QUALSTAR 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

1997

Legal Domicile

Principal Officer

MICHAEL G ELFSTROM

Phone

8008480018

Tax Period

2023-01-01 to 2023-12-31

QUALSTAR CREDIT UNION, founded in 1997, is a mid-sized nonprofit that reported $52.5M in total revenue in fiscal year 2023. Revenue surged 46% from the prior year, signaling strong growth momentum. Expenses of $45.5M left a modest 13% surplus.

Mission

PROVIDE FINANCIAL PRODUCTS & SERVICES TO MEMBERS.

Program Service Accomplishments

Program 1

INTEREST EXPENSE IN THE AMOUNT OF $12,125,681 WAS PAID TO MEMBERS FOR MONEY ON DEPOSIT AT THE CREDIT UNION. DEPOSIT ACCOUNTS EARNING INTEREST INCLUDE CHECKING, SAVINGS, MONEY MARKET, IRA, AND...

INTEREST EXPENSE IN THE AMOUNT OF $12,125,681 WAS PAID TO MEMBERS FOR MONEY ON DEPOSIT AT THE CREDIT UNION. DEPOSIT ACCOUNTS EARNING INTEREST INCLUDE CHECKING, SAVINGS, MONEY MARKET, IRA, AND CERTIFICATE OF DEPOSIT ACCOUNTS. THE CREDIT UNION HAS ABOUT 69,000 DEPOSIT ACCOUNTS THAT CAN EARN INTEREST.

Program 2

THE CREDIT UNION EXPENSED $5,243,196 IN PROVISION FOR LOAN LOSS COSTS FOR THE YEAR. THE EXPENSE WAS TO FUND THE ACCRUAL FOR DOUBTFUL LOANS ON THE BALANCE SHEET. THE CREDIT UNION HAS ABOUT 36,000 OPEN...

Program 3

THE CREDIT UNION EXPENSED $1,276,994 DURING THE YEAR FOR LOAN SERVICING COSTS. THESE COSTS WERE PAID TO ORIGINATE AND SERVICE LOANS TO MEMBERS. THE CREDIT UNION HAS ABOUT 36,000 OPEN LOAN ACCOUNTS.

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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 $44,049,917

Investment Income $8,298,199

Other Revenue $106,992

TOTAL REVENUE $52,455,108

Expense Breakdown

Grants Paid $25,913

Salaries & Benefits $11,762,247

Fundraising Expenses $0

Other Expenses $33,692,070

TOTAL EXPENSES $45,480,230

Year-over-Year Comparison

	2023	2022	Change
Revenue	$52,455,108	$35,866,616	+0.5%
Expenses	$45,480,230	$25,023,764	+0.8%
Net Income	$6,974,878	$10,842,852	-0.4%

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

165

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

$542,559

Total Directors

$2,793

Key Employees

$217,357

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL G ELFSTROM	PRESIDENT	40.00	Officer	$412,228	$34,132	$446,360
ROSHALLE DEARMENT	SVP OF LENDING	40.00	Key Emp	$194,797	$22,560	$217,357
PATIENCE TENNIS	VP OF HR	40.00	Highest	$172,277	$14,882	$187,159
LACINDA BLANCHETTE	VP OF MEMBER ENGAGEMENT	40.00	Highest	$166,166	$14,630	$180,796
BRETT TREAT	DIRECTOR OF IT	40.00	Highest	$155,609	$13,083	$168,692
WILLIAM HANAFORD	INVESTMENT ADVISOR	40.00	Highest	$132,495	$12,221	$144,716
CARLA PIZARRO	DIR. BUSINESS SOLUTIONS/AUDIT	40.00	Highest	$130,517	$12,113	$142,630
MARK PETERSEN	CFO (THRU 3/23)	40.00	Officer	$85,533	$9,320	$94,853
KIM BROWN	BOARD MEMBER	3.00	Director	$1,447	$0	$1,447
LEANNE CALIFANO	BOARD VICE CHAIR	3.00	Officer Director	$1,346	$0	$1,346
MITCHELL JOHNSON	BOARD CHAIRMAN	4.00	Officer Director	$0	$0	$0
DOUG SCOTT	BOARD SECRETARY/TREASURER	3.00	Officer Director	$0	$0	$0
ADE' ARIWOOLA	BOARD MEMBER	3.00	Director	$0	$0	$0
KIM ZIER	BOARD MEMBER	3.00	Director	$0	$0	$0
NOEL MCMURTRAY	BOARD MEMBER	3.00	Director	$0	$0	$0
RUSS DE WOLFE	BOARD MEMBER	3.00	Director	$0	$0	$0
TRACY OSTER	BOARD MEMBER	3.00	Director	$0	$0	$0

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	$52,455,108	$45,480,230	$983,585,639	$6,974,878
2022	$35,866,616	$25,023,764	$772,976,496	$10,842,852
2021	$39,989,518	$25,471,364	$811,506,750	$14,518,154
2020	$38,241,768	$30,025,249	$733,482,561	$8,216,519
2019	$38,501,994	$28,865,374	$630,180,342	$9,636,620
2018	$32,561,678	$25,719,992	$589,208,613	$6,841,686