ALPENA ALCONA AREA 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

1953

Legal Domicile

Principal Officer

DONALD J MILLS

Phone

9893563577

Tax Period

2023-01-01 to 2023-12-31

ALPENA ALCONA AREA CREDIT UNION, founded in 1953, is a mid-sized nonprofit that reported $39.6M in total revenue in fiscal year 2023. Revenue surged 65% from the prior year, signaling strong growth momentum. The organization ran a surplus of $9.9M, a strong 25% operating margin.

Mission

TO BE YOUR MOST TRUSTED AND VALUED FINANCIAL PARTNER. MEMBER PROMISE: WE PROMISE TO SIMPLIFY YOUR LIFE, WORK IN YOUR BEST INTEREST, AND BE YOUR ADVOCATE TO HELP ACHIEVE YOUR FINANCIAL NEEDS.

Program Service Accomplishments

Program 1

PROVIDE 46,181 MEMBERS WITH REGULAR SAVINGS, PREFERRED SAVINGS, MONEY MARKET, SHARE DRAFTS, CHRISTMAS CLUB, VACATION CLUB, IRA, CERTIFICATES OF DEPOSIT, HEALTH SAVINGS AND ESCROW ACCOUNTS WITH...

PROVIDE 46,181 MEMBERS WITH REGULAR SAVINGS, PREFERRED SAVINGS, MONEY MARKET, SHARE DRAFTS, CHRISTMAS CLUB, VACATION CLUB, IRA, CERTIFICATES OF DEPOSIT, HEALTH SAVINGS AND ESCROW ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $681,267,000 AS OF DECEMBER 31, 2023.

Program 2

PROVIDE 30,939 LOANS INCLUDING HOME EQUITY, MORTGAGE, VEHICLE, LINE OF CREDIT, OVERDRAFT PROTECTION, SIGNATURE, CREDIT CARD AND COMMERCIAL LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED...

PROVIDE 30,939 LOANS INCLUDING HOME EQUITY, MORTGAGE, VEHICLE, LINE OF CREDIT, OVERDRAFT PROTECTION, SIGNATURE, CREDIT CARD AND COMMERCIAL LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $450,847,000 AS OF DECEMBER 31, 2023.

Program 3

OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, SAFE DEPOSIT BOXES, MONEY ORDERS/CASHIER'S CHECKS, OVERDRAFT PRIVILEGE, ONLINE/MOBILE BANKING SERVICES INCLUDING BILL PAY AND REMOTE DEPOSIT, FINANCIAL...

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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 $28,330,527

Investment Income $10,955,205

Other Revenue $290,715

TOTAL REVENUE $39,576,447

Expense Breakdown

Grants Paid $22,000

Salaries & Benefits $9,369,066

Fundraising Expenses $0

Other Expenses $20,322,079

TOTAL EXPENSES $29,713,145

Year-over-Year Comparison

	2023	2022	Change
Revenue	$39,576,447	$23,924,797	+0.7%
Expenses	$29,713,145	$17,253,819	+0.7%
Net Income	$9,863,302	$6,670,978	+0.5%

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

162

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

$912,132

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHARLIE NEGRO	CHAIRPERSON	2.00	Director	$0	$0	$0
SHEILA PANKNIN	VICE CHAIRPERSON	2.00	Director	$0	$0	$0
TERRY NELKIE	TREASURER	2.00	Director	$0	$0	$0
BRIAN SHUMAKER	SECRETARY	2.00	Director	$0	$0	$0
MICHELLE CORNISH	DIRECTOR	2.00	Director	$0	$0	$0
ANN MARTIN	DIRECTOR	2.00	Director	$0	$0	$0
JAMES MCNEIL	DIRECTOR	2.00	Director	$0	$0	$0
MARK DEVERS	ASSOCIATE BOARD MEMBER	2.00	Director	$0	$0	$0
JAMES GORMAN	ASSOCIATE BOARD MEMBER	2.00	Director	$0	$0	$0
SCOTT MCLENNAN	DIRECTOR	2.00	Director	$0	$0	$0
ANNE WIRGAU	DIRECTOR	2.00	Director	$0	$0	$0
DONALD J MILLS	PRESIDENT/CEO	40.00	Officer	$734,615	$62,182	$796,797
JAMIE QUICK	DIRECTOR OF ACCOUNTING	40.00	Officer	$100,592	$14,743	$115,335
ANGELA SZATKOWSKI	COO	40.00	Highest	$188,405	$25,322	$213,727
ANNAH ORBAN	MORTGAGE ORIGINATOR	40.00	Highest	$175,606	$32,036	$207,642
SHEILA LING	MORTGAGE ORIGINATOR	40.00	Highest	$168,416	$24,490	$192,906
BARBARA MILLS	CXO	40.00	Highest	$362,637	$17,623	$380,260
JEROME SCHMIDT	COMMERCIAL LOAN OFFICER	40.00	Highest	$132,820	$21,388	$154,208

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	$39,576,447	$29,713,145	$775,495,270	$9,863,302
2022	$23,924,797	$17,253,819	$575,272,399	$6,670,978
2021	$22,122,560	$14,331,683	$535,801,476	$7,790,877
2020	$21,735,767	$14,342,033	$451,024,745	$7,393,734
2019	$18,761,990	$13,146,711	$371,328,853	$5,615,279
2018	$16,306,949	$11,920,626	$340,740,552	$4,386,323