302,789,767	$443,284
2018	$13,901,227	$13,293,180	$307,725,946	$608,047

FIRST NORTHERN CREDIT UNION