THE SOUTHERN CREDIT UNION (EIN 580905515) - Form 990 Financial Analysis & Trantor Score

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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

RAY HULL

Phone

7704603267

Tax Period

2023-01-01 to 2023-12-31

THE SOUTHERN CREDIT UNION, founded in 1963, is a mid-sized nonprofit that reported $24.7M in total revenue in fiscal year 2023. Revenue surged 29% from the prior year, signaling strong growth momentum. The organization ran a surplus of $5.5M, a strong 22% operating margin.

Mission

AS A STATE-CHARTERED CREDIT UNION, WE PROVIDE THRIFT SAVINGS, LOANS AND OTHER FINANCIAL SERVICES TO OUR MEMBERS.

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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 $2,009,372

Program Service Revenue $16,054,271

Investment Income $6,506,288

Other Revenue $101,673

TOTAL REVENUE $24,671,604

Expense Breakdown

Grants Paid $24,070

Salaries & Benefits $8,702,918

Fundraising Expenses $0

Other Expenses $10,443,811

TOTAL EXPENSES $19,170,799

Year-over-Year Comparison

	2023	2022	Change
Revenue	$24,671,604	$19,126,651	+0.3%
Expenses	$19,170,799	$15,389,553	+0.2%
Net Income	$5,500,805	$3,737,098	+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

$2,513,990

Total Directors

$1,396,111

Key Employees

$1,208,800

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RAY HULL	CEO	40.00	Officer Director	$1,076,880	$218,431	$1,295,311
MORRIS KELLY	BOARD CHAIRMAN	2.00	Officer Director	$16,800	$0	$16,800
WILTON MARCHMAN	BOARD VICE-CHAIR	2.00	Officer Director	$16,800	$0	$16,800
MICHAEL FORAN	BOARD MEMBER	1.50	Officer Director	$16,800	$0	$16,800
ROBERT MATTHEWS	BOARD MEMBER	1.50	Officer Director	$16,800	$0	$16,800
RANDY HOBBS	BOARD MEMBER	1.50	Officer Director	$16,800	$0	$16,800
JOHN HALBERT	BOARD SECRETARY	1.50	Officer Director	$16,800	$0	$16,800
JIM PHILLIPS	EVP	40.00	Officer	$462,282	$185,343	$647,625
KRIS TRAINOR	CFO	40.00	Officer	$375,552	$94,702	$470,254
JAMES RICHARDS	VP OF MORTGAGES	40.00	Key Emp	$245,722	$77,032	$322,754
JOHN PURDY	CHIEF LENDING OFFICER	40.00	Key Emp	$206,067	$39,752	$245,819
TIM PLESS	CHIEF TECHNOLOGY OFFICER	40.00	Key Emp	$196,772	$28,074	$224,846
BARRY GRIFFIN	VP OF BRANCH SERVICES	40.00	Key Emp	$183,912	$38,808	$222,720
KEITH SALTZMAN	SENIOR DATA ANALYST	40.00	Key Emp	$167,087	$25,574	$192,661
SHANNON MESEROLE	VP RISK MANAGEMENT	40.00	Highest	$141,860	$14,695	$156,555
AMY GAY	CHIEF MARKETING OFF	40.00	Highest	$133,366	$22,726	$156,092
STEVEN RICHARDSON	HR DIRECTOR	40.00	Highest	$116,071	$29,521	$145,592
CHRIS RECHTORIS	VP SR REGIONAL MKT MGR	40.00	Highest	$108,048	$11,228	$119,276
JARED THOMPSON	VP SR REGIONAL MKT MGR	40.00	Highest	$106,047	$19,219	$125,266

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	$24,671,604	$19,170,799	$527,450,922	$5,500,805
2022	$19,126,651	$15,389,553	$543,217,468	$3,737,098
2021	$16,906,844	$14,565,263	$537,763,976	$2,341,581
2020	$17,277,738	$15,166,521	$474,524,073	$2,111,217
2019	$18,184,933	$15,841,168	$406,672,797	$2,343,765
2018	$16,801,901	$14,423,487	$392,126,405	$2,378,414

THE SOUTHERN CREDIT UNION