ASHLAND CREDIT UNION

EIN: 616024972

ASHLAND, KY

Total Revenue
$21,886,374
Total Expenses
$19,418,530
Total Assets
$376,390,268
Net Assets
$42,149,331
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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

Principal Officer
LARRY J LUCAS
Phone
6063295489
Tax Period
2023-01-01 to 2023-12-31

ASHLAND CREDIT UNION is a mid-sized nonprofit that reported $21.9M in total revenue in fiscal year 2023. Revenue surged 30% from the prior year, signaling strong growth momentum. Expenses of $19.4M left a modest 11% surplus.

Mission

THE PRIMARY FUNCTION OF THE CREDIT UNION IS TO PROVIDE LOANS TO ITS MEMBERS.

Program Service Accomplishments

Program 1

THE PURPOSE OF THE CREDIT UNION IS TO PROMOTE THRIFT, MAKE INTEREST BEARING LOANS TO ITS MEMBERS, AND TO PROVIDE ITS MEMBERS SUCH OTHER FINANCIAL SERVICES IN THE BEST INTEREST OF THE CREDIT UNION AND...

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THE PURPOSE OF THE CREDIT UNION IS TO PROMOTE THRIFT, MAKE INTEREST BEARING LOANS TO ITS MEMBERS, AND TO PROVIDE ITS MEMBERS SUCH OTHER FINANCIAL SERVICES IN THE BEST INTEREST OF THE CREDIT UNION AND OF ITS MEMBERS.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $16,505,137
Investment Income $2,485,952
Other Revenue $2,895,285
TOTAL REVENUE $21,886,374

Expense Breakdown

Grants Paid $0
Salaries & Benefits $6,235,530
Fundraising Expenses $0
Other Expenses $13,183,000
TOTAL EXPENSES $19,418,530

Year-over-Year Comparison

2023 2022 Change
Revenue $21,886,374 $16,845,160 +0.3%
Expenses $19,418,530 $14,034,582 +0.4%
Net Income $2,467,844 $2,810,578 -0.1%
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

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Governance

Voting Members
42392
Independent Members
42392
Employees
100
Volunteers
30

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
$304,073
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
LARRY J LUCAS PRESIDENT 40.00
Officer
$304,073 $0 $304,073
TOM DEARING DIRECTOR N/A
Director
$0 $0 $0
MICHAEL A GARLINGER DIRECTOR N/A
Director
$0 $0 $0
JOSEPH F HSU DIRECTOR N/A
Director
$0 $0 $0
LESLIE A NOEL VICE CHAIRMA N/A
Director
$0 $0 $0
R ANDREW RAY DIRECTOR N/A
Director
$0 $0 $0
MICHAEL G SCHIFSKY DIRECTOR N/A
Director
$0 $0 $0
MATTHEW K SPENCE TREASURER N/A
Director
$0 $0 $0
KERRY TAGUE DIRECTOR N/A
Director
$0 $0 $0
ROB WALTERS SECRETARY N/A
Director
$0 $0 $0
MARITA H WERNER CHAIRMAN N/A
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 $21,886,374 $19,418,530 $376,390,268 $2,467,844
2022 $16,845,160 $14,034,582 $351,968,150 $2,810,578
2021 $16,258,598 $11,780,980 $339,651,427 $4,477,618
2020 $15,212,632 $12,702,671 $309,526,856 $2,509,961
2019 $14,740,983 $11,655,242 $273,529,531 $3,085,741
2018 $12,289,911 $9,451,314 $252,307,411 $2,838,597
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