Heritage Financial Credit Union (EIN 141348251) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1940

Legal Domicile

Principal Officer

Michael J Ciriello

Phone

8455615607

Tax Period

2024-01-01 to 2024-12-31

Heritage Financial Credit Union, founded in 1940, is a mid-sized nonprofit in the Public & Societal Benefit sector that reported $43.5M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion.

Mission

httpsheritagefcucomaboutwhatmakesusdifferent Credit Union

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $41,386,809

Investment Income $1,831,121

Other Revenue $316,005

TOTAL REVENUE $43,533,935

Expense Breakdown

Grants Paid $0

Salaries & Benefits $13,497,234

Fundraising Expenses $0

Other Expenses $30,556,074

TOTAL EXPENSES $44,053,308

Year-over-Year Comparison

	2024	2023	Change
Revenue	$43,533,935	$39,441,134	+0.1%
Expenses	$44,053,308	$35,817,586	+0.2%
Net Income	$-519,373	$3,623,548	-1.1%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

228

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$3,210,539

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL CIRIELLO	CEOPresident	40.00	Officer	$556,348	$37,731	$594,079
FREDERICK CORNELIUS	EVP	40.00	Officer	$290,979	$31,149	$322,128
JONATHAN SHAKELTON	COO	40.00	Officer	$204,882	$18,984	$223,866
JULIETTE MCKERRELL	SVP of Commercial	40.00	Officer	$180,691	$14,541	$195,232
LUKE DEARMOND	VP of Lending	40.00	Officer	$171,134	$15,922	$187,056
MARYANN MAIKISCH	VP of HR	40.00	Officer	$169,033	$17,569	$186,602
JAMIE CAROLAN	VP of Finance	40.00	Officer	$170,825	$5,012	$175,837
SHAWN SIMMONS	MLO II	40.00	Highest	$154,569	$20,379	$174,948
SAMANTHA PRIMO	MLO II	40.00	Highest	$165,565	$8,804	$174,369
MICHAEL DESIENO	AVP of IT	40.00	Officer	$137,121	$28,532	$165,653
ANGELA MORRILL	AVP of Retail	40.00	Officer	$138,510	$7,461	$145,971
LINDA BOW	Director of Compliance	40.00	Highest	$125,819	$15,137	$140,956
MARIO GUARNERI	VP of Audit	40.00	Officer	$135,783	$3,075	$138,858
CHRISTOPHER HAGAR	AVP of Sales Service	40.00	Officer	$129,608	$6,320	$135,928
RENA D'ANDRAIA	AVP of Marketing	40.00	Officer	$105,657	$25,890	$131,547
NICOLE BENEDETTO	AVP of CU Operations	40.00	Officer	$118,793	$11,325	$130,118
GREGORY BECKWITH	AVP of SBO	40.00	Officer	$129,635	$0	$129,635
MICHELLE RODRIGUEZ-SOTO	AVP of Lending Product	40.00	Officer	$120,950	$3,216	$124,166
FABER CARMONA	Director of Lending	40.00	Highest	$99,909	$21,907	$121,816
GLENDA SERRANO	Chief of Staff	40.00	Officer	$112,821	$6,128	$118,949
DANIEL RAPPAPORT	Manager of Real Estate	40.00	Highest	$99,336	$12,512	$111,848
JILLIAN SEQUIST	AVP of Loan Operations	40.00	Officer	$96,786	$8,128	$104,914
KENNETH AFFELDT	Chairperson	0.00	Director	$0	$0	$0
THOMAS HOUSTON	Vice Chairperson	0.00	Director	$0	$0	$0
JENNIFER RYAN	Treasurer	0.00	Director	$0	$0	$0
SANDRA GEROW	Secretary	0.00	Director	$0	$0	$0
JOHN BOYLE	Director	0.00	Director	$0	$0	$0
NICHOLAS GIGLIO	Director	0.00	Director	$0	$0	$0
JOHN NAUMCHIK	Director	0.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$43,533,935	$44,053,308	$731,003,926	$-519,373
2023	$39,441,134	$35,817,586	$711,994,516	$3,623,548
2022	$31,237,369	$26,151,580	$623,273,313	$5,085,789
2021	$27,512,989	$23,510,176	$534,877,422	$4,002,813

Heritage Financial Credit Union