ESSENTIAL CREDIT UNION (EIN 720719172) - Form 990 Financial Analysis & Trantor Score

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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

1972

Legal Domicile

Principal Officer

RICHARD WILLIAMS

Phone

2253538238

Tax Period

2023-01-01 to 2023-12-31

ESSENTIAL CREDIT UNION, founded in 1972, is a mid-sized nonprofit that reported $25.1M in total revenue in fiscal year 2023. Revenue surged 1184% from the prior year, signaling strong growth momentum. Expenses of $24.3M left a modest 3% surplus.

Mission

DEDICATED TO BUILDING A CREDIT UNION THAT PROVIDES OUTSTANDING FINANCIAL SERVICES (LOANS AND DEPOSITS) AT THE LOWEST COST POSSIBLE.

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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 $24,571,772

Investment Income $887,494

Other Revenue $-406,387

TOTAL REVENUE $25,052,879

Expense Breakdown

Grants Paid $0

Salaries & Benefits $8,011,652

Fundraising Expenses $0

Other Expenses $11,332,171

TOTAL EXPENSES $24,293,612

Year-over-Year Comparison

	2023	2022	Change
Revenue	$25,052,879	$1,951,408	+11.8%
Expenses	$24,293,612	$1,919,532	+11.7%
Net Income	$759,267	$31,876	+22.8%

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

135

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

$820,887

Total Directors

$48,292

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOEY JUSTICE	BOARD CHAIR	2.00	Officer Director	$6,009	$0	$6,009
ROBBIE BAGLEY	BOARD SECRETARY	2.00	Officer Director	$0	$0	$0
EDMOND JORDAN	BOARD TREASURER	2.00	Officer Director	$5,823	$0	$5,823
MARY OVERALL	BOARD OF DIRECTOR	2.00	Director	$0	$0	$0
STEPHAN PIERRE	BOARD OF DIRECTOR	2.00	Director	$8,029	$0	$8,029
LISA PERRY	BOARD OF DIRECTOR	2.00	Director	$634	$0	$634
SUE HUNT	BOARD OF DIRECTOR	2.00	Director	$4,100	$0	$4,100
KENITH WOODALL	BOARD OF DIRECTOR	2.00	Director	$5,893	$0	$5,893
PERRY ROBEY	BOARD OF DIRECTOR	2.00	Director	$3,888	$0	$3,888
LOUISE CROCHET	SUPERVISORY COMMITTEE CHAIR	2.00	Officer Director	$4,851	$0	$4,851
BOYD J COURVILLE	SUPERVISORY COMMITTEE	2.00	Director	$3,065	$0	$3,065
F SHERMAN DUPRE	SUPERVISORY COMMITTEE	2.00	Director	$6,000	$0	$6,000
RICHARD WILLIAMS	CEO	40.00	Officer	$389,374	$27,097	$416,471
WESTON MOREAU III	COO	40.00	Officer	$205,203	$23,013	$228,216
STEVE LATTUCA	CFO	40.00	Officer	$153,250	$6,267	$159,517
ALLISON ROGERS BROWN	CMO	40.00	Highest	$166,558	$28,945	$195,503
KARESA PIERRE	CAO	40.00	Highest	$158,833	$21,300	$180,133
KRUGERRAND HOLLINS	CTO	40.00	Highest	$165,270	$8,021	$173,291
DAVID BEAM	VP OF LENDING	40.00	Highest	$119,644	$26,655	$146,299
LADONNA EVANS-SUTTON	VP OF COMMERCIAL SERVICES	40.00	Highest	$116,679	$12,580	$129,259

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
2023	$25,052,879	$24,293,612	$386,709,201	$759,267

ESSENTIAL CREDIT UNION