Meritrust Credit Union
- Assets
- $1.2b
- Revenue
- $75.2m
- Investments
- $2.0m
- Employees
- 413
- Location
- Wichita, KS
- Founding
- 02/1979
- Data as of
- 12/2018
- EIN
- 48-0570799
Organization Overview
Meritrust Credit Union is located in Wichita, KS. The organization was established in 1979. 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 12/2018, Meritrust Credit Union employed 413 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Meritrust 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 12/2018, Meritrust Credit Union generated $75.2m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $71.0m during the year ending 12/2018. While expenses have increased by 6.7% per year over the past 4 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
MERITRUST CREDIT UNION PROVIDES FINANCIAL SERVICES WHILE MAINTAINING THE HIGHEST ETHICAL STANDARDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCOME FROM THE CREDIT UNION MEMBERSHIP AND INVESTMENT OF MEMBER'S FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Nastars President/ceo | Officer | 40 | $447,373 |
Brian Davidson SVP Chief Business Officer | Officer | 40 | $393,073 |
Evan Wilson SVP Chief Experience Officer | Officer | 40 | $343,399 |
Jamie Harrison SVP Chief Retail Officer | Officer | 40 | $329,751 |
Randy Doerksen SVP Chief Financial Officer | Officer | 40 | $260,135 |
James Homan Financial Advisor | 40 | $248,067 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Dns/software | 12/30/18 | $912,500 |
Hutton Construction Construction | 12/30/18 | $4,262,448 |
Ncr Corp Online & Mobile Banking | 12/30/18 | $3,665,464 |
Alexander Open Systems Network Storage | 12/30/18 | $993,086 |
Route 66 Warranty Extended Warranties | 12/30/18 | $2,463,442 |
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 | $68,508,680 |
| Investment income | $4,284,177 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$34,341 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $75,229,939 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,883 |
| 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. | $2,906,059 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,009,959 |
| Pension plan accruals and contributions | $731,902 |
| Other employee benefits | $3,492,484 |
| Payroll taxes | $1,539,520 |
| Fees for services: Management | $556,606 |
| Fees for services: Legal | $81,382 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,083,073 |
| Office expenses | $4,626,956 |
| Information technology | $4,752,142 |
| Royalties | $0 |
| Occupancy | $1,619,285 |
| Travel | $51,140 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $273,868 |
| Interest | $13,145,766 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,594,756 |
| Insurance | $214,130 |
| All other expenses | $434,092 |
| Total functional expenses | $71,016,787 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,968,336 |
| Savings and temporary cash investments | $30,139,345 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,446,293 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,049,299,508 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,467,408 |
| Net Land, buildings, and equipment | $37,666,917 |
| Investments—publicly traded securities | $11,640,741 |
| Investments—other securities | $2,000,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $42,493,374 |
| Total assets | $1,215,121,922 |
| Accounts payable and accrued expenses | $10,634,527 |
| Grants payable | $0 |
| Deferred revenue | $742,533 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,158,985 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $73,872,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,005,451,233 |
| Total liabilities | $1,092,859,278 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $122,262,644 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Elevations Credit Union Boulder, CO | $2,213,511,736 | $149,375,954 |
Ttcu Federal Credit Union Tulsa, OK | $2,019,744,867 | $107,654,707 |
Meritrust Credit Union Wichita, KS | $1,215,121,922 | $75,229,939 |
Westerra Credit Union Denver, CO | $1,571,773,647 | $71,471,009 |
Credit Union Of America Wichita, KS | $985,502,271 | $61,355,535 |
Credit Unions Chartered In The State Of Colorado Boulder, CO | $1,241,180,693 | $60,792,013 |
Weokie Federal Credit Union Oklahoma City, OK | $1,024,486,254 | $42,986,888 |
Golden Plains Credit Union Garden City, KS | $674,691,693 | $39,065,233 |
Credit Union Of Denver Lakewood, CO | $885,526,918 | $40,489,630 |
True Sky Credit Union Oklahoma City, OK | $645,797,421 | $31,459,192 |
Oklahoma Central Credit Union Tulsa, OK | $580,520,428 | $29,411,171 |
Oklahomas Credit Union Oklahoma City, OK | $640,525,305 | $32,680,789 |