FRONTWAVE 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

1952

Legal Domicile

Principal Officer

DENNIS KINGERY

Phone

7606318767

Tax Period

2024-01-01 to 2024-12-31

FRONTWAVE CREDIT UNION, founded in 1952, is a mid-sized nonprofit that reported $93.3M in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $86.1M left a modest 8% surplus.

Mission

FRONTWAVE CREDIT UNION IS 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, FRONTWAVE 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

FRONTWAVE CREDIT UNION PROVIDES A WIDE RANGE OF MEMBER SERVICES INCLUDING EDUCATING MEMBERS ON AVAILABLE PRODUCTS AND SERVICES, FEES INVOLVED, AND OPENING AND SERVICING DEPOSIT AND LOAN PRODUCTS.

Program 2

FRONTWAVE CREDIT UNION USED CUTTING-EDGE TECHNOLOGY BY PROVIDING ITS MEMBERS WITH DIGITAL BANKING. THE MEMBERS CAN USE THE ONLINE AND MOBILE BANKING TOOLS TO MANAGE THEIR ACCOUNTS 24/7.

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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 $79,256,111

Investment Income $13,961,238

Other Revenue $126,223

TOTAL REVENUE $93,343,572

Expense Breakdown

Grants Paid $0

Salaries & Benefits $25,800,534

Fundraising Expenses $0

Other Expenses $60,285,989

TOTAL EXPENSES $86,086,523

Year-over-Year Comparison

	2024	2023	Change
Revenue	$93,343,572	$81,717,886	+0.1%
Expenses	$86,086,523	$77,477,619	+0.1%
Net Income	$7,257,049	$4,240,267	+0.7%

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

316

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

$2,301,544

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
AMANDA COOK	TREASURER	3.00	Officer Director	$0	$0	$0
BRIAN SUTTON	CHAIRMAN	3.00	Officer Director	$0	$0	$0
GARY GREVING	SECRETARY	3.00	Officer Director	$0	$0	$0
GERALD POLYASCKO	DIRECTOR	3.00	Director	$0	$0	$0
MICHAEL BRIGAGLIANO	VICE CHAIRMAN	3.00	Officer Director	$0	$0	$0
ANN REGAN	DIRECTOR	3.00	Director	$0	$0	$0
SALLY ARNETT	DIRECTOR	3.00	Director	$0	$0	$0
JOSEP MITILIERI	DIRECTOR	3.00	Director	$0	$0	$0
KELLEY MAYER	DIRECTOR	3.00	Director	$0	$0	$0
PAUL LEONHARDT	CHIEF LENDING OFFICER	40.00	Officer	$286,040	$45,464	$331,504
SARAI RODGERS	CHIEF HUMAN RESOURCES OFFI	40.00	Officer	$293,710	$46,952	$340,662
TODD KERN	CHIEF EXPERIENCE OFFICER	40.00	Officer	$313,269	$28,640	$341,909
WILLIAM BIRNIE	PRESIDENT/CEO	40.00	Officer	$374,329	$36,954	$411,283
WILLIAM WELLS	CHIEF INFORMATION OFFICER (UNTIL 1/12/24)	40.00	Officer	$68,963	$490	$69,453
DENNIS KINGERY	CHIEF FINANCIAL OFFICER	40.00	Officer	$273,167	$42,934	$316,101
KENDALL SCHORR	CHIEF RISK OFFICER	40.00	Officer	$257,393	$34,609	$292,002
RYAN HUFF	CHIEF INFORMATION OFFICER	40.00	Officer	$186,869	$11,761	$198,630
DANIEL KITCHEN	VP OF BUSINESS BANKING	40.00	Highest	$189,183	$39,302	$228,485
KIRSTEN HANSON	VP OF REAL ESTATE LENDING	40.00	Highest	$197,941	$22,858	$220,799
ROGELIO ESTRADA	VP OF PROCESS EXCELLENCE	40.00	Highest	$200,811	$39,800	$240,611
NATHAN FRICHTEL	VICE PRESIDENT, INFORMATION TECHNOLOGY	40.00	Highest	$186,064	$41,000	$227,064
RICHARD CADENA	VICE PRESIDENT OF MEMBER EXPERIENCE	40.00	Highest	$183,585	$31,512	$215,097

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	$93,343,572	$86,086,523	$1,408,445,733	$7,257,049
2023	$81,717,886	$77,477,619	$1,429,880,746	$4,240,267
2022	$64,162,592	$58,586,804	$1,358,956,009	$5,575,788
2021	$59,046,912	$50,684,629	$1,175,731,855	$8,362,283
2020	$55,457,162	$51,514,512	$1,079,448,307	$3,942,650
2019	$53,287,865	$55,659,320	$877,279,449	$-2,371,455