THE LOCAL 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

1949

Legal Domicile

Phone

5862641212

Tax Period

2024-01-01 to 2024-12-31

THE LOCAL CREDIT UNION, founded in 1949, is a community nonprofit that reported $5.7M in total revenue in fiscal year 2024. Revenue grew 8% year-over-year, indicating healthy expansion. Expenses of $5.4M left a modest 5% surplus.

Mission

TO PROVIDE OUR MEMBERS WITH AN INNOVATIVE AND QUALITY FULL SERVICE FINANCIAL SYSTEM.

Program Service Accomplishments

Program 1

Expenses: $5,350,420

PROVIDE 9,883 MEMBERS WITH VARIOUS SAVINGS, SHARE DRAFT, CEDRTIFICATE OF DEPOSIT, IRA AND MONEY MARKET ACCOUNTS WITH AN AGGREGATE BALANCE OF APPROXIMATELY $88,176,500 AS OF DECEMBER 31, 2024.

Program 2

OFFER AUTOMATEED TELLER MACHINES, DEBIT CARDS, CHECK CASHING, BILL PAYMENTS, WIRE TRANSFERS AND VARIOUS INSURANCE PROGRAMS TO OUR MEMBERS.

Program 3

PROVIDE 3,664 LOANS INCLUDING VEHICLE, SIGNATURE, CREDIT CARD, MORTGAGE, HOME EQUITY, OVERDRAFT PROTECTION AND RECREATIONAL VEHICLE. TOTAL OUTSTANDING LOANS APPROXIMATED $45,617,000 AS OF DECEMBER...

PROVIDE 3,664 LOANS INCLUDING VEHICLE, SIGNATURE, CREDIT CARD, MORTGAGE, HOME EQUITY, OVERDRAFT PROTECTION AND RECREATIONAL VEHICLE. TOTAL OUTSTANDING LOANS APPROXIMATED $45,617,000 AS OF DECEMBER 31, 2024

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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 $4,310,243

Investment Income $1,341,029

Other Revenue $0

TOTAL REVENUE $5,651,272

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,014,672

Fundraising Expenses $0

Program Expenses $5,350,420

Other Expenses $3,335,748

TOTAL EXPENSES $5,350,420

Year-over-Year Comparison

	2024	2023	Change
Revenue	$5,651,272	$5,229,098	+0.1%
Expenses	$5,350,420	$5,061,470	+0.1%
Net Income	$300,852	$167,628	+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

$480,198

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOE HALLMAN	PRESIDENTCEO	40.00	Officer	$214,426	$45,942	$260,368
SHERRY LAWFIELD	VP RETAIL OPERATIONS	40.00	Highest	$110,074	$20,876	$130,950
ROY MACDONALD	LENDING MANAGER	40.00	Officer	$96,033	$19,148	$115,181
H FRANK VOELKER	ACCOUNTING MANAGER	40.00	Officer	$86,363	$18,286	$104,649
JOSEPH CUSENZA	CHAIRPERSON	1.00	Director	$0	$0	$0
JIMMIE COLE	VICE CHAIRPERSON	1.00	Director	$0	$0	$0
NICOLE DIDA	TREASURER	1.00	Director	$0	$0	$0
ROBERT GOWATCH	DIRECTOR	1.00	Director	$0	$0	$0
JOHN LISS	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL WAGNER	DIRECTOR	1.00	Director	$0	$0	$0
DAVID BRYANT	DIRECTOR	1.00	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	$5,651,272	$5,350,420	$102,891,778	$300,852
2023	$5,229,098	$5,061,470	$106,015,170	$167,628
2022	$4,896,131	$4,552,199	$107,543,903	$343,932
2021	$4,726,169	$4,435,369	$111,102,892	$290,800
2020	$4,603,095	$4,402,458	$108,248,779	$200,637
2019	$4,809,238	$4,466,724	$96,044,155	$342,514
2018	$4,604,765	$4,333,298	$90,749,164	$271,467