Meritrust Credit Union
- Assets
- $1.3b
- Revenue
- $48.3m
- Investments
- $2.0m
- Employees
- 413
- Location
- Wichita, KS
- Founding
- 02/1979
- Data as of
- 08/2019
- 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 08/2019, Meritrust Credit Union generated $48.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (4.9%) each year. All expenses for the organization totaled $44.7m during the year ending 08/2019. As we would expect to see with falling revenues, expenses have declined by (4.0%) per year over the past 5 years. 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
2019
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 |
|---|---|---|
Ncr Corp Online & Mobile Banking | 12/30/18 | $3,665,464 |
Hutton Construction Construction | 12/30/18 | $4,262,448 |
Route 66 Warranty Extended Warranties | 12/30/18 | $2,463,442 |
Alexander Open Systems Network Storage | 12/30/18 | $993,086 |
Fiserv Dns/software | 12/30/18 | $912,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $3,172,659 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $43,994 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,306,293 |
| Statement of Expenses | |
|---|---|
| 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. | $2,976,455 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,341,235 |
| Pension plan accruals and contributions | $582,138 |
| Other employee benefits | $1,626,577 |
| Payroll taxes | $1,002,937 |
| Fees for services: Management | $261,669 |
| Fees for services: Legal | $143,215 |
| Fees for services: Accounting | $40,038 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,244,841 |
| Office expenses | $2,820,558 |
| Information technology | $3,039,534 |
| Royalties | $0 |
| Occupancy | $1,341,851 |
| Travel | $382,543 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,971 |
| Interest | $9,017,458 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,065,774 |
| Insurance | $109,727 |
| All other expenses | $446,153 |
| Total functional expenses | $44,723,169 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $45,038,511 |
| Savings and temporary cash investments | $105,028,113 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $55,152 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,035,889,521 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,548,813 |
| Investments—publicly traded securities | $8,112,928 |
| Investments—other securities | $2,000,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $41,533,268 |
| Total assets | $1,281,507,668 |
| Accounts payable and accrued expenses | $631,426 |
| Grants payable | $0 |
| Deferred revenue | $704,967 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,952,475 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $104,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,047,266,917 |
| Total liabilities | $1,155,555,785 |
| 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 |
| Total liabilities and net assets/fund balances | $125,951,883 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ttcu Federal Credit Union Tulsa, OK | $2,611,508,582 | $123,227,030 |
Westerra Credit Union Denver, CO | $1,970,586,116 | $60,087,395 |
Credit Union Of America Wichita, KS | $1,284,661,575 | $72,395,937 |
Credit Unions Chartered In The State Of Colorado Broomfield, CO | $1,586,159,504 | $57,634,628 |
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 |