2022-11-19T07:29:38-06:00 2021-12-31 390758449 WIPFLI LLP PO BOX 8010 WAUSAU WI 544028010 990 2021-01-01 396048473 HERITAGE CREDIT UNION HERI 6082412191 4617 LIUNA WAY DEFOREST WI 53532 CHELSEA ZASTROW CHIEF FINANCIAL OFFICER 6082412191 2022-11-19 1 CHELSEA ZASTROW 999009999 MARY A COATES CPA P00134220 7158453111 2022-10-30 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z X ANITA RAUCH 4617 LIUNA WAY DEFOREST WI 53532 21132821 0 X WWW.HERITAGECU.ORG X 1934 WI SIMPLIFY BANKING, MEET PEOPLE'S FINANCIAL NEEDS, SAVE PEOPLE TIME. 7 6 171 6 40576 0 0 0 18963780 17904308 654922 1150081 15600 1138840 19634302 20193229 0 0 0 0 7822987 8175515 0 0 0 9341288 8437091 17164275 16612606 2470027 3580623 451147003 461320772 406169550 410616289 44977453 50704483 HERITAGE CREDIT UNION WILL BE AN INDEPENDENT, CO-OPERATIVE, PREMIER FINANCIAL INSTITUTION WITH A RECOGNIZED BRAND IN THE MARKETS WE SERVE. WE WILL BE THE PREFERRED PLACE WHERE FAMILIES WILL COME TO MEET THEIR FINANCIAL NEEDS, FOR CURRENT AND FUTURE GENERATIONS. 0 0 TO PROMOTE THRIFT & PROVIDE LOW COST LOANS AMONG MEMBERS. THIS IS ACCOMPLISHED ON A CO-OPERATIVE NON-PROFIT BASIS FOR THE BENEFIT OF THE MEMBERSHIP.THE ORGANIZATION HAD 29,080 MEMBERS AT THE END OF 2021 WITH 4,245,339 POTENTIAL MEMBERS. THE ORGANIZATION GRANTED 7,047 LOANS IN 2021. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 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 7027 0 1 171 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X CHELSEA ZASTROW 6082378376 4617 LIUNA WAY DEFOREST WI 53532 ANITA RAUCH CHIEF EXECUTIVE OFFICER 40.00 X X 340012 0 160148 GREG CULLEN CHAIRPERSON 1.00 X X 0 0 0 JESSE SANDOVAL CHAIRPERSON (THRU JULY) 1.00 X X 0 0 0 CATIE SHANNON TREASURER 1.00 X X 0 0 0 DAUN MAIER SECRETARY 1.00 X X 688 0 0 BROOKE FREY DIRECTOR 1.00 X 0 0 0 KEITH SCHMIDT DIRECTOR 1.00 X 0 0 0 MATT YOUNG DIRECTOR 1.00 X 0 0 0 CHELSEA ZASTROW CHIEF FINANCIAL OFFICER 40.00 X 141259 0 37034 HEATHER RISTOW CHIEF OPERATING OFFICER 40.00 X 171124 0 29867 TROY EWER SR VP OF LENDING 40.00 X 126892 0 43280 SHANA CORNELL VP OF HR & EE DEVELOPMENT 40.00 X 116615 0 17138 DAVE MACINTIRE VP OF IT 40.00 X 114041 0 12880 MICHAEL HARTY CHIEF RISK OFFICER 40.00 X 140462 0 27615 KELLY CHAMBERS CHIEF IT & MKTING OFF. (THRU JULY) 40.00 X 128407 0 23397 1279500 0 351359 8 0 1 0 KRAEMER BROTHERS LLC PARK AVENUE PLAIN WI 535770219 CONSTRUCTION OF NEW BUILDING 1293687 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SYSTEM SOFTWARE & SERVICES 236969 FINASTRA USA CORP PO BOX 535120 ATLANTA GA 303535120 ONLINE BANKING SOFTWARE 217038 AUTO EXAM 17555 EL CAMINO REAL HOUSTON TX 77058 VEHICLE SERVICE CONTRACTS FOR AUTO LOANS 200374 FROST FINANCIAL SERVICES INC 8829 CHAPEL SQUARE DRIVE CINCINNATI OH 45249 FINANCIAL SERVICES 188875 10 INTEREST ON LOANS 522100 13118915 13118915 FEE INCOME 522100 3398904 3377801 21103 COMMISSION INCOME 522100 1264434 1244961 19473 122055 122055 17904308 571122 571122 15717 0 15717 15717 15717 1518551 939592 578959 578959 578959 1123123 1123123 1123123 20193229 17863732 40576 2288921 880133 6383314 43903 362247 505918 22610 45740 58327 607690 1013073 646235 956510 85281 390854 1064119 114064 DIVIDENDS ON MEMBER SHA 1163502 DEBIT & CREDIT CARD EXP 809381 LOAN SERVICING EXPENSE 708548 PROVISION FOR LOAN LOSS 418594 332563 16612606 5844098 6320088 45084585 22654249 782936 720279 297269681 310586689 555407 716170 33682581 7196114 26298698 26486467 19796431 37750064 37111834 34699443 470112 383377 17933221 21003946 451147003 461320772 13206848 3163794 757197 1025473 29033196 30033196 363172309 376393826 406169550 410616289 X 0 0 0 0 44977453 50704483 44977453 50704483 451147003 461320772 X 3580623 2146407 X 0 0 0 0 1 X 4425927 4425927 25586385 5320568 20265817 151872 151872 0 3518397 1723674 1794723 26486467 DEPOSITS IN COMMERCIAL BANKS 22808000 C LOANS TO AND INVESTMENTS IN NATURAL PERSON CREDIT UNIONS 4576000 C NONPERPETUAL CAPITAL ACCOUNT 1224067 C PERPETUAL CONTRIBUTED CAPITAL 815626 C ALL OTHER INVESTMENTS 5147409 C LOANS HELD FOR SALE 128341 C 34699443 SHARES AND DEPOSITS 376393826 376393826 PART IV, LINE 2B: THE ORGANIZATION IS THE TRUSTEE OF CERTAIN MEMBER'S ESCROW FUNDS AND HAS FIDUCIARY RESPONSIBILITY FOR THE ADMINISTRATION AND DISTRIBUTION OF THESE FUNDS FOR MEMBERS OF THE ORGANIZATION. X X 1 1 X X X X X 0 1 0 ANITA RAUCH CHIEF EXECUTIVE OFFICER 323575 0 830 0 15607 0 146269 0 13879 0 500160 0 0 0 HEATHER RISTOW CHIEF OPERATING OFFICER 159114 0 11230 0 780 0 29066 0 801 0 200991 0 0 0 CHELSEA ZASTROW CHIEF FINANCIAL OFFICER 130149 0 11110 0 0 0 11182 0 25852 0 178293 0 0 0 TROY EWER SR VP OF LENDING 119492 0 1400 0 6000 0 10487 0 32793 0 170172 0 0 0 MICHAEL HARTY CHIEF RISK OFFICER 129392 0 11070 0 0 0 11100 0 16515 0 168077 0 0 0 KELLY CHAMBERS CHIEF IT & MKTING OFF. (THRU JULY) 101264 0 0 0 27143 0 9289 0 14108 0 151804 0 27143 0 PART I, LINE 4B ANITA RAUCH, KELLY CHAMBERS, AND HEATHER RISTOW PARTICIPATED IN A 457F NON-QUALIFIED RETIREMENT PLAN AND REPORTED THE FOLLOWING INCREASES IN THEIR PLANS: -ANITA RAUCH: $121,509 -HEATHER RISTOW: $16,000 KELLY CHAMBERS, WHO IS NO LONGER WITH THE ORGANIZATION, RECEIVED A PAYOUT OF $27,143 IN 2021. FORM 990, PART VI, SECTION A, LINE 6 EACH CREDIT UNION MEMBER IS CONSIDERED A SHAREHOLDER. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS AT THEIR ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE OFFICERS OF THE CREDIT UNION REVIEW THE 990 PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. THEN THE RETURN IS AVAILABLE FOR THE BOARD TO REVIEW. FORM 990, PART VI, SECTION B, LINE 12C NO DIRECTOR, OFFICER, COMMITTEE MEMBER, AGENT OR EMPLOYEE OF THIS CREDIT UNION SHALL IN ANY MANNER, DIRECTORY OR INDIRECTLY, PARTICIPATE IN THE DELIBERATION UPON OR THE DETERMINATION OF ANY QUESTION AFFECTING THE PERSON'S PECUNIARY OR PERSONAL INTEREST OR THE PECUNIARY INTEREST OF ANY ORGANIZATION OR ASSOCIATION IN WHICH THE PERSON IS DIRECTLY OR INDIRECTLY INTERESTED. IN THE EVENT OF DISQUALIFICATION OF ANY DIRECTOR OR MEMBER OF THE CREDIT COMMITTEE RESPECTING ANY MATTER PRESENTED TO THE BOARD OF CREDIT COMMITTEE FOR DELIBERATION OR DETERMINATION, SUCH DIRECTOR OR COMMITTEE MEMBER SHALL WITHDRAW FROM THE DELIBERATION OR DETERMINATION. IF A DIRECTOR OR CREDIT COMMITTEE MEMBER WITHDRAWS FROM ANY DELIBERATION OR DETERMINATION, THE REMAINING QUALIFIED DIRECTORS OR CREDIT COMMITTEE MEMBERS PRESENT AT THE MEETING MAY EXERCISE ALL POWERS OF THE BOARD OR CREDIT COMMITTEE, PROVIDED THE NUMBER OF DIRECTORS OR CREDIT COMMITTEE MEMBERS PRESENT, INCLUDING THE DISQUALIFIED DIRECTORS OR MEMBERS, CONSTITUTES A QUORUM. THE BOARD OF DIRECTORS ARE RESPONSIBLE FOR REGULARLY AND CONSISTENTLY MONITORING AND ENFORCING ANY POTENTIAL CONFLICT OF INTEREST. ANY DISCUSSION REGARDING A POTENTIAL CONFLICT OF INTEREST IS RECORDED IN THE BOARD MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS REVIEW THE CEO'S SALARY ANNUALLY. THE AMOUNT IS DETERMINED BY THE COMPENSATION COMMITTEE AND REVIEWED AND APPROVED BY THE ENTIRE BOARD OF DIRECTORS. ANNUALLY, THE AMOUNT IS DETERMINED BASED ON THE CONTRACT IN PLACE AND PERFORMANCE. THE CEO REVIEWS PRESIDENT AND VP COMPENSATION ANNUALLY BASED ON PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON WRITTEN REQUEST. FORM 990, PART XI, LINE 9: CHANGES IN OTHER COMPREHENSIVE INCOME 2,146,407.