Iowa Heartland Credit Union
- Assets
- $27.9m
- Revenue
- $811.9k
- Investments
- $0.0
- Employees
- 9
- Location
- Mason City, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-6056983
Organization Overview
Iowa Heartland Credit Union is located in Mason City, IA. As of 12/2021, Iowa Heartland Credit Union employed 9 individuals. Iowa 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, Iowa Heartland Credit Union generated $811.9k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $787.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.5%) per year over the past 7 years. 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
THE ORGANIZATION PROVIDES LOANS AND SAVINGS AND CHECKING ACCOUNTS FOR THEIR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHEKCING/DEBIT CARD PROGRAMTHE ORGANIZATION SERVICES APPROXIMATELY 800 CHECKING ACCOUNTS. SERVICES INCLUDE: POSTING TRANSACTIONS TO REPSPECTIVE ACCOUNTS, REORDERING OF EXPIRING CARDS, PROCESSING CHECK ORDERS, THE ISSUANCE OF CREDIT BUREAU REPORTS AND THE OFFERING OF OVERDRAFT PROTECTION. TOTAL MEMBERS SERVED - 3,283
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cynthia Stephenson CEO | Officer | 42 | $69,572 |
Alex Crippen Chairperson | OfficerTrustee | 1 | $0 |
Jennifer Mobley Vice Chairperson | OfficerTrustee | 1 | $0 |
Justin Hoeft Treasurer | OfficerTrustee | 1 | $0 |
Brian Janssen Secretary | OfficerTrustee | 1 | $0 |
Samara Trenary Audit Chairperson | Trustee | 1 | $0 |
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 | $575,934 |
| Investment income | $135,395 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,195 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $811,907 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $85,449 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $191,492 |
| Pension plan accruals and contributions | $6,946 |
| Other employee benefits | $25,794 |
| Payroll taxes | $24,392 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,491 |
| Fees for services: Accounting | $22,928 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $24,591 |
| Office expenses | $90,376 |
| Information technology | $35,673 |
| Royalties | $0 |
| Occupancy | $56,842 |
| Travel | $2,051 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,063 |
| Interest | $23,477 |
| Payments to affiliates | $4,496 |
| Depreciation, depletion, and amortization | $41,998 |
| Insurance | $23,709 |
| All other expenses | $53,798 |
| Total functional expenses | $787,883 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $206,327 |
| Savings and temporary cash investments | $3,767,917 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,813,114 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $30,043 |
| Net Land, buildings, and equipment | $463,788 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,302,000 |
| Intangible assets | $0 |
| Other assets | $302,248 |
| Total assets | $27,885,437 |
| Accounts payable and accrued expenses | $96,156 |
| 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 | $23,158,434 |
| Total liabilities | $23,254,590 |
| 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 | $790,725 |
| Retained earnings, endowment, accumulated income, or other funds | $3,840,122 |
| Total liabilities and net assets/fund balances | $27,885,437 |
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