GALESBURG BURLINGTON 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

BRAD GUMMERSON

Phone

3093421775

Tax Period

2023-01-01 to 2023-12-31

GALESBURG BURLINGTON CREDIT UNION, founded in 1937, is a community nonprofit that reported $2.1M in total revenue in fiscal year 2023. Revenue surged 31% from the prior year, signaling strong growth momentum. The organization ran a surplus of $680K, a strong 32% operating margin.

Mission

TO PROVIDE MEMBERS WITH A FULL RANGE OF FINANCIAL SERVICES AT COMPETITIVE RATES.

Program Service Accomplishments

Program 1

PROVIDED CONSUMER LENDING AND RECEIVED DEPOSITS FROM THE MEMBERSHIP. THE CREDIT UNION SERVICES IN EXCESS OF 3,760 MEMBER SHARE ACCOUNTS AND 1,650 LOAN ACCOUNTS.

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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 $1,722,676

Investment Income $373,837

Other Revenue $29,992

TOTAL REVENUE $2,126,505

Expense Breakdown

Grants Paid $0

Salaries & Benefits $384,620

Fundraising Expenses $0

Other Expenses $1,062,162

TOTAL EXPENSES $1,446,782

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,126,505	$1,627,317	+0.3%
Expenses	$1,446,782	$1,245,877	+0.2%
Net Income	$679,723	$381,440	+0.8%

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

Total Directors

$103,548

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEVEN SPECHT	CHAIRPERSON	1.00	Director	$0	$0	$0
SETH CLARK	VICE CHAIR/SECRETARY	1.00	Director	$0	$0	$0
MICHAEL ALDERSON	DIRECTOR	1.00	Director	$0	$0	$0
ARTHUR BOONE	DIRECTOR	1.00	Director	$0	$0	$0
GALE TRULSON	DIRECTOR	1.00	Director	$0	$0	$0
LUKE CROUSE	DIRECTOR	1.00	Director	$0	$0	$0
JOHN PETERS	DIRECTOR	1.00	Director	$0	$0	$0
BRAD GUMMERSON	PRESIDENT/CEO	40.00	Director	$86,795	$16,753	$103,548

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	$2,126,505	$1,446,782	$49,067,464	$679,723
2022	$1,627,317	$1,245,877	$48,388,640	$381,440
2021	$1,817,626	$1,188,645	$49,366,946	$628,981
2020	$1,629,708	$1,268,666	$43,583,028	$361,042
2019	$1,627,508	$1,373,185	$40,595,419	$254,323
2018	$1,463,071	$1,253,450	$41,475,972	$209,621