IQ 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

1940

Legal Domicile

Principal Officer

DAN MEDAK

Phone

3606953441

Tax Period

2024-01-01 to 2024-12-31

IQ CREDIT UNION, founded in 1940, is a major nonprofit that reported $128.7M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. The organization ran a surplus of $21.3M, a strong 17% operating margin.

Mission

TO PROVIDE A FULL COMPLEMENT OF QUALITY FINANCIAL SERVICES IN A CONVENIENT, EFFICIENT, FRIENDLY, SECURE AND PROFITABLE MANNER WHICH MEETS THE NEED OF THE MEMBERSHIP.

Program Service Accomplishments

Program 1

PROVIDE FINANCIAL SERVICES TO 103,840 MEMBERS. THESE SERVICES INCLUDE, BUT ARE NOT LIMITED TO, PROVIDING REAL ESTATE AND OTHER SECURED/ UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS, AND...

PROVIDE FINANCIAL SERVICES TO 103,840 MEMBERS. THESE SERVICES INCLUDE, BUT ARE NOT LIMITED TO, PROVIDING REAL ESTATE AND OTHER SECURED/ UNSECURED CONSUMER LOANS, CHECKING AND SAVINGS PROGRAMS, AND CREDIT CARD SERVICES.

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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 $3,683,950

Program Service Revenue $112,074,241

Investment Income $12,139,202

Other Revenue $796,805

TOTAL REVENUE $128,694,198

Expense Breakdown

Grants Paid $304,081

Salaries & Benefits $36,271,866

Fundraising Expenses $0

Other Expenses $70,862,059

TOTAL EXPENSES $107,438,006

Year-over-Year Comparison

	2024	2023	Change
Revenue	$128,694,198	$114,383,646	+0.1%
Expenses	$107,438,006	$108,295,755	0.0%
Net Income	$21,256,192	$6,087,891	+2.5%

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

439

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

$1,415,435

Total Directors

$239,152

Key Employees

$1,451,433

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ERIC PETRACCA	PRESIDENT/CEO	48.00	Officer	$891,086	$64,010	$955,096
DAN MEDAK	CFO	48.00	Officer	$341,354	$25,735	$367,089
KARI STANSBERRY	SVP CHIEF ADMIN. OFFICER	48.00	Key Emp	$327,528	$71,175	$398,703
JORDAN LEHRMAN	SVP CHIEF TECHNOLOGY OFFICER	48.00	Key Emp	$314,986	$50,016	$365,002
ALI MIGAKI	SVP CHIEF EXPERIENCE OFFICER	48.00	Key Emp	$295,116	$68,978	$364,094
GAYLE GUSTAFSON	SVP CHIEF LENDING OFFICER (THRU 4/24)	48.00	Key Emp	$281,383	$42,251	$323,634
RYAN GREENWOOD	INVESTMENT SERVICES FINANCIAL ADVISOR	48.00	Highest	$258,115	$43,564	$301,679
JON DAVIS	VP INVESTMENT SERVICES	45.00	Highest	$242,832	$40,340	$283,172
JEREMY WIERSMA	VP BUSINESS SERVICES	45.00	Highest	$222,534	$19,824	$242,358
DIANNE SMITH	VP MORTGAGE SERVICES	45.00	Highest	$219,721	$36,927	$256,648
RUSS BERNADO	SVP CHIEF LENDING & CREDIT OFFICER	45.00	Highest	$204,350	$18,142	$222,492
DOUGLAS E LEHRMAN	CHAIRMAN	5.00	Officer Director	$28,750	$0	$28,750
JOSEPH NUTTING	VICE CHAIRMAN	4.00	Officer Director	$21,500	$0	$21,500
SHARON EASTMAN	SECRETARY	4.00	Officer Director	$21,500	$0	$21,500
EVELYN D GRENDAHL	TREASURER	4.00	Officer Director	$21,500	$0	$21,500
BRIAN LOOS	BOARD MEMBER	2.50	Director	$17,500	$0	$17,500
DON KITTERMAN	BOARD MEMBER	2.50	Director	$17,500	$0	$17,500
JOAN DURGIN	BOARD MEMBER	2.50	Director	$17,500	$0	$17,500
STEVE PORTER	BOARD MEMBER	2.50	Director	$17,500	$0	$17,500
RONALD ALAN ODERMOTT	BOARD MEMBER	2.50	Director	$14,750	$0	$14,750
ARELENE HETT	BOARD MEMBER	2.50	Director	$12,250	$0	$12,250
KEVIN SHERRY	BOARD MEMBER	2.50	Director	$12,250	$0	$12,250
TROY GRAHAM	BOARD MEMBER	2.50	Director	$12,250	$0	$12,250
ALICIA MOORE	BOARD MEMBER	2.50	Director	$9,940	$0	$9,940
JIL CLICK	BOARD MEMBER	2.50	Director	$7,560	$0	$7,560
RYAN HOULE	BOARD MEMBER	2.50	Director	$6,902	$0	$6,902

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	$128,694,198	$107,438,006	$2,014,416,592	$21,256,192
2023	$114,383,646	$108,295,755	$2,064,834,274	$6,087,891
2022	$92,392,104	$68,013,244	$2,008,224,369	$24,378,860
2021	$77,633,682	$58,167,316	$1,792,465,816	$19,466,366
2020	$75,016,143	$59,297,085	$1,533,211,130	$15,719,058
2019	$68,078,628	$53,478,674	$1,218,686,586	$14,599,954
2018	$61,409,888	$44,684,893	$1,105,731,125	$16,724,995