PEN AIR 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

1936

Legal Domicile

Principal Officer

DELBERT MORGAN

Phone

8505053200

Tax Period

2023-01-01 to 2023-12-31

PEN AIR CREDIT UNION, founded in 1936, is a major nonprofit that reported $167.7M in total revenue in fiscal year 2023. Revenue surged 447% from the prior year, signaling strong growth momentum. The organization ran a surplus of $29.4M, a strong 18% operating margin.

Mission

THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AT A FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. THE CREDIT UNION SERVES MEMBERS IN BALDWIN OR MOBILE COUNTIES IN ALABAMA AND FROM ESCAMBIA TO LEON COUNTIES IN FLORIDA. THE CREDIT UNION FURTHER SERVES MEMBERS JOINING THE CREDIT UNION AS A FRIEND OF THE NAVY MARINE CORP RELIEF SOCIETY. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 126,000.

Program Service Accomplishments

Program 1

IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND...

Program 2

TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES 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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $86,430,609

Investment Income $43,505,951

Other Revenue $37,761,541

TOTAL REVENUE $167,698,101

Expense Breakdown

Grants Paid $328,850

Salaries & Benefits $30,273,903

Fundraising Expenses $0

Other Expenses $107,684,915

TOTAL EXPENSES $138,287,668

Year-over-Year Comparison

	2023	2022	Change
Revenue	$167,698,101	$30,644,100	+4.5%
Expenses	$138,287,668	$22,501,884	+5.1%
Net Income	$29,410,433	$8,142,216	+2.6%

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

Employees

433

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

$2,567,878

Total Directors

Key Employees

$1,650,808

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT JACOBSON	BOARD OF DIRECTORS, CHAIR	4.00	Director	$0	$0	$0
STEPHANIE ORAM	BOARD OF DIRECTORS, VICE	4.00	Director	$0	$0	$0
RANDY ROY	BOARD OF DIRECTORS, SECRET	4.00	Director	$0	$0	$0
RUTH ANN MCCALL	BOARD OF DIRECTORS, TREASU	4.00	Director	$0	$0	$0
RICKY CREWS	BOARD OF DIRECTORS	4.00	Director	$0	$0	$0
DONALD BAILEY	BOARD OF DIRECTORS	4.00	Director	$0	$0	$0
GERALD ADCOX	BOARD OF DIRECTORS	4.00	Director	$0	$0	$0
DELBERT MORGAN	PRESIDENT CEO	40.00	Officer	$626,121	$43,909	$670,030
DERRICK AGUILAR	SVP/CHIEF EXPERIENCE OFFIC	40.00	Officer	$268,686	$43,550	$312,236
CHARLES BLACKWELL	SVP/CHIEF RISK OFFICER	40.00	Officer	$257,552	$41,761	$299,313
GALEN COUNSELMAN	SVP/CHIEF INFORMATION OFFI	40.00	Officer	$266,845	$39,628	$306,473
SHIRLEY HARRIS	SVP/CHIEF FINANCIAL OFFICE	40.00	Officer	$166,772	$16,321	$183,093
DANA MULLINS	SVP/CHIEF PEOPLE OFFICER	40.00	Officer	$257,828	$50,497	$308,325
CHRIS FUNK	SVP / CHIEF LENDING OFFICER	40.00	Officer	$243,599	$38,674	$282,273
JOHN HUDDLESTON	SVP / CHIEF FINANCIAL OFFICER	40.00	Officer	$177,684	$28,451	$206,135
SAMUEL FURR	VP COMMERCIAL LENDING	40.00	Key Emp	$205,367	$29,070	$234,437
MICHELLE JAMES	VP DIGITAL TRANSFORMATION	40.00	Key Emp	$191,217	$36,081	$227,298
STEPHEN O'REILLY	AVP ASSET MANAGEMENT	40.00	Key Emp	$185,270	$34,615	$219,885
SANKUL SETH	VP DATA ANALYTICS	40.00	Key Emp	$186,678	$5,407	$192,085
SCOTT BROWN	AVP INFORMATION TECHNOLOGY	40.00	Key Emp	$168,260	$33,138	$201,398
ANJE REID	VP MEMBER EXPERIENCE	40.00	Key Emp	$167,523	$23,550	$191,073
JENNIFER MURPHY	VP MORTGAGE	40.00	Key Emp	$182,546	$14,765	$197,311
JOHN HECKMANN	VP STRATEGY & INVESTMENTS	40.00	Key Emp	$162,295	$25,026	$187,321
HUGH MANN	INVESTMENT EXECUTIVE	40.00	Highest	$148,154	$16,258	$164,412

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	$167,698,101	$138,287,668	$3,075,876,812	$29,410,433
2022	$30,644,100	$22,501,884	$2,369,078,373	$8,142,216