PROVIDENT 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

1950

Legal Domicile

Principal Officer

JAMES L ERNEST

Phone

6505080300

Tax Period

2023-01-01 to 2023-12-31

PROVIDENT CREDIT UNION, founded in 1950, is a major nonprofit that reported $145.1M in total revenue in fiscal year 2023. Revenue surged 29% from the prior year, signaling strong growth momentum. Expenses of $137.8M left a modest 5% surplus.

Mission

A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, PROVIDENT CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS.

Program Service Accomplishments

Program 1

PROVIDENT OFFERS A SUPER REWARDS CHECKING ACCOUNT WHICH PAYS MEMBERS HIGH RATES ON THEIR CHECKING ACCOUNTS IF THEY QUALIFY BY MAKING $400 IN PURCHASES USING THEIR DEBIT OR CREDIT CARD PER MONTH...

PROVIDENT OFFERS A SUPER REWARDS CHECKING ACCOUNT WHICH PAYS MEMBERS HIGH RATES ON THEIR CHECKING ACCOUNTS IF THEY QUALIFY BY MAKING $400 IN PURCHASES USING THEIR DEBIT OR CREDIT CARD PER MONTH, HAVING DIRECT DEPOSIT OR BILL PAY EACH MONTH, AND RECEIVING AN E-STATEMENT INSTEAD OF A PAPER ONE. THIS ACCOUNT ACCRUES FINANCIAL BENEFITS TO MEMBERS AND SUPPORTS ENVIRONMENTALLY FRIENDLY BEHAVIOR BY ENCOURAGING VIRTUAL TRANSACTIONS VERSUS PAPER CHECKS, ELIMINATING PAPER AND MAILING COSTS FOR STATEMENTS, AND INCREASING ACCOUNT SECURITY FOR MEMBERS BY ELIMINATING VULNERABILITY TO IDENTITY THEFT THROUGH STOLEN MAILED STATEMENTS.

Program 2

PROVIDENT'S MOVABLE MORTGAGE ALLOWS A MEMBER TO TRANSFER THE CURRENT RATE AND TERMS (BALANCE AT PAY-OFF, MARGIN, ETC.) OF THEIR EXISTING PCU HOME LOAN TO THEIR NEW HOME PURCHASE. IF BUYING UP AND THE MEMBER NEEDED MORE THAN THE EXISTING BALANCE TO COMPLETE THE PURCHASE, PROVIDENT WOULD BLEND THE TERMS OF THEIR EXISTING MORTGAGE WITH RATES AND TERMS CURRENTLY OFFERED ON OUR RATE SHEET FOR ANY SHORTAGE IN LOAN AMOUNT. TYPICALLY USED IN A RISING RATE ENVIRONMENT, THE NET EFFECT WOULD BE A LOWER RATE TO THE MEMBER.

Program 3

PROVIDENT HAS A PROGRAM TO MODIFY RATES ON CERTAIN PORTFOLIO MORTGAGE LOANS ALLOWING MEMBERS TO BENEFIT FROM RATE DROPS WITHOUT GOING THROUGH A COMPLETE REFINANCE PROCESS.

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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 $122,177,191

Investment Income $19,596,721

Other Revenue $3,375,243

TOTAL REVENUE $145,149,155

Expense Breakdown

Grants Paid $317,104

Salaries & Benefits $44,404,150

Fundraising Expenses $0

Other Expenses $93,097,618

TOTAL EXPENSES $137,818,872

Year-over-Year Comparison

	2023	2022	Change
Revenue	$145,149,155	$112,950,041	+0.3%
Expenses	$137,818,872	$107,810,551	+0.3%
Net Income	$7,330,283	$5,139,490	+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

421

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

$2,827,894

Total Directors

Key Employees

$3,250,029

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JUNE ROTHE	CHAIRMAN	2.00	Director	$0	$0	$0
SAMUEL JOHNSON JR	VICE CHAIRMAN	2.00	Director	$0	$0	$0
CHRISTINE BOLAND	SECRETARY	2.00	Director	$0	$0	$0
DAVID BUCKMASTER	TREASURER	2.00	Director	$0	$0	$0
DAVID PELZNER	BOARD MEMBER	2.00	Director	$0	$0	$0
SCOTT O'BRIEN	BOARD MEMBER	2.00	Director	$0	$0	$0
BOB LANZONE	BOARD MEMBER	2.00	Director	$0	$0	$0
GEORGE DESCALSO	BOARD MEMBER	2.00	Director	$0	$0	$0
ANDREA KENTER	BOARD MEMBER	2.00	Director	$0	$0	$0
SCOTT MCWHIRTER	SUPV CMTE CHAIR	2.00	Director	$0	$0	$0
ROSANNE FOUST	SUPV CMTE MEMBER	2.00	Director	$0	$0	$0
KENNETH RUBAY	SUPV CMTE MEMBER	2.00	Director	$0	$0	$0
GREGORY TESHARA	SUPV CMTE MEMBER	2.00	Director	$0	$0	$0
JAMES ERNEST	PRESIDENT/CEO	40.00	Officer	$1,091,519	$67,459	$1,158,978
JENNIFER LEE	SVP/CFAO	40.00	Officer	$507,184	$57,481	$564,665
HEIDI PARKS	SVP	40.00	Officer	$611,641	$37,045	$648,686
FRED GOMES	SVP	40.00	Officer	$386,877	$68,688	$455,565
CONNIE K FINCH	VP, SYSTEMS & TECH	40.00	Key Emp	$406,496	$34,167	$440,663
GREG KENT MCCURDY	VP, LENDING	40.00	Key Emp	$345,282	$51,070	$396,352
JOHN HAGGARTY	VP, MARKETING	40.00	Key Emp	$336,680	$80,217	$416,897
JOHN PAUL REILLY	VP, BS&O	40.00	Key Emp	$324,647	$70,870	$395,517
GANESH RAGHAVAN	VP,NETWORK INFRASTRUCTURE & SECURITY	40.00	Key Emp	$319,854	$46,698	$366,552
SHALINI SAHDEO NARAYAN	VP, SERVICE QUALITY	40.00	Key Emp	$316,510	$74,290	$390,800
PAUL SHEA	VP, HUMAN RESOURCES	40.00	Key Emp	$247,618	$65,954	$313,572
CHRISTINE M KEANE	VP, RISK MANAGEMENT	40.00	Key Emp	$230,405	$39,844	$270,249
JANELLE HUYNH	VP, FINANCE	40.00	Key Emp	$215,722	$43,705	$259,427
MOHAMAD A SANGABI	SR. MORTGAGE CONS.	40.00	Highest	$339,661	$43,710	$383,371
ROBERT BERNARD KETTMANN	MORTGAGE PRODUCTION SALES MANAGER	40.00	Highest	$268,537	$26,012	$294,549
LAN FIGUEROA	SR. MORTGAGE CONS.	40.00	Highest	$208,305	$33,386	$241,691
PHUONG PATRICIA JACOBS	MORTGAGE COUNSELOR I	40.00	Highest	$207,278	$13,411	$220,689
FATEMEH ASAD SANGABI	SR. MORTGAGE CONS.	40.00	Highest	$166,562	$44,385	$210,947

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	$145,149,155	$137,818,872	$3,497,380,170	$7,330,283
2022	$112,950,041	$107,810,551	$3,510,687,147	$5,139,490
2021	$114,626,988	$104,236,674	$3,536,838,918	$10,390,314
2020	$140,292,462	$121,217,100	$3,317,870,698	$19,075,362
2019	$118,064,717	$101,425,758	$2,795,784,013	$16,638,959
2018	$102,329,240	$86,222,533	$2,599,866,298	$16,106,707