Financial Horizons Credit Union
- Assets
- $271.0m
- Revenue
- $8.8m
- Investments
- $128.5m
- Employees
- 55
- Location
- Hawthorne, NV
- Founding
- 10/1980
- Data as of
- 12/2021
- EIN
- 88-0057898
Organization Overview
Financial Horizons Credit Union is located in Hawthorne, NV. The organization was established in 1980. 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, Financial Horizons Credit Union employed 55 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Financial Horizons 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, Financial Horizons Credit Union generated $8.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $6.6m during the year ending 12/2021. While expenses have increased by 3.4% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
FINANCIAL COOPERATIVE PROVIDING FINANCIAL SERVICES (SOLUTIONS) TO THE MEMBER/OWNERS OF THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FINANCIAL SERVICES AND SOLUTIONS TO THE MEMBERS/OWNERS OF THE CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Schneider CFO | Officer | 40 | $122,180 |
Theresa Lupori CEO | Officer | 40 | $118,428 |
Jim Scott Chairman | OfficerTrustee | 4 | $0 |
Doug Homestead Treasurer | OfficerTrustee | 2 | $0 |
Penny Madraso Secretary | OfficerTrustee | 1 | $0 |
Randall Emm Vice Chairman | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Provides Member Services To The Credit U | 12/30/21 | $1,294,159 |
Christopher Peterson It And Consulting Services | 12/30/21 | $148,141 |
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 | $7,000,803 |
| Investment income | $1,765,909 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,743 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,770,455 |
| 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. | $270,978 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,929,343 |
| Pension plan accruals and contributions | $67,350 |
| Other employee benefits | $341,717 |
| Payroll taxes | $165,409 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $62,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $29,688 |
| Fees for services: Other | $150,217 |
| Advertising and promotion | $0 |
| Office expenses | $557,205 |
| Information technology | $1,687,871 |
| Royalties | $0 |
| Occupancy | $335,857 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $158 |
| Interest | $421,492 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $45,357 |
| Total functional expenses | $6,630,124 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,795,746 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $115,932,729 |
| Loans from Officers, Directors, or Controlling Persons | $3,823,346 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,583,815 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $128,529,074 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,286,742 |
| Total assets | $270,951,452 |
| Accounts payable and accrued expenses | $529,296 |
| 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 | $244,512,349 |
| Total liabilities | $245,041,645 |
| 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 | $25,909,807 |
| Total liabilities and net assets/fund balances | $270,951,452 |
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