Midwest Regional Credit Union
- Assets
- $72.1m
- Revenue
- $3.0m
- Investments
- $15.3m
- Employees
- 22
- Location
- Kansas City, KS
- Founding
- Data as of
- 12/2023
- EIN
- 48-0507700
Organization Overview
Midwest Regional Credit Union is located in Kansas City, KS. As of 12/2023, Midwest Regional Credit Union employed 22 individuals. Midwest Regional 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, Midwest Regional Credit Union generated $3.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $2.6m during the year ending 12/2023. While expenses have increased by 0.9% 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
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 5,949 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2023, LOANS OUTSTANDING TOTALED $35,592,377, INCLUDING LOAN PARTICIPATIONS.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $188,818 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Simon Cole Chairman | Trustee | 1 | $0 |
Susan White Secretary | Trustee | 1 | $0 |
Harry D Shute Treasurer | Trustee | 1 | $0 |
Beverly Manlove Board Member | Trustee | 1 | $0 |
Rich Ayers Board Member | Trustee | 1 | $0 |
Stephanie Hull 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 | $2,233,821 |
| Investment income | $600,131 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $11,781 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $154,990 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,000,723 |
| 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. | $165,978 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $696,050 |
| Pension plan accruals and contributions | $27,901 |
| Other employee benefits | $73,656 |
| Payroll taxes | $64,452 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $37,998 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,361 |
| Advertising and promotion | $6,114 |
| Office expenses | $685,578 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $116,376 |
| Travel | $2,786 |
| 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 | $51,559 |
| Insurance | $51,739 |
| All other expenses | $159,839 |
| Total functional expenses | $2,613,704 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,239,255 |
| Savings and temporary cash investments | $18,519,677 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $323,429 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $35,321,195 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $146,694 |
| Net Land, buildings, and equipment | $262,615 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $15,340,607 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $908,619 |
| Total assets | $72,062,091 |
| Accounts payable and accrued expenses | $583,512 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $58,425 |
| 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 | $65,072,034 |
| Total liabilities | $65,713,971 |
| 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 | $6,348,120 |
| Total liabilities and net assets/fund balances | $72,062,091 |