Heritage South Community Cu
- Assets
- $310.6m
- Revenue
- $17.6m
- Investments
- $0.0
- Employees
- 92
- Location
- Shelbyville, TN
- Founding
- 06/1952
- Data as of
- 12/2022
- EIN
- 62-6040478
Organization Overview
Heritage South Community Cu is located in Shelbyville, TN. The organization was established in 1952. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Heritage South Community Cu employed 92 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Heritage South Community Cu 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, Heritage South Community Cu generated $17.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $14.1m during the year ending 12/2022. While expenses have increased by 5.3% 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
PROVIDE SERVICE IN THE FORM OF LOANS, SHARES, DRAFTS, IRA AND VARIOUS OTHER SERVICES FOR APPROXIMATELY 32,062 MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES VARIOUS FINANCIAL SERVICES TO ITS APPROXIMATELY 32,062 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura Parham CEO | Officer | 45 | $329,832 |
David King SVP - Information Technology | Officer | 45 | $165,057 |
Jody Stovall CFO | Officer | 45 | $154,637 |
Beverly Saylor SVP - Compliance & Internal Auditor | Officer | 45 | $152,028 |
Betty Baker VP - Lending | Officer | 45 | $118,584 |
Tony Hicks Director Of Business Lending | Officer | 45 | $102,021 |
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 | $11,935,338 |
| Investment income | $775,574 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,446,530 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,607,679 |
| 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. | $1,022,159 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,019,921 |
| Pension plan accruals and contributions | $539,995 |
| Other employee benefits | $996,541 |
| Payroll taxes | $356,525 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,590 |
| Fees for services: Accounting | $197,568 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,022,440 |
| Advertising and promotion | $234,565 |
| Office expenses | $164,397 |
| Information technology | $313,826 |
| Royalties | $0 |
| Occupancy | $595,777 |
| Travel | $115,040 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,036 |
| Interest | $1,463,135 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $282,246 |
| Insurance | $88,040 |
| All other expenses | $0 |
| Total functional expenses | $14,056,011 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,620,279 |
| Savings and temporary cash investments | $21,228,361 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $975,324 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $209,680,076 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $448,102 |
| Net Land, buildings, and equipment | $8,953,504 |
| Investments—publicly traded securities | $48,753,338 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,975,293 |
| Total assets | $310,634,277 |
| Accounts payable and accrued expenses | $2,635,380 |
| 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 | $266,543,619 |
| Total liabilities | $269,178,999 |
| 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 | $10,855,120 |
| Retained earnings, endowment, accumulated income, or other funds | $30,600,158 |
| Total liabilities and net assets/fund balances | $310,634,277 |