Southwest Heritage Credit Union
- Assets
- $215.2m
- Revenue
- $11.5m
- Investments
- $0.0
- Employees
- 85
- Location
- Odessa, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 75-0827380
Organization Overview
Southwest Heritage Credit Union is located in Odessa, TX. The organization was established in 1976. 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, Southwest Heritage Credit Union employed 85 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Southwest 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 12/2022, Southwest Heritage Credit Union generated $11.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $8.8m during the year ending 12/2022. While expenses have increased by 7.0% 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
COOPERATIVE PROVIDER OF CREDIT UNION SERVICES SUCH AS SAVINGS ACCOUNTS, CHECKING ACCOUNTS AND CONSUMER LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS MEMBER SHARE ACCOUNTS PAY DIVIDENDS QUARTERLY
CERTIFICATES OF DEPOSIT - INTEREST IS PAID ON THESE MONTHLY
CONSUMER LOANS - THE CREDIT UNION PROVIDES LOANS FOR AUTOS, MOTORCYCLES, SHARE SECURED AND UNSECURED LOANS.MORTGAGE AND BUSINESS LOANS ARE ALSO MADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronny Hayes C E O | 40 | $279,533 | |
Valerie Newsom Director | OfficerTrustee | 1 | $8,000 |
Edgar Baiza Jr Chairman | OfficerTrustee | 1 | $7,400 |
Cathy George Secretary | OfficerTrustee | 1 | $7,000 |
Neil Dobmeier Director | Trustee | 1 | $6,000 |
Chris Garrett Vice Chairman | Trustee | 1 | $5,800 |
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 | $9,727,804 |
| Investment income | $1,688,114 |
| 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 | $11,453,066 |
| 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. | $343,833 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,392,729 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $821,455 |
| Payroll taxes | $0 |
| Fees for services: Management | $22,374 |
| 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 | $191,793 |
| Advertising and promotion | $48,408 |
| Office expenses | $1,223,591 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $488,682 |
| Travel | $22,793 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $869,030 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $42,681 |
| Total functional expenses | $8,762,752 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,830,003 |
| Savings and temporary cash investments | $56,651,964 |
| 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 | $143,246,835 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $226,030 |
| Net Land, buildings, and equipment | $5,564,905 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,660,541 |
| Total assets | $215,180,278 |
| Accounts payable and accrued expenses | $1,473,284 |
| 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 | $188,731,106 |
| Total liabilities | $190,204,390 |
| 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 | $24,975,888 |
| Total liabilities and net assets/fund balances | $215,180,278 |