WOLVERINE STATE 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

1950

Legal Domicile

Principal Officer

NICHOLAS MONTIE

Phone

9893561880

Tax Period

2023-01-01 to 2023-12-31

WOLVERINE STATE CREDIT UNION, founded in 1950, is a community nonprofit that reported $7.3M in total revenue in fiscal year 2023. Revenue grew 18% year-over-year, indicating healthy expansion. Expenses of $6.2M left a modest 14% surplus.

Mission

TO BE MICHIGAN'S LEADING CREDIT UNION, DEDICATED TO THE FINANCIAL SUCCESS OF EVERY MEMBER.

Program Service Accomplishments

Program 1

THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2023 WAS 10,953.

Program 2

THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREIT CARD, VEHICLES AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2023 WAS 7,958.

Program 3

N/A

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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 $5,680,694

Investment Income $1,578,718

Other Revenue $0

TOTAL REVENUE $7,259,412

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,675,616

Fundraising Expenses $0

Other Expenses $3,541,309

TOTAL EXPENSES $6,216,925

Year-over-Year Comparison

	2023	2022	Change
Revenue	$7,259,412	$6,150,132	+0.2%
Expenses	$6,216,925	$5,594,253	+0.1%
Net Income	$1,042,487	$555,879	+0.9%

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

$270,825

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NICHOLAS MONTIE	MANAGER/CEO	40.00	Officer	$161,811	$10,350	$172,161
RUBY J HASKE	COO	40.00	Officer	$93,464	$5,200	$98,664
DONALD BARTOSH	CHAIRPERSON	2.00	Director	$0	$0	$0
RANDALL T BOBOLTZ	DIRECTOR	2.00	Director	$0	$0	$0
ROBERT A GROCHOWSKI	VICE CHAIR	2.00	Director	$0	$0	$0
CHELSEA WALLACE KOSS	SECRETARY	2.00	Director	$0	$0	$0
CHELSEA MCCONNELL	TREASURER	2.00	Director	$0	$0	$0
JERRY E PETERSON	DIRECTOR	2.00	Director	$0	$0	$0
PATRICK RICHARDS	DIRECTOR	2.00	Director	$0	$0	$0
DAVID WITKOWSKI	DIRECTOR	2.00	Director	$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
2024	No data	No data	No data	No data
2023	$7,259,412	$6,216,925	$140,518,712	$1,042,487
2023	$7,259,412	$6,216,925	$140,518,712	$1,042,487
2022	$6,150,132	$5,594,253	$143,548,355	$555,879
2021	$5,526,889	$5,003,667	$141,555,173	$523,222
2020	$5,050,480	$4,606,768	$122,996,267	$443,712
2019	$5,169,865	$4,732,277	$103,627,492	$437,588
2018	$4,646,344	$3,810,377	$102,471,911	$835,967