PANHANDLE 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

1957

Legal Domicile

Principal Officer

JUSTIN HALL

Phone

8507693306

Tax Period

2023-01-01 to 2023-12-31

PANHANDLE CREDIT UNION, founded in 1957, is a mid-sized nonprofit that reported $17.1M in total revenue in fiscal year 2023. Revenue surged 38% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.5M, a strong 20% operating margin.

Mission

THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN THE GREATER BAY, CALHOUN, GULF, HOLMES, JACKSON, WALTON AND WASHINGTON COUNTIES IN FLORIDA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 15,600.

Program Service Accomplishments

Program 1

IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND...

Program 2

TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST.

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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 $9,942,009

Investment Income $3,045,083

Other Revenue $4,129,459

TOTAL REVENUE $17,116,551

Expense Breakdown

Grants Paid $16,799

Salaries & Benefits $5,302,936

Fundraising Expenses $0

Other Expenses $8,335,256

TOTAL EXPENSES $13,654,991

Year-over-Year Comparison

	2023	2022	Change
Revenue	$17,116,551	$12,428,355	+0.4%
Expenses	$13,654,991	$9,436,095	+0.4%
Net Income	$3,461,560	$2,992,260	+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

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

$974,634

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
HERMAN G DANIELS	CHAIRMAN	1.00	Officer Director	$0	$0	$0
WL ANDERSON	VICE CHAIRMAN	1.00	Officer Director	$0	$0	$0
SANDRA D DAVIS	SECRETARY	1.00	Officer Director	$0	$0	$0
JOHN D MERCER	TREASURER	1.00	Officer Director	$0	$0	$0
FRED W DENECKE	DIRECTOR	1.00	Director	$0	$0	$0
GROVER L HOLLAND	DIRECTOR	1.00	Director	$0	$0	$0
WILLIAM V HUSFELT	DIRECTOR	1.00	Director	$0	$0	$0
BILL KINSAUL	DIRECTOR	1.00	Director	$0	$0	$0
LEONARD JUSTIN HALL	PRESIDENT/CEO	40.00	Officer	$250,217	$23,095	$273,312
MAURA HOOD	VP OF RETAIL LENDING	40.00	Officer	$104,343	$17,000	$121,343
AMANDA PITTS	CHIEF OPERATIONS OFFICER	40.00	Officer	$125,731	$6,285	$132,016
SARAH ALLISON	CFO	40.00	Officer	$173,350	$16,141	$189,491
CYNTHIA REIMERS	DIRECTOR OF BUSINESS LENDING	40.00	Officer	$102,283	$16,781	$119,064
JOHN WHITLOCK	CLO	40.00	Officer	$136,923	$2,485	$139,408

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	$17,116,551	$13,654,991	$307,340,662	$3,461,560
2022	$12,428,355	$9,436,095	$298,300,656	$2,992,260
2021	$10,829,563	$8,458,084	$295,525,875	$2,371,479
2020	$1,750,718	$1,535,056	$263,722,313	$215,662