Heartland Credit Union
- Assets
- $167.2m
- Revenue
- $7.3m
- Investments
- $5.0m
- Employees
- 43
- Location
- Inver Grove Heights, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0845601
Organization Overview
Heartland Credit Union is located in Inver Grove Heights, MN. The organization was established in 1944. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Heartland Credit Union employed 43 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Heartland Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Heartland Credit Union generated $7.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $5.0m during the year ending 12/2021. While expenses have increased by 2.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP OUR MEMBERS GET THE MOST FROM THEIR MONEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES APPROXIMATELY 20,774 DEPOSIT ACCOUNTS THAT ARE HELD BY APPROXIMATELY 11,172 MEMBERS. DIVIDENDS AND INTEREST ARE PAID ON THESE ACCOUNTS.
THE CU PROVIDES SAVINGS DEPOSIT SERVICES, ORIGINATES NEW LOANS AND SERVICES THE LOAN PORTFOLIO FOR MEMBERS.
THE CU PROVIDES ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA ONLINE BANKING, MOBILE BANKING, ATM NETWORKS, AND IN PERSON AT THE CREDIT UNION OFFICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathleen Harrington President | Officer | 45 | $222,780 |
Tim Hansen Executive Vice President/cfo | Officer | 45 | $155,954 |
Alyssa Karl Vice President - Marketing | Officer | 45 | $99,702 |
Amy Keller Vice President - Lending | Officer | 45 | $88,902 |
Nanci Lilja Board Secretary | OfficerTrustee | 1 | $0 |
Gene Traxler Board Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lamacchia Group Branch Planning/development | 12/30/21 | $164,864 |
Fiserv Core Data Processing | 12/30/21 | $328,808 |
Pscu Atm/debit/credit Card Processing | 12/30/21 | $447,600 |
Case Financial Credit Union Equip/maintenance | 12/30/21 | $164,461 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $6,516,309 |
| Investment income | $754,816 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,607 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,283,732 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $313,895 |
| Compensation of current officers, directors, key employees. | $639,884 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,334,149 |
| Pension plan accruals and contributions | $39,596 |
| Other employee benefits | $165,114 |
| Payroll taxes | $127,513 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,218 |
| Fees for services: Accounting | $31,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $286,550 |
| Advertising and promotion | $248,363 |
| Office expenses | $767,616 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $218,792 |
| Travel | $23,050 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $43 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $350,803 |
| Insurance | $0 |
| All other expenses | -$337,916 |
| Total functional expenses | $5,040,512 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,845,377 |
| Savings and temporary cash investments | $17,670,284 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $465,747 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $93,261,697 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $142,223 |
| Net Land, buildings, and equipment | $5,663,966 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,960,000 |
| Investments—program-related | $33,432,624 |
| Intangible assets | $0 |
| Other assets | $3,730,144 |
| Total assets | $167,172,062 |
| Accounts payable and accrued expenses | $1,122,678 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $151,380,947 |
| Total liabilities | $152,503,625 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $14,668,437 |
| Total liabilities and net assets/fund balances | $167,172,062 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |
Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |
Minnco Credit Union Cambridge, MN | $474,930,178 | $17,267,094 |
Co-Op Credit Union Of Montevideo Montevideo, MN | $328,823,847 | $13,808,277 |
Anoka Hennepin Credit Union Coon Rapids, MN | $278,464,977 | $10,634,973 |
Northwoods Credit Union Cloquet, MN | $158,800,321 | $10,013,963 |
Dakota West Credit Union Watford City, ND | $299,186,425 | $10,075,740 |
Financial One Credit Union Columbia Heights, MN | $196,661,798 | $11,270,296 |