Harvesters 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

2021

Legal Domicile

Tax Period

2023-01-01 to 2023-12-31

Harvesters Credit Union, founded in 2021, is a mid-sized nonprofit that reported $21.2M in total revenue in fiscal year 2023. Revenue grew 15% year-over-year, indicating healthy expansion. Expenses of $20.0M left a modest 6% surplus.

Mission

The credit unions mission is to promote thrift among its members and create a source of credit for them at legitimate rates of interest. The credit union serves members in Escambia, Santa Rosa, Okaloosa, Walton, and Bay counties in Florida.

Program Service Accomplishments

Program 1

Expenses: $19,997,111

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 CERTIFICATE OF DEPOSIT ACCOUNTS. 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 $14,465,474

Investment Income $803,978

Other Revenue $5,959,327

TOTAL REVENUE $21,228,779

Expense Breakdown

Grants Paid $0

Salaries & Benefits $7,650,613

Fundraising Expenses $0

Program Expenses $19,997,111

Other Expenses $12,346,498

TOTAL EXPENSES $19,997,111

Year-over-Year Comparison

	2023	2022	Change
Revenue	$21,228,779	$18,391,549	+0.2%
Expenses	$19,997,111	$16,098,490	+0.2%
Net Income	$1,231,668	$2,293,059	-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

116

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

$2,012,798

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Keith Golden	CEO	40.00	Officer	$386,878	$29,051	$415,929
William Cox	Senior VP of Investments & In	40.00	Officer	$162,350	$10,874	$173,224
Stanley Bruce	Senior VP of Lending	40.00	Officer	$170,388	$1,169	$171,557
Barbara Ward	VP of Lending	40.00	Officer	$149,195	$0	$149,195
Marilyn Clifton	VP of Merchant Indirect Busin	40.00	Officer	$148,724	$0	$148,724
Theresa Clay	VP of Operations	40.00	Officer	$141,351	$0	$141,351
Jennifer Debrabant	VP of Finance	40.00	Officer	$140,668	$0	$140,668
Krista Armstrong	VP of Information Thechnology	40.00	Officer	$140,252	$0	$140,252
Robin Arnold	Mortgage Loan Officer	40.00	Highest	$138,440	$0	$138,440
Mark Cathey	Senior Mortgage Underwriter	40.00	Highest	$118,720	$0	$118,720
Denise Burkett	Senior VP of Admin	40.00	Officer	$117,661	$0	$117,661
Dustin Vaughn	VP of Risk Management & Compl	40.00	Officer	$116,581	$0	$116,581
Jessica Herring	VP of Member Experience	40.00	Officer	$109,440	$0	$109,440
Randy Johnson	VP of Business Development	40.00	Officer	$107,128	$0	$107,128
John Walker	CFO	40.00	Officer	$81,088	$0	$81,088
Pam Thomas	Director	0.00	Director	$0	$0	$0
Ryan Spikes	Director	0.00	Director	$0	$0	$0
Keith Thorpe	Director	0.00	Director	$0	$0	$0
Amber Halfacre	Director	0.00	Director	$0	$0	$0
Richard Fountain	Director	0.00	Director	$0	$0	$0
Robin Cook	Chairman	0.00	Director	$0	$0	$0
Scott Poynter	Vice Chairman	0.00	Director	$0	$0	$0
Donna Bengtson	Treasurer	0.00	Director	$0	$0	$0
Fred Chandler	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
2023	$21,228,779	$19,997,111	$296,117,610	$1,231,668
2022	$18,391,549	$16,098,490	$307,199,690	$2,293,059
2021	$8,940,116	$8,467,948	$260,289,756	$472,168