Meritrust Federal 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 Federal 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 Federal Credit Union employed 413 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Meritrust Federal 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 Federal 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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Dodds Board Chair | OfficerTrustee | 3 | $1,473 |
Marci Johnson Board Vice Chair | OfficerTrustee | 3 | $0 |
Brian Middleton Board Secretary/treasurer | OfficerTrustee | 3 | $1,275 |
Hector Cortez Board Director | Trustee | 3 | $0 |
Steve Dunn Board Director | Trustee | 3 | $2,806 |
James Nastars President/ceo | Officer | 40 | $447,373 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
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 |
Fiserv Dns/software | 12/30/18 | $912,500 |
Route 66 Warranty Extended Warranties | 12/30/18 | $2,463,442 |
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 |