Gulf 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

1939

Legal Domicile

Phone

4099631191

Tax Period

2023-01-01 to 2023-12-31

Gulf Credit Union, founded in 1939, is a mid-sized nonprofit that reported $16.9M in total revenue in fiscal year 2023. Revenue surged 28% from the prior year, signaling strong growth momentum. Expenses of $14.6M left a modest 14% surplus.

Mission

Voluntary, cooperative, non-profit savings institution (credit union) incorporated under the provisions of the Texas Credit Union Act, for the purpose of encouraging thrift among our members, providing credit at a fair and reasonable rate of interest and providing an opportunity to improve our member's economic condition.

Program Service Accomplishments

Program 1

Gulf Credit Union offers share (savings) accounts with advantages to members of all ages. The credit union had 27,152 member-owned accounts as of December 31, 2023. Member savings accounts pay...

Gulf Credit Union offers share (savings) accounts with advantages to members of all ages. The credit union had 27,152 member-owned accounts as of December 31, 2023. Member savings accounts pay dividends quarterly and offer access via multiple avenues such as home banking, the Internet, and phone banking.

Program 2

Gulf Credit Union provides free share draft (checking) accounts to all members, business accounts, and limited free checks to senior citizens. The credit union had 15,543 share draft accounts as of December 31, 2023. Dividends are paid on these accounts monthly. Additionally, the credit union extends the reach of these accounts to all members with free debit and ATM cards, Internet account access, and the use of the automated phone teller.

Program 3

Gulf Credit Union provides vehicle and other consumer loans. The consumer loan product line includes efficient underwriting and flexible offerings for recreational vehicles, boats, and motorcycles...

Gulf Credit Union provides vehicle and other consumer loans. The consumer loan product line includes efficient underwriting and flexible offerings for recreational vehicles, boats, and motorcycles. Consumer credit life and disability insurance is available on any of these loan types. The credit union carried 8,011 consumer loans as of December 31, 2023.

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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 $13,800,996

Investment Income $1,495,854

Other Revenue $1,651,782

TOTAL REVENUE $16,948,632

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,678,593

Fundraising Expenses $0

Other Expenses $8,926,532

TOTAL EXPENSES $14,605,125

Year-over-Year Comparison

	2023	2022	Change
Revenue	$16,948,632	$13,218,033	+0.3%
Expenses	$14,605,125	$12,024,970	+0.2%
Net Income	$2,343,507	$1,193,063	+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

N/A

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

$658,914

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Todd Gaudin	CEO	40.00	Officer	$319,145	$12,621	$331,766
Stephine Adams	COO	40.00	Officer	$162,518	$12,288	$174,806
Linda Kiker Rials	CFO	40.00	Officer	$136,482	$15,860	$152,342
Bambi D McGinn	Chief Information Officer	40.00		$128,059	$6,985	$135,044
Barry Gorman	Vice Chairman	0.81	Officer Director	$0	$0	$0
Johnny Lewallen	Chairman	0.85	Officer Director	$0	$0	$0
Robert Lovelace	Director	0.85	Director	$0	$0	$0
Dustin Marsh	Director	0.77	Director	$0	$0	$0
Karen Brown	Director	0.81	Officer Director	$0	$0	$0
Logan Delcambre	Secretary/Treas	0.88	Director	$0	$0	$0
Joshua Lege	Director	0.88	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	$16,948,632	$14,605,125	$317,965,711	$2,343,507
2022	$13,218,033	$12,024,970	$325,190,904	$1,193,063
2021	$15,838,269	$9,775,315	$336,623,302	$6,062,954
2020	$14,154,134	$10,747,160	$315,708,714	$3,406,974
2019	$15,232,486	$11,254,657	$277,935,079	$3,977,829