INNOVATIONS 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

1952

Legal Domicile

Tax Period

2023-01-01 to 2023-12-31

INNOVATIONS FINANCIAL CREDIT UNION, founded in 1952, is a mid-sized nonprofit in the Public & Societal Benefit sector that reported $26.7M in total revenue in fiscal year 2023. Revenue grew 19% year-over-year, indicating healthy expansion. The organization ran a surplus of $4.4M, a strong 16% operating margin.

Mission

TO PROVIDE FINANCIAL AND LENDING SERVICES TO INDIVIDUALS AND BUSINESSES LOCATED WITHIN THE COUNTIES OF BAY, HOLMES, WASHINGTON, JACKSON, CALHOUN, GULF, WALTON,OKALOOSA, FRANKLIN & LIBERTY LOCATED IN THE STATE OF FLORIDA.

Program Service Accomplishments

Program 1

Expenses: $22,311,716

SINCE 1952 THE CREDIT UNION HAS ACHIEVED ITS GOAL OF PEOPLE HELPING PEOPLE BY ALWAYS PROVIDING SERVICE THAT EXCEEDS OUR MEMBERS EXPECTATIONS THROUGH EACH STAGE OF THEIR LIVES

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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 $18,759,233

Investment Income $770,351

Other Revenue $7,138,536

TOTAL REVENUE $26,668,120

Expense Breakdown

Grants Paid $0

Salaries & Benefits $8,347,309

Fundraising Expenses $0

Program Expenses $22,311,716

Other Expenses $13,964,407

TOTAL EXPENSES $22,311,716

Year-over-Year Comparison

	2023	2022	Change
Revenue	$26,668,120	$22,495,868	+0.2%
Expenses	$22,311,716	$15,947,213	+0.4%
Net Income	$4,356,404	$6,548,655	-0.3%

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

$1,121,682

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID SOUTHALL	CEO	40.00	Officer	$437,176	$5,058	$442,234
SCOTT GLADDEN	EVPCOO	40.00	Officer	$366,671	$6,080	$372,751
JEREMY HINTON	SVPCFO	40.00	Officer	$306,697	$0	$306,697
DAVID POWELL	DIR OF BUS & MTG LENDING	40.00	Highest	$218,331	$0	$218,331
DAN CHAPLIK	DIR OF BRANCH OPERATION	40.00	Highest	$218,331	$0	$218,331
KENNY RAY MITCHELL	MARKET LEADER	40.00	Highest	$212,840	$0	$212,840
ANGIE BURNETT	DIRECTOR OF PROJECTS	40.00	Highest	$171,588	$13,605	$185,193
ROBERT GUICE	MARKETING DIRECTOR	40.00	Highest	$147,817	$0	$147,817
KRISTOPHER MCLANE	TREASURER	5.00	Director	$0	$0	$0
NANCY LUTHER	VICE CHAIR	5.00	Director	$0	$0	$0
CRAIG ELLIS	CHAIRMAN	5.00	Director	$0	$0	$0
JOSH SCRIBNER	SECRETARY	5.00	Director	$0	$0	$0
KENNETH WHITE	DIRECTOR	5.00	Director	$0	$0	$0
ROB FERNANDEZ	DIRECTOR	5.00	Director	$0	$0	$0
ANITA BROUGHTON	DIRECTOR	5.00	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	$26,668,120	$22,311,716	$428,396,918	$4,356,404
2022	$22,495,868	$15,947,213	$367,562,433	$6,548,655