Civic Intelligence

Heartland Credit Union

EIN 39-0716655 • 501(c)14 • Madison, WI

Profile

To provide our members with quality, cost-effective, personalized financial services that contribute to their social and economic well-being.

5325 High Crossing BlvdMadison, WI 53718

www.heartlandcu.org

Siviq Scores

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

Liabilities / Assets

31st percentile

0.89x

Higher debt load relative to assets than 31% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

60th percentile

16.01x

Higher debt load relative to revenue than 60% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Net Margin

66th percentile

14%

Higher net margin than 66% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

35th percentile

1.1%

Faster asset growth than 35% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2022 to 2024

Revenue Growth

56th percentile

17%

Faster revenue growth than 56% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2022 to 2024

Assets

$614,170,134

No earlier filing loaded for comparison.

Liabilities

$544,996,993

No earlier filing loaded for comparison.

Net Assets

$69,173,141

No earlier filing loaded for comparison.

Revenue

$34,043,664

No earlier filing loaded for comparison.

Expenses

$29,431,829

No earlier filing loaded for comparison.

Net Income

$4,611,835

No earlier filing loaded for comparison.

Trend Graphs

Balance Sheet Trend

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

$800M$600M$400M$200M$0Assets 2010: $165,095,643Liabilities 2010: $151,618,271Net Assets 2010: $13,477,3722010Assets 2011: $176,492,504Liabilities 2011: $162,310,423Net Assets 2011: $14,182,0812011Assets 2012: $191,475,493Liabilities 2012: $176,152,988Net Assets 2012: $15,322,5052012Assets 2013: $213,458,902Liabilities 2013: $194,605,591Net Assets 2013: $18,853,3112013Assets 2014: $226,832,327Liabilities 2014: $206,272,860Net Assets 2014: $20,559,4672014Assets 2015: $235,756,758Liabilities 2015: $214,373,275Net Assets 2015: $21,383,4832015Assets 2017: $267,720,548Liabilities 2017: $243,532,667Net Assets 2017: $24,187,8812017Assets 2018: $288,430,135Liabilities 2018: $262,236,880Net Assets 2018: $26,193,2552018Assets 2019: $312,350,469Liabilities 2019: $284,818,637Net Assets 2019: $27,531,8322019Assets 2020: $362,351,818Liabilities 2020: $332,886,321Net Assets 2020: $29,465,4972020Assets 2021: $399,175,240Liabilities 2021: $367,029,672Net Assets 2021: $32,145,5682021Assets 2022: $601,399,682Liabilities 2022: $546,594,620Net Assets 2022: $54,805,0622022Assets 2024: $614,170,134Liabilities 2024: $544,996,993Net Assets 2024: $69,173,1412024

Highlighted filing

2024

Assets$614,170,134
Liabilities$544,996,993
Net Assets$69,173,141

Operations Trend

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

$40M$30M$20M$10M$0Expenses 2010: $10,626,5872010Expenses 2011: $10,776,8542011Expenses 2012: $10,514,0682012Revenue 2013: $11,834,544Expenses 2013: $10,245,128Net Income 2013: $1,589,4162013Revenue 2014: $11,721,710Expenses 2014: $10,414,369Net Income 2014: $1,307,3412014Revenue 2015: $12,198,909Expenses 2015: $10,833,184Net Income 2015: $1,365,7252015Revenue 2017: $14,249,289Expenses 2017: $12,265,034Net Income 2017: $1,984,2552017Revenue 2018: $15,910,630Expenses 2018: $13,464,441Net Income 2018: $2,446,1892018Revenue 2019: $17,291,865Expenses 2019: $14,330,318Net Income 2019: $2,961,5472019Revenue 2020: $17,946,169Expenses 2020: $15,396,730Net Income 2020: $2,549,4392020Revenue 2021: $16,786,981Expenses 2021: $14,427,614Net Income 2021: $2,359,3672021Revenue 2022: $24,929,415Expenses 2022: $23,441,081Net Income 2022: $1,488,3342022Revenue 2024: $34,043,664Expenses 2024: $29,431,829Net Income 2024: $4,611,8352024

Highlighted filing

2024

Revenue$34,043,664
Expenses$29,431,829
Net Income$4,611,835

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$614$545$69.2$34.0$29.4$4.61
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$601$547$54.8$24.9$23.4$1.49
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$399$367$32.1$16.8$14.4$2.36
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$362$333$29.5$17.9$15.4$2.55
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$312$285$27.5$17.3$14.3$2.96
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$288$262$26.2$15.9$13.5$2.45
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$268$244$24.2$14.2$12.3$1.98
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.
2015Detailed filing. Detailed filing data is available for this year.$236$214$21.4$12.2$10.8$1.37
2014Detailed filing. Detailed filing data is available for this year.$227$206$20.6$11.7$10.4$1.31
2013Detailed filing. Detailed filing data is available for this year.$213$195$18.9$11.8$10.2$1.59
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$191$176$15.3$10.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$176$162$14.2$10.8
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$165$152$13.5$10.6
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2022 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$24,998,829
Mission and Program Overview

Mission

To provide our members with quality, cost-effective, personalized financial services that contribute to their social and economic well-being.

To provide quality, cost-effective, personalized financial services for our members' well-being.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$290,387,922$427,428,878▲ $137,040,956
Savings and Temporary Cash Investments$65,809,230$103,092,110▲ $37,282,880
Rtn Earn Endowment Incm Other Fnds$32,145,568$54,805,062▲ $22,659,494
Land, Buildings, and Equipment, Net$12,332,900$19,469,491▲ $7,136,591
Receivables From Officers Etc$17,207,202$16,947,446▼ $259,756
Investments in Publicly Traded Securities-$7,563,596-
Cash and Non-Interest-Bearing Accounts$2,999,206$6,012,880▲ $3,013,674
Investments Program Related$3,289,403$5,312,434▲ $2,023,031
Accounts Receivable$3,493,912$4,570,609▲ $1,076,697
Prepaid Expenses and Deferred Charges$653,960$2,236,669▲ $1,582,709
Intangible Assets-$1,347,146-
Investments Other Securities$100,000--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$399,175,240$601,399,682▲ $202,224,442
Other Assets Total$2,901,505$7,418,423▲ $4,516,918
Liabilities
Other Liabilities$355,973,782$537,801,188▲ $181,827,406
Accounts Payable and Accrued Expenses$6,055,890$8,777,932▲ $2,722,042
Mortgage Notes Payable Secured by Investment Property$5,000,000--
Deferred Revenue-$15,500-
Total Liabilities$367,029,672$546,594,620▲ $179,564,948
Net Assets / Fund Balance
Total Net Assets Fund Balance$32,145,568$54,805,062▲ $22,659,494
Total Liabilities and Net Assets / Fund Balance$399,175,240$601,399,682▲ $202,224,442

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,701,662$2,976,045$12,677,707
Equipment$3,561,411$5,305,199$8,866,610
Land$6,053,047-$6,053,047
Other Land Buildings$153,371$361,202$514,573
Leasehold Improvements$0$173,794$173,794
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sally DischlerPresident/CEOFT$392,407$181,586$573,993
Angela HansonCIO/SVPFT$281,115$48,116$329,231
Steve FarnsworthCOO/evpFT$136,657$64,720$201,377
Shawn RedmanCLO/SVPFT$146,260$33,942$180,202
Lyle HansenCTOFT$134,299$43,436$177,735
Kevin Featherston-croweCFO/SVPFT$131,966$39,651$171,617
Shay SantosCOOFT$136,111$27,422$163,533
Robin MarohnVP Business DevelopmentFT$126,553$21,819$148,372
Dianne JentzVP Business LendingFT$123,679$8,163$131,842
Anne ZickusChief Experience OfficerFT$106,948$21,398$128,346
Darrel PanzerVP FinanceFT$110,468$12,202$122,670
Gregory JohnsonLoan Sales RepresentaiveFT$109,090$11,310$120,400

Board Members and Trustees

NameTitle
Rhonda HollfelderChair
Marc JonesVice-chair
Andrew BakerDirector
Jeffery HeilDirector
John MclellanDirector
Lisa MayneDirector
Theola CarterDirector
David DigiovanniSecretary
Jim DaltonTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Fis GlobalData ProcessorPO BOX 4535, Carol Stream, IL 60197$837,167
Corelation INCData Processor2305 HISTORIC DECATUR RD 300, San Diego, CA 92106$465,442
Fiserv INCData ProcessorPO BOX 934057, Atlanta, GA 31193$392,560
Alkami Technology INCData Processor5601 GRANITE PKWY STE 100, Plano, TX 75024$303,157
Cu Answers INCData Processor6000 28TH ST SE, Grand Rapids, MI 49546$290,794
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$22,991,729
Investment Income
$1,931,146
Other Revenue
$6,540
Change in Net Assets
$1,488,334
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$11,261,924
Other Expenses$11,143,563
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$6,793,840
Current Officers, Directors, Trustees, and Key Employees---$1,926,034
Fees for Services Other---$1,231,877
Office Expenses---$1,184,757
Depreciation Depletion---$1,060,166
Benefits to Members---$1,035,594
Pension Plan Contributions---$1,009,446
Other Expenses---$963,206
Other Employee Benefits---$953,119
Occupancy---$832,125
Information Technology---$655,178
Payroll Taxes---$579,485
Advertising---$499,050
Insurance---$115,783
Conferences and Meetings---$77,815
Fees for Services Accounting---$45,513
Fees for Services Legal---$30,801
Travel---$9,337
Interest---$860
Total Functional Expenses$0$0$0$23,441,081
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$17,207,202$16,947,446▼ $259,756
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Share & Deposits$536,016,539
Net Pension Liability$1,634,649
Nonmember Deposits$150,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The organization consists of members. To be a member, one must have a share/savings account. Each member has one vote to elect the governing body (board of directors).

Form 990, Part VI, Section A, Line 7A

The board of directors is elected by the membership utilizing their one vote per member.

Form 990, Part VI, Section A, Line 7B

Each member has one vote to utilize in ratifying significant decisions beyond the authority of the board as outlined in the organizations bylaws. Any decision to dissolve or merge the organization requires approval of membership, unless mandated by regulatory agency (i.e ncua, wisconsin office of credit unions)

Form 990, Part VI, Section B, Line 11B

Form 990 is reviewed for errors and ommissions first by credit union executives, then a summary is provided to the board of directors for review.

Form 990, Part VI, Section B, Line 12C

Annually, all employees and volunteers are required to complete a disclosure of all known relationships which may give rise to conflicts. These disclosures are monitored by credit union management for compliance.

Form 990, Part VI, Section B, Line 15A

To determine ceo compensation, the executive committee of the board of directors reviewed annual ceo goals, cues executive compensation salary data by geographic region, credit union financial results specifically the roa, and the projected budget for the coming year. The executive committee then met in private to determine the compensation. The minutes of the ceo review and executive committee were documented by the board secretary. The board chairman then provided the results to the review and compensation to the entire board during the closed session. This was most recently completed in 2021.

Form 990, Part VI, Section C, Line 19

We post our financial statements in all branch lobbies on a monthly basis.

Filing and Contact Details

Filer

Filer Name
Heartland Credit Union
EIN
39-0716655
Phone
6082827000
Address
5325 HIGH CROSSING BLVD, MADISON, WI 53718

Signing Officer

Name
Angela Hanson
Title
President/CEO
Phone
6082827000
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Angela Hanson
Formed
1936
Legal Domicile
Wi
Voting Board Members
9
Independent Board Members
9
Employees
160
Volunteers
12

Preparer

Firm
Cliftonlarsonallen Llp
Address
109 N MAIN STREET SUITE 200, AUSTIN, MN 55912
Preparer
Tanya Medgaarden
Phone
5074347000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in equity acquired in merger 20,020,959. Change in oci 1,565,423. Rounding -44.

Financial Statement Notes

PART X, LINE 2:

The credit union is generally exempt, by statute, from federal income taxes and state corporate business tax. However, the credit union is subject to federal tax on net unrelated business income.

Raw XML AppendixShowing 400 of 701 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.

Path#Value
IRS990/AccountantCompileOrReviewInd00
IRS990/AccountsPayableAccrExpnssGrp/BOYAmt06055890
IRS990/AccountsPayableAccrExpnssGrp/EOYAmt08777932
IRS990/AccountsReceivableGrp/BOYAmt03493912
IRS990/AccountsReceivableGrp/EOYAmt04570609
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0TO PROVIDE QUALITY, COST-EFFECTIVE, PERSONALIZED FINANCIAL SERVICES FOR OUR MEMBERS' WELL-BEING.
IRS990/AdvertisingGrp/TotalAmt0499050
IRS990/AnnualDisclosureCoveredPrsnInd01
IRS990/BenefitsToMembersGrp/TotalAmt01035594
IRS990/BooksInCareOfDetail/PersonNm0ANGELA HANSON
IRS990/BooksInCareOfDetail/PhoneNum06082687310
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt05325 HIGH CROSSING BLVD
IRS990/BooksInCareOfDetail/USAddress/CityNm0MADISON
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IRS990/CompensationFromOtherSrcsInd00
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IRS990/ConsolidatedAuditFinclStmtInd00
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt1CORELATION INC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2FISERV INC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt3ALKAMI TECHNOLOGY INC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt4CU ANSWERS INC
IRS990/ContractorCompensationGrp/ServicesDesc0DATA PROCESSOR
IRS990/ContractorCompensationGrp/ServicesDesc1DATA PROCESSOR
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IRS990/Desc0THE NUMBER OF OUTSTANDING LOANS INCREASED BY 7,972 DURING 2022. AS OF 12/31/22, WE HAD 3,039 MORTGAGES/HOME EQUITY LINES, 13,896 CONSUMER LOANS, AND 707 MEMBER BUSINESS LOANS. WE ALSO HAD 5,034 CREDIT CARD ACCOUNTS WITH OUR MEMBERS.
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IRS990/Form990PartVIISectionAGrp/PersonNm11ANGELA HANSON
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IRS990/Form990PartVIISectionAGrp/PersonNm13LYLE HANSEN
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IRS990/Form990PartVIISectionAGrp/TitleTxt15COO
IRS990/Form990PartVIISectionAGrp/TitleTxt16CHIEF EXPERIENCE OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt17VP BUSINESS DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP BUSINESS LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt19VP FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt20LOAN SALES REPRESENTAIVE
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IRS990/ProgSrvcAccomActy2Grp/Desc0WE HAVE DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS WITH 33,672 OF OUR MEMBERS AT 12/31/22. DURING 2022, WE OPENED AND/OR ACQUIRED 12,134 NEW DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS.
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IRS990/PYTotalProfFndrsngExpnsAmt00
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt02976045
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt012677707

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