Heritage Financial Credit Union
Heritage Financial Credit Union shows consistent revenue and asset growth with positive net income over three years.
EIN: 141348251 · Middletown, NY · NTEE: W61 · Updated: 2026-03-28
Is Heritage Financial Credit Union Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Heritage Financial Credit Union directs 89% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Heritage Financial Credit Union
Heritage Financial Credit Union (EIN: 141348251) is a nonprofit organization based in Middletown, NY, classified under NTEE code W61. The organization reported total revenue of $46.0M and total assets of $731.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Heritage Financial Credit Union's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Heritage Financial Credit Union with a Mission Score of 85 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 11%
- programs: 89%
- fundraising: 0%
According to IRS 990 filings, Heritage Financial Credit Union allocates its expenses as follows: admin: 11%, programs: 89%, fundraising: 0%. With 89% directed toward programs, this reflects a strong commitment to its charitable mission.
Executive Compensation Analysis
The IRS 990 filings consistently report 0% officer compensation, which is unusual for an organization of this size with assets exceeding $700 million. This suggests that executive compensation may be reported in a different section of the filing or structured in a way that it is not categorized as 'officer compensation' in the summary, requiring deeper scrutiny for a full understanding of executive pay practices.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Heritage Financial Credit Union's IRS 990 filings:
- Consistent 0% officer compensation reported, which is atypical for an organization of this size and warrants further investigation for transparency.
Strengths
The following positive indicators were identified for Heritage Financial Credit Union:
- Consistent revenue growth from $27.5M in 2021 to $39.4M in 2023.
- Strong asset growth from $534.8M in 2021 to $711.9M in 2023.
- Positive net income in all reported periods, indicating financial stability and effective expense management.
- Healthy equity growth (Assets - Liabilities) over the three-year period.
Frequently Asked Questions about Heritage Financial Credit Union
Is Heritage Financial Credit Union a legitimate charity?
Based on AI analysis of IRS 990 filings, Heritage Financial Credit Union (EIN: 141348251) some concerns. Mission Score: 85/100. 1 red flag identified, 4 strengths noted.
How does Heritage Financial Credit Union spend its money?
Heritage Financial Credit Union directs 89% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to Heritage Financial Credit Union tax-deductible?
Heritage Financial Credit Union is registered as a tax-exempt nonprofit (EIN: 141348251). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is Heritage Financial Credit Union a good charity?
As a credit union (NTEE W61), Heritage Financial Credit Union is a member-owned financial cooperative, not a traditional charity. Its 'goodness' should be evaluated based on its service to members, financial stability, and community impact, rather than typical charitable metrics. Financially, it appears stable and growing.
How does Heritage Financial Credit Union manage its expenses?
The organization consistently maintains expenses significantly below revenue, with a net income of $3.6 million in 2023, $5.0 million in 2022, and $4.0 million in 2021. This indicates effective expense management relative to its income.
What is the trend in the organization's assets and liabilities?
Assets have steadily increased from $534.8 million in 2021 to $711.9 million in 2023, while liabilities have also grown from $490.2 million to $661.5 million. The equity (assets minus liabilities) has consistently increased, indicating financial health and growth.
Why is officer compensation reported as 0%?
The consistent reporting of 0% officer compensation across all three filings is highly unusual for an organization of this scale. This could mean compensation is reported under different categories, paid by a related entity, or structured in a non-traditional way. Further investigation into the full 990 form would be needed to understand executive compensation practices.
Filing History
IRS 990 filing history for Heritage Financial Credit Union showing financial trends over 3 years of public records:
Over 3 years of IRS 990 filings (2021–2023), Heritage Financial Credit Union's revenue has grown by 43.4%, moving from $27.5M to $39.4M. Total assets increased by 33.1% over the same period, from $534.9M to $712.0M. Total functional expenses rose by 52.3%, from $23.5M to $35.8M. In its most recent filing year (2023), Heritage Financial Credit Union reported a surplus of $3.6M, with revenue exceeding expenses. The organization holds $661.5M in liabilities against $712.0M in assets (debt-to-asset ratio: 92.9%), resulting in net assets of $50.5M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. | |
|---|---|---|---|---|---|---|
| 2023 | $39.4M | $35.8M | $712.0M | $661.5M | — | View 990 |
| 2022 | $31.2M | $26.2M | $623.3M | $576.1M | — | View 990 |
| 2021 | $27.5M | $23.5M | $534.9M | $490.2M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $39.4M, expenses of $35.8M, and assets of $712.0M (revenue +26.3% year-over-year).
- 2022: Revenue of $31.2M, expenses of $26.2M, and assets of $623.3M (revenue +13.5% year-over-year).
- 2021: Revenue of $27.5M, expenses of $23.5M, and assets of $534.9M.
Data Sources and Methodology
This transparency report for Heritage Financial Credit Union is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.