CREDIT UNIONS CHARTERED IN THE STA… - Form 990 Financial Data

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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

1943

Legal Domicile

Principal Officer

DAVID SNODGRASS

Phone

8882677200

Tax Period

2023-01-01 to 2023-12-31

CREDIT UNIONS CHARTERED IN THE STATE OF 222 LAKE TRUST CREDIT UNION, founded in 1943, is a major nonprofit that reported $121.9M in total revenue in fiscal year 2023. Revenue grew 20% year-over-year, indicating healthy expansion. Expenses of $111.8M left a modest 8% surplus.

Mission

MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. (CONT'D ON SCH. O)MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP.

Program Service Accomplishments

Program 1

PROMOTED THRIFT TO 179,751 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL PRODUCTS.

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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 $1,154,622

Program Service Revenue $107,894,242

Investment Income $11,351,340

Other Revenue $1,531,324

TOTAL REVENUE $121,931,528

Expense Breakdown

Grants Paid $255,748

Salaries & Benefits $43,034,415

Fundraising Expenses $0

Other Expenses $68,514,772

TOTAL EXPENSES $111,804,935

Year-over-Year Comparison

	2023	2022	Change
Revenue	$121,931,528	$102,003,770	+0.2%
Expenses	$111,804,935	$89,545,899	+0.2%
Net Income	$10,126,593	$12,457,871	-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

565

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

$2,074,398

Total Directors

$53,479

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICK LABER	CHAIRPERSON	10.00	Officer Director	$3,875	$0	$3,875
MICHAEL SOLO	VICE CHAIRPERSON	4.00	Officer Director	$3,640	$0	$3,640
RAY SEIDL	TREASURER	10.00	Officer Director	$3,595	$0	$3,595
KATHRYN RUSAK	SECRETARY	5.00	Officer Director	$15,470	$0	$15,470
JULIE BONNER-HEINE	ASSISTANT SECRETARY	4.00	Officer Director	$4,881	$0	$4,881
JAMES BARNES	DIRECTOR	4.00	Director	$0	$0	$0
DENNIS TOCHMAN	DIRECTOR	4.00	Director	$7,008	$0	$7,008
SHANE LOVELLETTE	DIRECTOR	4.00	Director	$5,242	$0	$5,242
AARON SEYBERT	DIRECTOR	4.00	Director	$2,650	$0	$2,650
PHILIP SANTER	DIRECTOR	4.00	Director	$2,613	$0	$2,613
MONICA MARTINEZ	DIRECTOR	4.00	Director	$0	$0	$0
JAMIE SCHRINER	DIRECTOR	4.00	Director	$4,505	$0	$4,505
DAVID SNODGRASS	CEO AND PRESIDENT	40.00	Officer	$963,485	$356,617	$1,320,102
KARA STUEWE	EVP, CHIEF FINANCIAL OFFICER	40.00	Officer	$287,850	$36,781	$324,631
ANDREA MOSHER - PART YEAR	EVP, CHIEF LENDING OFFICER	40.00	Officer	$102,890	$12,711	$115,601
OMARI BOONE	EVP GENERAL COUNSEL CRO	40.00	Officer	$247,964	$34,639	$282,603
SANDRA RADTKE	COMMERCIAL SOLUTIONS OFFICER II	40.00	Highest	$213,419	$16,482	$229,901
RAYNOR ZILLGITT	SVP, GENERAL COUNSEL EMERITUS	40.00	Highest	$263,358	$31,806	$295,164
JAMES SARVER	SVP, FINANCIAL LIFE PLANNING	40.00	Highest	$225,229	$28,804	$254,033
THERESA DUBIEL	EVP, CHIEF MEMBER EXPERIENCE OFFICER	40.00	Highest	$227,774	$19,779	$247,553
BRANDALYNN WINCHESTER-MIDDLEBROOK	EVP, CHIEF PEOPLE & PURPOSE OFFICER	40.00	Highest	$227,590	$20,966	$248,556

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	$121,931,528	$111,804,935	$2,596,794,878	$10,126,593
2022	$102,003,770	$89,545,899	$2,583,730,909	$12,457,871
2021	$98,643,521	$80,818,201	$2,506,983,660	$17,825,320
2020	$96,956,061	$86,955,594	$2,241,849,498	$10,000,467
2019	$95,733,174	$86,386,332	$1,917,932,508	$9,346,842
2018	$89,909,737	$79,005,224	$1,860,352,431	$10,904,513

CREDIT UNIONS CHARTERED IN THE STATE OF 222 LAKE TRUST CREDIT UNION