FIRST PACE 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

1963

Legal Domicile

Principal Officer

CHRIS LAMMINEN

Phone

6514518495

Tax Period

2024-01-01 to 2024-12-31

FIRST PACE CREDIT UNION, founded in 1963, is a small nonprofit that reported $436K in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $490K exceeded revenue, resulting in a 12% operating deficit.

Mission

TO PROMOTE THRIFT AMONG OUR MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST.

Program Service Accomplishments

Program 1

THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 41 NEW DEPOSIT ACCOUNTS IN 2024. AS OF 12/31/24 WE HAD 932 MEMBERS.

Program 2

THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 106 NEW LOANS DURING 2024. AS OF 12/31/24 WE HAD 344 OUTSTANDING LOANS RECEIVABLE.

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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 $2,000

Program Service Revenue $385,565

Investment Income $45,999

Other Revenue $2,767

TOTAL REVENUE $436,331

Expense Breakdown

Grants Paid $0

Salaries & Benefits $228,955

Fundraising Expenses $0

Other Expenses $261,523

TOTAL EXPENSES $490,478

Year-over-Year Comparison

	2024	2023	Change
Revenue	$436,331	$398,551	+0.1%
Expenses	$490,478	$478,020	+0.0%
Net Income	$-54,147	$-79,469	-0.3%

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

$127,187

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRIS LAMMINEN	PRESIDENT	40.00	Officer	$108,450	$18,737	$127,187
JOHN KNETTER	CHAIR (PARIA	0.50	Officer Director	$0	$0	$0
BRIAN ECKER	CHAIR (PARIA	0.50	Officer Director	$0	$0	$0
DAN GERTEN	VICE CHAIR	0.50	Officer Director	$0	$0	$0
QUINTON VORHIES	TREASURER	0.50	Officer Director	$0	$0	$0
RAY KOBLER	SECRETARY	0.50	Officer Director	$0	$0	$0
MIKE POPEK	DIRECTOR	0.50	Director	$0	$0	$0

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	$436,331	$490,478	$9,183,725	$-54,147
2023	$398,551	$478,020	$9,529,737	$-79,469
2022	$388,101	$399,196	$11,002,655	$-11,095
2021	$418,215	$360,953	$10,659,155	$57,262
2020	$402,201	$369,579	$9,551,599	$32,622
2019	$403,572	$355,845	$8,694,234	$47,727
2018	$381,554	$346,428	$8,796,683	$35,126