FIRST 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

1929

Legal Domicile

Principal Officer

JAY CURTIS

Phone

4807565500

Tax Period

2023-01-01 to 2023-12-31

FIRST CREDIT UNION, founded in 1929, is a mid-sized nonprofit that reported $39.3M in total revenue in fiscal year 2023. Revenue surged 28% from the prior year, signaling strong growth momentum. Expenses of $35.3M left a modest 10% surplus.

Mission

NON-PROFIT COOPERATIVE THAT PROVIDES BANKING AND OTHER FINANCIAL SERVICES TO ITS MEMBERS.

Program Service Accomplishments

Program 1

FIRST CREDIT UNION WORKED TO GIVE BACK TO THE COMMUNITIES IT SERVES THROUGH LOWER FEES, BETTER RATES, BY IMPROVING ITS TECHNOLOGY PLATFORMS, BY PROVIDING FINANCIAL EDUCATION TO STUDENTS IN LOCAL...

FIRST CREDIT UNION WORKED TO GIVE BACK TO THE COMMUNITIES IT SERVES THROUGH LOWER FEES, BETTER RATES, BY IMPROVING ITS TECHNOLOGY PLATFORMS, BY PROVIDING FINANCIAL EDUCATION TO STUDENTS IN LOCAL SCHOOLS, BY WORKING WITH OUR MEMBERS TO RAISE MONEY AND SUPPLIES TO CHARITABLE CAUSES, AND BY WORKING TO IMPROVE OUR FINANCIAL SERVICES OFFERINGS TO OUR MEMBERS.

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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 $971,886

Program Service Revenue $30,109,586

Investment Income $8,143,503

Other Revenue $57,089

TOTAL REVENUE $39,282,064

Expense Breakdown

Grants Paid $69,203

Salaries & Benefits $13,135,327

Fundraising Expenses $0

Other Expenses $18,837,532

TOTAL EXPENSES $35,297,564

Year-over-Year Comparison

	2023	2022	Change
Revenue	$39,282,064	$30,610,743	+0.3%
Expenses	$35,297,564	$25,835,411	+0.4%
Net Income	$3,984,500	$4,775,332	-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

183

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

$2,617,592

Total Directors

$1,053,369

Key Employees

$221,700

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAY CURTIS	PRESIDENT/CEO/BOARD MEMBER	40.00	Officer Director	$902,183	$141,173	$1,043,356
CARYN HORVITZ-STRAUSS	BOARD CHAIR	1.00	Officer Director	$5,577	$0	$5,577
RUSS PUCKETT	VICE CHAIR	1.00	Officer Director	$0	$0	$0
KENNETH MULLINS	SECRETARY	1.00	Officer Director	$0	$0	$0
BEN TAN	TREASURER	1.00	Officer Director	$4,436	$0	$4,436
WILLIAM JIMRO	DIRECTOR	1.00	Director	$0	$0	$0
BARRY SCHLEGEL	DIRECTOR	1.00	Director	$0	$0	$0
LORI GALLEGOS	EVP (THRU 3/31/2023)	40.00	Officer	$344,153	$60,063	$404,216
DOUGLAS ALLDREDGE	CFO	40.00	Officer	$318,748	$98,595	$417,343
THOMAS GESSEL	CNO	40.00	Officer	$314,866	$73,591	$388,457
HEIDI KIM	CXO	40.00	Officer	$277,370	$76,837	$354,207
BENJAMIN RICKS	VP/IT	40.00	Key Emp	$183,295	$38,405	$221,700
THOMAS WASSON	CLO (THRU 4/26/2023)	40.00	Highest	$105,735	$66,606	$172,341
SCOT GILBREATH	VP/RE LENDING	40.00	Highest	$177,689	$31,231	$208,920
CHANTEL CAMPBELL	VP/FINANCE	40.00	Highest	$139,407	$33,435	$172,842
KRISTIN PARKER	AVP/LENDING	40.00	Highest	$128,862	$15,909	$144,771
LISA PETERS	VP/COMPLIANCE & RISK	40.00	Highest	$155,229	$20,241	$175,470

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	$39,282,064	$35,297,564	$703,838,970	$3,984,500
2022	$30,610,743	$25,835,411	$711,017,037	$4,775,332
2021	$24,353,409	$20,366,012	$666,315,890	$3,987,397
2020	$24,321,171	$23,086,669	$590,539,749	$1,234,502
2019	$31,258,865	$22,821,515	$491,790,423	$8,437,350
2018	$25,712,379	$23,364,287	$460,320,720	$2,348,092