Farmway Credit Union
- Assets
- $101.9m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 39
- Location
- Beloit, KS
- Founding
- 10/1978
- Data as of
- 12/2021
- EIN
- 48-0625704
Organization Overview
Farmway Credit Union is located in Beloit, KS. The organization was established in 1978. 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, Farmway Credit Union employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Farmway 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, Farmway Credit Union generated $3.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $3.8m during the year ending 12/2021. 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
PROVIDE FINANCIAL SERVICES FOR MUTUAL PURPOSES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE A SOURCE OF CREDIT AND OTHER FINANCIAL RELATED SERVICES TO 7,552 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Deneke President | Officer | 40 | $138,585 |
Deanne Winkel Vice-President | Officer | 40 | $89,712 |
Jeff Zimmer Vice-President | Officer | 40 | $89,712 |
Pamela Krier Vice-Chairman | OfficerTrustee | 2 | $0 |
James Peroutek Chairman | OfficerTrustee | 2 | $0 |
Kenneth Tolbert Secretary/treasurer | OfficerTrustee | 2 | $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 | $3,191,406 |
| Investment income | $363,063 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,377 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,566,846 |
| 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. | $442,930 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,232,851 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $13,427 |
| Advertising and promotion | $55,237 |
| Office expenses | $466,298 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $101,641 |
| Travel | $52,048 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $115,636 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $11 |
| All other expenses | $27,616 |
| Total functional expenses | $3,804,005 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,615,818 |
| Savings and temporary cash investments | $30,987,393 |
| 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 | $54,975,838 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $837,109 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,522,823 |
| Total assets | $101,938,981 |
| Accounts payable and accrued expenses | $345,010 |
| 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 | $80,477,106 |
| Total liabilities | $80,822,116 |
| 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 | $21,116,865 |
| Total liabilities and net assets/fund balances | $101,938,981 |
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|---|---|---|
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Partner Colorado Credit Union Arvada, CO | $575,170,940 | $26,663,634 |
Mid American Credit Union Wichita, KS | $369,701,114 | $22,939,489 |
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Arsenal Credit Union Arnold, MO | $349,876,786 | $18,878,245 |
Allegiance Credit Union Oklahoma City, OK | $376,025,043 | $16,187,363 |
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Aventa Credit Union Colorado Springs, CO | $264,169,507 | $14,432,586 |
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Colorado Credit Union Littleton, CO | $304,566,032 | $14,640,813 |
Municipal Employees Credit Union Of Oklahoma City Oklahoma City, OK | $165,134,391 | $7,876,374 |
First Nebraska Credit Union Omaha, NE | $169,996,171 | $8,202,195 |