SMW FINANCIAL 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

1953

Legal Domicile

Principal Officer

ERIN MCNAMARA

Phone

5077471582

Tax Period

2024-01-01 to 2024-12-31

SMW FINANCIAL CREDIT UNION, founded in 1953, is a community nonprofit that reported $4.6M in total revenue in fiscal year 2024. Revenue grew 8% year-over-year, indicating healthy expansion. Expenses of $4.4M left a modest 4% surplus.

Mission

SMW FINANCIAL CREDIT UNION'S MISSION IS TO BUILD TRUSTED RELATIONSHIPS AND STRONG FINANCIAL FUTURES FOR OUR MEMBERS. MEMBERSHIP IS OPEN TO ANYONE WHO LIVES, WORKS, WORSHIPS, GOES TO SCHOOL OR VOLUNTEERS IN ANOKA, HENNEPIN, RAMSEY OR WASHINGTON COUNTIES OF MINNESOTA.

Program Service Accomplishments

Program 1

PROVIDED LOW COST FINANCIAL SERVICES TO 4,695 MEMBERS.

Program 2

SERVED MEMBERS INTERESTS BY ACCEPTING DEPOSITS, GRANTING LOANS, AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER.

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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 $3,725,937

Investment Income $888,302

Other Revenue $0

TOTAL REVENUE $4,614,239

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,490,636

Fundraising Expenses $0

Other Expenses $1,760,487

TOTAL EXPENSES $4,406,643

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,614,239	$4,265,492	+0.1%
Expenses	$4,406,643	$3,820,648	+0.2%
Net Income	$207,596	$444,844	-0.5%

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

$581,151

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL T DAY	CHAIRMAN	1.00	Officer Director	$0	$0	$0
SCOTT W KLOETZKE	DIRECTOR	1.00	Director	$0	$0	$0
JAY R STRUB	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL G TRUDEAU	DIRECTOR	1.00	Director	$0	$0	$0
JAMES WRIGHT	DIRECTOR	1.00	Director	$0	$0	$0
JEFF ELLINGSON	CFO	40.00	Officer	$117,907	$16,399	$134,306
DAN PIILOLA	VP IT	40.00	Officer	$104,058	$24,861	$128,919
ERIN MCNAMARA	PRESIDENT/CEO	40.00	Officer	$154,162	$22,794	$176,956
TANYA BACIGALUPO	VP OF LENDING	40.00	Officer	$122,083	$18,887	$140,970

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	$4,614,239	$4,406,643	$90,508,295	$207,596
2023	$4,265,492	$3,820,648	$88,199,977	$444,844
2022	$3,852,056	$3,480,894	$90,556,222	$371,162
2021	$3,993,239	$3,644,964	$93,612,043	$348,275
2020	$3,622,725	$3,608,081	$88,615,036	$14,644
2019	$4,254,811	$3,964,145	$78,549,638	$290,666
2018	$4,408,206	$4,465,384	$80,828,674	$-57,178