Heartland Credit Union
- Assets
- $598.3m
- Revenue
- $32.7m
- Investments
- $23.3m
- Employees
- 158
- Location
- Hutchinson, KS
- Founding
- 09/1983
- Data as of
- 12/2022
- EIN
- 48-0612011
Organization Overview
Heartland Credit Union is located in Hutchinson, KS. The organization was established in 1983. 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 12/2022, Heartland Credit Union employed 158 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 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 12/2022, Heartland Credit Union generated $32.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $27.1m during the year ending 12/2022. While expenses have increased by 9.8% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HIGH QUALITY FINANCIAL SERVICES TO OUR MEMBERS/OWNERS, ENHANCING THEIR FINANCIAL WELL-BEING WHILE MAINTAINING THE FINANCIAL STRENGTH OF THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 36,684 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2022, THERE WERE 29,887 LOANS OUTSTANDING TOTALING $519,139,340, INCLUDING PARTICIPATIONS.
PAID DIVIDENDS ON DEPOSITS TOTALING $2,940,817 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rex Christner Chairman | Trustee | 3 | $0 |
Caroline Phelps Vice Chairman | Trustee | 2 | $0 |
Sheila Meggers Secretary/treasurer | Trustee | 2 | $0 |
John Mccannon Board Member | Trustee | 2 | $0 |
Roy Broxteman Board Member | Trustee | 2 | $0 |
Libby Beck Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Core Provider | 12/30/22 | $514,886 |
Alkami Technology Software Provider | 12/30/22 | $364,553 |
Insight Direct Usa Inc Technology Hardware | 12/30/22 | $280,974 |
Nusource Financial Atm Provider | 12/30/22 | $207,038 |
Arca Cash Coin Machine Provider | 12/30/22 | $194,724 |
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 | $3,677 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,677 |
| Total Program Service Revenue | $32,295,302 |
| Investment income | $383,333 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $48,737 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,731,049 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,113 |
| Grants and other assistance to domestic individuals. | $4,130 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,555,880 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,325,779 |
| Pension plan accruals and contributions | $336,497 |
| Other employee benefits | $594,712 |
| Payroll taxes | $630,190 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,479 |
| Fees for services: Accounting | $177,396 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $312,302 |
| Advertising and promotion | $915,300 |
| Office expenses | $3,035,479 |
| Information technology | $1,549,747 |
| Royalties | $0 |
| Occupancy | $733,059 |
| Travel | $54,347 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $375,724 |
| Interest | $814,974 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $943,183 |
| Insurance | $155,710 |
| All other expenses | $439,448 |
| Total functional expenses | $27,066,002 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,603,284 |
| Savings and temporary cash investments | $10,557,817 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,055,882 |
| Loans from Officers, Directors, or Controlling Persons | $12,986,620 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $515,201,306 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $920,089 |
| Net Land, buildings, and equipment | $12,605,376 |
| Investments—publicly traded securities | $8,000,365 |
| Investments—other securities | $23,304,491 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,057,040 |
| Total assets | $598,292,270 |
| Accounts payable and accrued expenses | $4,784,486 |
| 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 | $56,091,157 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $483,943,303 |
| Total liabilities | $544,818,946 |
| 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 | $53,473,324 |
| Total liabilities and net assets/fund balances | $598,292,270 |