HarborLight Credit Union (EIN 381627377) - Form 990 Financial Analysis & Trantor Score

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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

1954

Legal Domicile

Principal Officer

JUSTIN BAMFORD

Phone

2318945608

Tax Period

2024-01-01 to 2024-12-31

HarborLight Credit Union, founded in 1954, is a community nonprofit that reported $9.9M in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $8.5M left a modest 14% surplus.

Mission

HARBORLIGHT CREDIT UNION EXISTS TO IMPROVE THE FINANCIAL WELL-BEING OF OUR MEMBERS.

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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 $1,500

Program Service Revenue $8,917,415

Investment Income $963,605

Other Revenue $0

TOTAL REVENUE $9,882,520

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,718,822

Fundraising Expenses $0

Other Expenses $5,748,690

TOTAL EXPENSES $8,467,512

Year-over-Year Comparison

	2024	2023	Change
Revenue	$9,882,520	$8,649,191	+0.1%
Expenses	$8,467,512	$7,399,927	+0.1%
Net Income	$1,415,008	$1,249,264	+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

$474,900

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JUSTIN BAMFORD	CEO	40.00	Officer	$188,375	$38,531	$226,906
HEATHER CARR	Vice President	40.00	Officer	$97,793	$28,972	$126,765
STEPHANIE WYMAN	COO	40.00	Officer	$105,517	$15,712	$121,229
RITA KOSHEBA	Secretary	1.00	Director	$0	$0	$0
SHARON SWANINGER	Treasurer	1.00	Director	$0	$0	$0
STEVEN SALTER	Director	1.00	Director	$0	$0	$0
LEE ANDREWS	Chairman	1.00	Director	$0	$0	$0
ANNA ULMER	Director	1.00	Director	$0	$0	$0
JEFF COLSTON	Director	1.00	Director	$0	$0	$0
NICOLE OSBORN	Director	0.00	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
2025	No data	No data	No data	No data
2024	$9,882,520	$8,467,512	$157,142,997	$1,415,008
2023	$8,649,191	$7,399,927	$154,862,707	$1,249,264
2022	$7,219,078	$6,395,474	$169,930,532	$823,604
2021	$6,554,490	$5,845,336	$159,134,723	$709,154
2020	$6,422,924	$6,233,159	$141,924,533	$189,765
2019	$6,558,237	$6,114,575	$117,026,310	$443,662
2018	$5,840,017	$5,768,452	$110,064,269	$71,565

HarborLight Credit Union