FREESTAR FINANCIAL 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

1957

Legal Domicile

Principal Officer

DREMA D ISAAC

Phone

5864667800

Tax Period

2023-01-01 to 2023-12-31

FREESTAR FINANCIAL CREDIT UNION, founded in 1957, is a mid-sized nonprofit that reported $17.1M in total revenue in fiscal year 2023. Revenue grew 18% year-over-year, indicating healthy expansion. Expenses of $16.1M left a modest 6% surplus.

Mission

TO POSITIVELY IMPACT THE LIVES OF OUR MEMBERS, TEAM MEMBERS, AND COMMUNITY THROUGH MEANINGFUL CONNECTIONS AND PROGRESSIVE FINANCIAL SOLUTIONS.

Program Service Accomplishments

Program 1

PROMOTED THRIFT TO APPROXIMATELY 21,700 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL INSTRUMENTS.

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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 $14,947,577

Investment Income $2,157,965

Other Revenue $32,198

TOTAL REVENUE $17,137,740

Expense Breakdown

Grants Paid $4,600

Salaries & Benefits $6,133,793

Fundraising Expenses $0

Other Expenses $9,926,429

TOTAL EXPENSES $16,064,822

Year-over-Year Comparison

	2023	2022	Change
Revenue	$17,137,740	$14,580,200	+0.2%
Expenses	$16,064,822	$13,465,711	+0.2%
Net Income	$1,072,918	$1,114,489	0.0%

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

104

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

$686,718

Total Directors

Key Employees

$177,604

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RAYMOND W WHITE JR	BOARD CHAIRPERSON	2.00	Director	$0	$0	$0
CHARLES LARSEN	BOARD VICE CHAIRPERSON	2.00	Director	$0	$0	$0
KRISTI LE	BOARD TREASURER	2.00	Director	$0	$0	$0
JEFFREY BRUSS	BOARD SECRETARY	2.00	Director	$0	$0	$0
CATHERINE PATYI	BOARD DIRECTOR	2.00	Director	$0	$0	$0
ASHLEY CIAMILLO	BOARD DIRECTOR	2.00	Director	$0	$0	$0
MARC ALEXANDER	BOARD DIRECTOR	2.00	Director	$0	$0	$0
DREMA ISAAC	PRESIDENT/CEO	40.00	Officer	$377,975	$163,792	$541,767
ERIC HEINRICH	CFO (THROUGH 08/18/23)	40.00	Officer	$126,427	$18,524	$144,951
JENNIFER MARTINES	CHIEF GROWTH OFFICER	40.00	Key Emp	$167,394	$10,210	$177,604
TIMOTHY STRENK	CHIEF INFORMATION OFFICER	40.00	Highest	$131,929	$28,066	$159,995
ANNE LESTER	VP BRANCH OPERATIONS	40.00	Highest	$128,379	$13,226	$141,605
VICTORIA MCINTOSH	VP OF COMMUITY AFFAIRS	40.00	Highest	$107,108	$11,510	$118,618

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	$17,137,740	$16,064,822	$318,693,723	$1,072,918
2022	$14,580,200	$13,465,711	$305,665,605	$1,114,489
2021	$12,991,219	$11,110,399	$281,204,430	$1,880,820
2020	$12,870,443	$11,839,422	$259,711,613	$1,031,021
2019	$13,306,773	$12,537,874	$226,526,437	$768,899
2018	$12,614,025	$11,220,366	$215,929,887	$1,393,659