Reliance Credit Union
- Assets
- $28.6m
- Revenue
- $830.8k
- Investments
- $0.0
- Employees
- 10
- Location
- Kansas City, KS
- Founding
- 01/1978
- Data as of
- 12/2021
- EIN
- 48-0466445
Organization Overview
Reliance Credit Union is located in Kansas City, 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, Reliance Credit Union employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reliance 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, Reliance Credit Union generated $830.8k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.8%) each year. All expenses for the organization totaled $846.6k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.3%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HIGH QUALITY FINANCIAL SERVICES FOR OUR MEMBERS/OWNERS, ENHANCING THEIR FINANCIAL WELL-BEING WHILE MAINTAINING THE FINANCIAL STRENGTH OF THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 2,311 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2021, LOANS OUTSTANDING TOTALED $9,192,818.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $81,757 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Armstrong President/ceo | Officer | 40 | $102,945 |
Matt Krieg Treasurer | Trustee | 1 | $0 |
Mark Glaspie Director | Trustee | 0.5 | $0 |
Julie Green Director | Trustee | 0.5 | $0 |
Cathie Mcallister Director | Trustee | 0.5 | $0 |
Dana Gilbert Chairperson | Trustee | 3 | $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 | $652,993 |
| Investment income | $177,825 |
| 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 | $830,818 |
| 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. | $109,207 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $245,666 |
| Pension plan accruals and contributions | $8,001 |
| Other employee benefits | $76,479 |
| Payroll taxes | $28,005 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,458 |
| Fees for services: Accounting | $17,466 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,561 |
| Advertising and promotion | $2,088 |
| Office expenses | $152,822 |
| Information technology | $78,197 |
| Royalties | $0 |
| Occupancy | $10,408 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,514 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,117 |
| Insurance | $12,696 |
| All other expenses | $9,993 |
| Total functional expenses | $846,587 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $473,957 |
| Savings and temporary cash investments | $18,699,328 |
| 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 | $9,009,321 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $66,032 |
| Net Land, buildings, and equipment | $58,022 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $276,204 |
| Total assets | $28,582,864 |
| Accounts payable and accrued expenses | $98,066 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $30,030 |
| 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 | $24,946,375 |
| Total liabilities | $25,074,471 |
| 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 | $3,508,393 |
| Total liabilities and net assets/fund balances | $28,582,864 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ttcu Federal Credit Union Tulsa, OK | $2,611,508,582 | $123,227,030 |
Westerra Credit Union Denver, CO | $1,970,586,116 | $60,087,395 |
Credit Union Of America Wichita, KS | $1,284,661,575 | $72,395,937 |
Credit Unions Chartered In The State Of Colorado Broomfield, CO | $1,586,159,504 | $57,634,628 |
Meritrust Credit Union Wichita, KS | $1,281,507,668 | $48,306,293 |
True Sky Credit Union Oklahoma City, OK | $831,301,668 | $47,281,663 |
Weokie Federal Credit Union Oklahoma City, OK | $1,024,486,254 | $42,986,888 |
Golden Plains Credit Union Garden City, KS | $831,027,454 | $40,747,458 |
Credit Union Of Denver Lakewood, CO | $1,142,313,148 | $39,919,680 |
Oklahomas Credit Union Oklahoma City, OK | $721,352,699 | $32,235,785 |
Azura Credit Union Topeka, KS | $682,703,343 | $33,958,013 |
Millennium Corporate Credit Union Wichita, KS | $1,676,715,852 | $44,466,623 |