FIRST CHOICE 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

1953

Legal Domicile

Principal Officer

THOM EWEN

Phone

8154345860

Tax Period

2021-01-01 to 2021-10-04

FIRST CHOICE CREDIT UNION, founded in 1953, is a small nonprofit that reported $364K in total revenue in fiscal year 2021. Revenue fell 35% from the prior year — a significant decline worth monitoring. Expenses of $486K exceeded revenue, resulting in a 33% operating deficit.

Mission

TO PROVIDE SECURITY OF SAVINGS AND SELECTED FINANCIAL SERVICES TO ITS MEMBERS IN A CONVENIENT, RESPONSIVE MANNER, AT COMPETITIVE RATES, WHILE MAINTAINING FINANCIAL STABILITY AND ADEQUATE CAPITAL WITHIN THE ORGANIZATION

Program Service Accomplishments

Program 1

PROVIDED CONSUMER LENDING AND RECEIVED DEPOSITS FROM THE CREDIT UNION MEMBERSHIP. THE CREDIT UNION SERVICES MORE THAN 2,800 MEMBER SHARE TYPE ACCOUNTS AND MORE THAN 700 LOAN TYPE ACCOUNTS, INCLUDING...

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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 (2021)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $310,392

Investment Income $53,955

Other Revenue $0

TOTAL REVENUE $364,347

Expense Breakdown

Grants Paid $0

Salaries & Benefits $199,727

Fundraising Expenses $0

Other Expenses $285,781

TOTAL EXPENSES $485,508

Year-over-Year Comparison

	2021	2020	Change
Revenue	$364,347	$557,773	-0.3%
Expenses	$485,508	$592,584	-0.2%
Net Income	$-121,161	$-34,811	+2.5%

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

N/A

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Role	Reportable Comp	Other Comp	Total
ROBERT J BEGUIN	DIRECTOR	Director	$0	$0	$0
ROBERT D WILSON	SECRETARY	Director	$0	$0	$0
PHYLLIS A DONAHUE	VICE CHAIR/TREASURER	Director	$0	$0	$0
THOMAS G GANIERE	CHAIRMAN	Director	$0	$0	$0
JAMES P KLEIN	SUPERVISORY CHAIRMAN	Director	$0	$0	$0
STEPHEN E SCHAIBLEY	DIRECTOR	Director	$0	$0	$0
RICHARD E SCOTT	DIRECTOR	Director	$0	$0	$0
DIANE M JOHNSON	PRESIDENT	Officer	$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
2021	$364,347	$485,508	No data	$-121,161
2020	$557,773	$592,584	$12,351,265	$-34,811
2019	$611,202	$588,860	$12,134,554	$22,342
2018	$506,648	$600,385	$11,780,879	$-93,737