Kings Peak Credit Union
- Assets
- $32.0m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 9
- Location
- Roosevelt, UT
- Founding
- 07/1956
- Data as of
- 12/2021
- EIN
- 87-6120660
Organization Overview
Kings Peak Credit Union is located in Roosevelt, UT. The organization was established in 1956. 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, Kings Peak Credit Union employed 9 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Kings Peak 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, Kings Peak Credit Union generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.0% each year . All expenses for the organization totaled $1.6m during the year ending 12/2021. While expenses have increased by 13.3% 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
THE CREDIT UNION PROVIDES THE FOLLOWING TO ITS MEMBERS: CHECKING AND SAVINGS ACCOUNTS, DEBIT CARDS, CONSUMER LOANS AND OPEN-END LOANS, BUSINESS LOANS, REAL ESTATE LOANS, HOME EQUITY LOANS AND CONSTRUCTION LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES THE FOLLOWING TO ITS MEMBERS: CHECKING AND SAVINGS ACCOUNTS, DEBIT CARDS, CONSUMER LOANS AND OPEN-END LOANS, BUSINESS LOANS, REAL ESTATE LOANS, HOME EQUITY LOANS AND CONSTRUCTION LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ryan Reynolds President & CEO | Officer | 40 | $79,406 |
Bert Potts Vice Chairman | OfficerTrustee | 1 | $0 |
William Fausett Chairman | OfficerTrustee | 1 | $0 |
Adri Ann Wootton Secretary | OfficerTrustee | 1 | $0 |
Nicholas B Ogden Director | Trustee | 1 | $0 |
Joye Brown Director | 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 | $2,180,569 |
| Investment income | $28,346 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,208,915 |
| 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. | $79,406 |
| Compensation of current officers, directors, key employees. | $79,406 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $309,343 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $39,188 |
| Payroll taxes | $31,264 |
| 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 | $0 |
| Advertising and promotion | $31,335 |
| Office expenses | $300,954 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $107,250 |
| Travel | $15,887 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $181 |
| Total functional expenses | $1,573,632 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,986,235 |
| Savings and temporary cash investments | $1,769,729 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $93,028 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $23,104,435 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $162,899 |
| Net Land, buildings, and equipment | $716,235 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $184,782 |
| Total assets | $32,017,343 |
| Accounts payable and accrued expenses | $19,853 |
| 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 | $29,681,559 |
| Total liabilities | $29,701,412 |
| 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 | $2,315,931 |
| Total liabilities and net assets/fund balances | $32,017,343 |
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