Members Heritage Credit Union Inc
- Assets
- $509.0m
- Revenue
- $20.3m
- Investments
- $75.3m
- Employees
- 109
- Location
- Lexington, KY
- Founding
- Data as of
- 12/2022
- EIN
- 61-0575996
Organization Overview
Members Heritage Credit Union Inc is located in Lexington, KY. As of 12/2022, Members Heritage Credit Union Inc employed 109 individuals. Members Heritage Credit Union Inc 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, Members Heritage Credit Union Inc generated $20.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $16.8m during the year ending 12/2022. While expenses have increased by 2.4% 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
THE PURPOSE OF THIS CREDIT UNION SHALL BE TO PROMOTE THRIFT AND TO PROVIDE CREDIT TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bobby A Flynn Chairman | OfficerTrustee | 2 | $0 |
Manlus Burton Treasurer | OfficerTrustee | 2 | $0 |
Mike Proctor Vice Chairman | OfficerTrustee | 2 | $0 |
Mike Harding Secretary | Trustee | 2 | $0 |
Dennis Weiskircher Is Manager | Trustee | 40 | $120,600 |
Janice Phillips VP Of Lending | Trustee | 40 | $120,742 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Allied Solutions Llc Loan Insurances | 12/30/22 | $799,267 |
Stoll Keenon & Ogden Legal Expenses | 12/30/22 | $199,058 |
Cdw Llc Software And Tech Services | 12/30/22 | $189,563 |
Unified Technologies Llc Software And Tech Services | 12/30/22 | $162,091 |
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 | $17,163,615 |
| Investment income | $3,106,575 |
| 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 | $20,270,190 |
| 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. | $1,095,419 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,962,856 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,996,471 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| 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 | $3,708,870 |
| Advertising and promotion | $285,953 |
| Office expenses | $1,736,760 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $575,023 |
| Travel | $108,253 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $5,921 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,220,427 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $16,791,687 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $91,061,918 |
| 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 | $327,362,426 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,794,642 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $75,263,346 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,527,150 |
| Total assets | $509,009,482 |
| Accounts payable and accrued expenses | $2,235,001 |
| 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 | $452,101,859 |
| Total liabilities | $454,336,860 |
| 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 | $54,672,622 |
| Total liabilities and net assets/fund balances | $509,009,482 |