JEFFERSON 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

1941

Legal Domicile

Principal Officer

RICHARD MORRIS

Phone

2054444528

Tax Period

2023-01-01 to 2023-12-31

JEFFERSON CREDIT UNION, founded in 1941, is a community nonprofit that reported $4.4M in total revenue in fiscal year 2023.

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

Expenses: $4,341,905

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. JEFFERSON CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, PROVIDES THESE SERVICES TO ITS MEMBERS WHO ARE PRIMARILY EMPLOYEES, AND THEIR RELATIVES, OF JEFFERSON COUNTY, ALABAMA MUNICIPALITY. ADDITIONALLY, DONATIONS OF $25.00 MADE TO THE ALABAMA YOUTH SHERIFF'S RANCH ALLOWS AN INDIVIDUAL WHO LIVES OUTSIDE OF THE BIRMINGHAM METROPOLITAN AREA BUT WITHIN THE STATE OF ALABAMA THE OPPORTUNITY TO QUALIFY FOR MEMBERSHIP IN JEFFERSON CREDIT UNION. AS OF DECEMBER 31, 2023, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 6,986 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 $4,360,262

Investment Income $0

Other Revenue $0

TOTAL REVENUE $4,360,262

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,427,870

Fundraising Expenses $0

Program Expenses $4,341,905

Other Expenses $2,914,035

TOTAL EXPENSES $4,341,905

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,360,262	$4,362,568	0.0%
Expenses	$4,341,905	$3,837,714	+0.1%
Net Income	$18,357	$524,854	-1.0%

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

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

$446,908

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PATRICK NICOVICH	BOARD MEMBER	1.00	Director	$0	$0	$0
TRACIE HODGE	BOARD TREASURER	1.00	Director	$0	$0	$0
CARL JOHNSON	BOARD VICE CHAIR	1.00	Director	$0	$0	$0
JONATHAN SHORTS	BOARD SECRETARY	1.00	Director	$0	$0	$0
DAREN LANIER	BOARD CHAIRMAN	1.00	Director	$0	$0	$0
BARRY STEPHENSON	BOARD MEMBER	1.00	Director	$0	$0	$0
CHARLES KNIGHT	BOARD MEMBER	1.00	Director	$0	$0	$0
CHRISTOPHER WILLIS	SUPERVISORY COMMITTEE MEMB	1.00	Director	$0	$0	$0
LEONARD GEDGOUDAS	SUPERVISORY COMMITTEE CHAI	1.00	Director	$0	$0	$0
PAMELA BILLUPS	SUPERVISORY COMMITTEE MEMB	1.00	Director	$0	$0	$0
RICHARD MORRIS	PRESIDENT/CEO	40.00	Officer	$131,479	$-69,410	$62,069
PATTI BURT	CFO - RETIRED JAN 2023	40.00	Officer	$24,124	$32	$24,156
LISA COOPER	COO	40.00	Officer	$82,578	$18,611	$101,189
DANNY GOOLSBY	CLO	40.00	Officer	$82,165	$16,427	$98,592
RUSSELL ADAMS	CFO - LEFT DEC 2023	40.00	Officer	$77,793	$80	$77,873
REBECCA SMITH	CONTROLLER (INTERIM TOP FINC OFFICIAL)	40.00	Officer	$77,056	$5,973	$83,029

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	$4,360,262	$4,341,905	$74,207,450	$18,357
2022	$4,362,568	$3,837,714	$78,709,342	$524,854
2021	$4,053,678	$3,801,722	$81,270,724	$251,956
2020	$4,236,876	$4,060,833	$74,764,920	$176,043
2019	$4,551,797	$4,289,395	$67,280,208	$262,402
2018	$4,580,278	$4,378,619	$65,066,506	$201,659