CANVAS CREDIT UNION (EIN 846023137) - 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

1938

Legal Domicile

Principal Officer

DARRYL T MARKSBERRY

Phone

3036912345

Tax Period

2023-01-01 to 2023-12-31

CANVAS CREDIT UNION, founded in 1938, is a major nonprofit that reported $308.0M in total revenue in fiscal year 2023. Revenue surged 30% from the prior year, signaling strong growth momentum. Expenses of $276.5M left a modest 10% surplus.

Mission

CANVAS CREDIT UNION WILL STRIVE TO HELP INDIVIDUALS AND FAMILIES MAKE BETTER DECISIONS AND GROW STRONGER FINANCIALLY. WE WILL PROVIDE SIMPLE AND RELEVANT PRODUCTS AND SERVICES AT A CONSISTENTLY HONEST VALUE. WE WILL HELP MEMBERS AFFORD LIFE.

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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 $290,931,325

Investment Income $14,407,221

Other Revenue $2,655,701

TOTAL REVENUE $307,994,247

Expense Breakdown

Grants Paid $881,132

Salaries & Benefits $84,135,188

Fundraising Expenses $0

Program Expenses $276,485,261

Other Expenses $191,468,941

TOTAL EXPENSES $276,485,261

Year-over-Year Comparison

	2023	2022	Change
Revenue	$307,994,247	$237,343,960	+0.3%
Expenses	$276,485,261	$188,229,132	+0.5%
Net Income	$31,508,986	$49,114,828	-0.4%

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

970

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

$9,154,437

Total Directors

$315,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TIM FARRELL	DIRECTOR	3.00	Director	$35,000	$0	$35,000
TOM LASH	CHAIRMAN	5.00	Director	$60,000	$0	$60,000
SCOTT AARONSON	DIRECTOR	3.00	Director	$35,000	$0	$35,000
ROSALYNN FEAGINS	VICE CHAIR	3.00	Director	$45,000	$0	$45,000
TIM REED	DIRECTOR	3.00	Director	$35,000	$0	$35,000
JOSH BURCHFIELD	TREASURER	3.00	Director	$35,000	$0	$35,000
GARY JONES	DIRECTOR	3.00	Director	$35,000	$0	$35,000
JEROME DAVIS	SECRETARY	3.00	Director	$35,000	$0	$35,000
DAVID PIERCE	SVP/CIO	40.00	Officer	$570,301	$428,232	$998,533
STEPHEN FERRERO	CHIEF COMM ENG OFF	40.00	Officer	$544,376	$407,460	$951,836
COLLEEN KNOLL	CFO	40.00	Officer	$653,647	$481,435	$1,135,082
DARRYL MARKSBERRY	CEO	40.00	Officer	$1,706,181	$1,030,825	$2,737,006
CHAD SHANE	CHIEF LENDING OFF	40.00	Officer	$597,649	$451,444	$1,049,093
BENJAMIN GREIVING	GENERAL COUNSEL	40.00	Officer	$455,298	$364,339	$819,637
CHRIS MYKLEBUST	CHIEF TRANSFORMATION OFFIC	40.00	Officer	$447,685	$356,274	$803,959
SARA OTT	CHIEF RETAIL OFFICER	40.00	Officer	$460,406	$198,885	$659,291
CARLOS VAZQUEZ	SVP CISO	40.00	Highest	$364,595	$192,565	$557,160
RYAN KLASSEN	SVP CONSUMER LENDING	40.00	Highest	$353,936	$190,816	$544,752
ANDREW WATSON	SVP MORTGAGE LENDING	40.00	Highest	$1,116,253	$18,064	$1,134,317
SHELBY PARKHILL	MORTGAGE LOAN ORIG 1	40.00	Highest	$379,052	$21,782	$400,834
MARK MACNICHOLAS	VP - CONTROLLER	40.00	Highest	$345,402	$28,949	$374,351

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	$307,994,247	$276,485,261	$4,370,149,466	$31,508,986
2022	$237,343,960	$188,229,132	$4,272,444,159	$49,114,828
2021	$198,159,456	$143,000,710	$3,601,131,958	$55,158,746
2020	$188,336,288	$161,184,973	$3,275,493,531	$27,151,315
2019	$173,007,741	$144,297,300	$2,726,664,766	$28,710,441

CANVAS CREDIT UNION