Heartland Credit Union
- Assets
- $477.7m
- Revenue
- $30.6m
- Investments
- $18.2m
- Employees
- 158
- Location
- Hutchinson, KS
- Founding
- 09/1983
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Heartland Credit Union generated $30.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $20.1m during the year ending 12/2021. While expenses have increased by 6.7% 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 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 32,308 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2021, THERE WERE 26,312 LOANS OUTSTANDING TOTALING $400,179,946.
PAID DIVIDENDS ON DEPOSITS TOTALING $2,439,381 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Springer President/ceo | Officer | 50 | $344,225 |
Michael Lorimor Vp-Mortgage Lending | 50 | $215,146 | |
Joel Andrew CFO | Officer | 50 | $172,674 |
Michelle Waln Cco | Officer | 50 | $171,600 |
Zachary Clobes Cto | Officer | 50 | $168,674 |
Bambi Stewart Clo | Officer | 50 | $149,099 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alogent Software Provider | 12/30/21 | $182,105 |
Insight Direct Usa Inc Technology Hardware | 12/30/21 | $241,470 |
Alkami Technology Software Provider | 12/30/21 | $175,386 |
Jack Henry & Associates Core Provider | 12/30/21 | $637,878 |
Baker Bros Printing Printing, Mailing, Advertising | 12/30/21 | $149,107 |
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 | $16,053 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,053 |
| Total Program Service Revenue | $30,367,721 |
| Investment income | $200,228 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $47,367 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,631,369 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,100 |
| Grants and other assistance to domestic individuals. | $3,609 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,304,265 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,083,971 |
| Pension plan accruals and contributions | $357,920 |
| Other employee benefits | $726,175 |
| Payroll taxes | $567,616 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,234 |
| Fees for services: Accounting | $171,973 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $194,025 |
| Advertising and promotion | $699,544 |
| Office expenses | $2,289,761 |
| Information technology | $1,051,609 |
| Royalties | $0 |
| Occupancy | $665,514 |
| Travel | $27,510 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $130,183 |
| Interest | $252,751 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $803,727 |
| Insurance | $136,546 |
| All other expenses | $122,886 |
| Total functional expenses | $20,082,628 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,009,031 |
| Savings and temporary cash investments | $13,771,785 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,646,916 |
| Loans from Officers, Directors, or Controlling Persons | $12,998,502 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $397,372,181 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $747,635 |
| Net Land, buildings, and equipment | $12,159,914 |
| Investments—publicly traded securities | $6,659,640 |
| Investments—other securities | $18,220,063 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,138,065 |
| Total assets | $477,723,732 |
| Accounts payable and accrued expenses | $5,241,676 |
| 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 | $14,110,499 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $411,689,113 |
| Total liabilities | $431,041,288 |
| 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 | $46,682,444 |
| Total liabilities and net assets/fund balances | $477,723,732 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Heartland Credit Union has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Heartland Credit Union Charitable Foundation Inc St Louis, MO PURPOSE: COMMUNITY DEVELOPMENT GRANTCOMMUNITY DEVELOPMENT GRANT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Meritrust Credit Union Wichita, KS | $1,281,507,668 | $48,306,293 |
True Sky Credit Union Oklahoma City, OK | $831,301,668 | $47,281,663 |
Weokie Federal Credit Union Oklahoma City, OK | $1,024,486,254 | $42,986,888 |
Golden Plains Credit Union Garden City, KS | $831,027,454 | $40,747,458 |
Credit Union Of Denver Lakewood, CO | $1,142,313,148 | $39,919,680 |
Oklahomas Credit Union Oklahoma City, OK | $721,352,699 | $32,235,785 |
Azura Credit Union Topeka, KS | $682,703,343 | $33,958,013 |
Millennium Corporate Credit Union Wichita, KS | $1,676,715,852 | $44,466,623 |
Oklahoma Central Credit Union Tulsa, OK | $713,131,238 | $26,539,012 |
Liberty First Credit Union Lincoln, NE | $400,479,429 | $27,721,129 |
Heartland Credit Union Hutchinson, KS | $477,723,732 | $30,631,369 |
Sooper Credit Union Arvada, CO | $541,418,878 | $25,522,076 |