2024-09-06T12:16:56-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 410845601 HEARTLAND CREDIT UNION HEAR 6514515160 5500 SOUTH ROBERT TRAIL INVER GROVE HEIGHTS MN 55077 KATHLEEN HARRINGTON CEO 6512899494 2024-09-03 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-09-03 2023 2024-08-08 14:25:15Z KATHLEEN HARRINGTON 5500 SOUTH ROBERT TRAIL INVER GROVE HEIGHTS MN 55077 8315333 0 X WWW.HEARTLANDCU.COM X CU 1939 MN TO HELP OUR MEMBERS GET THE MOST FROM THEIR MONEY. 7 7 41 13 6322 0 0 0 5863927 6995205 1007179 1320128 0 0 6871106 8315333 0 0 379794 1335262 2390041 2621443 0 0 0 3080121 3753109 5849956 7709814 1021150 605519 175100407 189890064 164458979 177960646 10641428 11929418 TO HELP OUR MEMBERS GET THE MOST FROM THEIR MONEY. 0 0 THE CREDIT UNION PROVIDES APPROXIMATELY 23,822 DEPOSIT ACCOUNTS THAT ARE HELD BY APPROXIMATELY 10,978 MEMBERS. DIVIDENDS AND INTEREST ARE PAID ON THESE ACCOUNTS. THE CU PROVIDES SAVINGS DEPOSIT SERVICES, ORIGINATES NEW LOANS AND SERVICES THE LOAN PORTFOLIO FOR MEMBERS. THE CU PROVIDES ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA ONLINE BANKING, MOBILE BANKING, ATM NETWORKS, AND IN PERSON AT THE CREDIT UNION OFFICE. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1872 0 41 1 1 1 0 0 0 0 0 0 0 0 0 X 7 7 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X KATHY HARRINGTON PRESIDENT 6514511612 5500 SOUTH ROBERT TRAIL INVER GROVE HEIGHTS MN 55077 DALE LIEB BOARD DIRECTOR 1.00 X 0 0 0 GENE TRAXLER BOARD VICE CHAIR 1.00 X X 0 0 0 NANCI LILJA BOARD SECRETARY 1.00 X X 0 0 0 REX CARLSON BOARD CHAIR 1.00 X X 0 0 0 NOEL LARSON BOARD DIRECTOR 1.00 X 0 0 0 ERIC SPANDL BOARD DIRECTOR 1.00 X 0 0 0 ANN YOUNG BOARD DIRECTOR 1.00 X 0 0 0 ALYSSA KARL VICE PRESIDENT - MARKETING 45.00 X 120054 0 23571 BRITTANY KLOETZKE VP OF LENDING 40.00 X 120823 0 23571 JUSTIN HOULE VP/CFO 40.00 X 102449 0 17225 KATHLEEN HARRINGTON PRESIDENT 45.00 X 273947 0 47825 NATHAN DORMODY VP OF OPERATIONS 40.00 X 116466 0 24157 733739 0 136349 5 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 ATM/DEBIT/CREDIT CARD PROCESSING 795628 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 CORE DATA PROCESSING 313037 MNCUN EMPLOYEE BENEFITS PLAN 555 WABASHA ST N SUITE 200 ST PAUL MN 55102 MEDICAL BENEFITS 257223 CUNA MUTUAL PO BOX 4653 CAROL STREAM IL 60197 CU BOND INSURANCE 141287 4 INTEREST INCOME 522100 5146666 5146666 OTHER INCOME 524298 1155768 1155768 FEE INCOME 522100 692771 686449 6322 6995205 1320128 1320128 8315333 6988883 6322 1320128 1335262 870088 1315168 89115 199499 147573 1672 32545 595495 265712 914991 244673 42588 588668 390673 LOAN SERVICING EXPENSE 408642 PROVISION FOR CREDIT LO 145837 MISCELLANEOUS OPERATING 116633 MEMBER INSURANCE 4980 7709814 971052 4275313 19133184 14173584 240875 728610 101628813 117456109 199369 278066 9611354 3564026 6424498 6047328 7147000 6652000 35415075 33634613 3940541 6644441 175100407 189890064 1382490 1478943 4900000 16607834 158176489 159873869 164458979 177960646 X 0 0 0 0 10641428 11929418 10641428 11929418 175100407 189890064 X 605519 1094291 -411820 X X 0 0 0 1543952 1543952 5982250 2046802 3935448 95494 95494 0 1912957 1421730 491227 76701 76701 6047328 INVESTMENT - AVAILABLE FOR SALE 33634613 F 33634613 MEMBER SHARES 159873869 159873869 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES THEY HAVE DEEMED TAXABLE ABD HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF SEPTEMBER 30, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 0 0 0 KATHLEEN HARRINGTON PRESIDENT 212622 0 49027 0 12298 0 33861 0 13964 0 321772 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 KATHLEEN HARRINGTON IS THE MOTHER TO BRITTANY KLOETZKE FORM 990, PART VI, SECTION A, LINE 6 HEARTLAND CREDIT UNION IS OPEN TO ANY BUSINESS OR INDIVIDUAL WHO LIVES, WORKS, WORSHIPS, VOLUNTEERS, OR ATTENDS SCHOOL IN DAKOTA, SCOTT, RICE, LE SEUER, RAMSEY, WASHINGTON, HENNEPIN, CARVER, ANOKA, AND CHISAGO COUNTIES, MN AS WELL AS INDIVIDUALS THAT WORK AT CHS, LAND O'LAKES, TEMCO, VENTURA FOODS, FARMERS UNION BUSINESS AND EDUCATIONAL ACTIVITIES OF MINNESOTA, NORTH AMERICAN TRAILER SERVICES, ROADWARE, COFINA FINANCIAL, HENNEN & ASSOCIATES, CHART, SCOTT EQUIPMENT, MINNESOTA BREEDERS ASSOCIATION, & GENEX. IN ADDITION, OUR MEMBERS CAN INCLUDE THE SPOUSE OF A MEMBER, BLOOD OR ADOPTIVE RELATIVES OR EITHER OF THEM AND THEIR SPOUSES AND MEMBERS OF THE SAME HOUSEHOLD ARE ELIGIBLE TO JOIN. THIS INCLUDES PARENTS, SIBLINGS, AUNTS, UNCLES, NIECES, NEPHEWS, COUSINS, ETC. THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 11,086 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. THE BOARD OF DIRECTORS APPOINT VOLUNTEERS TO SERVE ON THE SUPERVISORY COMMITTEE, WHICH IS VESTED WITH MONITORING SAFETY AND SOUNDNESS OF THE ORGANIZATION. IF DEEMED APPROPRIATE, THE SUPERVISORY COMMITTEE CAN SUSPEND BOARD MEMBERS AND CAN CALL A SPECIAL MEETING OF THE MEMBERSHIP TO EVALUATE THE ISSUE AND VOTE TO EITHER DISMISS OR REINSTATE THE BOARD MEMBER. FORM 990, PART VI, SECTION A, LINE 7B ANY CHANGES TO THE ENTITY'S BYLAWS NEED TO BE APPROVED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B ONCE THE 990 IS COMPLETE, A COPY IS SENT TO THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE EMPLOYEE HANDBOOK IS SENT OUT TO AN ATTORNEY FOR VERIFICATION OF ALL POLICIES ACCORDING TO EMPLOYMENT LAW. ONCE THIS IS RETURN, IT IS SENT ANNUALLY TO THE BOARD OF DIRECTORS FOR APPROVAL. ONCE THIS APPROVAL IS GIVEN, A COPY IS SENT TO ALL EMPLOYEES FOR REVIEW AND SIGNATURES THAT IT WAS READ. FORM 990, PART VI, SECTION B, LINE 15 CHAIRMAN AND VICE CHAIRMAN DETERMINED ORIGINAL SALARY FOR THE PRESIDENT. ANNUALLY, ELIGIBLE FOR A RAISE EQUAL TO ALL OTHER EMPLOYEES COMMENSURATE WITH THE COMPENSATION MATRIX CREATED USING THE CUNA SALARY SURVEY. THE PRESIDENT DETERMINED THE ORIGINAL SALARY FOR OFFICERS AND KEY EMPLOYEES. ANNUALLY, ELIGIBLE FOR A RAISE EQUAL TO ALL OTHER EMPLOYEES COMMENSURATE WITH THE COMPENSATION MATRIX CREATED USING THE CUNA SALARY SURVEY. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL STATEMENTS ARE DISPLAYED IN EACH OF OUR OFFICES FOR THE PUBLIC TO REVIEW OR ALSO BY EMAILING INFO@HEARTLANDCU.COM WITH A REQUEST TO HAVE THEM EMAILED OR MAILED TO OUR MEMBERS. THE BYLAWS FOR HEARTLAND CREDIT UNION ARE AVAILABLE UPON REQUEST AT INFO@HEARTLANDCU.COM OR CAN ALSO BE REVIEWED BY APPOINTMENT AT THE CREDIT UNION'S OFFICE. FORM 990, PART XI, LINE 9: ROUNDING 1. CECL ADJUSTMENT -411,821. FORM 990, PART XII, LINE 2B AUDITED FINANCIAL STATEMENTS - THE AUDIT WAS DONE AS OF 9/30. THEREFORE, THE REPORTING PERIOD FOR THE AUDIT DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. FORM 990, PART XII, LINE 2C AUDIT OVERSIGHT - THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.