VERITY CREDIT UNION (EIN 910219005) - 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

1933

Legal Domicile

Principal Officer

BRAD TANBERG

Phone

8004444589

Tax Period

2023-01-01 to 2023-12-31

VERITY CREDIT UNION, founded in 1933, is a mid-sized nonprofit that reported $45.3M in total revenue in fiscal year 2023. Revenue grew 18% year-over-year, indicating healthy expansion.

Mission

A COOPERATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS 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 $0

Program Service Revenue $43,266,126

Investment Income $1,663,524

Other Revenue $374,968

TOTAL REVENUE $45,304,618

Expense Breakdown

Grants Paid $190,829

Salaries & Benefits $16,398,460

Fundraising Expenses $0

Other Expenses $28,429,565

TOTAL EXPENSES $45,018,854

Year-over-Year Comparison

	2023	2022	Change
Revenue	$45,304,618	$38,343,946	+0.2%
Expenses	$45,018,854	$30,623,047	+0.5%
Net Income	$285,764	$7,720,899	-1.0%

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

188

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

$972,454

Total Directors

Key Employees

$1,414,173

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WILL COLLINS	BOARD MEMBER	5.00	Officer Director	$0	$0	$0
MICHELLE PHAM	VICE CHAIRPERSON	5.00	Officer Director	$0	$0	$0
NICHOLAS ETSCHEID	BOARD SECRETARY	5.00	Officer Director	$0	$0	$0
VIKASH CHHAGAN	BOARD MEMBER	5.00	Director	$0	$0	$0
CHAD KLEMME	BOARD MEMBER	5.00	Director	$0	$0	$0
PELIN MUHARREMOGLU	BOARD MEMBER (THRU 12/23)	5.00	Director	$0	$0	$0
DARIUS CHEHRZAD	BOARD MEMBER	5.00	Director	$0	$0	$0
TOM HOLZ	BOARD MEMBER	5.00	Director	$0	$0	$0
ALEX JOHNSON	BOARD MEMBER	5.00	Director	$0	$0	$0
WELEY NGUYEN	BOARD MEMBER	5.00	Director	$0	$0	$0
NANCY WOODLAND	BOARD MEMBER	5.00	Director	$0	$0	$0
TONITA WEBB	PRESIDENT - CEO	40.00	Officer	$585,855	$29,793	$615,648
BRAD TANBERG	CHIEF FINANCIAL OFFICER	40.00	Officer	$330,565	$26,241	$356,806
TINA NARRON	CHIEF LENDING OFFICER	40.00	Key Emp	$249,419	$21,608	$271,027
JASON HIRL	CHIEF TECHNOLOGY OFFICER	40.00	Key Emp	$243,382	$21,403	$264,785
ANGELA LOWE	CHIEF HUMAN RESOURCE (THRU 1/23)	40.00	Key Emp	$161,826	$5,464	$167,290
JOSH SIDELL	CHIEF EXPERIENCE OFFICER	40.00	Key Emp	$213,073	$10,638	$223,711
ALMA GRANIC	CHIEF RISK OFFICER	40.00	Key Emp	$232,846	$23,631	$256,477
ZIQUORA BANKS	CHIEF IMPACT STRATEGY OFFICER	40.00	Key Emp	$213,072	$17,811	$230,883
JOHN BENNER	DIRECTOR OF SMALL BUSINESS	40.00	Highest	$187,000	$18,020	$205,020
KEN BUTLER	DIRECTOR OF INVESTMENT SERVICES	40.00	Highest	$232,076	$20,228	$252,304
GREG VERMILION	DIRECTOR OF IT	40.00	Highest	$175,302	$22,123	$197,425
PAUL MCJANNET	DIRECTOR OF E-COMMERCE	40.00	Highest	$158,252	$15,130	$173,382
JAVIER DAGUSTINI	CONTROLLER	40.00	Highest	$164,114	$19,507	$183,621

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	$45,304,618	$45,018,854	$840,507,603	$285,764
2023	$45,931,618	$45,645,854	$829,447,323	$285,764
2022	$38,343,946	$30,623,047	$865,179,017	$7,720,899
2021	$35,849,734	$28,147,812	$786,265,441	$7,701,922
2020	$32,916,475	$31,338,323	$692,415,165	$1,578,152
2019	$35,340,037	$31,432,617	$632,831,218	$3,907,420
2018	$30,676,718	$26,867,176	$586,322,977	$3,809,542

VERITY CREDIT UNION