Heritage Credit Union
- Assets
- $15.3m
- Revenue
- $544.9k
- Investments
- $7.9m
- Employees
- 7
- Location
- Lafayette, LA
- Founding
- Data as of
- 12/2016
- EIN
- 72-0381385
Organization Overview
Heritage Credit Union is located in Lafayette, LA. As of 12/2016, Heritage Credit Union employed 7 individuals. Heritage 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 12/2016, Heritage Credit Union generated $544.9k in total revenue. The organization has seen a slow decline revenue. Over the past 2 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $556.8k during the year ending 12/2016. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 2 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
MEMBER OWNED NOT FOR PROFIT FINANCIAL COOPERATIVE. CONTINUE TO PROVIDE MEMBERS WITH AFFORDABLE SOURCES OF SAVINGS AND CREDIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE MEMBERS WITH AFFORDABLE SOURCES OF CREDIT. 527 LOANS OUTSTANDING TO MEMBERS WITH A TOTAL $ AMOUNT OF $6,080,939.
PROVIDE MEMBERS WITH AFFORDABLE SOURCES OF SAVINGS AND FINANCIAL SERVICES. DEPOSIT ACCOUNTS HELD BY 1,753 MEMBERS WITH A TOTAL $ AMOUNT OF $13,237,910
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Kidder CEO And Treasurer | OfficerTrustee | 40 | $69,000 |
Henry E David Vice Chairman | OfficerTrustee | 1 | $0 |
Karl Comeaux Board Chairman | OfficerTrustee | 1 | $0 |
Jeffrey Dupuis Board Member | Trustee | 1 | $0 |
Robbie Lafleur Board Member | 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 | $430,210 |
| Investment income | $114,733 |
| 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 | $544,943 |
| 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. | $69,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $132,125 |
| Pension plan accruals and contributions | $6,053 |
| Other employee benefits | $22,669 |
| Payroll taxes | $15,793 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,454 |
| Office expenses | $56,559 |
| Information technology | $90,919 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,696 |
| Interest | $34,574 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $19,651 |
| All other expenses | $35,842 |
| Total functional expenses | $556,815 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $147,489 |
| Savings and temporary cash investments | $302,084 |
| 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 | $6,067,355 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,841 |
| Net Land, buildings, and equipment | $653,985 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,907,889 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $216,417 |
| Total assets | $15,308,060 |
| Accounts payable and accrued expenses | $28,944 |
| 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 | $13,237,910 |
| Total liabilities | $13,266,854 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $2,041,206 |
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