SOUTHERN LAKES 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

1935

Legal Domicile

Principal Officer

JOHN LYON

Phone

2626941600

Tax Period

2023-01-01 to 2023-12-31

SOUTHERN LAKES CREDIT UNION, founded in 1935, is a community nonprofit that reported $5.2M in total revenue in fiscal year 2023. Revenue surged 31% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.1M, a strong 22% operating margin.

Mission

WE WILL STIRVE TO MAKE A SIGNIFICANT DIFFERENCE IN IMPROVING THE QUALITY OF LIFE OF OUR MEMBERS AND THE COMMUNITIES WE SERVE BY PROVIDING AFFORDABLE ACCESS TO CREDIT AND FINANCIAL SERVICES.

Program Service Accomplishments

Program 1

AS THE ONLY LOCALLY-BASED, OPEN-TO-THE-COMMUNITY FINANCIAL INSTITUTION HEADQUARTERED IN KENOSHA, WI, WE WORK TO SERVE OUR 9,885 MEMBER-OWNERS AS A SAFE, SECURE, AND FINANCIALLY-STABLE PLACE TO...

AS THE ONLY LOCALLY-BASED, OPEN-TO-THE-COMMUNITY FINANCIAL INSTITUTION HEADQUARTERED IN KENOSHA, WI, WE WORK TO SERVE OUR 9,885 MEMBER-OWNERS AS A SAFE, SECURE, AND FINANCIALLY-STABLE PLACE TO CONDUCT BUSINESS. OUR FOCUS IS TO SERVE OUR MEMBERS AND SUPPORT THE COMMUNITIES WE SERVE BY PROVIDING ACCESS TO AFFORDABLE CREDIT AND FINANCIAL SERVICES AT FAVORABLE RATES.

Program 2

WE DRIVE VALUE BACK TO OUR MEMBERS AND HELP THEM SAVE MONEY ON INTEREST BY OFFERING LOANS AT VERY COMPETITIVE RATES. AS OF DECEMBER 31, 2023, WE HAVE 4,308 LOANS OUTSTANDING TO OUR MEMBERS TOTALLING $64,807,338. WE WORK WITH BORROWERS TO IMPROVE THEIR CREDIT SO THEY PAY LESS IN INTEREST OVER THEIR LIVES AND WORK WITH FIRST-TIME BORROWERS TO UNDERSTAND LOANS AND CREDIT. IN 2023, OUR MEMBERS OBTAINED 1,084 LOANS FROM THEIR CREDIT UNION TOTALING $24,849,642.

Program 3

MEMBERS HAVE ENTRUSTED US WITH THEIR DEPOSITS IN SHARE, SHARE DRAFT, MONEY MARKET, IRA, HSA, AND TERM SHARE CERTIFICATE ACCOUNTS. AS OF DECEMBER 31, 2023, WE HAVE $95,495,667 IN DEPOSITS FROM OUR...

MEMBERS HAVE ENTRUSTED US WITH THEIR DEPOSITS IN SHARE, SHARE DRAFT, MONEY MARKET, IRA, HSA, AND TERM SHARE CERTIFICATE ACCOUNTS. AS OF DECEMBER 31, 2023, WE HAVE $95,495,667 IN DEPOSITS FROM 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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $3,443,890

Investment Income $1,736,919

Other Revenue $0

TOTAL REVENUE $5,180,809

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,743,988

Fundraising Expenses $0

Other Expenses $2,141,169

TOTAL EXPENSES $4,063,306

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,180,809	$3,969,654	+0.3%
Expenses	$4,063,306	$3,620,133	+0.1%
Net Income	$1,117,503	$349,521	+2.2%

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

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

$270,819

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN MORRISSEY	CHAIR	1.00	Officer Director	$0	$0	$0
THOMAS GENTHNER	VICE CHAIR	1.00	Officer Director	$0	$0	$0
MONICA YUHAS	TREASURER	1.00	Officer Director	$0	$0	$0
JAMES BELLER	SECRETARY	1.00	Officer Director	$0	$0	$0
RICHARD DARULA	DIRECTOR	1.00	Director	$0	$0	$0
PETER JOHNSON	DIRECTOR	1.00	Director	$0	$0	$0
HELEN SCHUMACHER	DIRECTOR	1.00	Director	$0	$0	$0
JOHN LYON	PRESIDENT/CEO	45.00	Officer	$122,168	$14,715	$136,883
ROBERT HOEPFNER	VP LENDING	45.00	Officer	$106,544	$27,392	$133,936

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	$5,180,809	$4,063,306	$106,526,105	$1,117,503
2022	$3,969,654	$3,620,133	$118,091,803	$349,521
2021	$3,781,697	$3,751,810	$117,463,215	$29,887
2020	$4,082,089	$3,678,674	$105,819,301	$403,415
2019	$3,921,590	$3,435,570	$90,674,072	$486,020
2018	$3,492,708	$3,340,935	$87,148,484	$151,773