Southwest Heritage Credit Union
- Assets
- $192.9m
- Revenue
- $11.2m
- Investments
- $0.0
- Employees
- 77
- Location
- Odessa, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0827380
Organization Overview
Southwest Heritage Credit Union is located in Odessa, TX. The organization was established in 1976. 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 12/2021, Southwest Heritage Credit Union employed 77 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Southwest Heritage 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 12/2021, Southwest Heritage Credit Union generated $11.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $8.7m during the year ending 12/2021. While expenses have increased by 7.9% 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
COOPERATIVE PROVIDER OF CREDIT UNION SERVICES SUCH AS SAVINGS ACCOUNTS, CHECKING ACCOUNTS AND CONSUMER LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS MEMBER SHARE ACCOUNTS PAY DIVIDENDS QUARTERLY
CERTIFICATES OF DEPOSIT - INTEREST IS PAID ON THESE MONTHLY
CONSUMER LOANS - THE CREDIT UNION PROVIDES LOANS FOR AUTOS, MOTORCYCLES, SHARE SECURED AND UNSECURED LOANS.MORTGAGE AND BUSINESS LOANS ARE ALSO MADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronny Hayes C E O | 40 | $244,626 | |
Valerie Newsom Chairman | OfficerTrustee | 1 | $8,800 |
Robert Brescia Advisory Direct | Trustee | 0 | $8,700 |
Cathy George Secretary | OfficerTrustee | 1 | $8,200 |
Edgar Baiza Jr Vice Chairman | OfficerTrustee | 1 | $7,800 |
Neil Dobmeier Director | Trustee | 1 | $6,600 |
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 | $9,721,598 |
| Investment income | $1,466,539 |
| 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 | $11,246,334 |
| 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. | $319,476 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,299,849 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $828,001 |
| Payroll taxes | $0 |
| Fees for services: Management | $21,269 |
| 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 | $216,036 |
| Advertising and promotion | $60,331 |
| Office expenses | $1,228,409 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $478,200 |
| Travel | $15,058 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $843,499 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $22,649 |
| Total functional expenses | $8,714,255 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,596,843 |
| Savings and temporary cash investments | $56,983,407 |
| 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 | $120,976,683 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $218,671 |
| Net Land, buildings, and equipment | $5,783,554 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,314,711 |
| Total assets | $192,873,869 |
| Accounts payable and accrued expenses | $1,341,695 |
| 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 | $169,246,600 |
| Total liabilities | $170,588,295 |
| 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 | $22,285,574 |
| Total liabilities and net assets/fund balances | $192,873,869 |
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