FORRIT CREDIT UNION (EIN 930256538) - 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

1936

Legal Domicile

Principal Officer

Wendy Russell

Phone

5032750300

Tax Period

2025-01-01 to 2025-12-31

FORRIT CREDIT UNION, founded in 1936, is a community nonprofit that reported $5.1M in total revenue in fiscal year 2025. Expenses of $7.0M exceeded revenue, resulting in a 36% operating deficit.

Mission

We provide solutions to improve each members financial life by providing savings, investments, and consumer loan products at favorable rates with minimal fees.

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $4,171,344

Investment Income $946,720

Other Revenue $0

TOTAL REVENUE $5,118,064

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,245,902

Fundraising Expenses $0

Program Expenses $0

Other Expenses $4,707,668

TOTAL EXPENSES $6,953,570

Year-over-Year Comparison

	2025	2024	Change
Revenue	$5,118,064	$5,226,564	0.0%
Expenses	$6,953,570	$5,533,549	+0.3%
Net Income	$-1,835,506	$-306,985	+5.0%

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

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

$325,542

Total Directors

Key Employees

$610,383

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Justin Olson	CEO/President	45	Officer Highest	$167,109	$0	$167,109
Wendy Russell	Interim CEO/Director of Finance	45	Officer Key Emp	$158,433	$0	$158,433
Andrew Ackman	Director of IT	45	Key Emp	$125,928	$0	$125,928
Cindy Packard	Director of Member Services	45	Key Emp	$123,005	$0	$123,005
Yuki Lam	Director of Marketing	45	Key Emp	$101,706	$0	$101,706
Sarah Buck	Director of Experience	45	Key Emp	$101,311	$0	$101,311

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
2025	$5,118,064	$6,953,570	$81,997,222	$-1,835,506
2024	No data	No data	No data	No data
2023	$4,552,072	$4,328,101	$98,950,614	$223,971
2022	$3,668,740	$3,773,118	$102,177,265	$-104,378
2021	$3,304,560	$3,106,641	$105,147,440	$197,919
2020	$3,459,575	$3,063,285	$95,505,501	$396,290
2019	$3,882,118	$3,292,950	$85,103,643	$589,168
2018	$3,613,816	$2,787,685	$88,297,148	$826,131

FORRIT CREDIT UNION