HARBORSTONE 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

1955

Legal Domicile

Principal Officer

GEOFF BULLOCK

Phone

2535898009

Tax Period

2024-01-01 to 2024-12-31

HARBORSTONE CREDIT UNION, founded in 1955, is a major nonprofit that reported $122.7M in total revenue in fiscal year 2024. Revenue surged 32% from the prior year, signaling strong growth momentum. Expenses of $111.9M left a modest 9% surplus.

Mission

THE CREDIT UNION IS A WORLD CLASS FINANCIAL INSTRITUTION THAT BUILDS TRUST AS IT ASSISTS MEMBERS IN ACHIEVING FINANCIAL WELL BEING THROUGH INNOVATIVE SOLUTIONS THAT FOSTER THRIVING COMMUNITIES AND ECONOMIC VITALITY.

Program Service Accomplishments

Program 1

PROVIDING CONSUMER AND MORTGAGE LOANS FOR 42,871 MEMBERS TOTALING $1,189,967,421.

Program 2

PROVIDING BUSINESS LOANS TO 502 MEMBERS TOTALING $358,714,995.

Program 3

MAINTAINING DEPOSITS ON 92,561 MEMBERS AND BUSINESS ACCOUNTS TOTALING $1,862,273,561.

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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 $99,006,521

Investment Income $23,182,311

Other Revenue $486,268

TOTAL REVENUE $122,675,100

Expense Breakdown

Grants Paid $550,725

Salaries & Benefits $34,373,283

Fundraising Expenses $0

Other Expenses $41,871,626

TOTAL EXPENSES $111,921,139

Year-over-Year Comparison

	2024	2023	Change
Revenue	$122,675,100	$93,110,698	+0.3%
Expenses	$111,921,139	$86,011,707	+0.3%
Net Income	$10,753,961	$7,098,991	+0.5%

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

374

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

$3,990,643

Total Directors

$256,152

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GEOFF BULLOCK	PRESIDENT & CEO	40.00	Officer	$1,083,677	$43,471	$1,127,148
STEVE CROSBY	SR VP COO (LEFT 07/2024)	40.00	Officer	$1,092,550	$34,036	$1,126,586
ROBERT LUETTJOHANN	SR VP CLO	40.00	Officer	$330,799	$54,513	$385,312
THERESA WALYOR	SR VP CIO	40.00	Officer	$305,867	$49,043	$354,910
MARK FAIRBANKS	SR VP CFO	40.00	Officer	$286,018	$55,941	$341,959
TIM HOEFEL	SR VP CRO	40.00	Officer	$291,180	$36,647	$327,827
SCOTT BECKWITH	VP BUSINESS BANKING	40.00	Highest	$202,879	$42,673	$245,552
CONNOR LEWIS	VP STRATEGIC INITIATIVES	40.00	Highest	$198,399	$36,857	$235,256
BONN VALERA	VP RETAIL	40.00	Highest	$169,468	$41,861	$211,329
HEATHER HEALEA	VP CONSUMER LENDING	40.00	Highest	$173,329	$31,847	$205,176
SCOTT HIGGINS	VP BUSINESS BANKING	40.00	Highest	$183,438	$20,957	$204,395
JIMESE HARKLEY	SVP CCEO	40.00	Officer	$136,681	$8,590	$145,271
DOLORES BROESKE	SVP CPO	40.00	Officer	$71,504	$192	$71,696
ANN ANDERSON	VICE CHAIR	2.00	Officer Director	$39,771	$716	$40,487
FRANKLIN DONAHOE	DIRECTOR	2.00	Director	$37,537	$676	$38,213
SHELLIE WILLIS	SECRETARY	2.00	Officer Director	$36,484	$657	$37,141
LINDA CRANE NELSEN	DIRECTOR	2.00	Director	$32,413	$583	$32,996
RICK STEVENS	CHAIR	2.00	Officer Director	$31,735	$571	$32,306
MICHAEL GEDEON	DIRECTOR	2.00	Director	$22,174	$399	$22,573
IVAN BARRON	DIRECTOR	2.00	Director	$19,301	$348	$19,649
JAMES BUCK	DIRECTOR	2.00	Director	$16,341	$294	$16,635
BONNIE KERN	DIRECTOR	2.00	Director	$15,866	$286	$16,152

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	$122,675,100	$111,921,139	$2,109,617,653	$10,753,961
2023	$93,110,698	$86,011,707	$1,907,287,967	$7,098,991
2022	$76,742,957	$62,794,019	$1,861,434,553	$13,948,938
2021	$74,633,531	$54,482,813	$1,876,992,646	$20,150,718
2020	$72,780,234	$60,405,530	$1,695,810,664	$12,374,704
2019	$70,863,648	$60,453,057	$1,532,553,283	$10,410,591
2018	$61,139,119	$49,891,337	$1,335,183,051	$11,247,782