2023-11-13T11:13:36-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 410845601 HEARTLAND CREDIT UNION HEAR 6514515160 5500 SOUTH ROBERT TRAIL INVER GROVE HEIGHTS MN 55077 KATHLEEN HARRINGTON CEO 6512899494 2023-11-10 1 KATHLEEN HARRINGTON 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KATHLEEN HARRINGTON 5500 SOUTH ROBERT TRAIL INVER GROVE HEIGHTS MN 55077 6871106 0 X WWW.HEARTLANDCU.COM X CU 1939 MN TO HELP OUR MEMBERS GET THE MOST FROM THEIR MONEY. 7 7 42 12 6560 0 0 0 6516309 5863927 767423 1007179 0 0 7283732 6871106 0 0 313895 379794 2306256 2390041 0 0 0 2420361 3080121 5040512 5849956 2243220 1021150 167172062 175100407 152503625 164458979 14668437 10641428 TO HELP OUR MEMBERS GET THE MOST FROM THEIR MONEY. 0 0 THE CREDIT UNION PROVIDES APPROXIMATELY 20,907 DEPOSIT ACCOUNTS THAT ARE HELD BY APPROXIMATELY 11,086 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 1577 0 42 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 6517692600 6597 91ST ALCOVE COTTAGE GROVE MN 55016 REX CARLSON BOARD CHAIR 1.00 X 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 JEREMY HJELM BOARD DIRECTOR 1.00 X 0 0 0 DALE LIEB BOARD DIRECTOR 1.00 X 0 0 0 DAVID SEEHUSEN BOARD DIRECTOR 1.00 X 0 0 0 KENT ZIMMER BOARD DIRECTOR 1.00 X 0 0 0 KATHLEEN HARRINGTON PRESIDENT 45.00 X 264345 0 41129 TIM HANSEN EXECUTIVE VICE PRESIDENT/CFO 45.00 X 200770 0 24619 ALYSSA KARL VICE PRESIDENT - MARKETING 45.00 X 117114 0 9917 BRITTANY KLOETZKE VP OF LENDING 40.00 X 116007 0 16036 NATHAN DORMODY VP OF OPERATIONS 40.00 X 106813 0 12170 805049 0 103871 5 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 ATM/DEBIT/CREDIT CARD PROCESSING 733682 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 CORE DATA PROCESSING 369245 PAR3 IT 5500 S ROBERT TRAIL SUITE 201 INVER GROVE HEIGHTS MN 55077 IT SERVICES 209618 WENZEL HEATING & AIR 4145 OLD SIBLEY HWY EAGAN MN 55122 HEATING & AC WORK 139307 4 INTEREST INCOME 522100 3803505 3803505 OTHER INCOME 524298 1468141 1468141 FEE INCOME 522100 592281 585721 6560 5863927 1007179 1007179 6871106 5857367 6560 1007179 379794 908920 1155302 12521 182232 131066 8005 22046 292824 255083 816844 261448 39137 81539 378717 LOAN SERVICING EXPENSE 368444 PROFESSIONAL & OUTSIDE 329177 PROVISION FOR LOAN LOSS 108044 MISCELLANEOUS OPERATING 97493 21320 5849956 7845377 971052 17670284 19133184 465747 240875 93261697 101628813 142223 199369 9603316 3178818 5663966 6424498 4960000 7147000 33432624 35415075 3730144 3940541 167172062 175100407 1122678 1382490 4900000 151380947 158176489 152503625 164458979 X 0 0 0 0 14668437 10641428 14668437 10641428 167172062 175100407 X 1021150 -5048158 -1 X X 0 0 0 1543952 1543952 6021491 1877809 4143682 95494 95494 0 1823351 1205515 617836 119028 119028 6424498 INVESTMENT - AVAILABLE FOR SALE 35415075 F 35415075 SHARE IRA'S 5179202 SHARE SAVINGS 73539150 SHARE DRAFTS 39298963 CERTIFICATES OF DEPOSITS 19784208 MONEY MARKET 20374966 158176489 X PART X, LINE 2: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF SEPTEMBER 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. 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 AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF SEPTEMBER 30, 2021 AND SEPTEMBER 30, 2022. THE CREDIT UNION'S 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 0 0 0 KATHLEEN HARRINGTON PRESIDENT 191157 0 71898 0 1290 0 23587 0 17542 0 305474 0 0 0 TIM HANSEN EXECUTIVE VICE PRESIDENT/CFO 163810 0 36660 0 300 0 16139 0 8480 0 225389 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 2022 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. 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.