COMMONWEALTH 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

1951

Legal Domicile

Principal Officer

KAREN HARBIN

Phone

5025644775

Tax Period

2025-01-01 to 2025-02-02

COMMONWEALTH CREDIT UNION, founded in 1951, is a mid-sized nonprofit that reported $14.7M in total revenue in fiscal year 2024. Revenue fell 91% from the prior year — a significant decline worth monitoring. Expenses of $13.1M left a modest 11% surplus.

Mission

THE CREDIT UNION'S VISION IS "GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE." COMMONWEALTH PROVIDES ITS MEMBERS WITH A SAFE PLACE TO SAVE AND A SOURCE OF CREDIT IN A NOT-FOR-PROFIT CONTEXT. WE STRIVE TO IMPROVE THE LIVES OF THOSE WE SERVE BY HELPING THEM ACHIEVE THEIR DREAMS THROUGH FINANCIAL HEALTH AND SUCCESS.

Program Service Accomplishments

Program 1

CMMONWEALTH CREDIT UNION PROVIDES DEPOSIT, LOAN AND VARIOUS OTHER FINANCIAL SERVICES TO ITS MEMBERS. EFFECTIVE FEBRUARY 3, 2025, COMMONWEALTH CREDIT UNION CONVERTED FROM STATE CHARTERED CREDIT UNION TO A FEDERALLY CHARTERED CREDIT UNION. ALL SERVICES WILL CONTINUE WITHOUT INTERRUPTION UNDER THE NEW FEDERAL CHARTER.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $13,134,623

Investment Income $1,524,185

Other Revenue $0

TOTAL REVENUE $14,658,808

Expense Breakdown

Grants Paid $103,000

Salaries & Benefits $4,042,633

Fundraising Expenses $0

Other Expenses $8,949,712

TOTAL EXPENSES $13,095,345

Year-over-Year Comparison

	2024	2023	Change
Revenue	$14,658,808	$159,530,457	-0.9%
Expenses	$13,095,345	$137,050,921	-0.9%
Net Income	$1,563,463	$22,479,536	-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

371

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

$213,381

Total Directors

$144,774

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KAREN HARBIN	CEO/PRESIDENT/BOARD MEMBER	40.00	Officer Director	$85,280	$59,408	$144,688
DONNIE RODGERS II	VICE CHAIRPERSON	1.00	Director	$0	$0	$0
DOUGLAS SMITH	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
JAMES CHADWELL	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
KAY JONES	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
KENNETH BLACKWELL	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
MARY FOSTER	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
REGINA GRUBBS	BOARD OF DIRECTORS	1.00	Director	$86	$0	$86
ROBIN ELLIS	SECRETARY/TREASURER	1.00	Director	$0	$0	$0
THOMAS RANDY FAWNS	CHAIRPERSON	1.00	Director	$0	$0	$0
JOSEPH BREWER	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
JACQUELINE DUVALL	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
CARMINE IACCARINO	BOARD OF DIRECTORS	1.00	Director	$0	$0	$0
STEPHEN BELLAS	CFO	40.00	Officer	$43,852	$24,841	$68,693

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
2025	$14,658,808	$13,095,345	No data	$1,563,463
2024	$159,530,457	$137,050,921	$2,470,693,541	$22,479,536
2023	$122,362,301	$111,540,681	$2,210,286,474	$10,821,620
2022	$97,138,254	$79,510,556	$2,025,445,100	$17,627,698
2021	$88,350,902	$74,247,631	$1,891,090,350	$14,103,271
2021	$88,350,902	$74,247,631	$1,891,090,350	$14,103,271
2020	$82,648,583	$73,800,847	$1,651,235,047	$8,847,736
2019	$81,263,726	$68,037,001	$1,383,472,650	$13,226,725
2018	$71,647,618	$60,561,476	$1,262,159,235	$11,086,142