WINSOUTH 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

DAVID EUBANKS

Phone

2565437302

Tax Period

2023-01-01 to 2023-12-31

WINSOUTH CREDIT UNION, founded in 1951, is a mid-sized nonprofit that reported $23.7M in total revenue in fiscal year 2023. Revenue grew 18% year-over-year, indicating healthy expansion. The organization ran a surplus of $4.1M, a strong 17% operating margin.

Mission

TO ENCOURAGE THRIFT, CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDE OPPORTUNITIES FOR ITS MEMBERS TO CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION.

Program Service Accomplishments

Program 1

ALABAMA BANKING CODE, SECTION 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...

ALABAMA BANKING CODE, SECTION 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. WINSOUTH CREDIT UNION IS A VOLUNTARY, COOPERATIVE, NONPROFIT FINANCIAL INSTITUION. ITS PRIMARY PURPOSE IS TO ENCOURAGE THRIFT, CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDE OPPORTUNITIES FOR ITS MEMBERS TO CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. THE CREDIT UNION STRIVES TO ACHIEVE ITS PURPOSE BY CONDUCTING ANY BUSINESS, ENGAGING IN ANY ACTIVITY, AND PROVIDING ANY SERVICE THAT MAY BENEFIT ITS MEMBERS, SUBJECT TO THE ALABAMA CREDIT UNION ACT AND THE RULES AND REGULATIONS ADOPTED THEREUNDER BY THE ALABAMA CREDIT UNION ADMINISTRATION. AS OF DECEMBER 31, 2023 THE CREDIT UNION PROVIDED SERVICES TO 39,232 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 $13,299,129

Investment Income $2,344,852

Other Revenue $8,038,237

TOTAL REVENUE $23,682,218

Expense Breakdown

Grants Paid $10,000

Salaries & Benefits $6,622,957

Fundraising Expenses $0

Other Expenses $12,924,840

TOTAL EXPENSES $19,557,797

Year-over-Year Comparison

	2023	2022	Change
Revenue	$23,682,218	$20,131,767	+0.2%
Expenses	$19,557,797	$16,720,847	+0.2%
Net Income	$4,124,421	$3,410,920	+0.2%

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

168

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

$995,391

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GARY KENNEDY	VICE CHAIRMAN	2.00	Director	$0	$0	$0
DON SMITH	TREASURER	2.00	Director	$0	$0	$0
RONALD PATRICK	CHAIRMAN	2.00	Director	$0	$0	$0
GREG GREGERSON	SECRETARY	2.00	Director	$0	$0	$0
CHARLES ATCHLEY	BOARD MEMBER	2.00	Director	$0	$0	$0
DAVID EUBANKS	CEO/PRESIDENT	40.00	Officer	$246,373	$23,944	$270,317
NATHAN CLOUGH	COO	40.00	Officer	$115,951	$22,864	$138,815
KELLY WHISENANT	COMPTROLLER	40.00	Officer	$119,576	$14,997	$134,573
TRACI HIGGINS	CFO	40.00	Officer	$60,889	$22,720	$83,609
MARK SHADDIX	DIRECTOR OF LENDING	40.00	Officer	$114,392	$22,966	$137,358
RACHEL LEE	DIRECTOR OF HR	40.00	Officer	$98,449	$19,328	$117,777
GIORGIO TORREGROSA	CTO	40.00	Officer	$93,653	$19,289	$112,942

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	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$23,682,218	$19,557,797	$393,632,161	$4,124,421
2022	$20,131,767	$16,720,847	$385,560,521	$3,410,920
2021	$21,033,823	$15,051,216	$384,172,678	$5,982,607
2020	$13,845,071	$12,912,980	$304,319,178	$932,091
2019	$14,680,069	$13,653,019	$264,323,878	$1,027,050
2018	$14,014,223	$12,611,462	$261,600,320	$1,402,761