2024-11-12T13:01:00-06:00 2023-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2023-01-01 630288900 HERITAGE SOUTH CREDIT UNION HERI 8882454776 60 GENE STEWART BOULEVARD SYLACAUGA AL 35151 JAMIE PAYTON CEO 8882454776 2024-11-10 1 1 CLAIRE C DUREN CPA P01577924 8504357400 2024-11-10 2023 2024-10-15 13:58:12Z JAMIE PAYTON 60 GENE STEWART BLVD SYLACAUGA AL 35151 11245390 0 X WWW.MYHSCU.COM X STATE-CHARTERED CREDIT UNION 1937 AL TO PROVIDE FINANCIAL SERVICES TO OUR SELECT MEMBERSHIP. 8 7 84 12 64023 0 0 0 5853470 7063163 683306 1019301 3038748 3156660 9575524 11239124 0 0 0 0 3600394 3741217 0 0 0 4987279 6532886 8587673 10274103 987851 965021 167185802 174762433 154355547 160474714 12830255 14287719 THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN FIVE COUNTIES IN EAST CENTRAL ALABAMA. THE TOTAL NUMBER OF MEMBERS SERVED IS IN EXCESS OF 15,000. 0 0 IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, AND CERTIFICATE OF DEPOSIT ACCOUNTS. TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4229 0 1 84 1 1 1 0 0 0 0 0 0 0 X 8 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X JAMIE PAYTON CEO 8882454776 60 GENE STEWART BOULEVARD SYLACAUGA AL 35151 RANDALL MORRIS VICE-CHAIRPERSON 1.00 X X 0 0 0 LARRY BLANCHARD DIRECTOR 1.00 X 0 0 0 ONDI TURNER DIRECTOR 1.00 X 0 0 0 ANGELA HUGHES DIRECTOR 1.00 X 0 0 0 JIM PATTON CHAIRPERSON 1.00 X X 0 0 0 MINDY GRIER DIRECTOR 1.00 X 0 0 0 WAYNE SAYERS DIRECTOR 1.00 X 0 0 0 JAMIE PAYTON CEO 40.00 X 150320 0 64914 LINDSEY MARLOW COO 40.00 X 101041 0 40247 ANNA TYLER CLO 40.00 X 105617 0 58858 JAMIE ELLIOT CFO 40.00 X 69814 0 31731 426792 0 195750 3 0 1 0 0 INTEREST ON LOANS 522100 7063163 7063163 7063163 991322 991322 34245 6266 27979 27979 27979 SERVICE FEES & OTHER INCOME 522100 3092637 3092637 NONMEMBER ATM SURCHARGES 522100 64023 64023 3156660 11239124 10155800 64023 1019301 622541 2129119 271344 527744 190469 21004 55623 157620 225415 598965 655327 336331 132413 800 1606023 301676 61161 CREDIT CARD EXP 954804 PROVISION FOR LOAN LOSS 344564 COMMUNICATION EXP 331068 LOAN SERVICING EXP 218682 531410 10274103 12737172 11094480 3242804 836276 2387 0 120083857 129617627 144220 184180 13742685 3775641 7666561 9967044 9616715 10118925 7061500 6143200 6630586 6800701 167185802 174762433 1557850 624444 0 5000000 152797697 154850270 154355547 160474714 X 0 0 0 0 12830255 14287719 12830255 14287719 167185802 174762433 X 965021 312661 179782 X X 0 1 X 1 0 2084489 2084489 9287936 2051999 7235937 2370260 1723642 646618 9967044 MEMBER DEPOSITS 154850270 154850270 X 1 1 X 0 0 0 JAMIE PAYTON CEO 139320 0 11000 0 0 0 46849 0 18065 0 215234 0 0 0 ANNA TYLER CLO 103528 0 2089 0 0 0 36295 0 22563 0 164475 0 0 0 FORM 990, PART IV, CHECKLIST OF REQUIRED SCHEDULES, LINE 12A: THE CREDIT UNION RECEIVES AN ANNUAL FINANCIAL STATEMENT AUDIT FROM INDEPENDENT ACCOUNTANTS. HOWEVER, THE AUDIT PERIOD IS FROM JULY 1 TO JUNE 30. THE MOST RECENT AUDITED FINANCIALS AS OF DECEMBER 31, 2023, ARE FOR THE YEAR ENDED JUNE 30, 2024. FORM 990, PART VI, SECTION A, LINE 6 THE GOVERNING BOARD OF HERITAGE SOUTH CREDIT UNION IS OWNED AND CONTROLLED BY ITS MEMBERS AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. HERITAGE SOUTH CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP. THE DIRECTORS SERVE TWO-YEAR TERMS. A NOMINATING COMMITTEE APPOINTED BY THE BOARD NOMINATES THE BOARD MEMBERS, AND THE MEMBERSHIP VOTES ON THE NOMINEES. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERSHIP IS REQUIRED TO VOTE ON CHANGES TO THE CREDIT UNION'S CHARTER. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE INDEPENDENT INTERNAL AUDITOR REVIEWS ALL CONTRACTS AND ALL TRANSACTIONS FOR RELATIONSHIPS TO OFFICIALS AND KEY EMPLOYEES OF THE CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION COMMITTEE IS APPOINTED BY THE BOARD CHAIRMAN. THE COMMITTEE REVIEWS THE CEO'S PERFORMANCE AND MAKES RECOMMENDATIONS ON SALARY BASED UPON THE PERFORMANCE REVIEW AND CUNA SALARY SURVEYS. THE COMMITTEE AND THE BOARD APPROVE THE CEO'S SALARY. THE CEO APPROVES ALL KEY EMPLOYEE SALARIES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH LOBBY. ANY OTHER INFORMATION IS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: FASB ASC 715 ADJUSTMENT 179,868. CECL ADJUSTMENT -86. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2(B) THE CREDIT UNION RECEIVES AN ANNUAL FINANCIAL STATEMENT AUDIT FROM INDEPENDENT ACCOUNTANTS. HOWEVER, THE AUDIT PERIOD IS FROM JULY 1 TO JUNE 30. THE MOST RECENT AUDITED FINANCIALS AS OF DECEMBER 31, 2023, ARE FOR THE YEAR ENDED JUNE 30, 2024. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2(C) THE CREDIT UNION HAS A SUPERVISORY COMMITTEE MADE UP OF THREE MEMBER VOLUNTEERS WHO OVERSEE THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT ACCOUNTANTS.