Credit Union Of America
- Assets
- $1.3b
- Revenue
- $72.4m
- Investments
- $18.5m
- Employees
- 311
- Location
- Wichita, KS
- Founding
- 09/1935
- Data as of
- 12/2021
- EIN
- 48-0477295
Organization Overview
Credit Union Of America is located in Wichita, KS. The organization was established in 1935. 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, Credit Union Of America employed 311 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Credit Union Of America 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, Credit Union Of America generated $72.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $51.5m during the year ending 12/2021. While expenses have increased by 7.2% 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
PROVIDE LENDING, SAVINGS, AND FINANCIAL SERVICES FOR MUTUAL PURPOSE, INCLUDING CONSUMER LOANS, REAL ESTATE LOANS, CREDIT CARDS, SAVINGS AND CERTIFICATE ACCOUNTS, INVESTMENT OPTIONS, AND MULTIPLE METHODS FOR MEMBER ACCESS TO THEIR FINANCIAL SERVICES AND RESOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE DEPOSIT SERVICES TO 91,126 MEMBERS.
PROVIDE LOAN SERVICES TO 65,849 MEMBERS.
PROVIDE CHECKING ACCOUNT TRANSACTION AND PAYMENT SERVICES AND ACCOUNT ACCESS TO 49,893 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Shoffner CEO | Officer | 50 | $750,303 |
Lee Ann Gabbert Cao | Officer | 50 | $376,032 |
Pam Hildebrand Re Loan Officer | 45 | $335,540 | |
Paul Meissner CFO | Officer | 50 | $289,860 |
Eileen Phelps COO | Officer | 50 | $263,910 |
Heather Baker Re Loan Officer | 45 | $260,377 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gibson Watson Marino Llc Attorney/legal | 12/30/20 | $113,341 |
Kaufman Hall And Associates Financial Reporting Software | 12/30/20 | $109,659 |
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 | $66,910,204 |
| Investment income | $4,529,878 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $143,919 |
| 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 | $72,395,937 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $61,943 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,869,092 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,006,391 |
| Pension plan accruals and contributions | $895,025 |
| Other employee benefits | $1,556,891 |
| Payroll taxes | $1,183,545 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,956 |
| Fees for services: Accounting | $1,365,239 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $573,420 |
| Advertising and promotion | $1,901,732 |
| Office expenses | $2,279,644 |
| Information technology | $6,014,993 |
| Royalties | $0 |
| Occupancy | $1,726,883 |
| Travel | $80,634 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $314,477 |
| Interest | $910,794 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,003,866 |
| Insurance | $299,121 |
| All other expenses | $869,079 |
| Total functional expenses | $51,474,785 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,516,877 |
| Savings and temporary cash investments | $57,048,412 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,580,888 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,047,913,192 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,719,612 |
| Net Land, buildings, and equipment | $32,826,884 |
| Investments—publicly traded securities | $62,946,660 |
| Investments—other securities | $18,463,996 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $42,645,054 |
| Total assets | $1,284,661,575 |
| Accounts payable and accrued expenses | $14,583,929 |
| Grants payable | $0 |
| Deferred revenue | $765,437 |
| 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 | $41,136,443 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,067,637,527 |
| Total liabilities | $1,124,123,336 |
| 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 | $160,538,239 |
| Total liabilities and net assets/fund balances | $1,284,661,575 |
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 |