WESTMARK CREDIT UNION (EIN 820218879) - 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

1954

Legal Domicile

Principal Officer

Mike Schenck

Phone

2085232722

Tax Period

2024-01-01 to 2024-12-31

WESTMARK CREDIT UNION, founded in 1954, is a mid-sized nonprofit in the Public & Societal Benefit sector that reported $89.9M in total revenue in fiscal year 2024. Revenue surged 26% from the prior year, signaling strong growth momentum. Expenses of $82.4M left a modest 8% surplus.

Mission

Provide traditional banking services to more than 76,000 members including consumer loans, real estate loans, commercial loans, checking, savings, deposit accounts and electronic banking services.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $78,343,056

Investment Income $6,606,812

Other Revenue $4,921,945

TOTAL REVENUE $89,871,813

Expense Breakdown

Grants Paid $0

Salaries & Benefits $22,920,389

Fundraising Expenses $0

Program Expenses $82,420,227

Other Expenses $16,212,794

TOTAL EXPENSES $82,420,225

Year-over-Year Comparison

	2024	2023	Change
Revenue	$89,871,813	$71,501,183	+0.3%
Expenses	$82,420,225	$67,586,359	+0.2%
Net Income	$7,451,588	$3,914,824	+0.9%

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

327

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

$1,798,315

Total Directors

Key Employees

$2,634,169

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Mike Schenck	Chief Executive Officer	40	Officer Key Emp Highest	$355,878	$0	$355,878
Polly Simpson	Chief Marketing Officer	40	Key Emp	$278,231	$0	$278,231
Davin Garlick	EVP/Chief Financial Officer	40	Officer Key Emp	$243,992	$0	$243,992
Jade Beckman	EVP/Chief Member Experience Officer	40	Officer Key Emp	$233,499	$0	$233,499
Tammy Ridgwell	EVP/Chief Administrative Officer	40	Officer Key Emp	$227,106	$0	$227,106
Jayme O'Rullian	VP of WIS Administration	40	Key Emp	$199,615	$0	$199,615
Don West	Chief Information Officer	40	Officer Key Emp	$198,183	$0	$198,183
John Beal	Sr. VP of Real Estate Administration	40	Key Emp	$197,045	$0	$197,045
Sara Plothow	CLXO-Consumer Lending	40	Officer Key Emp	$184,231	$0	$184,231
Trevor Hansen	CLXO-Commercial/Real Estate	40	Officer Key Emp	$181,688	$0	$181,688
Jonathan Galusha	Chief Branch Experience Officer	40	Officer Key Emp	$173,738	$0	$173,738
Colene Magera	Sr. VP of Branches - Eastern Region	40	Key Emp	$160,963	$0	$160,963
Mike Ehlers	Board Chairman	2	Director	$0	$0	$0
Nathan Stevens	Vice Chair	2	Director	$0	$0	$0
Rebecca Adams	Vice Chair	2	Director	$0	$0	$0
Steve Hammon	Secretary	2	Director	$0	$0	$0
Derik Nielsen	Treasurer	2	Director	$0	$0	$0
Will Jenson	Director	2	Director	$0	$0	$0
Mike Parker	Director	2	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	$89,871,813	$82,420,225	$1,436,932,098	$7,451,588
2023	$71,501,183	$67,586,359	$1,379,746,743	$3,914,824
2022	$56,814,454	$44,182,726	$1,345,014,810	$12,631,728
2021	$51,350,868	$36,176,129	$1,227,725,977	$15,174,739
2020	$46,192,978	$37,742,919	$1,018,954,833	$8,450,059
2019	$41,696,992	$35,471,614	$869,311,082	$6,225,378
2018	$35,804,999	$29,597,852	$811,852,132	$6,207,147

WESTMARK CREDIT UNION