Civic Intelligence

Meritrust Credit Union

990 • Fiscal year 2015 • EIN 48-0570799

Jan 01, 2015 to Dec 31, 2015 • Filed on Jan 31, 2017

Organization ProfileWWW.MERITRUSTCU.ORG

View Organization Page

8710 East 32nd Street NorthWichita, KS 67226

(316) 683-1199

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

70th percentile

0.90x

Higher debt load relative to assets than 70% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Liabilities / Revenue

15th percentile

16.17x

Higher debt load relative to revenue than 15% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Net Margin

15th percentile

12%

Higher net margin than 15% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Top Officer Pay

3rd percentile

$370,915

Higher top officer pay than 3% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2015 filings • 501(c)14 • $1B+ nonprofits • Source year 2015

Asset Growth

92nd percentile

17%

Faster asset growth than 92% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2014 to 2015

Revenue Growth

24th percentile

3.7%

Faster revenue growth than 24% of similar nonprofits.

2015 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets70th percentile

Assets

Up

$1,109,925,552

Up $159,278,534 (+17%) from 2014

Net Assets

Up

$107,326,266

Up $6,785,975 (+6.7%) from 2014

Liabilities

Up

$1,002,599,286

Up $152,492,559 (+18%) from 2014

Revenue And Expenses
Liabilities / Revenue15th percentileNet Margin15th percentile

Revenue

Up

$62,014,451

Up $2,218,428 (+3.7%) from 2014

Expenses

Up

$54,767,403

Up $3,969,730 (+7.8%) from 2014

Net Income

Down

$7,247,048

Down $1,751,302 (-19%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth92nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5B$1.0B$500M$0Assets 2010: $698,186,847Liabilities 2010: $629,145,899Net Assets 2010: $69,040,9482010Assets 2011: $760,340,522Liabilities 2011: $684,778,061Net Assets 2011: $75,562,4612011Assets 2012: $836,710,219Liabilities 2012: $753,224,643Net Assets 2012: $83,485,5762012Assets 2013: $925,410,123Liabilities 2013: $832,505,623Net Assets 2013: $92,904,5002013Assets 2014: $950,647,018Liabilities 2014: $850,106,727Net Assets 2014: $100,540,2912014Assets 2015: $1,109,925,552Liabilities 2015: $1,002,599,286Net Assets 2015: $107,326,2662015Assets 2016: $1,266,799,389Liabilities 2016: $1,154,367,150Net Assets 2016: $112,432,2392016Assets 2017: $1,264,116,228Liabilities 2017: $1,146,032,422Net Assets 2017: $118,083,8062017Assets 2018: $1,215,121,922Liabilities 2018: $1,092,859,278Net Assets 2018: $122,262,6442018Assets 2019: $1,281,507,668Liabilities 2019: $1,155,555,785Net Assets 2019: $125,951,8832019

Highlighted filing

2015

Assets$1,109,925,552
Liabilities$1,002,599,286
Net Assets$107,326,266
Open 2015 Filing

Operations Trend

Revenue Growth24th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0Expenses 2010: $42,000,1482010Expenses 2011: $43,579,9222011Expenses 2012: $45,317,4232012Revenue 2013: $56,367,769Expenses 2013: $48,426,018Net Income 2013: $7,941,7512013Revenue 2014: $59,796,023Expenses 2014: $50,797,673Net Income 2014: $8,998,3502014Revenue 2015: $62,014,451Expenses 2015: $54,767,403Net Income 2015: $7,247,0482015Revenue 2016: $71,975,320Expenses 2016: $63,874,802Net Income 2016: $8,100,5182016Revenue 2017: $76,992,366Expenses 2017: $74,397,692Net Income 2017: $2,594,6742017Revenue 2018: $75,229,939Expenses 2018: $71,016,787Net Income 2018: $4,213,1522018Revenue 2019: $48,306,293Expenses 2019: $44,723,169Net Income 2019: $3,583,1242019

Highlighted filing

2015

Revenue$62,014,451
Expenses$54,767,403
Net Income$7,247,048
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Jan 31, 2017
Return Version
2015v3.0
Gross Receipts
$62,223,952
Mission and Program Overview

Mission

Meritrust credit union is a member-owned not-for-profit financial cooperative which exists to provide financial services while maintaining the highest ethical standards. Safe management of our members' assets is our main objective and we will manage our business in an economically sound manner.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$817,762,874$968,154,017▲ $150,391,143
Rtn Earn Endowment Incm Other Fnds$100,540,291$107,326,266▲ $6,785,975
Cash and Non-Interest-Bearing Accounts$51,690,193$60,626,643▲ $8,936,450
Land, Buildings, and Equipment, Net$27,797,850$27,400,248▼ $397,602
Investments in Publicly Traded Securities$20,814,569$18,172,805▼ $2,641,764
Prepaid Expenses and Deferred Charges$3,681,897$3,689,360▲ $7,463
Investments Other Securities$2,000,000$2,000,000→ $0
Accounts Receivable$1,725,861$1,456,142▼ $269,719
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$950,647,018$1,109,925,552▲ $159,278,534
Other Assets Total$25,173,774$28,426,337▲ $3,252,563
Liabilities
Other Liabilities$796,957,372$946,150,725▲ $149,193,353
Mortgage Notes Payable Secured by Investment Property$45,000,000$46,571,000▲ $1,571,000
Accounts Payable and Accrued Expenses$8,149,355$9,877,561▲ $1,728,206
Total Liabilities$850,106,727$1,002,599,286▲ $152,492,559
Net Assets / Fund Balance
Total Net Assets Fund Balance$100,540,291$107,326,266▲ $6,785,975
Total Liabilities and Net Assets / Fund Balance$950,647,018$1,109,925,552▲ $159,278,534

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$17,211,325$5,871,522$23,082,847
Equipment$3,612,415$17,768,788$21,381,203
Land$6,397,178-$6,397,178
Leasehold Improvements$179,330$1,017,369$1,196,699
Compensation and Service Providers
Top Officer Pay3rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
James NastarsPresident/CEOFT$329,910$41,005$370,915
Wade BruendlSVP Strategy&development/CIOFT$199,308$37,610$236,918
Brian DavidsonSVP Lending/CLOFT$191,179$32,487$223,666
Randy DoerksenCFOFT$175,894$14,617$190,511
Evan WilsonVP Corporate EngagementFT$154,289$27,908$182,197
Jamie TaulbeeVP of MarketingFT$136,380$18,650$155,030
Karen CallawayVP of Risk ManagementFT$131,395$22,928$154,323
Kimberly RowleyVP Retail OperationsFT$115,731$8,476$124,207
Clifford ShoffDirector of ItFT$108,181$4,401$112,582
Steve DunnDirector-$2,947-$2,947
Rick DoddsChairman-$1,822-$1,822

Board Members and Trustees

NameTitle
Duane Van CampVice-chairman
Ken GretemanDirector
Marci JohnsonSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Digital InsightOnline/mobile BankingPO BOX 515306, Los Angeles, CA 90051-6606$1,638,820
Alexander Open SystemsNetwork StoragePO BOX 872380, Kansas City, MO 64187$1,492,638
Route 66 WarrantyExtended WarrantiesPO BOX 1075, Mountain Home, AR 72654-1075$1,030,712
FiservDna/softwarePO BOX 99924, Grapevine, TX 76099$562,660
Technical ProgrammingPostage5544 S 104TH EAST AVE, Tulsa, OK 74146$496,602
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$52,633,436
Investment Income
$739,495
Other Revenue
$8,641,520
Change in Net Assets
$7,247,048
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$36,645,285
Salaries, Compensation, and Employee Benefits$18,122,118
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$12,743,246--$12,743,246
Interest$8,461,593--$8,461,593
Other Employee Benefits$3,142,553--$3,142,553
Information Technology$2,930,705--$2,930,705
Depreciation Depletion$2,873,363--$2,873,363
Office Expenses$2,073,989--$2,073,989
Advertising$1,733,279--$1,733,279
Occupancy$1,536,899--$1,536,899
Payroll Taxes$1,078,365--$1,078,365
Current Officers, Directors, Trustees, and Key Employees$1,026,779--$1,026,779
Other Expenses$760,942--$760,942
Fees for Services Other$522,894--$522,894
Fees for Services Management$493,301--$493,301
All Other Expenses$425,010--$425,010
Conferences and Meetings$337,611--$337,611
Payments to Affiliates$180,804--$180,804
Insurance$174,098--$174,098
Fees for Services Accounting$136,851--$136,851
Pension Plan Contributions$131,175--$131,175
Fees for Services Legal$47,542--$47,542
Total Functional Expenses$54,767,403$0$0$54,767,403
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares and Ira Certificates$320,997,361
Money Market Accounts$188,038,119
Shares$149,319,154
Share Drafts$133,097,049
Non-member Certificates$95,977,484
Ira Shares$58,721,558
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The credit union has members.”

Form 990, Part VI, Section A, Line 7A

“The credit union membership may participate in the election of officials.”

Form 990, Part VI, Section A, Line 7B

“Members of the credit union have the right to approve the governing body's election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur.”

Form 990, Part VI, Section B, Line 11

“The cfo is responsible for the preparation of the return. The return is reviewed by the controller and the board of directors. Once the review and any necessary corrections are completed, the return is filed.”

Form 990, Part VI, Section B, Line 12C

“All meritrust officials review and execute their acknowledgment and commitment to the code of conduct policy, including the conflict of interest statement of disclosure at the beginning of their term in office. If a credit union official believes they may have a conflict of interest, they must promptly and fully disclose the potential conflict to the chief executive officer and the chairperson of the board in accordance with policy.”

Form 990, Part VI, Section B, Line 15

“The credit union uses a compensation system called compease. Compease purchases and compiles data from a variety of sources including but not limited to cuna complete staff salary survey report, aba compensation and benefits survey report, hr performance solutions financial comp salary survey, and compdata financial institutions salary survey. Included in the data are approximately 100 credit unions and 500 total companies and financial institutions (data is weighted to the credit union side). Company size and geographic area are also considerations.”

Form 990, Part VI, Section C, Line 19

“Governing documents and conflict of interest policies are not made available to the public. Financial statements are made available to the public on the ncua's website via the 5300 call report filing.”

Filing and Contact Details

Filer

Filer Name
Meritrust Credit Union
EIN
48-0570799
Phone
3166831199
Address
8710 EAST 32ND STREET NORTH, WICHITA, KS 67226

Signing Officer

Name
Randy Doerksen
Title
CFO
Phone
3166831199
Signed
2017-01-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Nastars
Formed
1936
Legal Domicile
Ks
Voting Board Members
5
Independent Board Members
5
Employees
384
Volunteers
11

Preparer

Firm
Doeren Mayhew
Address
12060 S W 129TH COURT STE 201, MIAMI, FL 33186-4582
Preparer
Douglas J Orth
Phone
3052328272
Supplemental Narrative

Additional Explanations

990, PAGE 1, B "AMENDED"

“Amendments to original form 990: (1) the answers to questions 12a and 12c in part vi, section b were changed from no to yes. The corresponding schedule o narrative for line 12c was updated as well. (2) the answer to line 11a was changed to yes as the board of directors was presented a copy of the amended form 990 prior to filing. The corresponding schedule o narrative was updated to reflect this process.”

FORM 990, PART XI, LINE 9:

“Net pension losses -347,206.”

Financial Statement Notes

PART X, LINE 2:

“The credit union is exempt from most federal, state, and local taxes under the provisions of the internal revenue code and state tax laws. The income taxes topic of the fasb asc clarifies accounting for uncertainty in income taxes reported in the consolidated financial statements. The interpretation provides criteria for assessment of individual tax positions and a process for recognition and measurement of uncertain tax positions. Tax positions are evaluated on whether they meet the "more likely than not" standard for sustainability upon examination by tax authorities. The credit union is a state-chartered credit union as defined in internal revenue code (irc) section 501(c)(14). As such, the credit union is exempt from federal taxation of income derived from the performance of activities directly related to its exempt purposes. However, irc section 511 imposes a tax on the unrelated business income (ubi) derived by state-chartered credit unions. Beginning in march 2008, the internal revenue service (irs) released technical advice memorandums (tams) to specific state-chartered credit unions specifying the revenue sources subject to unrelated business income tax (ubit). Ubi may also be subject to tax in certain states. Management has assessed the credit union's activities and any potential federal or state income tax liability and determined that the credit union has no uncertain tax positions that qualify for either recognition or disclosure in the consolidated financial statements. Additionally, no interest and penalties have been recorded in the accompanying consolidated financial statements related to uncertain tax positions. Currently, the 2014, 2013, and 2012 federal income tax returns are open for examination by the irs. The filing years open for examination by the state, if applicable, may be equal to, greater than or less than the years open for examination by the irs.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,109,925,552
Liabilities
$1,002,599,286
Net assets
$107,326,266
Revenue
$62,014,451
Expenses
$54,767,403
Net income
$7,247,048
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2019Summary only. Only limited summary data is available for this year.$1,282$1,156$126$48.3$44.7$3.58
2018Detailed filing. Detailed filing data is available for this year.$1,215$1,093$122$75.2$71.0$4.21
2017Detailed filing. Detailed filing data is available for this year.$1,264$1,146$118$77.0$74.4$2.59
2016Detailed filing. Detailed filing data is available for this year.$1,267$1,154$112$72.0$63.9$8.10
2015Detailed filing. Detailed filing data is available for this year.$1,110$1,003$107$62.0$54.8$7.25
2014Detailed filing. Detailed filing data is available for this year.$951$850$101$59.8$50.8$9.00
2013Detailed filing. Detailed filing data is available for this year.$925$833$92.9$56.4$48.4$7.94
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$837$753$83.5$45.3
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$760$685$75.6$43.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$698$629$69.0$42.0
Peer Organizations

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