Dakota West Credit Union
- Assets
- $274.7m
- Revenue
- $10.1m
- Investments
- $0.0
- Employees
- 68
- Location
- Watford City, ND
- Founding
- 10/1944
- Data as of
- 12/2020
- EIN
- 45-0226725
Dakota West Credit Union 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 12/2020, Dakota West Credit Union employed 68 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 12/2020, Dakota West Credit Union generated $10.1m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $9.0m during the year ending 12/2020. 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
2020
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
Do You Work With Nonprofits?Intellispect helps service providers identify nonprofit prospects and make contact with decision makers.
Dakota West Credit Union Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Meyer CEO | Officer | 40 | $236,383 |
Korey Hagan Cco | 40 | $123,639 | |
Tammy Kalberer CFO | 40 | $105,657 | |
Joy Brew Chairperson | Trustee | $0 | |
Jim Svihovec Vice Chairpe | Trustee | $0 | |
Lynn Oberg Secretary | 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 | $5,675,897 |
| Investment income | $2,539,287 |
| 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 | $10,089,638 |
| 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. | $236,383 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,339,777 |
| Pension plan accruals and contributions | $274,838 |
| Other employee benefits | $545,123 |
| Payroll taxes | $261,339 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $103,048 |
| Fees for services: Accounting | $55,859 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $173,445 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $741,121 |
| Travel | $108,223 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $618,013 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $605,227 |
| Insurance | $0 |
| All other expenses | $39,871 |
| Total functional expenses | $8,951,151 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,514,633 |
| Savings and temporary cash investments | $21,636,251 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$15,245 |
| Loans from Officers, Directors, or Controlling Persons | $761,691 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $114,069,626 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,672,594 |
| Net Land, buildings, and equipment | $7,674,314 |
| Investments—publicly traded securities | $118,038,957 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,308,841 |
| Total assets | $274,661,662 |
| Accounts payable and accrued expenses | $1,016,701 |
| 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 | $235,016,930 |
| Total liabilities | $236,033,631 |
| 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 | $36,628,031 |
| Total liabilities and net assets/fund balances | $274,661,662 |
Dakota West Credit Union Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southpoint Financial Credit Union Sleepy Eye, MN | $353,734,866 | $16,496,430 |
North Star Community Credit Union Maddock, ND | $311,136,853 | $16,631,211 |
Valley Financial Credit Union Billings, MT | $297,066,702 | $19,028,159 |
Western Cooperative Credit Union Williston, ND | $358,802,224 | $15,994,606 |
First Alliance Credit Union Stewartville, MN | $207,900,558 | $13,843,982 |
My Credit Union Bloomington, MN | $307,549,200 | $12,977,702 |
Minnco Credit Union Cambridge, MN | $324,556,258 | $14,367,472 |
Anoka Hennepin Credit Union Coon Rapids, MN | $245,957,320 | $9,641,372 |
Dakota West Credit Union Watford City, ND | $274,661,662 | $10,089,638 |
Financial One Credit Union Columbia Heights, MN | $148,215,939 | $10,178,111 |
Northwoods Credit Union Cloquet, MN | $139,988,463 | $6,129,710 |
Co-Op Credit Union Of Montevideo Montevideo, MN | $214,823,042 | $11,328,637 |
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