Heartland Credit Union

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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

1946

Legal Domicile

Principal Officer

Tom Lex

Phone

2177268877

Tax Period

2025-01-01 to 2025-12-31

Heartland Credit Union, founded in 1946, is a mid-sized nonprofit that reported $33.5M in total revenue in fiscal year 2025. Revenue grew 13% year-over-year, indicating healthy expansion. The organization ran a surplus of $9.6M, a strong 29% operating margin.

Mission

TO IMPROVE MEMBERS' LIVES.

Program Service Accomplishments

Program 1

RECEIVES DEPOSITS ON SAVINGS AND CHECKING ACCOUNTS FROM MEMBERS.

Program 2

ISSUES CERTIFICATES OF DEPOSITS TO MEMEBRS.

Program 3

PROVIDES CONSUMER AND REAL ESTATE LOANS TO MEMBERS.

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $27,524,226

Investment Income $6,002,154

Other Revenue $0

TOTAL REVENUE $33,526,380

Expense Breakdown

Grants Paid $0

Salaries & Benefits $6,992,011

Fundraising Expenses $0

Program Expenses $0

Other Expenses $16,895,942

TOTAL EXPENSES $23,887,953

Year-over-Year Comparison

	2025	2024	Change
Revenue	$33,526,380	$29,685,139	+0.1%
Expenses	$23,887,953	$21,907,066	+0.1%
Net Income	$9,638,427	$7,778,073	+0.2%

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

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

$676,624

Total Directors

$14,133

Key Employees

$442,649

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS LEX	PRESIDENT/CEO	50	Officer	$403,552	$57,640	$461,192
TATE HARTMAN	CERTIFIED FINANCIAL PLANNER	50	Highest	$265,412	$32,212	$297,624
KATIE PATSCHE	CHIEF LENDING OFFICER	50	Key Emp	$181,064	$46,284	$227,348
CORIE JOHNSTON	CHIEF ADMINISTRATIVE OFFICER	50	Key Emp	$178,650	$36,651	$215,301
KRISTEN ANELLO	VP OF INFORMATION SYSTEMS	50	Highest	$179,985	$29,116	$209,101
TIMOTHY TORRICELLI	MORTGAGE LOAN OFFICER	50	Highest	$185,824	$15,229	$201,053
CRIS LUST	VP OF MORTGAGE LENDING	50	Highest	$140,617	$30,802	$171,419
ELANA FISCUS	CHIEF FINANCIAL OFFICER	50	Officer	$154,831	$14,269	$169,100
Theresa Sanert	VP of Project Management	50	Highest	$104,312	$19,466	$123,778
Patrick Smith	CHIEF FINANCIAL OFFICER	50	Officer	$38,650	$7,682	$46,332
JANE KIEL	CHAIRPERSON	2	Director	$3,293	$0	$3,293
MIKE WORKMAN	BOARD MEMBER	2	Director	$2,206	$0	$2,206
STEPHEN HEWELL	BOARD MEMBER	2	Director	$2,033	$0	$2,033
LISA FLYNN	BOARD MEMBER	2	Director	$1,945	$0	$1,945
MATTHEW DAVLIN	VICE CHAIRPERSON	2	Director	$1,761	$0	$1,761
STEVE TRUTTER	BOARD MEMBER	2	Director	$1,624	$0	$1,624
RICHARD SGRO	SECRETARY/TREASURER	2	Director	$1,271	$0	$1,271
JAY BOOR	BOARD MEMBER	2	Director	$0	$0	$0
AMY OAKES	BOARD MEMBER	2	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
2025	$33,526,380	$23,887,953	$554,822,986	$9,638,427
2024	$29,685,139	$21,907,066	$499,827,087	$7,778,073
2023	$23,522,679	$16,582,276	$451,822,227	$6,940,403
2022	$18,718,178	$12,506,751	$436,851,112	$6,211,427
2021	$15,239,145	$11,476,298	$431,652,199	$3,762,847
2020	$15,696,544	$12,399,316	$382,163,179	$3,297,228
2019	$15,438,624	$12,535,196	$320,644,420	$2,903,428
2018	$13,895,748	$11,136,851	$296,315,864	$2,758,897