Heritage U Leverage Lender
- Assets
- $6.6m
- Revenue
- $48.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Toppenish, WA
- Founding
- 05/2016
- Data as of
- 06/2021
- EIN
- 47-5284384
Organization Overview
Heritage U Leverage Lender is located in Toppenish, WA. The organization was established in 2016. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Heritage U Leverage Lender is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Heritage U Leverage Lender generated $48.0k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 71.8% each year .
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT AND BENEFIT, FINANCIALLY AND/OR OPERATIONALLY, HERITAGE UNIVERSITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PURPOSE OF THE ORGANIZATION IS TO SERVE AS A SUPPORTING ORGANIZATION FOR HERITAGE UNIVERSITY. THE ORGANIZATION IS PARTICIPATING IN A NEW MARKETS TAX CREDIT TRANSACTION BY PROVIDING A LEVERAGED LOAN TO AN INVESTMENT FUND ENTITY, WHICH WILL AGGREGATE OTHER FUNDS TO MAKE A "QUALIFIED EQUITY INVESTMENT" TO A "QUALIFIED COMMUNITY DEVELOPMENT ENTITY" (EACH AS DEFINED IN I.R.C. 45D). THE FUNDS WILL ULTIMATELY BE MADE TO AN AFFILIATED SUPPORTING ORGANIZATION OF HERITAGE TO FACILITATE HERITAGE'S CAMPUS EXPANSION PLAN, WHICH INCLUDES THE DEVELOPMENT OF BUILDINGS TO BE USED FOR CLASSROOMS, COMPUTER LABS, AN ART STUDIO, DINING FACILITIES, AND TO HOUSE INFORMATION TECHNOLOGY. ACCORDINGLY, THE ORGANIZATION PROVIDES SUPPORTING SERVICES TO HERITAGE IN FURTHERANCE OF ITS MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Sund President - Heritage University | OfficerTrustee | 1 | $0 |
David Wise VP Advancement, Heritage University | OfficerTrustee | 1 | $0 |
Taylor Hall VP Finance/cfo - Heritage University | Officer | 1 | $0 |
Jeff Phelps Controller/interim VP Of Finance | Officer | 1 | $0 |
Patrick Oshie 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 | $0 |
| Investment income | $47,997 |
| 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 | $47,997 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $68 |
| 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 | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $0 |
| Interest | $47,997 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $48,065 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,529 |
| Savings and temporary cash investments | $0 |
| 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 | $6,587,500 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,601,029 |
| Accounts payable and accrued expenses | $11,999 |
| 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 | $0 |
| Total liabilities | $11,999 |
| Net assets without donor restrictions | $6,589,030 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $6,601,029 |
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