Horizon Credit Union
- Assets
- $64.3m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 27
- Location
- Kingsport, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- EIN
- 58-1508166
Organization Overview
Horizon Credit Union is located in Kingsport, TN. The organization was established in 1952. 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, Horizon Credit Union employed 27 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Horizon 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, Horizon Credit Union generated $3.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $2.7m during the year ending 12/2021. While expenses have increased by 1.0% 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
STATE CHARTERED CREDIT UNION MUTUALLY OWNED BY OUR MEMBERS TO PROMOTE THRIFT, ISSUE SHARES THAT MAINTAIN ACCOUNTS, AND TO MAKE LOANS TO OUR MEMBERS. FUNDS NOT NEEDED CURRENTLY FOR LIQUIDITY OR FOR LOANS ARE TERMPORARILY INVESTED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HORIZON CREDIT UNION IS A STATE-CHARTER CREDIT UNION IN WHICH ITS MEMBERS CAN DEPOSIT AND BORROW MONEY. THE ORGANIZATION PROMOTES THRIFT, MAINTAINS ACCOUNTS, AND PROVIDES FUNDING FOR MEMBERS OF THE COMMUNITY. HORIZON CREDIT UNION SERVES TO SUPPORT INDIVIDUALS IN THEIR EFFORTS TO RAISE THEIR FAMILIES, BUY HOMES AND VEHICLES, BUILD RETIREMENT PLANS, AND ACHIEVE OTHER FINANCIAL GOALS.HORIZON CREDIT UNION IS THE PRODUCT OF MERGERS BETWEEN THREE LONG STANDING CREDIT UNIONS IN KINGSPORT, TENNESSEE. MUNICIPAL EMPLOYEES CREDIT UNION BEGAN IN 1932 AND MERGED WITH KINGSPORT POST AND FEDERAL CREDIT UNION IN APRIL OF 1999. A MERGER TOOK PLACE AGAIN IN NOVEMBER 2014 WITH AGC CREDIT UNION. THE NEW NAME CHANGE OF HORIZON CREDIT UNION BECAME EFFECTIVE APRIL 1, 2016 IN ORDER TO REFLECT THE ORGANIZATION'S INCREASED FIELD OF MEMBERSHIP AND DIRECTION OF THE CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beverly Boling Manager/ceo | Officer | 40 | $96,212 |
Mark Drinnon COO | Officer | 40 | $94,669 |
Diana Baker CFO | Officer | 40 | $75,923 |
Mark Snodgrass Vice Chairperson | OfficerTrustee | 1 | $0 |
Joseph Miller Secretary | OfficerTrustee | 1 | $0 |
Cynthia Humphrey Chairperson | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $675,000 |
| 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 | $675,000 |
| Total Program Service Revenue | $2,674,892 |
| Investment income | $77,677 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,441,491 |
| 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 | $290,640 |
| Compensation of current officers, directors, key employees. | $289,623 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $781,044 |
| Pension plan accruals and contributions | $853 |
| Other employee benefits | $178,255 |
| Payroll taxes | $81,012 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,365 |
| Fees for services: Accounting | $47,535 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $464,910 |
| Advertising and promotion | $95,508 |
| Office expenses | $137,842 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $78,514 |
| Travel | $2,301 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $69,201 |
| Insurance | $32,588 |
| All other expenses | $33,784 |
| Total functional expenses | $2,700,805 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $700,409 |
| Savings and temporary cash investments | $10,204,358 |
| 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 | $36,735,295 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $273,440 |
| Net Land, buildings, and equipment | $1,651,869 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $14,416,060 |
| Intangible assets | $151,915 |
| Other assets | $133,305 |
| Total assets | $64,266,651 |
| Accounts payable and accrued expenses | $1,381,647 |
| 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 | $58,015,152 |
| Total liabilities | $59,396,799 |
| 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 | $4,869,852 |
| Total liabilities and net assets/fund balances | $64,266,651 |
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