SOLARITY 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

1951

Legal Domicile

Principal Officer

MINA WORTHINGTON

Phone

5092481720

Tax Period

2024-01-01 to 2024-12-31

SOLARITY CREDIT UNION, founded in 1951, is a mid-sized nonprofit that reported $45.9M in total revenue in fiscal year 2024. Expenses of $42.1M left a modest 8% surplus.

Mission

A RELATIONSHIP WITH SOLARITY PROVIDES THE BEST POSSIBLE VALUE FOR ENGAGED MEMBERS.

Program Service Accomplishments

Program 1

WE PROVIDE FINANCIAL SERVICES TO OVER 55,000 CONSUMER AND BUSINESS MEMBERS. OUR OFFERINGS ENCOMPASS REAL ESTATE LOANS, BOTH SECURED AND UNSECURED CONSUMER LAONS, CHECKING AND SAVINGS ACCOUNTS, AND...

WE PROVIDE FINANCIAL SERVICES TO OVER 55,000 CONSUMER AND BUSINESS MEMBERS. OUR OFFERINGS ENCOMPASS REAL ESTATE LOANS, BOTH SECURED AND UNSECURED CONSUMER LAONS, CHECKING AND SAVINGS ACCOUNTS, AND CREDIT CARD SERVICES. ADDITIONALLY, THROUGH COMMUNITY BUSINESS BANKING, WE OFFER SECURED AND UNSECURED BUSINESS LOANS, AS WELL AS CHECKING, SAVINGS, AND MERCHANT SERVICES DESIGNED TO HELP BUSINESSES THRIVE.

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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 $40,939,094

Investment Income $4,935,887

Other Revenue $22,358

TOTAL REVENUE $45,897,339

Expense Breakdown

Grants Paid $289,152

Salaries & Benefits $15,591,893

Fundraising Expenses $0

Other Expenses $16,959,928

TOTAL EXPENSES $42,140,734

Year-over-Year Comparison

	2024	2023	Change
Revenue	$45,897,339	$42,914,902	+0.1%
Expenses	$42,140,734	$37,764,818	+0.1%
Net Income	$3,756,605	$5,150,084	-0.3%

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

208

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

$2,884,039

Total Directors

$168,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TERRY MORGAN	CHAIRMAN	1.00	Officer Director	$18,500	$0	$18,500
MERRILOU HARRISON	VICE CHAIR	1.00	Officer Director	$19,500	$0	$19,500
REGAN MYERS	SECRETARY	1.00	Officer Director	$16,000	$0	$16,000
JAMES HURLEY	DIRECTOR	1.00	Director	$16,500	$0	$16,500
MICHAEL MEYER	DIRECTOR	1.00	Director	$16,000	$0	$16,000
DOUG NICHOLSON	DIRECTOR	1.00	Director	$16,000	$0	$16,000
VICKI LARIOS	DIRECTOR	1.00	Director	$16,000	$0	$16,000
ANGIE VON ESSEN	DIRECTOR	1.00	Director	$16,000	$0	$16,000
ANGELA GONZALEZ	DIRECTOR	1.00	Director	$16,000	$0	$16,000
RYAN SMITH	DIRECTOR	1.00	Director	$17,500	$0	$17,500
MINA WORTHINGTON	CHIEF EXECUTIVE OFFICER	40.00	Officer	$768,049	$55,095	$823,144
RALPH CUMBEE	CHIEF COMMUNICATIONS OFFIC	40.00	Officer	$295,532	$41,588	$337,120
CARRIE MOORE	CHIEF OPERATING OFFICER	40.00	Officer	$328,918	$52,811	$381,729
LISA ADAMIAK	CHIEF FINANCIAL OFFICER	40.00	Officer	$269,715	$36,280	$305,995
DAVID ELDRED	CHIEF EXPERIENCE OFFICER	40.00	Officer	$312,618	$39,160	$351,778
STEVEN BROWN	CHIEF LENDING OFFICER	40.00	Officer	$323,603	$42,496	$366,099
STEVE SHEAD	CHIEF INFORMATION OFFICER (RESIGNED 06/27/24)	40.00	Officer	$243,194	$20,980	$264,174
SARA WALLBAUM	VP MEMBER SERVICES	40.00	Highest	$204,462	$14,794	$219,256
MANDY OLSON	VP CUSTOMER EXPERIENCE	40.00	Highest	$142,516	$12,782	$155,298
MICHELLE HATTON	VP BUSINESS SOLUTIONS	40.00	Highest	$207,711	$25,720	$233,431
TINA TORRES	VP RISK MANAGEMENT	40.00	Highest	$186,057	$14,814	$200,871
JAMES WISE	BUSINESS SOLUTIONS MANAGER	40.00	Highest	$145,584	$9,497	$155,081

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	$45,897,339	$42,140,734	$813,766,927	$3,756,605
2023	$42,914,902	$37,764,818	$866,571,663	$5,150,084
2022	$37,492,619	$31,117,103	$821,287,129	$6,375,516
2021	$38,686,646	$30,919,332	$813,771,159	$7,767,314
2020	$31,056,139	$32,067,321	$796,402,967	$-1,011,182
2019	$42,045,420	$33,888,044	$719,176,642	$8,157,376
2018	$37,504,015	$30,876,482	$746,567,785	$6,627,533