Civic Intelligence

Country Heritage Credit Union

EIN 38-1709772 • 501(c)14 • Buchanan, MI

Profile

Country heritage credit union is a state of michigan chartered credit union. (see below)

16580 Bakertown RoadBuchanan, MI 49107

www.countryheritagecu.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

13th percentile

0.80x

Higher debt load relative to assets than 13% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

78th percentile

18.26x

Higher debt load relative to revenue than 78% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2023

Net Margin

88th percentile

25%

Higher net margin than 88% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

30th percentile

$134,691

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 6.0% of source-year revenue.

501(c)14 • $50M-$100M nonprofits • Source year 2023

Asset Growth

7th percentile

-5.5%

Faster asset growth than 7% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

95th percentile

31%

Faster revenue growth than 95% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets13th percentile

Assets

Down

$51,335,737

Down $2,962,736 (-5.5%) from 2022

Liabilities

Down

$41,299,738

Down $3,573,194 (-8.0%) from 2022

Net Assets

Up

$10,035,999

Up $610,458 (+6.5%) from 2022

Operations
Liabilities / Revenue78th percentileNet Margin88th percentile

Revenue

Up

$2,261,922

Up $528,738 (+31%) from 2022

Expenses

Up

$1,694,667

Up $435,746 (+35%) from 2022

Net Income

Up

$567,255

Up $92,992 (+20%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth7th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2010: $29,557,703Liabilities 2010: $25,348,266Net Assets 2010: $4,209,4372010Assets 2011: $31,600,814Liabilities 2011: $27,190,451Net Assets 2011: $4,410,3632011Assets 2012: $34,765,831Liabilities 2012: $30,051,535Net Assets 2012: $4,714,2962012Assets 2013: $40,067,171Liabilities 2013: $35,133,971Net Assets 2013: $4,933,2002013Assets 2014: $39,291,970Liabilities 2014: $33,973,508Net Assets 2014: $5,318,4622014Assets 2015: $38,730,281Liabilities 2015: $32,862,149Net Assets 2015: $5,868,1322015Assets 2016: $40,321,570Liabilities 2016: $33,955,679Net Assets 2016: $6,365,8912016Assets 2017: $42,881,700Liabilities 2017: $35,901,705Net Assets 2017: $6,979,9952017Assets 2018: $43,047,223Liabilities 2018: $35,440,579Net Assets 2018: $7,606,6442018Assets 2019: $40,998,805Liabilities 2019: $32,826,953Net Assets 2019: $8,171,8522019Assets 2020: $47,869,979Liabilities 2020: $39,194,960Net Assets 2020: $8,675,0192020Assets 2021: $56,039,484Liabilities 2021: $47,005,365Net Assets 2021: $9,034,1192021Assets 2022: $54,298,473Liabilities 2022: $44,872,932Net Assets 2022: $9,425,5412022Assets 2023: $51,335,737Liabilities 2023: $41,299,738Net Assets 2023: $10,035,9992023

Highlighted filing

2023

Assets$51,335,737
Liabilities$41,299,738
Net Assets$10,035,999
Open 2023 Filing

Operations Trend

Revenue Growth95th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0Expenses 2010: $1,169,7572010Expenses 2011: $1,142,5762011Expenses 2012: $1,019,4902012Revenue 2013: $1,361,578Expenses 2013: $1,139,368Net Income 2013: $222,2102013Revenue 2014: $1,426,542Expenses 2014: $1,044,955Net Income 2014: $381,5872014Revenue 2015: $1,514,800Expenses 2015: $958,878Net Income 2015: $555,9222015Revenue 2016: $1,550,505Expenses 2016: $1,054,954Net Income 2016: $495,5512016Revenue 2017: $1,650,129Expenses 2017: $1,032,842Net Income 2017: $617,2872017Revenue 2018: $1,782,308Expenses 2018: $1,154,641Net Income 2018: $627,6672018Revenue 2019: $1,849,398Expenses 2019: $1,293,964Net Income 2019: $555,4342019Revenue 2020: $1,712,214Expenses 2020: $1,207,169Net Income 2020: $505,0452020Revenue 2021: $1,533,746Expenses 2021: $1,162,685Net Income 2021: $371,0612021Revenue 2022: $1,733,184Expenses 2022: $1,258,921Net Income 2022: $474,2632022Revenue 2023: $2,261,922Expenses 2023: $1,694,667Net Income 2023: $567,2552023

Highlighted filing

2023

Revenue$2,261,922
Expenses$1,694,667
Net Income$567,255
Open 2023 Filing

Filings

Most recent year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$51,335,737
Liabilities
$41,299,738
Net assets
$10,035,999
Revenue
$2,261,922
Expenses
$1,694,667
Net income
$567,255
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$51.3$41.3$10.0$2.26$1.69$0.57
2022Detailed filing. Detailed filing data is available for this year.$54.3$44.9$9.43$1.73$1.26$0.47
2021Detailed filing. Detailed filing data is available for this year.$56.0$47.0$9.03$1.53$1.16$0.37
2020Detailed filing. Detailed filing data is available for this year.$47.9$39.2$8.68$1.71$1.21$0.51
2019Detailed filing. Detailed filing data is available for this year.$41.0$32.8$8.17$1.85$1.29$0.56
2018Detailed filing. Detailed filing data is available for this year.$43.0$35.4$7.61$1.78$1.15$0.63
2017Detailed filing. Detailed filing data is available for this year.$42.9$35.9$6.98$1.65$1.03$0.62
2016Detailed filing. Detailed filing data is available for this year.$40.3$34.0$6.37$1.55$1.05$0.50
2015Detailed filing. Detailed filing data is available for this year.$38.7$32.9$5.87$1.51$0.96$0.56
2014Detailed filing. Detailed filing data is available for this year.$39.3$34.0$5.32$1.43$1.04$0.38
2013Detailed filing. Detailed filing data is available for this year.$40.1$35.1$4.93$1.36$1.14$0.22
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$34.8$30.1$4.71$1.02
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.6$27.2$4.41$1.14
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.6$25.3$4.21$1.17
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Apr 24, 2024
Return Version
2023v5.0
Gross Receipts
$2,261,922
Mission and Program Overview

Mission

Country heritage credit union is a state of michigan chartered credit union. (see below)

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$30,453,833$33,371,853▲ $2,918,020
Rtn Earn Endowment Incm Other Fnds$9,425,541$10,035,999▲ $610,458
Savings and Temporary Cash Investments$6,930,209$7,796,209▲ $866,000
Cash and Non-Interest-Bearing Accounts$14,109,682$7,431,217▼ $6,678,465
Investments in Publicly Traded Securities$1,775,176$1,749,473▼ $25,703
Land, Buildings, and Equipment, Net$268,180$246,617▼ $21,563
Total Assets$54,298,473$51,335,737▼ $2,962,736
Other Assets Total$761,393$740,368▼ $21,025
Liabilities
Other Liabilities$44,747,637$40,693,811▼ $4,053,826
Accounts Payable and Accrued Expenses$73,777$562,215▲ $488,438
Unsecured Notes Loans Payable$51,518$43,712▼ $7,806
Total Liabilities$44,872,932$41,299,738▼ $3,573,194
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,425,541$10,035,999▲ $610,458
Total Liabilities and Net Assets / Fund Balance$54,298,473$51,335,737▼ $2,962,736

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$204,098$385,680$589,778
Equipment$10,374$246,577$256,951
Land$32,145-$32,145
Compensation and Service Providers
Top Officer Pay30th percentile

Employees

NameTitleBaseOtherTotal
Frances K TerryGeneral Mgr$131,103$3,588$134,691

Board Members and Trustees

NameTitle
William R MessnerChairperson
Malinda Cole-crockerVice-chairpe
Darren RaddeBoard Member
Ralph L Mcdonald JrBoard Member
Richard KadingBoard Member
Terry HollowayBoard Member
Janet S KuhnSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,557,590
Investment Income
$643,194
Other Revenue
$61,138
Change in Net Assets
$567,255

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,261,922
Total Revenue per Audited Statements
$2,261,922
Total Revenue per Form 990
$2,261,922
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,256,587
Salaries, Compensation, and Employee Benefits$438,080
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$222,506
Current Officers, Directors, Trustees, and Key Employees---$134,691
Information Technology---$67,356
All Other Expenses---$51,370
Other Employee Benefits---$51,023
Other Expenses---$42,113
Occupancy---$33,368
Office Expenses---$31,262
Payroll Taxes---$26,706
Fees for Services Other---$24,224
Fees for Services Accounting---$22,301
Depreciation Depletion---$21,563
Insurance---$19,845
Advertising---$15,472
Pension Plan Contributions---$3,154
Travel---$2,551
Fees for Services Legal---$1,400
Interest---$858
Total Functional Expenses$0$0$0$1,694,667

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,694,667
Total Expenses per Audited Statements$1,694,667
Total Expenses per Form 990$1,694,667
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
MEMBERS' SHARES AND DEPOSITS$40,693,811
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“Organization is composed of members”

Form 990, Page 6, Part VI, Line 7A

“Members elect board members once a year at the annual meeting.”

Form 990, Page 6, Part VI, Line 11B

“Copy of form 990 submitted to the credit union manager and board prior to submission. The form is reviewed by the manager and the board members.”

Form 990, Page 6, Part VI, Line 12C

“Official family accounts are reviewed as a part of the annual audit and on a random basis by management.”

Form 990, Page 6, Part VI, Line 15A

“Annual review by board of directors and wage comparisions of other credit unions of comparable size.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, conflict of interest policy and financial statements are kept on file at the credit union office and are available upon request for inspection.”

Filing and Contact Details

Filer

Filer Name
Country Heritage Credit Union
EIN
38-1709772
Phone
2696952334
Address
16580 BAKERTOWN ROAD, BUCHANAN, MI 49107

Signing Officer

Name
Frances K Terry
Title
General Mgr
Phone
2696952334
Signed
2024-04-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William R Messner
Formed
1932
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
7
Employees
8

Preparer

Firm
SCARPONE & CO PC CPA'S
Address
23 N SECOND STREET, NILES, MI 49120-2218
Preparer
James F Scarpone
Phone
2696845100
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“Country heritage credit union is a state of michigan chartered credit union. Its operations are principally related to holding deposits and making loans to individuals, business entities, and groups meeting the membership eligibility requirements of the credit union.”

Raw XML Appendix344 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/PrincipalOfficerNm0WILLIAM R MESSNER
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IRS990/ProgramServiceRevenueGrp/Desc0INTEREST ON LOANS TO MEMBERS
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01557590
IRS990/ProgSrvcAccomActyOtherGrp/Desc0COUNTRY HERITAGE CREDIT UNION IS A STATE OF MICHIGAN CHARTERED CREDIT UNION. ITS OPERATIONS ARE PRINCIPALLY RELATED TO HOLDING DEPOSITS AND MAKING LOANS TO INDIVIDUALS, BUSINESS ENTITIES, AND GROUPS MEETING THE MEMBERSHIP ELIGIBILITY REQUIREMENTS OF THE CREDIT UNION.
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IRS990ScheduleD/EquipmentGrp/BookValueAmt010374
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0246577
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0COUNTRY HERITAGE CREDIT UNION IS A STATE OF MICHIGAN CHARTERED CREDIT UNION. ITS OPERATIONS ARE PRINCIPALLY RELATED TO HOLDING DEPOSITS AND MAKING LOANS TO INDIVIDUALS, BUSINESS ENTITIES, AND GROUPS MEETING THE MEMBERSHIP ELIGIBILITY REQUIREMENTS OF THE CREDIT UNION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ORGANIZATION IS COMPOSED OF MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MEMBERS ELECT BOARD MEMBERS ONCE A YEAR AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3COPY OF FORM 990 SUBMITTED TO THE CREDIT UNION MANAGER AND BOARD PRIOR TO SUBMISSION. THE FORM IS REVIEWED BY THE MANAGER AND THE BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4OFFICIAL FAMILY ACCOUNTS ARE REVIEWED AS A PART OF THE ANNUAL AUDIT AND ON A RANDOM BASIS BY MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ANNUAL REVIEW BY BOARD OF DIRECTORS AND WAGE COMPARISIONS OF OTHER CREDIT UNIONS OF COMPARABLE SIZE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE KEPT ON FILE AT THE CREDIT UNION OFFICE AND ARE AVAILABLE UPON REQUEST FOR INSPECTION.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 4D
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalLiabilitiesGrp/EOYAmt041299738
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt09425541
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IRS990/TotalOtherCompensationAmt03588
IRS990/TotalProgramServiceRevenueAmt01557590
IRS990/TotalReportableCompFromOrgAmt0131103
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02261922
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02261922
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt054298473
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt051335737
IRS990/TravelGrp/TotalAmt02551
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IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt051518
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IRS990/WebsiteAddressTxt0WWW.COUNTRYHERITAGECU.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0FRANCES K TERRY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0GENERAL MGR
ReturnHeader/BusinessOfficerGrp/PhoneNum02696952334
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-04-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0COUNTRY HERITAGE CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0COUN
ReturnHeader/Filer/EIN0381709772
ReturnHeader/Filer/PhoneNum02696952334
ReturnHeader/Filer/USAddress/AddressLine1Txt016580 BAKERTOWN ROAD
ReturnHeader/Filer/USAddress/CityNm0BUCHANAN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MI
ReturnHeader/Filer/USAddress/ZIPCd049107
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0382751709
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SCARPONE & CO PC CPA'S
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt023 N SECOND STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NILES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0491202218
ReturnHeader/PreparerPersonGrp/PhoneNum02696845100
ReturnHeader/PreparerPersonGrp/PreparationDt02024-04-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAMES F SCARPONE
ReturnHeader/ReturnTs02024-04-25T13:33:07-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0FRANCES K
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0TERRY
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

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