MUTUAL SAVINGS 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

1936

Legal Domicile

Principal Officer

KENDALL SPEED

Phone

2056821170

Tax Period

2023-01-01 to 2023-12-31

MUTUAL SAVINGS CREDIT UNION, founded in 1936, is a mid-sized nonprofit that reported $14.0M in total revenue in fiscal year 2023. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $13.5M left a modest 3% surplus.

Mission

COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST.

Program Service Accomplishments

Program 1

CODE OF ALABAMA, SEC 5-17-1, STATES THAT A CREDIT UNION IS A COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. MUTUAL SAVINGS CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS, WHO PRIMARILY RESIDE, WORK, ATTEND SCHOOL OR WORSHIP IN FOURTEEN ALABAMA COUNTIES, INCLUDING JEFFERSON, SHELBY, DALLAS, CHILTON, AND TALLAPOOSA COUNTIES, OR WHO ARE EMPLOYED BY A MUTUAL SAVINGS SPONSOR GROUP. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2023, THE CREDIT UNION PROVIDED SERVICES TO 20,899 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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $13,969,345

Investment Income $0

Other Revenue $0

TOTAL REVENUE $13,969,345

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,877,380

Fundraising Expenses $0

Other Expenses $7,604,777

TOTAL EXPENSES $13,482,157

Year-over-Year Comparison

	2023	2022	Change
Revenue	$13,969,345	$12,277,489	+0.1%
Expenses	$13,482,157	$10,984,804	+0.2%
Net Income	$487,188	$1,292,685	-0.6%

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

$1,155,081

Total Directors

$331,385

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DOUGLAS KEY DECEASED	FORMER BOARD CHAIRPERSON	1.00	Director	$0	$0	$0
KENDALL L SPEED	CEO/DIRECTOR - TREASURER	40.00	Officer Director	$309,303	$22,082	$331,385
ALLEN RITTER	BOARD MEMBER	1.00	Director	$0	$0	$0
RALPH A FERGUSON JR	BOARD MEMBER	1.00	Director	$0	$0	$0
DERRELL CRIMM	SUPERVISORY COMMITTEE CHAIRPERSON	1.00	Director	$0	$0	$0
KARL HENDRICKSON	SUPERVISORY COMMITTEE MEMB	1.00	Director	$0	$0	$0
RICHARD MCBEE	BOARD MEMBER	1.00	Director	$0	$0	$0
RICHARD BROOKS	BOARD VICE CHAIRPERSON	1.00	Director	$0	$0	$0
KEITH NEWTON	BOARD SECRETARY	1.00	Director	$0	$0	$0
LINDA ALLISON	SUPERVISORY COMMITTEE MEMBER	1.00	Director	$0	$0	$0
LYNNE LOFTIN	COO	40.00	Officer	$203,218	$22,082	$225,300
MIKE SHAW	CHIEF TECHNOLOGY OFFICER	40.00	Officer	$184,167	$22,082	$206,249
SONJA PURVIS	CHIEF MARKETING OFFICER	40.00	Officer	$197,052	$22,082	$219,134
SUSAN LANDRUM	CFO	40.00	Officer	$165,253	$7,760	$173,013
JIMMIE ROCHESTER II	VP BUSINESS BANKING	40.00	Highest	$164,429	$0	$164,429
KIMBERLY HUNT	VP HUMAN RESOURCES	40.00	Highest	$121,361	$22,082	$143,443
MICHAEL DYER	VP COLLECTIONS	40.00	Highest	$124,111	$22,082	$146,193
JEFFREY GRAHAM	VP LENDING SERVICES	40.00	Highest	$122,454	$22,082	$144,536

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	$13,969,345	$13,482,157	$228,049,256	$487,188
2022	$12,277,489	$10,984,804	$218,893,491	$1,292,685
2021	$10,770,188	$10,121,178	$217,478,712	$649,010
2020	$10,057,708	$10,403,873	$202,810,474	$-346,165
2019	$11,441,733	$10,920,567	$173,442,845	$521,166
2018	$11,531,711	$10,971,723	$173,640,666	$559,988