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

1936

Legal Domicile

Principal Officer

ANGELA HANSON

Phone

6082827000

Tax Period

2023-01-01 to 2023-12-31

HEARTLAND CREDIT UNION, founded in 1936, is a mid-sized nonprofit that reported $30.0M in total revenue in fiscal year 2023. Revenue surged 20% from the prior year, signaling strong growth momentum. Expenses of $25.5M left a modest 15% surplus.

Mission

TO PROVIDE OUR MEMBERS WITH QUALITY, COST-EFFECTIVE, PERSONALIZED FINANCIAL SERVICES THAT CONTRIBUTE TO THEIR SOCIAL AND ECONOMIC WELL-BEING.

Program Service Accomplishments

Program 1

THE NUMBER OF OUTSTANDING LOANS INCREASED BY 219 DURING 2023. AS OF 12/31/23, WE HAD 3,147 MORTGAGES/HOME EQUITY LINES, 13,265 CONSUMER LOANS, AND 730 MEMBER BUSINESS LOANS. WE ALSO HAD 5,753 CREDIT...

Program 2

WE HAVE DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS WITH 34,656 OF OUR MEMBERS AT 12/31/23. DURING 2023, WE OPENED AND/OR ACQUIRED 984 NEW DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $26,670,836

Investment Income $3,888,328

Other Revenue $-584,175

TOTAL REVENUE $29,974,989

Expense Breakdown

Grants Paid $0

Salaries & Benefits $9,922,392

Fundraising Expenses $0

Other Expenses $11,508,115

TOTAL EXPENSES $25,524,086

Year-over-Year Comparison

	2023	2022	Change
Revenue	$29,974,989	$24,929,415	+0.2%
Expenses	$25,524,086	$23,441,081	+0.1%
Net Income	$4,450,903	$1,488,334	+2.0%

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

160

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

$1,699,537

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RHONDA HOLLFELDER	CHAIR	1.00	Officer Director	$0	$0	$0
MARC JONES	VICE-CHAIR	1.00	Officer Director	$0	$0	$0
JIM DALTON	TREASURER	1.00	Officer Director	$0	$0	$0
DAVID DIGIOVANNI	SECRETARY	1.00	Officer Director	$0	$0	$0
ANDREW BAKER	DIRECTOR	1.00	Director	$0	$0	$0
LISA MAYNE	DIRECTOR	1.00	Director	$0	$0	$0
THEOLA CARTER	DIRECTOR	1.00	Director	$0	$0	$0
JEFFERY HEIL	DIRECTOR	1.00	Director	$0	$0	$0
JOHN MCLELLAN	DIRECTOR	1.00	Director	$0	$0	$0
ANGELA HANSON	PRESIDENT/CEO	40.00	Officer	$400,425	$46,455	$446,880
SHAY SANTOS	COO	40.00	Officer	$199,730	$14,321	$214,051
SHAWN REDMAN	CLO	40.00	Officer	$180,212	$17,845	$198,057
LYLE HANSEN	CTO	40.00	Officer	$167,972	$28,336	$196,308
KEVIN FEATHERSTON-CROWE	CFO	40.00	Officer	$161,542	$24,188	$185,730
BONNIE ROSENMEIER	CHIEF OF STAFF	40.00	Officer	$143,331	$17,612	$160,943
ANNE ZICKUS	CHIEF EXPERIENCE OFFICER	40.00	Officer	$129,019	$24,751	$153,770
JAMIE MEYER	CDO	40.00	Officer	$119,658	$24,140	$143,798
DIANNE JENTZ	VP BUSINESS LENDING	40.00	Highest	$132,322	$9,381	$141,703
DARRELL PANZER	VP FINANCE	40.00	Highest	$125,899	$14,175	$140,074
JEFF RAUCH	VP MORTGAGE	40.00	Highest	$115,503	$14,501	$130,004
BECKY TOURDOT	VP PAYMENTS	40.00	Highest	$105,248	$17,701	$122,949
JOE MERCURIO	VP RETAIL DELIVER	40.00	Highest	$101,469	$10,179	$111,648

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	No data	No data	No data	No data
2023	$29,974,989	$25,524,086	$610,373,043	$4,450,903
2022	$24,929,415	$23,441,081	$601,399,682	$1,488,334
2021	$16,786,981	$14,427,614	$399,175,240	$2,359,367
2020	$17,946,169	$15,396,730	$362,351,818	$2,549,439
2019	$17,291,865	$14,330,318	$312,350,469	$2,961,547
2018	$15,910,630	$13,464,441	$288,430,135	$2,446,189