Dakota West Credit Union
- Assets
- $307.1m
- Revenue
- $13.5m
- Investments
- $0.0
- Employees
- 74
- Location
- Watford City, ND
- Founding
- 10/1944
- Data as of
- 12/2023
- EIN
- 45-0226725
Organization Overview
Dakota West Credit Union is located in Watford City, ND. The organization was established in 1944. 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 12/2023, Dakota West Credit Union employed 74 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dakota West 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 12/2023, Dakota West Credit Union generated $13.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $11.4m during the year ending 12/2023. While expenses have increased by 4.9% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
NON-PROFIT ORGANIZATION PROVIDING FINANCIAL SERVICES TO A FIELD OF MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NON-PROFIT ORGANIZATION PROVIDING FINANCIAL SERVICES TO A FIELD OF MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joy Brew Chairperson | OfficerTrustee | 1 | $3,600 |
Karla Quale January - August Vice Chairperson | OfficerTrustee | 1 | $2,400 |
Andrew Fisher Secretary | OfficerTrustee | 1 | $3,600 |
Lynn Oberg Director | Trustee | 1 | $3,600 |
Ty Rolfsrud Director | Trustee | 1 | $3,600 |
Allison Hilleren October - December Vice Chairperson | OfficerTrustee | 1 | $900 |
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 | $8,325,326 |
| Investment income | $3,504,441 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $126,016 |
| Net Gain/Loss on Asset Sales | -$23,476 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,452,508 |
| 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. | $763,904 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,756,480 |
| Pension plan accruals and contributions | $367,890 |
| Other employee benefits | $566,783 |
| Payroll taxes | $312,931 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,650 |
| Fees for services: Accounting | $139,293 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,193,082 |
| Advertising and promotion | $300,661 |
| Office expenses | $361,998 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $292,838 |
| Travel | $188,912 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,708,798 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $410,928 |
| Insurance | $84,349 |
| All other expenses | $0 |
| Total functional expenses | $11,405,316 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,354,784 |
| Savings and temporary cash investments | $25,543,753 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,794 |
| Loans from Officers, Directors, or Controlling Persons | $3,946,966 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $157,418,765 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $779,816 |
| Net Land, buildings, and equipment | $6,410,958 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $95,227,570 |
| Intangible assets | $0 |
| Other assets | $8,447,300 |
| Total assets | $307,138,706 |
| Accounts payable and accrued expenses | $3,136,212 |
| 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 | $274,121,727 |
| Total liabilities | $277,257,939 |
| 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 | $2,000,000 |
| Retained earnings, endowment, accumulated income, or other funds | $27,880,767 |
| Total liabilities and net assets/fund balances | $307,138,706 |