Mid American Credit Union
- Assets
- $407.9m
- Revenue
- $22.7m
- Investments
- $1.2m
- Employees
- 139
- Location
- Wichita, KS
- Founding
- 10/1980
- Data as of
- 12/2022
- EIN
- 48-0542669
Organization Overview
Mid American Credit Union is located in Wichita, KS. The organization was established in 1980. 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 12/2022, Mid American Credit Union employed 139 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mid American 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 12/2022, Mid American Credit Union generated $22.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $19.8m during the year ending 12/2022. While expenses have increased by 4.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO BE OUR MEMBERS' TRUSTED FINANCIAL HOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO MEMEBERS AND PAID DIVIDENDS ON MEMBER DEPOSITS.
PROVIDES A SOURCE OF CREDIT TO MEMEBERS AT A FAIR AND REASONABLE RATE OF INTEREST.
PROVIDED FINANCIAL SERVICES EDUCATION TO SEG PARTNERS AS WELL AS HIGH SCHOOL STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Bouska Board Member | Trustee | 0.5 | $0 |
John Sherwood Board Member | Trustee | 0.5 | $0 |
Kathy Jewett Vice Chair | Trustee | 0.5 | $0 |
Richard D Dixon Secretary | Trustee | 0.5 | $0 |
Trent Cusick Chair | Trustee | 0.5 | $0 |
Clint Lopez Treasurer | Trustee | 0.5 | $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 | $22,551,930 |
| Investment income | $138,005 |
| 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 | $22,689,935 |
| 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. | $1,118,494 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,539,935 |
| Pension plan accruals and contributions | $433,885 |
| Other employee benefits | $582,055 |
| Payroll taxes | $425,604 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $249,190 |
| Fees for services: Accounting | $76,460 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $216,076 |
| Advertising and promotion | $539,146 |
| Office expenses | $2,992,786 |
| Information technology | $1,154,852 |
| Royalties | $0 |
| Occupancy | $845,178 |
| Travel | $14,540 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $303,269 |
| Interest | $447,077 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,090,983 |
| Insurance | $134,586 |
| All other expenses | $111,299 |
| Total functional expenses | $19,831,004 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,023,427 |
| Savings and temporary cash investments | $8,874,146 |
| 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 | $365,713,926 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,006,192 |
| Net Land, buildings, and equipment | $12,337,646 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,240,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,665,070 |
| Total assets | $407,860,707 |
| Accounts payable and accrued expenses | $3,184,573 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $119,560 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $24,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $339,488,732 |
| Total liabilities | $367,292,865 |
| 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 | $40,567,842 |
| Total liabilities and net assets/fund balances | $407,860,707 |
Grants Awarded
Over the last fiscal year, Mid American Credit Union has awarded $25,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CONSUMER CREDIT COUNSELING SERVICE INC PURPOSE: SUPPORT CREDIT COUNSELING AND EDUCATION PROGRAMS | $15,000 |
THE PANDO INITIATIVE INC PURPOSE: SUPPORT STUDENT EDUCATION PROGRAMS | $10,000 |