LATVIAN 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

1965

Legal Domicile

Principal Officer

Santa Kalnite

Phone

6127225004

Tax Period

2023-01-01 to 2023-12-31

LATVIAN CREDIT UNION, founded in 1965, is a small nonprofit that reported $303K in total revenue in fiscal year 2023. Revenue grew 19% year-over-year, indicating healthy expansion.

Mission

State Chartered Credit Union

Program Service Accomplishments

Program 1

Expenses: $31,163

Interest Paid (dividends) to 719 member accounts.

Program 2

Expenses: $4,100

Donations to Latvian cultural, educational, and sports organizations composed primary of members of those eligible for membership.

Program 3

N/A

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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 $283,957

Investment Income $19,423

Other Revenue $0

TOTAL REVENUE $303,380

Expense Breakdown

Grants Paid $0

Salaries & Benefits $142,446

Fundraising Expenses $0

Program Expenses $35,263

Other Expenses $122,700

TOTAL EXPENSES $300,409

Year-over-Year Comparison

	2023	2022	Change
Revenue	$303,380	$254,115	+0.2%
Expenses	$300,409	$252,240	+0.2%
Net Income	$2,971	$1,875	+0.6%

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

N/A

Employees

N/A

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

$2,880

Total Directors

Key Employees

$127,079

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Santa Kalnite	CEO	40	Key Emp	$75,967	$0	$75,967
Zinta Pone	Manager	28	Key Emp	$51,112	$0	$51,112
Vanesa Putnina	Supervisory Committee	2	Officer	$960	$0	$960
Kristine Girbe	Supervisory Committee	2	Officer	$960	$0	$960
Imants Pone	Supervisory Committee	2	Officer	$960	$0	$960
Arnold Ozols	Board Member	1	Director	$0	$0	$0
Peter Grotans	President of the Board of Directors	1	Director	$0	$0	$0
Michael Giga	Board member	1	Director	$0	$0	$0
Eriks Strelnieks	Board member	1	Director	$0	$0	$0
Vilnis Stolcers	Board member	1	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
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$303,380	$300,409	$5,495,731	$2,971
2022	$254,115	$252,240	$5,281,332	$1,875
2021	$279,130	$286,273	$5,531,771	$-7,143
2020	$281,477	$263,234	$5,312,038	$18,243
2019	$246,028	$243,194	$4,721,156	$2,834
2018	$232,984	$232,712	$4,798,831	$272