Dakota West Credit Union
- Assets
- $299.2m
- Revenue
- $10.1m
- Investments
- $0.0
- Employees
- 64
- Location
- Watford City, ND
- Founding
- 10/1944
- Data as of
- 12/2021
- EIN
- 45-0226725
Organization Overview
Dakota West Credit Union is located in Watford City, ND. The organization was established in 1944. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Dakota West Credit Union employed 64 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dakota West 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, Dakota West Credit Union generated $10.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $8.6m 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
ORGANIZATION IS A STATE CHARTERED CREDIT UNION - N/A
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
N/A
N/A
N/A N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Meyer CEO | Officer | 40 | $302,835 |
Korey Hagan Cco | 40 | $136,716 | |
Tammy Kalberer CFO | 40 | $134,655 | |
James Bourgois It Manager | 40 | $100,883 | |
Andrew Fisher Director | OfficerTrustee | $0 | |
Karla Quale Vice Chairpe | Trustee | $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 | $5,570,806 |
| Investment income | $2,202,215 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $10,075,740 |
| 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. | $302,835 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,534,346 |
| Pension plan accruals and contributions | $325,774 |
| Other employee benefits | $561,671 |
| Payroll taxes | $278,407 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $48,804 |
| Fees for services: Accounting | $47,274 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $204,109 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $412,100 |
| Travel | $91,901 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $572,947 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $439,184 |
| Insurance | $0 |
| All other expenses | $76,461 |
| Total functional expenses | $8,647,111 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,054,003 |
| Savings and temporary cash investments | $21,458,786 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$14,191 |
| Loans from Officers, Directors, or Controlling Persons | $173,097 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $139,163,719 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,880,430 |
| Net Land, buildings, and equipment | $7,047,539 |
| Investments—publicly traded securities | $119,162,599 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,260,443 |
| Total assets | $299,186,425 |
| Accounts payable and accrued expenses | $244,457 |
| 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 | $261,492,211 |
| Total liabilities | $261,736,668 |
| 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 | $2,000,000 |
| Retained earnings, endowment, accumulated income, or other funds | $35,449,757 |
| Total liabilities and net assets/fund balances | $299,186,425 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Valley Financial Credit Union Billings, MT | $409,425,878 | $18,570,812 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |
Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |
Minnco Credit Union Cambridge, MN | $474,930,178 | $17,267,094 |
Co-Op Credit Union Of Montevideo Montevideo, MN | $328,823,847 | $13,808,277 |
Anoka Hennepin Credit Union Coon Rapids, MN | $278,464,977 | $10,634,973 |
Northwoods Credit Union Cloquet, MN | $158,800,321 | $10,013,963 |
Dakota West Credit Union Watford City, ND | $299,186,425 | $10,075,740 |
Financial One Credit Union Columbia Heights, MN | $196,661,798 | $11,270,296 |