MARINE 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

1949

Legal Domicile

Principal Officer

TOM KNOTHE

Phone

2623891758

Tax Period

2024-01-01 to 2024-12-31

MARINE CREDIT UNION, founded in 1949, is a mid-sized nonprofit that reported $92.3M in total revenue in fiscal year 2024. Expenses of $84.3M left a modest 9% surplus.

Mission

WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSELVES OF A VARIETY OF HIGH QUALITY SERVICES.

Program Service Accomplishments

Program 1

DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 75,446 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER...

DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 75,446 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 48,894 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $743,749,622 OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS.

Program 2

MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING LOANS TOTALING OVER $130,416,798 DURING 2024. THESE LOANS ARE USED BY BORROWERS TO PURCHASE...

MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING LOANS TOTALING OVER $130,416,798 DURING 2024. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $594,672,559 AS OF DECEMBER 31, 2024.

Program 3

CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2024 WE GRANTED A TOTAL OF $116,020,843 IN CONSUMER LOANS. THESE LOANS ARE USED BY OUR BORROWERS TO...

CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2024 WE GRANTED A TOTAL OF $116,020,843 IN CONSUMER LOANS. THESE LOANS ARE USED BY OUR BORROWERS TO CONSOLIDATE DEBT, PURCHASE GOODS SUCH AS AUTOMOBILES AND RECREATIONAL VEHICLES AND TO FINANCE CONTINUING EDUCATION EXPENSES. THE TOTAL CONSUMER LOAN PORTFOLIO IS GREATER THAN $241,964,066.

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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 $87,366,048

Investment Income $4,671,916

Other Revenue $215,123

TOTAL REVENUE $92,253,087

Expense Breakdown

Grants Paid $160,394

Salaries & Benefits $40,167,802

Fundraising Expenses $0

Other Expenses $44,005,256

TOTAL EXPENSES $84,333,452

Year-over-Year Comparison

	2024	2023	Change
Revenue	$92,253,087	$86,495,032	+0.1%
Expenses	$84,333,452	$78,753,682	+0.1%
Net Income	$7,919,635	$7,741,350	+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

502

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

$1,929,021

Total Directors

$211,166

Key Employees

$1,633,077

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TOM KNOTHE	CHAIR	6.25	Officer Director	$35,021	$0	$35,021
BRIAN RUDE	FIRST VICE-CHAIR	5.00	Officer Director	$27,500	$0	$27,500
WILLIAM MAAS	SECOND VICE-CHAIR	5.00	Officer Director	$27,500	$0	$27,500
JONATHON HORNE	THIRD VICE-CHAIR	5.00	Officer Director	$27,500	$0	$27,500
ANNE SNOW	FOURTH VICE-CHAIR	5.00	Officer Director	$29,479	$0	$29,479
CARLES JELEN	FIFTH VICE-CHAIR	5.00	Officer Director	$4,583	$0	$4,583
JASMINE JOHNSON	SIXTH VICE-CHAIR	5.00	Officer Director	$4,583	$0	$4,583
MIC MICHELS	TREASURER	5.00	Officer Director	$27,500	$0	$27,500
MARK REED	SECRETARY	5.00	Officer Director	$27,500	$0	$27,500
DARRICK WEEKS	PRESIDENT & CEO	40.00	Officer	$610,318	$49,137	$659,455
WILLIAM JAMES	CHIEF RISK OFFICER	40.00	Officer	$578,227	$51,601	$629,828
JOSEPH LIETHEN	CHIEF FINANCIAL OFFICER	40.00	Officer	$384,018	$44,554	$428,572
JACK KALANDER	CHIEF INFORMATION OFFICER	40.00	Key Emp	$452,760	$45,827	$498,587
KENNETH BROSSMAN	CHIEF LENDING OFFICER	40.00	Key Emp	$345,737	$44,554	$390,291
BLAKE HERRING	CHIEF HUMAN RESOURCE OFFICER	40.00	Key Emp	$345,547	$42,830	$388,377
JOUMANA MCDAD - CHIEF SERVICE	DELIVERY & EXPERIENCE OFFICER	40.00	Key Emp	$319,723	$36,099	$355,822
CHRISTINA TESSMER	VP OF COMPLIANCE & AUDIT	40.00	Highest	$301,434	$40,122	$341,556
LAURA MUELLER	VP OF MEMBER EXPERIENCE & DIGITAL	40.00	Highest	$294,293	$37,204	$331,497
STEPHEN NEUMANN	VP OF COLLECTIONS	40.00	Highest	$275,166	$48,116	$323,282
JOSHUA MOORE	SVP OF MORTGAGE LENDING	40.00	Highest	$262,616	$40,535	$303,151
MICHAEL SPILLANE	SVP OF CUSTOMER ANALYTICS	40.00	Highest	$258,312	$48,823	$307,135

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	$92,253,087	$84,333,452	$1,035,353,224	$7,919,635
2023	$86,495,032	$78,753,682	$1,045,976,901	$7,741,350
2022	$77,409,562	$68,880,317	$1,034,078,280	$8,529,245
2021	$73,550,706	$61,676,503	$1,046,373,718	$11,874,203
2020	$71,099,257	$73,189,234	$961,535,112	$-2,089,977
2019	$67,606,086	$61,004,190	$855,318,225	$6,601,896
2018	$63,762,630	$59,467,830	$753,825,875	$4,294,800