SIMPLICITY CREDIT UNION (EIN 390860994) - 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

1949

Legal Domicile

Principal Officer

NICHOLAS FABER

Phone

7153873702

Tax Period

2023-01-01 to 2023-12-31

SIMPLICITY CREDIT UNION, founded in 1949, is a mid-sized nonprofit that reported $26.3M in total revenue in fiscal year 2023. Revenue surged 33% from the prior year, signaling strong growth momentum. Expenses of $22.9M left a modest 13% surplus.

Mission

A NONPROFIT MEMBER-OWNED THRIFT INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS. OPERATIONS ARE PRIMARILY RELATED TO 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 $21,749,887

Investment Income $4,449,314

Other Revenue $122,451

TOTAL REVENUE $26,321,652

Expense Breakdown

Grants Paid $6,000

Salaries & Benefits $8,841,376

Fundraising Expenses $0

Other Expenses $14,068,859

TOTAL EXPENSES $22,916,235

Year-over-Year Comparison

	2023	2022	Change
Revenue	$26,321,652	$19,742,402	+0.3%
Expenses	$22,916,235	$17,745,967	+0.3%
Net Income	$3,405,417	$1,996,435	+0.7%

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

150

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

$527,684

Total Directors

$5,430

Key Employees

$190,929

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARK PAGE	CHAIR	1.00	Officer Director	$1,650	$0	$1,650
HERB STEPHANI	DIRECTOR	0.50	Director	$540	$0	$540
TOM MCCARTEN	DIRECTOR	0.50	Director	$590	$0	$590
SUE SHULFER	SECRETARY/TREASURER	0.75	Officer Director	$690	$0	$690
BOBBI BRADLEY	DIRECTOR	0.50	Director	$615	$0	$615
IILEE PEDERSON	DIRECTOR	0.50	Director	$755	$0	$755
PAUL HAUFFE	DIRECTOR	0.50	Director	$590	$0	$590
NICHOLAS FABER	PRESIDENT/CEO	40.00	Officer	$319,889	$10,341	$330,230
JAMES NOWAK	CHEIF FINANCIAL OFFICER	40.00	Officer	$189,320	$5,794	$195,114
KELLY KORTH	CHIEF STRATEGIC OFFICER	40.00	Key Emp	$187,877	$3,052	$190,929
JASON BUCHINGER	FINANCIAL ADVISOR	40.00	Highest	$179,457	$6,886	$186,343
JEN STANTON	CHIEF REVENUE OFFICER	40.00	Highest	$112,952	$4,184	$117,136
RICHARD SZABO	VP OF INFORMATION TECHNOLO	40.00	Highest	$147,354	$4,377	$151,731
SANDY RUETH	MORTGAGE LENDER	40.00	Highest	$123,166	$3,735	$126,901
BEN BAUER	EXECUTIVE DIRECTOR EXCLAMATION	40.00	Highest	$111,606	$4,789	$116,395

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	$26,321,652	$22,916,235	$461,117,108	$3,405,417
2022	$19,742,402	$17,745,967	$432,153,101	$1,996,435
2021	$17,622,558	$15,714,933	$424,593,294	$1,907,625
2020	$16,512,956	$14,492,445	$337,112,672	$2,020,511
2019	$15,576,619	$13,361,379	$275,577,534	$2,215,240
2018	$13,914,390	$11,235,885	$248,218,049	$2,678,505

SIMPLICITY CREDIT UNION