IDEAL 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

1926

Legal Domicile

Principal Officer

BRIAN SHERRICK

Phone

6517707000

Tax Period

2023-01-01 to 2023-12-31

IDEAL CREDIT UNION, founded in 1926, is a mid-sized nonprofit that reported $56.2M in total revenue in fiscal year 2023. Revenue grew 17% year-over-year, indicating healthy expansion. Expenses of $50.6M left a modest 10% surplus.

Mission

TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP INCLUDING LOANS, DEPOSITS AND OTHER MISCELLANEOUS SERVICES.

Program Service Accomplishments

Program 1

THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 50,295 MEMBERS. ALL EXCESS EARNINGS OF THE CREDIT UNION GO TO RETAINED EARNINGS, OUR ONLY SOURCE OF CAPITAL. WE PROVIDE A BROAD ARRAY OF...

Program 2

THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS...

THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS, ACH AND OTHER PAYMENT SYSTEMS.

Program 3

THE CREDIT UNION PROVIDES ACCESS TO ALL MEMBERS THROUGH BOTH TELEPHONE AND INTERNET SERVICES.

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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 $50,492,582

Investment Income $5,685,543

Other Revenue $0

TOTAL REVENUE $56,178,125

Expense Breakdown

Grants Paid $0

Salaries & Benefits $19,966,911

Fundraising Expenses $0

Other Expenses $21,484,518

TOTAL EXPENSES $50,638,586

Year-over-Year Comparison

	2023	2022	Change
Revenue	$56,178,125	$48,171,673	+0.2%
Expenses	$50,638,586	$41,131,666	+0.2%
Net Income	$5,539,539	$7,040,007	-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

246

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

$3,060,907

Total Directors

$26,903

Key Employees

$1,649,912

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PETER OLSEN	BOD - CHAIRMAN	1.00	Officer Director	$5,850	$0	$5,850
LEWIS LAMBERT	BOARD OF DIRECTORS	1.00	Director	$3,050	$0	$3,050
MARY WESTBURG	BOARD OF DIRECTORS	1.00	Director	$2,488	$0	$2,488
CHRIS VOLKERS	BOD - SECRETARY	1.00	Officer Director	$2,350	$0	$2,350
CRAIG SPREITER	BOD - VICE CHAIRMAN	1.00	Officer Director	$2,338	$0	$2,338
LISA LIDDELL	BOARD OF DIRECTORS	1.00	Director	$1,988	$0	$1,988
RICHARD OSBORN	SUP COMMITTEE - CHAIRMAN	1.00	Director	$1,850	$0	$1,850
PAUL FAHEY	BOARD OF DIRECTORS	1.00	Director	$1,838	$0	$1,838
JIM MOSNER	BOARD OF DIRECTORS	1.00	Director	$1,638	$0	$1,638
ERIN PETSCHEL	SUP COMMITTEE	1.00	Director	$1,150	$0	$1,150
DANIELLE DUCHEMIN	BOARD OF DIRECTORS - ASSOC	1.00	Director	$900	$0	$900
KEITH E HAUGE	BOARD OF DIRECTORS	1.00	Director	$800	$0	$800
DAN OLSON	BOARD OF DIRECTORS	1.00	Director	$425	$0	$425
SARA RACINE	SUP COMMITTEE	1.00	Director	$238	$0	$238
BRIAN SHERRICK	CEO	40.00	Officer	$757,513	$231,196	$988,709
DENNIS BAUER	CFO - EVP	40.00	Officer	$745,561	$47,863	$793,424
ALISHA JOHNSON	CHIEF GROWTH OFFICER	40.00	Officer	$343,121	$90,683	$433,804
LAWRENCE MIGGLER	CHIEF TECHNOLOGY OFFICER	40.00	Officer	$311,327	$121,881	$433,208
RICK BLOOD	CLO	40.00	Officer	$330,660	$70,564	$401,224
HERBERT HALL	SVP MEMBER EXPERIENCE	40.00	Key Emp	$275,770	$49,410	$325,180
EMILY KELLY	SVP HR & ADMIN	40.00	Key Emp	$256,039	$36,518	$292,557
FAITH THOLKES	SVP MORTGAGE AND CONSUMER	40.00	Key Emp	$255,957	$30,077	$286,034
SHANNON BUTLER	SVP OPS	40.00	Key Emp	$241,317	$38,985	$280,302
SHARON RILLEY	VP RISK	40.00	Key Emp	$213,317	$23,634	$236,951
AMARA MACKEY	VP FINANCE	40.00	Key Emp	$203,582	$25,306	$228,888
CRAIG LUNDQUIST	WEALTH MANAGEMENT ADVISOR	40.00	Highest	$417,830	$22,275	$440,105
JANE HENNEN	VP MARKETING	40.00	Highest	$175,275	$28,877	$204,152
JENNIFER HANSON	VP ENTERPRISE APPLICATIONS	40.00	Highest	$180,854	$22,598	$203,452
CRYSTAL CURRIER	VP BUSINESS LENDING	40.00	Highest	$181,650	$20,764	$202,414
COURTNEY HUSSEY	VP OPS	40.00	Highest	$169,636	$29,090	$198,726

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	$56,178,125	$50,638,586	$1,021,960,738	$5,539,539
2022	$48,171,673	$41,131,666	$988,489,095	$7,040,007
2021	$42,764,424	$35,667,347	$932,167,158	$7,097,077
2020	$42,029,968	$35,945,422	$858,517,185	$6,084,546
2019	$39,712,454	$34,708,230	$763,132,068	$5,004,224
2018	$35,215,954	$30,045,578	$732,008,715	$5,170,376