Heritage Financial Credit Union
- Assets
- $623.3m
- Revenue
- $31.2m
- Investments
- $61.5m
- Employees
- 211
- Location
- Middletown, NY
- Founding
- Data as of
- 12/2022
- EIN
- 14-1348251
Organization Overview
Heritage Financial Credit Union is located in Middletown, NY. 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, Heritage Financial Credit Union employed 211 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Heritage Financial 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, Heritage Financial Credit Union generated $31.2m in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $26.2m during the year ending 12/2022. While expenses have increased by 5.5% per year over the past 2 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
HTTPSHERITAGEFCUCOMABOUTWHATMAKESUSDIFFERENT CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION. RETAIL LENDING IS LARGEST ACTIVITY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Ciriello Ceopresident | Officer | 40 | $554,038 |
Frederick Cornelius Evp | Officer | 40 | $284,708 |
Paul Priesel Cio | Officer | 40 | $227,111 |
Samantha Primo Mlo Ii | 40 | $163,189 | |
Jamie Carolan VP Of Finance | Officer | 40 | $162,567 |
Mario Guarneri VP Of Audit | Officer | 40 | $158,626 |
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 | $29,162,430 |
| Investment income | $1,395,766 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $102,236 |
| Net Gain/Loss on Asset Sales | $77,173 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,237,369 |
| 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. | $3,076,657 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,781,471 |
| Pension plan accruals and contributions | $320,657 |
| Other employee benefits | $848,067 |
| Payroll taxes | $818,469 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $241,245 |
| 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 | $553,352 |
| Office expenses | $2,471,616 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,275,571 |
| Travel | $52,666 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $147,203 |
| Interest | $1,093,425 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,498,728 |
| Insurance | $117,334 |
| All other expenses | $0 |
| Total functional expenses | $26,151,580 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,555,134 |
| Savings and temporary cash investments | $36,461,264 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $929,931 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $480,731,635 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,623,866 |
| Net Land, buildings, and equipment | $13,169,882 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $61,490,399 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $24,311,202 |
| Total assets | $623,273,313 |
| Accounts payable and accrued expenses | $2,600,858 |
| 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 | $573,497,570 |
| Total liabilities | $576,098,428 |
| 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 | $47,174,885 |
| Total liabilities and net assets/fund balances | $623,273,313 |