VERVE 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

1937

Legal Domicile

Principal Officer

KEVIN RALOFSKY

Phone

8004489228

Tax Period

2023-01-01 to 2023-12-31

VERVE CREDIT UNION, founded in 1937, is a mid-sized nonprofit that reported $70.1M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion.

Mission

A NONPROFIT MEMBER-OWNED THRIFT INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS. OPERATIONS ARE PRIMARILY RELATED TO HOLDING DEPOSIT FOR AND MAKING LOANS TO MEMBERS.

Program Service Accomplishments

Program 1

HOLDING DEPOSITS FOR AND MAKING LOANS TO 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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $61,727,742

Investment Income $8,357,378

Other Revenue $51,043

TOTAL REVENUE $70,136,163

Expense Breakdown

Grants Paid $0

Salaries & Benefits $21,932,287

Fundraising Expenses $0

Other Expenses $49,571,255

TOTAL EXPENSES $71,503,542

Year-over-Year Comparison

	2023	2022	Change
Revenue	$70,136,163	$63,522,788	+0.1%
Expenses	$71,503,542	$57,220,605	+0.2%
Net Income	$-1,367,379	$6,302,183	-1.2%

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

330

Volunteers

N/A

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

$965,843

Total Directors

$91,500

Key Employees

$1,728,849

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
VICTORIA BELTRAN	CHAIR	1.00	Officer Director	$12,000	$0	$12,000
BILL COLCLOUGH	TREASURER - PART YEAR	1.00	Officer Director	$10,500	$0	$10,500
MICHAEL POLLACK	VICE CHAIR	1.00	Officer Director	$10,500	$0	$10,500
KEVIN BORNEMANN	SECRETARY	1.00	Officer Director	$10,500	$0	$10,500
ERIN WINTER	TREASURER	1.00	Officer Director	$1,500	$0	$1,500
MARTY ARNOLD	DIRECTOR - PART YEAR	1.00	Director	$750	$0	$750
BRIAN BORCHARDT	DIRECTOR	1.00	Director	$9,000	$0	$9,000
AMY DAHLKE	DIRECTOR - PART YEAR	1.00	Director	$9,000	$0	$9,000
JACOB GOSZ	DIRECTOR	1.00	Director	$5,250	$0	$5,250
ADRIENNE HARTMAN	DIRECTOR	1.00	Director	$9,000	$0	$9,000
ROBERT HERNKE	DIRECTOR - PART YEAR	1.00	Director	$9,000	$0	$9,000
TONY MAYHUGH	DIRECTOR / ERM	1.00	Director	$4,500	$0	$4,500
KEVIN RALOFSKY	PRESIDENT/CEO	40.00	Officer	$582,871	$45,396	$628,267
GLEN STITELEY	CFO	40.00	Officer	$262,102	$30,474	$292,576
KENNETH BUKSNES	CHIEF CREDIT OFFICER	40.00	Key Emp	$234,511	$26,003	$260,514
CHRIS BUTLER	REGIONAL PRESIDENT	40.00	Key Emp	$254,104	$26,848	$280,952
KARRIE DROBNICK	COO - PART YEAR	40.00	Key Emp	$348,763	$22,950	$371,713
JOHN HILL	VP OF BUSINESS LENDING	40.00	Key Emp	$268,567	$14,569	$283,136
ROBERT KETTER	VP OF IT	40.00	Key Emp	$178,323	$10,111	$188,434
REMA MOMBERG	VP OF HUMAN RESOURCES	40.00	Key Emp	$174,214	$9,223	$183,437
MIKE SIMONDS	VP OF CREDIT	40.00	Key Emp	$151,235	$9,428	$160,663
ALLISON BUCCIFERRO	VP OF FINANCE	40.00	Highest	$145,345	$9,109	$154,454
RYAN DIDRECKSON	VP OF OPERATIONS	40.00	Highest	$142,049	$6,685	$148,734
RENEE MAEDER	VP OF RETAIL	40.00	Highest	$146,965	$7,367	$154,332
SID SINHA	TREASURY ANALYST	40.00	Highest	$135,658	$5,290	$140,948
VA YOU YANG	BUSINES LEDNING OFFICER	40.00	Highest	$142,821	$18,074	$160,895

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	$70,136,163	$71,503,542	$1,478,626,183	$-1,367,379
2022	$63,522,788	$57,220,605	$1,533,220,965	$6,302,183
2021	$59,889,219	$51,157,036	$1,476,413,333	$8,732,183
2020	$63,983,551	$55,053,204	$1,463,248,163	$8,930,347
2019	$56,591,545	$48,224,837	$999,667,351	$8,366,708
2018	$53,021,311	$43,191,885	$924,232,558	$9,829,426