HEALTHCARE ASSOCIATES 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

1979

Legal Domicile

Principal Officer

JOSEPH J KREGUL

Phone

6302765555

Tax Period

2024-01-01 to 2024-12-31

HEALTHCARE ASSOCIATES CREDIT UNION, founded in 1979, is a mid-sized nonprofit that reported $28.4M in total revenue in fiscal year 2024. Revenue grew 16% year-over-year, indicating healthy expansion. Expenses of $25.1M left a modest 12% surplus.

Mission

THE MISSION OF HEALTHCARE ASSOCIATES CREDIT UNION IS TO ENCOURAGE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF REASONABLE CREDIT.

Program Service Accomplishments

Program 1

LOANS ARE GRANTED TO INDIVIDUALS WHO ARE MEMBERS THAT ARE IN GOOD STANDING WITH THE CREDIT UNION AND WHO QUALIFY FOR SUCH LOANS. LOANS PROVIDED CONSIST OF HOME EQUITY, CREDIT CARD, AND VEHICLE LOANS. ALSO, SHAREDRAFT ACCOUNTS ARE OFFERED AT A NO-MONTHLY FEE BASIS TO THOSE MEMBERS WHO APPLY AND ARE IN GOOD STANDING WITH THE CREDIT UNION. AS WELL AS, ATM/DEBIT CARDS AND CHECKCARDS ARE AVAILABLE TO MEMBERS WHO APPLY FOR ELECTRONIC ACCESS TO THEIR ACCOUNTS FOR DEPOSIT AND WITHDRAWAL OF FUNDS AND ACCOUNT INFORMATION.

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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 $22,054,863

Investment Income $6,367,171

Other Revenue $13,383

TOTAL REVENUE $28,435,417

Expense Breakdown

Grants Paid $0

Salaries & Benefits $7,172,504

Fundraising Expenses $0

Other Expenses $12,534,265

TOTAL EXPENSES $25,053,170

Year-over-Year Comparison

	2024	2023	Change
Revenue	$28,435,417	$24,596,802	+0.2%
Expenses	$25,053,170	$21,173,971	+0.2%
Net Income	$3,382,247	$3,422,831	0.0%

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

$1,285,294

Total Directors

$671,453

Key Employees

$653,303

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JACK A GILBERT	CHAIRMAN	1.00	Officer Director	$8,000	$0	$8,000
DAYLA L RANDOLPH	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
KENNETH J ROJEK	PAST CHAIRMAN, TREASURER/SECRETARY	1.00	Officer Director	$4,000	$0	$4,000
WILLIAM J HUFF	DIRECTOR	1.00	Director	$3,400	$0	$3,400
VINCE D KEENAN	DIRECTOR	1.00	Director	$4,200	$0	$4,200
JAMES MARSEILLE	DIRECTOR	1.00	Director	$4,300	$0	$4,300
KENNETH C ROBBINS	DIRECTOR	1.00	Director	$3,700	$0	$3,700
LUCY ZIELINSKI	DIRECTOR	1.00	Director	$3,700	$0	$3,700
EDWARD HOLZHAUER	DIRECTOR	1.00	Director	$0	$0	$0
JOSEPH J KREGUL	PRESIDENT/CEO	50.00	Officer Director	$580,428	$59,725	$640,153
TODD NIEDERMEIER	SVP/COO	50.00	Officer	$288,276	$71,516	$359,792
ADAM T DUMOULIN	SVP/CFO	50.00	Officer	$211,050	$62,299	$273,349
JASON BADE	VP INFORMATION TECHNOLOGY	50.00	Key Emp	$208,573	$20,237	$228,810
ELIAN M CABAN	VP MEMBER SERVICES	55.00	Key Emp	$190,696	$24,029	$214,725
JORDAN CSEPREGI	VP MARKETING	40.00	Key Emp	$189,335	$20,433	$209,768
JANETTE KEO	VP BUSINESS DEVELOPMENT	40.00	Highest	$122,082	$49,647	$171,729
JEAN MORRIS	VP LENDING	40.00	Highest	$135,729	$37,851	$173,580
SHEENA GIGANTE	AVP SALES, SERVICE & TRAINING	40.00	Highest	$111,248	$10,832	$122,080
NICHOLAS SPALO	ACCOUNTING MANAGER	40.00	Highest	$111,328	$32,782	$144,110
MICHELLE SUNGREN	ANALYST TEAM MANAGER	40.00	Highest	$130,098	$13,976	$144,074

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	$28,435,417	$25,053,170	$464,792,724	$3,382,247
2023	$24,596,802	$21,173,971	$459,830,529	$3,422,831
2022	$20,273,181	$16,796,824	$455,322,003	$3,476,357
2021	$19,024,406	$15,788,936	$470,519,753	$3,235,470
2020	$17,985,820	$16,900,235	$436,191,758	$1,085,585
2019	$19,512,653	$17,636,073	$363,947,513	$1,876,580
2018	$18,399,951	$16,344,710	$351,228,952	$2,055,241