Mid American Credit Union
- Assets
- $369.7m
- Revenue
- $22.9m
- Investments
- $1.4m
- Employees
- 121
- Location
- Wichita, KS
- Founding
- 10/1980
- Data as of
- 12/2021
- EIN
- 48-0542669
Organization Overview
Mid American Credit Union is located in Wichita, KS. The organization was established in 1980. 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, Mid American Credit Union employed 121 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mid American 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, Mid American Credit Union generated $22.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $18.7m during the year ending 12/2021. While expenses have increased by 3.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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 BE OUR MEMBERS' TRUSTED FINANCIAL HOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 43,096 MEMBERS AND PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $2,247,397 FOR THE YEAR.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2021, THERE WERE 22,171 LOANS OUTSTANDING TOTALING $330,184,276.
PROVIDED FINANCIAL SERVICES EDUCATION TO SEG PARTNERS AS WELL AS HIGH SCHOOL STUDENTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bradley Herzet President/ceo | Officer | 40 | $505,935 |
Kim Wheelock SVP - Cio & COO | Officer | 40 | $173,520 |
Gregory Teter Chief Financial Officer | Officer | 40 | $166,580 |
Michael Welli VP - Marketing | Officer | 40 | $144,589 |
Milton Balzer VP - Lending | Officer | 40 | $136,893 |
Dana Hasenkamp VP - Hr & Facilities | Officer | 40 | $109,777 |
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 | $21,476,378 |
| Investment income | $1,600,798 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$137,687 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,939,489 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,000 |
| 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. | $2,662,645 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,095,480 |
| Pension plan accruals and contributions | $246,402 |
| Other employee benefits | $804,608 |
| Payroll taxes | $397,859 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $484,796 |
| Fees for services: Accounting | $103,333 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $142,598 |
| Advertising and promotion | $300,278 |
| Office expenses | $2,436,571 |
| Information technology | $1,404,732 |
| Royalties | $0 |
| Occupancy | $777,271 |
| Travel | $3,592 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $97,141 |
| Interest | $390,292 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,191,374 |
| Insurance | $120,679 |
| All other expenses | $163,729 |
| Total functional expenses | $18,713,143 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,320,856 |
| Savings and temporary cash investments | $7,389,622 |
| 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 | $325,022,600 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,133,904 |
| Net Land, buildings, and equipment | $12,621,141 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,415,700 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,797,291 |
| Total assets | $369,701,114 |
| Accounts payable and accrued expenses | $7,191,252 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $87,708 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $25,941,992 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $298,771,251 |
| Total liabilities | $331,992,203 |
| 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 | $37,708,911 |
| Total liabilities and net assets/fund balances | $369,701,114 |
Grants Awarded
Over the last fiscal year, Mid American Credit Union has awarded $25,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Salina, KS PURPOSE: SUPPORT CREDIT COUNSELING AND EDUCATION PROGRAMS | $15,000 |
Wichita, KS PURPOSE: SUPPORT STUDENT EDUCATION PROGRAMS | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Meritrust Credit Union Wichita, KS | $1,281,507,668 | $48,306,293 |
True Sky Credit Union Oklahoma City, OK | $831,301,668 | $47,281,663 |
Weokie Federal Credit Union Oklahoma City, OK | $1,024,486,254 | $42,986,888 |
Golden Plains Credit Union Garden City, KS | $831,027,454 | $40,747,458 |
Credit Union Of Denver Lakewood, CO | $1,142,313,148 | $39,919,680 |
Oklahomas Credit Union Oklahoma City, OK | $721,352,699 | $32,235,785 |
Azura Credit Union Topeka, KS | $682,703,343 | $33,958,013 |
Millennium Corporate Credit Union Wichita, KS | $1,676,715,852 | $44,466,623 |
Oklahoma Central Credit Union Tulsa, OK | $713,131,238 | $26,539,012 |
Liberty First Credit Union Lincoln, NE | $400,479,429 | $27,721,129 |
Heartland Credit Union Hutchinson, KS | $477,723,732 | $30,631,369 |
Sooper Credit Union Arvada, CO | $541,418,878 | $25,522,076 |