HORIZONS NORTH 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

1960

Legal Domicile

Principal Officer

BRADLEY HARVEY

Phone

3034511146

Tax Period

2024-01-01 to 2024-12-31

HORIZONS NORTH CREDIT UNION, founded in 1960, is a community nonprofit that reported $6.8M in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $6.6M left a modest 3% surplus.

Mission

WE ARE DEDICATED TO SERVING THE MEMBERSHIP'S BEST INTERESTS, PROVIDING EXCEPTIONAL VALUE RELATIVE TO COST, AND EARNING TRUST AND CONFIDENCE BY OPERATING IN AN ETHICAL AND FINANCIALLY SOUND MANNER.

Program Service Accomplishments

Program 1

CONSUMER LENDING - ESTABLISHING/MAINTAINING THE CREDIT OF OUR MEMBERS AND PROVIDING A LOWER COST BORROWING ALTERNATIVE.DEPOSIT PRODUCTS - ASSISTING MEMBERS WITH THE MANAGEMENT OF THEIR DAY TO DAY AND LONG TERM FINANCIAL NEEDS.INVESTMENTS/FINANCIAL PLANNING - ASSISTING MEMBERS WITH SHORT AND LONG TERM OBJECTIVES.COMMUNITY INVOLVEMENT WITH MAIN SEG - ADAMS 12 FIVE STAR SCHOOLS - INVOLVEMENT IN MANY ADAMS 12 PROGRAMS INCLUDING MENTORING, JUNIOR ACHIEVEMENT, SPONSORSHIPS, SCHOLARSHIPS.

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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 $6,349,030

Investment Income $430,824

Other Revenue $4,082

TOTAL REVENUE $6,783,936

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,885,542

Fundraising Expenses $0

Other Expenses $4,682,748

TOTAL EXPENSES $6,568,290

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,783,936	$5,954,799	+0.1%
Expenses	$6,568,290	$5,768,853	+0.1%
Net Income	$215,646	$185,946	+0.2%

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

N/A

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

$547,585

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARILYN STANSBURY	DIRECTOR	2.00	Director	$0	$0	$0
ROBERT WEBBER	CHAIRMAN	4.00	Director	$0	$0	$0
DEBORAH CAPRA	VICECHAIR	2.00	Director	$0	$0	$0
PAT HAMILTON	TREASURER	2.00	Director	$0	$0	$0
MARK HINSON	SECRETARY	2.00	Director	$0	$0	$0
NANCY SNEATH	DIRECTOR	2.00	Director	$0	$0	$0
BRADLEY HARVEY	FORMER PRESIDENT/CEO	40.00	Officer	$76,933	$15,902	$92,835
BRIAN RESCH	PRESIDENT/CEO	40.00	Officer	$109,851	$11,653	$121,504
WILLIAM FOWLER	SVP - LENDING	40.00	Officer	$125,974	$33,742	$159,716
THOMAS FLINTROP	SVP/CFO	40.00	Officer	$139,475	$34,055	$173,530

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	$6,783,936	$6,568,290	$120,730,991	$215,646
2023	$5,954,799	$5,768,853	$117,181,333	$185,946
2022	$4,696,587	$4,486,716	$119,518,819	$209,871
2021	$4,393,496	$3,981,995	$114,102,194	$411,501
2020	$5,080,684	$4,561,606	$103,917,120	$519,078
2019	$4,565,192	$4,162,479	$89,484,630	$402,713
2018	$4,233,434	$3,711,517	$86,325,636	$521,917