Davenport Police Dept Credit Union

EIN: 420664998

Davenport, IA

Total Revenue
$38,945
Total Expenses
$372,468
Total Assets
$4,900,028
Net Assets
$272,710
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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
1934
Legal Domicile
IA
Principal Officer
Jay Verhorevoort
Phone
5633888328
Tax Period
2023-01-01 to 2023-12-31

Davenport Police Dept Credit Union, founded in 1934, is a micro nonprofit that reported $39K in total revenue in fiscal year 2023. Revenue fell 62% from the prior year — a significant decline worth monitoring. Expenses of $372K exceeded revenue, resulting in a 856% operating deficit.

Mission

Credit Unions create a source of credit at a fair and reasonable rate of interest

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $18,244
Investment Income $19,528
Other Revenue $1,173
TOTAL REVENUE $38,945

Expense Breakdown

Grants Paid $0
Salaries & Benefits $10,840
Fundraising Expenses $0
Other Expenses $361,628
TOTAL EXPENSES $372,468

Year-over-Year Comparison

2023 2022 Change
Revenue $38,945 $101,168 -0.6%
Expenses $372,468 $98,472 +2.8%
Net Income $-333,523 $2,696 -124.7%
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

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Governance

Voting Members
9
Independent Members
N/A
Employees
1
Volunteers
9

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
4
$11,200
Total Directors
9
$11,200
Key Employees
1
$11,200
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Jay Verhorevoort President 20.00
Officer Director Key Emp Highest
$11,200 $0 $11,200
Richard Skeppstedt Chairperson 0.25
Officer Director
$0 $0 $0
Jane Imming Audit Chairperson 0.50
Director
$0 $0 $0
Jason Smith Vice Chairperson 0.25
Officer Director
$0 $0 $0
Donald Huss Secretary 0.25
Officer Director
$0 $0 $0
Jamie Brown Director 0.50
Director
$0 $0 $0
Henry Jacobsen Director 0.50
Director
$0 $0 $0
Ronald Waline Director 0.25
Director
$0 $0 $0
Eric Court Director 0.25
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
2023 $38,945 $372,468 $4,900,028 $-333,523
2023 No data No data No data No data
2022 $101,168 $98,472 $5,171,619 $2,696
2021 $100,039 $93,928 $5,116,152 $6,111
2020 $124,556 $118,142 $4,585,374 $6,414
2019 $136,352 $128,525 $4,356,552 $7,827
2018 $122,388 $113,901 $4,134,241 $8,487
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