Utah Heritage Credit Union
- Assets
- $119.2m
- Revenue
- $5.5m
- Investments
- $28.1m
- Employees
- 25
- Location
- Moroni, UT
- Founding
- 07/1956
- Data as of
- 12/2022
- EIN
- 86-0229299
Organization Overview
Utah Heritage Credit Union is located in Moroni, UT. The organization was established in 1956. 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, Utah Heritage Credit Union employed 25 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Utah 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, Utah Heritage Credit Union generated $5.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $4.0m during the year ending 12/2022. While expenses have increased by 6.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST MEMBER'S FINANCIAL GROWTH AND STABILITY BY BUILDING STRONG RELATIONSHIPS ONE MEMBER AT A TIME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DONATIONS TO CITY/COUNTY PAGEANTS AND CELEBRATIONS, PARADES AND SUMMER ACTIVITIES
HUMANITARIAN DONATIONS IN THE AREA INCLUDING HOSPITALS & PATIENTS/HUMANITARIAN CENTER/JUSTICE CENTER/FOOD PANTRY
FUNDS FOR LOCAL GRADE AND SECONDARY SCHOOLS ALONG WITH LOCAL COLLEGE. SCHOLARSHIPS. DONATED FUNDS TO CIVIC ACTIVITIES INCLUDING VETERAN MEMORIAL/SEARCH AND RESCUE/ADULT SERVICES IN COUNTY/LOCAL YOUTH ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Emily Faux COO | Officer | 40 | $156,631 |
Tami Olsen CFO | Officer | 40 | $151,218 |
Donald Watson CEO | Officer | 40 | $146,768 |
Greg Sterner Clo | Officer | 40 | $139,811 |
Susan Larsen Board Member | Trustee | 0 | $0 |
Jeff Anderson Board Member | Trustee | 0 | $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 | $0 |
| Investment income | $500,699 |
| 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 | $5,511,472 |
| 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. | $594,428 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $691,220 |
| Pension plan accruals and contributions | $48,135 |
| Other employee benefits | $559,234 |
| Payroll taxes | $112,233 |
| Fees for services: Management | $0 |
| Fees for services: Legal | -$1,170 |
| Fees for services: Accounting | $46,839 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $232,359 |
| Advertising and promotion | $58,963 |
| Office expenses | $184,721 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $170,414 |
| Travel | $3,561 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $30 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $153,679 |
| Insurance | $45,508 |
| All other expenses | $0 |
| Total functional expenses | $4,033,210 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,531,679 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $85,372,668 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $237,718 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,273,978 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $28,110,339 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,673,438 |
| Total assets | $119,199,820 |
| Accounts payable and accrued expenses | $548,140 |
| 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 | $106,619,642 |
| Total liabilities | $107,167,782 |
| 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 | $12,032,038 |
| Total liabilities and net assets/fund balances | $119,199,820 |