HONOR CREDIT UNION (EIN 381231023) - 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

1934

Legal Domicile

Principal Officer

SCOTT MCFARLAND

Phone

2699836357

Tax Period

2024-01-01 to 2024-12-31

HONOR CREDIT UNION, founded in 1934, is a major nonprofit that reported $127.9M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $111.5M left a modest 13% surplus.

Mission

TO PROVIDE FINANCIAL SERVICES TO RESIDENTS OF THE STATE OF MICHIGAN.

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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 $120,834,197

Investment Income $6,467,800

Other Revenue $634,928

TOTAL REVENUE $127,936,925

Expense Breakdown

Grants Paid $0

Salaries & Benefits $42,007,499

Fundraising Expenses $0

Other Expenses $69,507,513

TOTAL EXPENSES $111,515,012

Year-over-Year Comparison

	2024	2023	Change
Revenue	$127,936,925	$113,682,685	+0.1%
Expenses	$111,515,012	$94,196,589	+0.2%
Net Income	$16,421,913	$19,486,096	-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

544

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

$1,179,064

Total Directors

Key Employees

$1,059,915

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRIAN BROWN	CHAIR	2.00	Officer Director	$0	$0	$0
MIMI ELWELL	VICE CHAIR	2.00	Officer Director	$0	$0	$0
RICHARD ATWELL	SECRETARY	2.00	Officer Director	$0	$0	$0
RON GRIESINGER	TREASURER	2.00	Officer Director	$0	$0	$0
CARRIE MUESSIG	ASSOCIATE DIRECTOR	2.00	Director	$0	$0	$0
PAIGE EAGON	ASSOCIATE DIRECTOR	2.00	Director	$0	$0	$0
GREG VAUGHN	DIRECTOR	2.00	Director	$0	$0	$0
RANDY O'NEIL	DIRECTOR	2.00	Director	$0	$0	$0
STEPHEN SMITH	DIRECTOR	2.00	Director	$0	$0	$0
SCOTT MCFARLAND	CHIEF EXECUTIVE OFFICER	40.00	Officer	$741,008	$60,751	$801,759
HEATHER LUCIANI	CHIEF STRATEGY OFFICER	40.00	Officer	$342,559	$34,746	$377,305
KENT FIGY	CHIEF LENDING OFFICER	40.00	Key Emp	$331,927	$43,220	$375,147
KATHERINE BERRY	CHIEF PEOPLE OFFICER	40.00	Key Emp	$294,086	$29,051	$323,137
MEGAN HENDRIX	CHIEF OPERATIONS OFFICER	40.00	Key Emp	$315,264	$46,367	$361,631
MATTHEW NORDBERG	MORTGAGE LOAN OFFICER	40.00	Highest	$249,275	$40,643	$289,918
MARSHALLL WILLIAMS	VP OF FINANCE	40.00	Highest	$211,663	$21,364	$233,027
JENNIFER PATRICK	VP OF MEMBER EXPERIENCE	40.00	Highest	$219,562	$45,603	$265,165
EDWARD FREED	VP OF INNOVATION TECHNOLOGY	40.00	Highest	$199,352	$36,531	$235,883
TONY MANDARINO	VP OF BUSINESS SERVICES	40.00	Highest	$220,159	$38,289	$258,448

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	$127,936,925	$111,515,012	$1,705,014,823	$16,421,913
2023	$113,682,685	$94,196,589	$1,701,973,478	$19,486,096
2022	$90,533,570	$71,155,529	$1,585,559,927	$19,378,041
2021	$81,953,482	$60,781,210	$1,437,451,566	$21,172,272
2020	$75,345,313	$61,331,077	$1,214,960,101	$14,014,236
2019	$69,079,578	$57,783,763	$1,009,278,982	$11,295,815
2018	$60,329,871	$49,616,444	$934,030,474	$10,713,427

HONOR CREDIT UNION