Wheat State Credit Union
- Assets
- $23.5m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 14
- Location
- Wichita, KS
- Founding
- 11/1978
- Data as of
- 12/2023
- EIN
- 48-6111926
Organization Overview
Wheat State Credit Union is located in Wichita, 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 12/2023, Wheat State Credit Union employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wheat State 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, Wheat State Credit Union generated $2.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $2.2m during the year ending 12/2023. While expenses have increased by 4.2% 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
COOPERATIVE FINANCIAL INSTITUTION (CREDIT UNION)
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 3,516 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2023, THERE WERE 2,138 LOANS OUTSTANDING TOTALING $20,978,605.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $338,143 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leland Bittle Chairperson | Trustee | 1 | $0 |
Larry Gray Vice Chairperson | Trustee | 1 | $0 |
Linda Burnside Secretary/treasurer | Trustee | 1 | $0 |
Susan Schmelzer Board Member | Trustee | 1 | $0 |
Jo Lafleur Board Member | Trustee | 1 | $0 |
Forrest Ehmke 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 | $2,164,827 |
| Investment income | $102,876 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $6,320 |
| 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 | $2,274,023 |
| 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. | $113,850 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $515,629 |
| Pension plan accruals and contributions | $23,200 |
| Other employee benefits | $59,089 |
| Payroll taxes | $41,082 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,397 |
| Fees for services: Accounting | $15,204 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,814 |
| Fees for services: Other | $1,510 |
| Advertising and promotion | $64,464 |
| Office expenses | $482,418 |
| Information technology | $108,226 |
| Royalties | $0 |
| Occupancy | $94,009 |
| Travel | $551 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,202 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,114 |
| Insurance | $26,516 |
| All other expenses | $10,254 |
| Total functional expenses | $2,183,290 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $557,030 |
| Savings and temporary cash investments | $1,486,235 |
| 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 | $20,670,936 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $28,762 |
| Net Land, buildings, and equipment | $407,908 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $378,777 |
| Total assets | $23,529,648 |
| Accounts payable and accrued expenses | $526,040 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $20,633,405 |
| Total liabilities | $21,159,445 |
| 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 | $2,370,203 |
| Total liabilities and net assets/fund balances | $23,529,648 |