Skyward Credit Union
- Assets
- $397.7m
- Revenue
- $18.4m
- Investments
- $168.3m
- Employees
- 81
- Location
- Wichita, KS
- Founding
- Data as of
- 12/2023
- EIN
- 48-6107341
Organization Overview
Skyward Credit Union is located in Wichita, KS. As of 12/2023, Skyward Credit Union employed 81 individuals. Skyward 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, Skyward Credit Union generated $18.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $19.2m during the year ending 12/2023. While expenses have increased by 9.2% per year over the past 8 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
PROVIDE COOPERATIVE FINANCIAL SERVICES TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SAVINGS, CHECKING, AND OTHER DEPOSITORY SERVICES TO 20,361 MEMBERS, AND PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $5,343,549 FOR THE YEAR.
PROVIDE A SOURCE OF CONSUMER AND MORTGAGE CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2023, THERE WERE 14,160 LOANS OUTSTANDING TOTALING $197,703,369.
PROVIDE FINANCIAL INFORMATION AND EDUCATION TO MEMBERS IN THE AREAS OF SAVINGS, CREDIT, AND RELATED PERSONAL WEALTH PROTECTION AND PRESERVATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Holly Dixon Chairperson | Trustee | 2 | $0 |
Roy Aycock Vice Chairperson | Trustee | 2 | $0 |
Kimberly Anderson Secretary / Treasurer | Trustee | 2 | $0 |
Darrell Elkinton Board Member | Trustee | 2 | $0 |
Philip Chronister Board Member | Trustee | 2 | $0 |
Chad Rockey Board Member | Trustee | 2 | $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 | $13,787,142 |
| Investment income | $4,570,676 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $46,649 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $45,272 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,449,739 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $36,000 |
| Grants and other assistance to domestic individuals. | $6,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $505,743 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,338,950 |
| Pension plan accruals and contributions | $72,874 |
| Other employee benefits | $585,937 |
| Payroll taxes | $332,527 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $101,347 |
| Fees for services: Accounting | $309,361 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $109,643 |
| Advertising and promotion | $427,686 |
| Office expenses | $617,231 |
| Information technology | $1,650,209 |
| Royalties | $0 |
| Occupancy | $320,466 |
| Travel | $20,395 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $81,365 |
| Interest | $1,582,808 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $535,552 |
| Insurance | $81,942 |
| All other expenses | $264,293 |
| Total functional expenses | $19,223,378 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,618,392 |
| Savings and temporary cash investments | $12,482,310 |
| 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 | $197,352,638 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $702,145 |
| Net Land, buildings, and equipment | $6,277,602 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $168,263,774 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,979,417 |
| Total assets | $397,676,278 |
| Accounts payable and accrued expenses | $3,307,614 |
| 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 | $46,337,941 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $324,807,812 |
| Total liabilities | $374,453,367 |
| 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 | $23,222,911 |
| Total liabilities and net assets/fund balances | $397,676,278 |
Grants Awarded
Over the last fiscal year, Skyward Credit Union has awarded $22,500 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
EXPLORATION PLACE INC PURPOSE: SCIENCE CENTER PROGRAMS | $6,500 |
KANSAS AVIATION MUSEUM PURPOSE: AERONAUTICAL SCIENCE AND HISTORY PROGRAMS | $8,500 |
GUADALUPE HEALTH FOUNDATION PURPOSE: HEALTH CARE & EDUCATION FOR POOR, DISTRESSED & UNDERPRIVILEGED IN WICHITA DIOCESE | $7,500 |