Wheat State Credit Union
- Assets
- $23.5m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 11
- Location
- Wichita, KS
- Founding
- 11/1978
- Data as of
- 12/2021
- EIN
- 48-6111926
Organization Overview
Wheat State Credit Union is located in Wichita, 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, Wheat State Credit Union employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wheat State 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, Wheat State Credit Union generated $2.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $1.6m during the year ending 12/2021. While expenses have increased by 0.9% 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
COOPERATIVE FINANCIAL INSTITUTION (CREDIT UNION)
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 3,396 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2021, THERE WERE 2,073 LOANS OUTSTANDING TOTALING $20,318,946.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $125,726 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Cheatum President/ceo | Officer | 40 | $78,163 |
Larry Gray Vice Chairperson | Trustee | 1 | $0 |
Leland Bittle Chairperson | Trustee | 1 | $0 |
Linda Burnside Secretary/treasurer | Trustee | 1 | $0 |
Susan Schmelzer Board Member | Trustee | 1 | $0 |
Forrest Ehmke Board Member | Trustee | 1 | $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 | $1,974,645 |
| Investment income | $11,320 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $6,300 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,621 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,993,886 |
| 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. | $96,501 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $323,899 |
| Pension plan accruals and contributions | $20,969 |
| Other employee benefits | $44,685 |
| Payroll taxes | $33,188 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,382 |
| Fees for services: Accounting | $18,706 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,934 |
| Fees for services: Other | $1,296 |
| Advertising and promotion | $32,255 |
| Office expenses | $434,681 |
| Information technology | $122,067 |
| Royalties | $0 |
| Occupancy | $69,645 |
| Travel | $464 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,650 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,844 |
| Insurance | $22,814 |
| All other expenses | $14,674 |
| Total functional expenses | $1,615,342 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $307,243 |
| Savings and temporary cash investments | $2,926,872 |
| 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 | $19,830,747 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $49,899 |
| Net Land, buildings, and equipment | $45,615 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $348,931 |
| Total assets | $23,509,307 |
| Accounts payable and accrued expenses | $244,963 |
| 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 | $21,132,679 |
| Total liabilities | $21,377,642 |
| 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 | $2,131,665 |
| Total liabilities and net assets/fund balances | $23,509,307 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sooper Credit Union Arvada, CO | $541,418,878 | $25,522,076 |
Partner Colorado Credit Union Arvada, CO | $575,170,940 | $26,663,634 |
Mid American Credit Union Wichita, KS | $369,701,114 | $22,939,489 |
Red Rocks Credit Union Littleton, CO | $358,530,092 | $14,106,899 |
Arsenal Credit Union Arnold, MO | $349,876,786 | $18,878,245 |
Allegiance Credit Union Oklahoma City, OK | $376,025,043 | $16,187,363 |
Oklahoma Educators Credit Union Oklahoma City, OK | $242,039,953 | $16,355,869 |
Aventa Credit Union Colorado Springs, CO | $264,169,507 | $14,432,586 |
Credit Unions Chartered In The State Of Colorado Golden, CO | $372,330,766 | $14,599,504 |
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 |