Heritage South Community Cu
- Assets
- $308.8m
- Revenue
- $17.7m
- Investments
- $0.0
- Employees
- 105
- Location
- Shelbyville, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- EIN
- 62-6040478
Organization Overview
Heritage South Community Cu is located in Shelbyville, TN. The organization was established in 1952. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Heritage South Community Cu employed 105 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Heritage South Community Cu 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 12/2021, Heritage South Community Cu generated $17.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $13.9m during the year ending 12/2021. While expenses have increased by 5.9% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SERVICE IN THE FORM OF LOANS, SHARES, DRAFTS, IRA AND VARIOUS OTHER SERVICES FOR APPROXIMATELY 30,286 MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES VARIOUS FINANCIAL SERVICES TO ITS APPROXIMATELY 30,286 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura Parham CEO | Officer | 45 | $310,355 |
David King SVP - Information Technology | Officer | 45 | $148,862 |
Beverly Saylor SVP - Compliance & Internal Auditor | Officer | 45 | $146,534 |
Jody Stovall CFO | Officer | 45 | $143,140 |
Betty Baker VP - Lending | Officer | 45 | $107,335 |
Darlene Robinson VP - Rutherford Area | Officer | 45 | $100,303 |
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 | $11,453,205 |
| Investment income | $404,931 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$8,743 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,719,881 |
| 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. | $977,691 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,560,554 |
| Pension plan accruals and contributions | $507,343 |
| Other employee benefits | $967,969 |
| Payroll taxes | $327,500 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,050 |
| Fees for services: Accounting | $159,320 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,262,438 |
| Advertising and promotion | $200,420 |
| Office expenses | $156,743 |
| Information technology | $306,700 |
| Royalties | $0 |
| Occupancy | $549,195 |
| Travel | $35,739 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,232 |
| Interest | $1,720,967 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $346,459 |
| Insurance | $90,368 |
| All other expenses | $0 |
| Total functional expenses | $13,889,101 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,418,483 |
| Savings and temporary cash investments | $33,364,864 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $1,543,030 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $187,342,588 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $329,810 |
| Net Land, buildings, and equipment | $9,334,928 |
| Investments—publicly traded securities | $57,116,022 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,330,359 |
| Total assets | $308,780,084 |
| Accounts payable and accrued expenses | $1,478,510 |
| 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 | $266,023,740 |
| Total liabilities | $267,502,250 |
| 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 | $9,725,440 |
| Retained earnings, endowment, accumulated income, or other funds | $31,552,394 |
| Total liabilities and net assets/fund balances | $308,780,084 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mount Vernon Ladies Association Of The Union Mount Vernon, VA | $342,045,360 | $38,819,933 |
Atlanta Historical Society Inc Atlanta, GA | $186,882,791 | $33,828,707 |
Heritage South Community Cu Shelbyville, TN | $308,780,084 | $17,719,881 |
Bell Tower Green Inc Salisbury, NC | $2,054,412 | $2,539,569 |
Fox Theatre Inc Atlanta, GA | $106,794,461 | $20,353,110 |
Liberty Memorial Association Kansas City, MO | $35,751,544 | $14,461,883 |
Army Historical Foundation Inc Fort Belvoir, VA | $16,487,331 | $17,384,969 |
Virginia Historical Society Richmond, VA | $152,846,402 | $30,481,870 |
United States Foundation For The Commemoration Of The World Wars Arlington, VA | $17,191,453 | $4,408,831 |
The Lodges At Banning Mills Retreat And Conservation Center Inc Whitesburg, GA | $8,373,902 | $8,117,551 |
Bellingrath-Morse Foundation Theodore, AL | $109,592,614 | $8,669,562 |
Association For The Preservation Of Virginia Antiquities Richmond, VA | $27,559,744 | $5,571,617 |