BAYPORT 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

1928

Legal Domicile

Phone

7579288850

Tax Period

2023-01-01 to 2023-12-31

BAYPORT CREDIT UNION, founded in 1928, is a major nonprofit that reported $152.8M in total revenue in fiscal year 2023. Revenue surged 34% from the prior year, signaling strong growth momentum. The organization ran a surplus of $25.3M, a strong 17% operating margin.

Mission

TO PROVIDE AFFORDABLE FINANCIAL SERVICES TO ITS MEMBERS INCLUDING LOAN RELATIONSHIPS DEPOSITORY SERVICES CREDIT CARDS AND INTERNET BANKING AT CONVENIENT LOCATIONS BY PROFESSIONALS WHO PROVIDE EXCELLENT SERVICE

Program Service Accomplishments

Program 1

TO PROVIDE AFFORDABLE LOANS TO OVER 16,000 MEMBERS DURING THE YEAR. MANY OF THE INDIVIDUALS WOULD NOT HAVE BEEN ABLE TO OBTAIN SUCH LOANS FROM OTHER FINANCIAL INSTITUTIONS. IN ADDITION, THE CREDIT...

TO PROVIDE AFFORDABLE LOANS TO OVER 16,000 MEMBERS DURING THE YEAR. MANY OF THE INDIVIDUALS WOULD NOT HAVE BEEN ABLE TO OBTAIN SUCH LOANS FROM OTHER FINANCIAL INSTITUTIONS. IN ADDITION, THE CREDIT UNION PROVIDED DEPOSITORY SERVICES TO MEMBERS PROVIDING BRANCHES, ON-LINE BANKING, FINANCIAL COUNSELING SERVICES, HOME BUYING AND RETIREMENT SEMINARS, FINANCIAL EDUCATION, SCHOLARSHIPS AND NUMEROUS OTHER RELATED SERVICES. THE CREDIT UNION'S MEMBERSHIP CONSISTS PRIMARILY OF INDIVUDALS IN THE HAMPTON ROADS AREA AND INCLUDES MANY INDIVIDUALS GENERALLY NOT RECRUITED FOR SERVICES AT LARGER FINANCIAL INSTITUTIONS.

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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 $137,164,934

Investment Income $15,638,449

Other Revenue $-46,715

TOTAL REVENUE $152,756,668

Expense Breakdown

Grants Paid $0

Salaries & Benefits $43,231,083

Fundraising Expenses $0

Other Expenses $84,201,692

TOTAL EXPENSES $127,432,775

Year-over-Year Comparison

	2023	2022	Change
Revenue	$152,756,668	$114,363,682	+0.3%
Expenses	$127,432,775	$99,781,444	+0.3%
Net Income	$25,323,893	$14,582,238	+0.7%

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

Governance

Voting Members

Independent Members

Employees

625

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES MEARS	PRESIDENT/CEO	40.00		$552,573	$22,408	$574,981
STANLEY LEICESTER	EXECUTIVE VP	40.00		$394,784	$0	$394,784
GODFREY SMITH	EXEC VP/CFO	40.00		$302,765	$0	$302,765
JENNIFER COYNE	EXEC VP/COO	40.00		$290,656	$0	$290,656
SUSAN FERNAAYS	CHIEF EXPERIENCE OFFICER	40.00		$243,462	$0	$243,462
DENISE MCROBERTS	CHIEF INFO OFFICER	40.00		$243,171	$0	$243,171
IRA WILLIAMS	CHIEF RETAIL OFF	40.00		$236,388	$0	$236,388
WENDY BROWN	CHIEF HR OFFICER	40.00		$229,598	$0	$229,598
NANCY PORTER	VP MARKETING	40.00		$212,325	$0	$212,325
TONYA EDWARDS	VP BUSINESS BANKIN	40.00		$209,189	$0	$209,189
PAMELA J ROWE	VICE CHAIRMAN	0.00	Officer Director	$0	$0	$0
CRAIG HOLLEY JR	Director	0.00	Director	$0	$0	$0
SUZANNE M BECKSTOFFER	VICE CHAIRMAN	0.00	Officer Director	$0	$0	$0
MAUREEN DAVIS	Chairman	0.00	Officer Director	$0	$0	$0
MARY CULLEN	Director	0.00	Director	$0	$0	$0
LEMESHIA STEELE	Director	0.00	Director	$0	$0	$0
JENNIFER M MILLER	Secretary/Treas	0.00	Officer Director	$0	$0	$0
RAY C BAGLEY	Asst Secretary	0.00	Officer Director	$0	$0	$0
GEORGE C WIATT JR	Director	0.00	Director	$0	$0	$0
DINETTA D HILL	Director	0.00	Director	$0	$0	$0
THOMASINA R WRIGHT	Director	0.00	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	No data	No data	No data	No data
2023	$152,756,668	$127,432,775	$2,365,294,400	$25,323,893
2022	$114,363,682	$99,781,444	$2,286,817,396	$14,582,238
2021	$100,083,823	$95,290,480	$2,278,710,765	$4,793,343
2020	$95,027,195	$91,742,438	$1,992,413,687	$3,284,757
2019	$96,742,019	$84,042,731	$1,743,829,584	$12,699,288
2018	$93,291,014	$82,600,313	$1,617,282,372	$10,690,701