FIRST SERVICE 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

1977

Legal Domicile

Principal Officer

DAVID BLEAZARD

Phone

7136768944

Tax Period

2023-01-01 to 2023-12-31

FIRST SERVICE CREDIT UNION, founded in 1977, is a mid-sized nonprofit that reported $85.5M in total revenue in fiscal year 2023. Revenue surged 20% from the prior year, signaling strong growth momentum. Expenses of $74.2M left a modest 13% surplus.

Mission

FIRST SERVICE CREDIT UNION IS A COOPERATIVE CREDIT UNION THAT PROVIDES FINANCIAL PRODUCTS AND SERVICES TO MEMBERS.

Program Service Accomplishments

Program 1

FIRST SERVICE CREDIT UNION OFFERS SAVINGS ACCOUNTS TO MEMBERS OF ALL AGES THAT PAY DIVIDENDS ON A MONTHLY BASIS. WE HAD 96,225 MEMBERS AS OF DECEMBER 31, 2023. MEMBERS CAN ACCESS THEIR SAVINGS...

FIRST SERVICE CREDIT UNION OFFERS SAVINGS ACCOUNTS TO MEMBERS OF ALL AGES THAT PAY DIVIDENDS ON A MONTHLY BASIS. WE HAD 96,225 MEMBERS AS OF DECEMBER 31, 2023. MEMBERS CAN ACCESS THEIR SAVINGS ACCOUNTS THROUGH OUR BRANCH NETWORK, INCLUDING OUR NATIONWIDE SHARED BRANCHING NETWORK. MEMBERS CAN ALSO ACCESS THEIR SAVINGS ACCOUNTS VIA HOME BANKING, TELEPHONE, MOBILE DEVICES AND ATMS. WE ALSO OFFER SPECIAL SAVINGS ACCOUNTS FOR CHILDREN AND TEENAGERS TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS.

Program 2

FIRST SERVICE CREDIT UNION OFFERS CHECKING ACCOUNTS FOR OUR MEMBERS. SOME OF OUR CHECKING ACCOUNTS PAY DIVIDENDS ON A MONTHLY BASIS. CHECKING ACCOUNTS CAN BE ACCESSED THROUGH OUR BRANCH NETWORK AND A NATIONWIDE SHARED BRANCHING NETWORK. MEMBERS CAN ALSO ACCESS THEIR CHECKING ACCOUNTS VIA HOME BANKING, TELEPHONE, MOBILE DEVICES AND ATMS. MEMBERS CAN ALSO PAY BILLS ONLINE USING OUR FREE BILL PAY SERVICE.

Program 3

FIRST SERVICE CREDIT UNION PROVIDES LOANS TO MEMBERS FOR A VARIETY OF LOAN TYPES SUCH AS NEW AND USED AUTOS, UNSECURED, BOAT, MOTORCYCLE, RECREATIONAL AND REAL ESTATE AT VERY COMPETITIVE RATES WITH...

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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 $80,905,576

Investment Income $5,008,507

Other Revenue $-463,147

TOTAL REVENUE $85,450,936

Expense Breakdown

Grants Paid $0

Salaries & Benefits $24,451,070

Fundraising Expenses $0

Other Expenses $38,592,757

TOTAL EXPENSES $74,201,530

Year-over-Year Comparison

	2023	2022	Change
Revenue	$85,450,936	$71,188,784	+0.2%
Expenses	$74,201,530	$61,019,978	+0.2%
Net Income	$11,249,406	$10,168,806	+0.1%

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

365

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

$1,889,467

Total Directors

Key Employees

$1,967,996

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS BULLARD	SECRETARY	1.00	Officer Director	$0	$0	$0
JANET HILL	DIRECTOR	1.00	Director	$0	$0	$0
KOURTNEY CALHOUN	CHAIR	1.00	Officer Director	$0	$0	$0
PAUL LOVE	VICE CHAIR	1.00	Officer Director	$0	$0	$0
DOUG ESMOND	TREASURER	1.00	Officer Director	$0	$0	$0
DAVID ITZ	DIRECTOR	1.00	Director	$0	$0	$0
WAYNE TAYLOR	DIRECTOR	1.00	Director	$0	$0	$0
DOMONIQUE VARNER	DIRECTOR	1.00	Director	$0	$0	$0
DAVID BLEAZARD	PRESIDENT/CEO	50.00	Officer	$1,486,892	$210,345	$1,697,237
SONYA HARRIS	CHIEF LENDING OFFICER	50.00	Officer	$168,948	$23,282	$192,230
DAVID DANG	CIO	50.00	Key Emp	$176,586	$79,125	$255,711
JANA HEATON	CFO	50.00	Key Emp	$417,381	$52,283	$469,664
JONATHAN SHURTZ	CHIEF ADMIN OFFICER AND IN	50.00	Key Emp	$192,023	$35,101	$227,124
NOLAN WALTMAN	CHIEF GROWTH OFFICER	50.00	Key Emp	$165,158	$31,829	$196,987
TY ROBBINS	CHIEF DATA OFFICER	50.00	Key Emp	$167,142	$17,118	$184,260
TERI EDGE	CHIEF OPERATING OFFICER	50.00	Key Emp	$188,183	$11,022	$199,205
MATTHEW DOWNING	PRESIDENT OF ECU TECHNOLOGY	50.00	Key Emp	$211,913	$27,035	$238,948
JASON SWATSENBARG	EVP/CFO	50.00	Key Emp	$172,262	$23,835	$196,097
FRANK HALSTEAD	CRO	50.00	Highest	$143,181	$83,983	$227,164
RAFAEL BALDERRABANO	CFS ADVISOR	50.00	Highest	$152,066	$13,629	$165,695
MICHAEL ALEXANDER	FINANCIAL ADVISOR	50.00	Highest	$162,043	$3,513	$165,556
SABY JOLIET	VP- ACCOUNTING	50.00	Highest	$139,186	$27,305	$166,491
WESLEY S GILMAN	DIRECTOR	30.00	Highest	$121,543	$13,699	$135,242
TAMARA WEBB	VICE PRESIDENT OF SALES	50.00	Highest	$193,038	$14,200	$207,238
ETHAN FERRELL	SENIOR VICE PRESIDENT	50.00	Highest	$142,586	$21,881	$164,467

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	$85,450,936	$74,201,530	$1,331,618,730	$11,249,406
2022	$71,188,784	$61,019,978	$1,392,074,135	$10,168,806
2021	$54,328,304	$42,930,533	$855,098,387	$11,397,771
2020	$50,262,895	$45,112,307	$788,164,452	$5,150,588
2019	$51,399,270	$48,951,438	$759,318,816	$2,447,832
2018	$48,771,790	$42,877,936	$746,344,958	$5,893,854