LAUNCH 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

1963

Legal Domicile

Principal Officer

KEVIN LEBEAU

Phone

3214559400

Tax Period

2023-01-01 to 2023-12-31

LAUNCH CREDIT UNION, founded in 1963, is a mid-sized nonprofit that reported $78.1M in total revenue in fiscal year 2023. Revenue surged 26% from the prior year, signaling strong growth momentum. Expenses of $71.6M left a modest 8% surplus.

Mission

THE CREDIT UNION'S 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 BREVARD, VOLUSIA, ORANGE, SEMINOLE, FLAGLER, AND OSCEOLA COUNTIES IN FLORIDA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 80,000 MEMBERS.

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 $56,776,163

Investment Income $6,256,571

Other Revenue $15,081,914

TOTAL REVENUE $78,114,648

Expense Breakdown

Grants Paid $230,803

Salaries & Benefits $28,577,580

Fundraising Expenses $0

Other Expenses $42,813,644

TOTAL EXPENSES $71,622,027

Year-over-Year Comparison

	2023	2022	Change
Revenue	$78,114,648	$62,026,776	+0.3%
Expenses	$71,622,027	$55,371,601	+0.3%
Net Income	$6,492,621	$6,655,175	0.0%

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

354

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

$1,933,984

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STUART DAWLEY	ASSOCIATE BOARD MEMBER	1.00	Director	$0	$0	$0
DORIS PUNDERSON	V - CHAIR AUDIT	1.00	Director	$0	$0	$0
CHUCK JENKINS	DIRECTOR	1.00	Director	$0	$0	$0
CHRIS WALDEN	ASSOCIATE BOARD MEMBER	1.00	Director	$0	$0	$0
MICHAEL CADORE	ASSOCIATE BOARD MEMBER	1.00	Director	$0	$0	$0
CONNIE MORICE	DIRECTOR/AUDIT CHAIR	1.00	Director	$0	$0	$0
DR KEVIN REED	ASSOCIATE BOARD MEMBER	1.00	Director	$0	$0	$0
LINDA SOUTH	SECRETARY	1.00	Director	$0	$0	$0
ERIC OSTARLY	TREASURER	1.00	Director	$0	$0	$0
DAN SICCHIO	DIRECTOR/AUDIT CHAIR	1.00	Director	$0	$0	$0
PERCY COHRS	CHAIR	1.00	Director	$0	$0	$0
DOMINIC MORGESE	DIRECTOR	1.00	Director	$0	$0	$0
MARILYN CHERUBINI	DIRECTOR	1.00	Director	$0	$0	$0
HOLLIMARIE MONTIJO	VICE CHAIR	1.00	Director	$0	$0	$0
DOROTHY BOURLIER	AUDIT CHAIR	1.00	Director	$0	$0	$0
KEVIN LEBEAU	EVP CFO	40.00	Officer	$265,070	$61,529	$326,599
MARK BREWER	SVP CIO	40.00	Officer	$272,326	$34,517	$306,843
JANE SCHROPP	SVP CAO	40.00	Officer	$243,487	$26,591	$270,078
GARY LEVAR	EVP COO	40.00	Officer	$283,303	$21,213	$304,516
JOSEPH MIRACHI	PRESIDENT & CEO	40.00	Officer	$592,202	$133,746	$725,948
ANGELA CROSBY	VP PROJECT MANAGEMENT OFFI	40.00	Highest	$167,885	$30,278	$198,163
MICAH FLUHARTY	CORE SYSTEM PROGRAMMING MANAGER	40.00	Highest	$154,689	$29,508	$184,197
MICHAEL D'ACQUISTO	AVP CORE APPLICATION SERVI	40.00	Highest	$174,693	$22,767	$197,460
LOURDES CAMACHO	VP AUDIT	40.00	Highest	$143,007	$21,775	$164,782
KELLY HASKINS	VP MARKETING	40.00	Highest	$138,902	$14,557	$153,459

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	$78,114,648	$71,622,027	$1,385,231,153	$6,492,621
2022	$62,026,776	$55,371,601	$1,374,535,703	$6,655,175
2021	$49,955,268	$44,426,547	$1,071,639,457	$5,528,721