WESTBY CO-OP 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

1939

Legal Domicile

Principal Officer

JOHN RUDIE

Phone

6086347615

Tax Period

2023-01-01 to 2023-12-31

WESTBY CO-OP CREDIT UNION, founded in 1939, is a mid-sized nonprofit that reported $52.2M in total revenue in fiscal year 2023. Revenue surged 30% from the prior year, signaling strong growth momentum. Expenses of $44.7M left a modest 14% surplus.

Mission

WESTBY CO-OP CREDIT UNION WILL PROVIDE SERVICES THAT ARE EFFICIENT, CONFIDENTIAL, AND ACCURATE IN A CONVENIENT AND FRIENDLY ENVIRONMENT. WE WILL BE COMPETITIVELY PRICED, TECHNOLOGICALLY ADVANCED AND ECONOMICALLY SOUND, AND SUPPORT OUR COMMUNITIES.

Program Service Accomplishments

Program 1

PROVIDED 929 NEW LOANS TO MEMBERS THAT WERE FOR $2,000 OR LESS IN 2023.

Program 2

WE FUNDED 9,777 LOANS DURING 2023. AS OF 12/31/23, WE HAD 3,606 MORTGAGES/HOME EQUITY, 13,407 CONSUMER LOANS, 3,806 BUSINESS LOANS, AND 6,225 CREDIT CARD ACCOUNTS.

Program 3

PROVIDE LOW COST FINANCIAL SERVICES TO 40,856 MEMBERS. DURING 2023, WE OPENED 18,809 NEW DEPOSITS, TRANSACTION AND INVESTMENT ACCOUNTS.

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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 $47,546,947

Investment Income $4,683,970

Other Revenue $0

TOTAL REVENUE $52,230,917

Expense Breakdown

Grants Paid $0

Salaries & Benefits $17,048,080

Fundraising Expenses $0

Other Expenses $27,650,973

TOTAL EXPENSES $44,699,053

Year-over-Year Comparison

	2023	2022	Change
Revenue	$52,230,917	$40,291,199	+0.3%
Expenses	$44,699,053	$30,262,420	+0.5%
Net Income	$7,531,864	$10,028,779	-0.2%

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

278

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

$1,120,836

Total Directors

$1,184,336

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRIS BARNICK	PRESIDENT/CEO	45.00	Officer Director	$217,032	$3,412	$220,444
MONTE TORGERSON	CHAIRPERSON CREDIT COM	3.00	Director	$12,975	$0	$12,975
KEVIN LARSON	2ND VICE CHAIR	2.00	Director	$8,325	$0	$8,325
CHRISTINE SLOAT	VICE CHAIRMAN IT COM	1.00	Director	$8,600	$0	$8,600
ALAN BERG	2ND VICE CHAIR AUDIT COM	1.00	Director	$6,300	$0	$6,300
WILLIAM MAROHL	SECRETARY AUDIT COM	2.00	Director	$10,650	$0	$10,650
JOANNE HURNFELD	2ND VICE CHAIR ALCO COM	1.00	Director	$7,725	$0	$7,725
JOHN RUDIE	CFO	45.00	Officer Director	$218,802	$33,355	$252,157
MARLENE OLSON	CXO	45.00	Officer Director	$172,651	$15,091	$187,742
TOM HAFEMANN	CTO	45.00	Officer Director	$192,711	$38,151	$230,862
VINCENT PADUANO	CLO	45.00	Officer Director	$192,303	$37,328	$229,631
SARAH MANI	TREASURER ALCO COM	1.00	Director	$8,925	$0	$8,925
KEVIN HAUSER	RETIRED CEO	40.00		$359,608	$37,174	$396,782
ART SCHRADER	EX CBDO	40.00		$107,596	$26,271	$133,867

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	$52,230,917	$44,699,053	$913,235,207	$7,531,864
2022	$40,291,199	$30,262,420	$834,152,989	$10,028,779
2021	$36,161,276	$24,862,837	$763,110,609	$11,298,439
2020	$33,471,222	$24,460,293	$664,171,995	$9,010,929
2019	$32,531,228	$23,085,318	$553,187,813	$9,445,910
2018	$29,431,962	$21,435,187	$511,150,752	$7,996,775