Financial Horizons Credit Union
- Assets
- $282.5m
- Revenue
- $12.8m
- Investments
- $115.0m
- Employees
- 55
- Location
- Hawthorne, NV
- Founding
- 10/1980
- Data as of
- 12/2023
- EIN
- 88-0057898
Organization Overview
Financial Horizons Credit Union is located in Hawthorne, NV. The organization was established in 1980. 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 12/2023, Financial Horizons Credit Union employed 55 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Financial Horizons 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 12/2023, Financial Horizons Credit Union generated $12.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $9.5m during the year ending 12/2023. While expenses have increased by 6.8% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FINANCIAL COOPERATIVE PROVIDING FINANCIAL SERVICES (SOLUTIONS) TO THE MEMBER/OWNERS OF THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FINANCIAL SERVICES AND SOLUTIONS TO THE MEMBERS/OWNERS OF THE CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Scott Board Member | Trustee | 1 | $0 |
Doug Homestead Treasurer | OfficerTrustee | 2 | $0 |
Joan Sciarani-Blake Secretary | OfficerTrustee | 1 | $0 |
Randall Emm Chairman | OfficerTrustee | 4 | $0 |
Jeremy Williams Board Member | Trustee | 1 | $0 |
Thomas Erickson Vice Chairman | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Christopher Peterson It And Consulting Services | 12/30/23 | $185,029 |
Fiserv Provides Member Services | 12/30/23 | $1,600,242 |
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 | $9,069,770 |
| Investment income | $3,847,869 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$151,779 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,765,860 |
| 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. | $332,020 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,294,393 |
| Pension plan accruals and contributions | $88,629 |
| Other employee benefits | $386,652 |
| Payroll taxes | $212,208 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $63,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $249,842 |
| Fees for services: Other | $167,349 |
| Advertising and promotion | $0 |
| Office expenses | $614,790 |
| Information technology | $2,033,506 |
| Royalties | $0 |
| Occupancy | $388,540 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,943 |
| Interest | $1,561,550 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $9,510,765 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,640,214 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $137,468,615 |
| Loans from Officers, Directors, or Controlling Persons | $4,051,463 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,213,055 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $114,951,856 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,137,242 |
| Total assets | $282,462,445 |
| Accounts payable and accrued expenses | $1,254,686 |
| 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 | $264,000,753 |
| Total liabilities | $265,255,439 |
| 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 | $17,207,006 |
| Total liabilities and net assets/fund balances | $282,462,445 |