Summit Ridge Credit Union
- Assets
- $20.4m
- Revenue
- $873.8k
- Investments
- $0.0
- Employees
- 5
- Location
- Lees Summit, MO
- Founding
- Data as of
- 12/2021
- EIN
- 44-6013148
Organization Overview
Summit Ridge Credit Union is located in Lees Summit, MO. As of 12/2021, Summit Ridge Credit Union employed 5 individuals. Summit Ridge Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Summit Ridge Credit Union generated $873.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $798.4k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HIGH QUALITY FINANCIAL SERVICES FOR OUR MEMBERS/OWNERS, ENHANCING THEIR FINANCIAL WELL-BEING WHILE MAINTAINING THE FINANCIAL STRENGTH OF THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 1,759 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2021, THERE WERE 878 LOANS OUTSTANDING TOTALING $10,827,857.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $74,565 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brenda Rempe President | Officer | 50 | $118,633 |
Dennis Francis Board Member | Trustee | 1 | $0 |
Sharon Thomas Board Member | Trustee | 1 | $0 |
Norman Beeman Chairperson | Trustee | 2 | $0 |
Brad Wise Vice Chairperson | Trustee | 2 | $0 |
Lori Bronson Secretary/treasurer | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $770,478 |
| Investment income | $100,068 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $3,217 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $873,763 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $123,291 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $181,211 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,324 |
| Payroll taxes | $19,903 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,510 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $34,818 |
| Advertising and promotion | $17,428 |
| Office expenses | $173,671 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,219 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,230 |
| Insurance | $0 |
| All other expenses | $5,298 |
| Total functional expenses | $798,390 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $358,773 |
| Savings and temporary cash investments | $8,601,708 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,758,997 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $20,384 |
| Net Land, buildings, and equipment | $425,410 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $191,054 |
| Total assets | $20,356,326 |
| Accounts payable and accrued expenses | $583,436 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,160,066 |
| Total liabilities | $18,743,502 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,612,824 |
| Total liabilities and net assets/fund balances | $20,356,326 |
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