TROPICAL FINANCIAL 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

1935

Legal Domicile

Principal Officer

RICHARD SHAW

Phone

8882618328

Tax Period

2023-01-01 to 2023-12-31

TROPICAL FINANCIAL CREDIT UNION, founded in 1935, is a mid-sized nonprofit that reported $57.0M in total revenue in fiscal year 2023. Revenue surged 24% from the prior year, signaling strong growth momentum.

Mission

TROPICAL FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING MEMBER OWNERS WITH VALUABLE PRODUCTS, SERVICES AND EDUCATION TO HELP THEM ACHIEVE THEIR GOALS.

Program Service Accomplishments

Program 1

TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) USES INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS TO PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION...

TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) USES INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS TO PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED FIELD OF MEMBERSHIP (PERSONS WHO LIVE OR WORK IN MIAMI-DADE, BROWARD, PALM BEACH, SARASOTA, ST LUCIE, MARTIN, HENDRY, COLLIER, AND LEE COUNTIES). THE CREDIT UNION OFFERS CHECKING/SAVINGS ACCOUNTS, CDS, AUTO LOANS, HOME LOANS, PERSONAL LOANS, AND DIGITAL BANKING SERVICES TO ITS MEMBERSHIP.

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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 $50,509,019

Investment Income $6,539,612

Other Revenue $0

TOTAL REVENUE $57,048,631

Expense Breakdown

Grants Paid $45,478

Salaries & Benefits $17,922,845

Fundraising Expenses $0

Other Expenses $38,278,702

TOTAL EXPENSES $56,247,025

Year-over-Year Comparison

	2023	2022	Change
Revenue	$57,048,631	$45,945,135	+0.2%
Expenses	$56,247,025	$39,097,914	+0.4%
Net Income	$801,606	$6,847,221	-0.9%

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

228

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

$1,146,441

Total Directors

$42,866

Key Employees

$1,030,344

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD SHAW	CEO	40.00	Officer	$456,911	$34,848	$491,759
RICHARD HELBER	FORMER CEO	40.00	Officer	$446,368	$2,472	$448,840
BRIAN BURRESS	VP OF MEMBER RELATIONS	40.00	Key Emp	$197,337	$23,287	$220,624
ELIZABETH JIMENEZ	VP OF HUMAN RESOURCES	40.00	Key Emp	$179,712	$24,670	$204,382
ROBERTO SALAMANCA	VP OF IT	40.00	Key Emp	$181,297	$22,568	$203,865
ALFREDO GOENAGA	VP OF ADMIN	40.00	Key Emp	$177,862	$24,007	$201,869
AMY MCGRAW	VP OF MARKETING	40.00	Key Emp	$181,527	$18,077	$199,604
JENNIFER FARRINGTON	CONTROLLER/VP OF FINANCE	40.00	Officer	$179,146	$16,776	$195,922
ROBERT SMITH	INFORMATION SECURITY OFFICER	40.00	Highest	$145,785	$15,014	$160,799
DIANE MASTAY	MORTGAGE DIRECTOR	40.00	Highest	$144,653	$14,319	$158,972
SARA P MONROY	CONSUMER LENDING MANAGER	40.00	Highest	$133,861	$18,396	$152,257
LAURA CAUSEY	BUSINESS APPLICATION MANAGER	40.00	Highest	$139,571	$10,347	$149,918
JOE PARDO	RISK & FRAUD INVESTIGATION MANAGER	40.00	Highest	$130,436	$6,447	$136,883
MC MARTINEZ	DIRECTOR	1.00	Director	$9,781	$0	$9,781
JM DOHOHUE	DIRECTOR	1.00	Director	$8,821	$0	$8,821
ML REYES	DIRECTOR	1.00	Director	$7,327	$0	$7,327
JL BELAUSTEGUI	DIRECTOR	1.00	Director	$7,017	$0	$7,017
ME PEREZ	VICE CHAIR	1.00	Officer Director	$6,628	$0	$6,628
RP WISNIEWKI	SECRETARY/TREASURER	1.00	Officer Director	$3,292	$0	$3,292
BK CRUIT	DIRECTOR	1.00	Director	$0	$0	$0
BN DIAMOND	DIRECTOR	1.00	Director	$0	$0	$0
HP GEER	CHAIR	1.00	Officer 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	$57,048,631	$56,247,025	$966,643,260	$801,606
2022	$45,945,135	$39,097,914	$988,133,882	$6,847,221
2021	$39,741,302	$32,900,462	$964,049,184	$6,840,840
2020	$39,847,442	$36,907,258	$877,665,521	$2,940,184
2019	$37,749,643	$34,273,487	$741,330,595	$3,476,156
2018	$35,045,778	$31,710,706	$692,247,352	$3,335,072