Safe Harbor 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

1952

Legal Domicile

Principal Officer

ADAM JOHNSON

Phone

2318432323

Tax Period

2024-01-01 to 2024-12-31

Safe Harbor Credit Union, founded in 1952, is a mid-sized nonprofit that reported $10.9M in total revenue in fiscal year 2024. Revenue surged 28% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.9M, a strong 17% operating margin.

Mission

PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.

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 12/31/2024 WAS 8,820.

Program 2

THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2024 WAS 5,629.

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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 $10,361,975

Investment Income $519,005

Other Revenue $0

TOTAL REVENUE $10,880,980

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,553,978

Fundraising Expenses $0

Other Expenses $6,436,659

TOTAL EXPENSES $8,990,637

Year-over-Year Comparison

	2024	2023	Change
Revenue	$10,880,980	$8,484,424	+0.3%
Expenses	$8,990,637	$6,772,288	+0.3%
Net Income	$1,890,343	$1,712,136	+0.1%

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

$192,449

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ADAM JOHNSON	CEO	40.00	Officer	$159,210	$33,239	$192,449
JULEE SARTO	Secretary	1.00	Director	$0	$0	$0
TANGEE PETTIS	Director	1.00	Director	$0	$0	$0
KATHY COUTURIER	Director	1.00	Director	$0	$0	$0
DAVID KASLEY	Chairman	1.00	Director	$0	$0	$0
ROBERT THOMPSON	Treasurer	1.00	Director	$0	$0	$0
CHRISTOPHER SIMPLER	Director	1.00	Director	$0	$0	$0
CHRISTOPHER TOOMAN	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	$10,880,980	$8,990,637	$172,313,288	$1,890,343
2023	$8,484,424	$6,772,288	$144,959,154	$1,712,136
2022	$6,315,016	$4,749,542	$130,837,946	$1,565,474
2021	$5,498,862	$3,880,835	$115,789,005	$1,618,027
2020	$4,822,067	$3,585,695	$90,114,212	$1,236,372
2019	$4,169,000	$3,194,519	$68,656,173	$974,481
2018	$3,463,967	$2,499,611	$60,570,880	$964,356