Civic Intelligence

Meritrust Credit Union

990 • Fiscal year 2017 • EIN 48-0570799

Jan 01, 2017 to Dec 31, 2017 • Filed on Sep 04, 2018

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

77th percentile

0.91x

Higher debt load relative to assets than 77% of similar nonprofits.

2017 filings • 501(c)14 • $1B+ nonprofits • Source year 2017

Liabilities / Revenue

8th percentile

14.89x

Higher debt load relative to revenue than 8% of similar nonprofits.

2017 filings • 501(c)14 • $1B+ nonprofits • Source year 2017

Net Margin

1st percentile

3.4%

Higher net margin than 1% of similar nonprofits.

2017 filings • 501(c)14 • $1B+ nonprofits • Source year 2017

Top Officer Pay

3rd percentile

$412,558

Higher top officer pay than 3% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2017 filings • 501(c)14 • $1B+ nonprofits • Source year 2017

Asset Growth

2nd percentile

-0.2%

Faster asset growth than 2% of similar nonprofits.

2017 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2016 to 2017

Revenue Growth

25th percentile

7.0%

Faster revenue growth than 25% of similar nonprofits.

2017 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2016 to 2017

Assets

Down

$1,264,116,228

Down $2,683,161 (-0.2%) from 2016

Net Assets

Up

$118,083,806

Up $5,651,567 (+5.0%) from 2016

Liabilities

Down

$1,146,032,422

Down $8,334,728 (-0.7%) from 2016

Revenue

Up

$76,992,366

Up $5,017,046 (+7.0%) from 2016

Expenses

Up

$74,397,692

Up $10,522,890 (+16%) from 2016

Net Income

Down

$2,594,674

Down $5,505,844 (-68%) from 2016

Historical Trend

Balance Sheet Trend

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

2017

Assets$1,264,116,228
Liabilities$1,146,032,422
Net Assets$118,083,806

Operations Trend

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

2017

Revenue$76,992,366
Expenses$74,397,692
Net Income$2,594,674
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Sep 4, 2018
Return Version
2017v2.3
Gross Receipts
$77,905,205
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$1,098,611,542$1,044,901,406▼ $53,710,136
Cash and Non-Interest-Bearing Accounts$86,241,018$123,629,296▲ $37,388,278
Rtn Earn Endowment Incm Other Fnds$112,432,239$118,083,806▲ $5,651,567
Land, Buildings, and Equipment, Net$30,042,221$32,840,854▲ $2,798,633
Investments in Publicly Traded Securities$13,316,094$12,363,350▼ $952,744
Prepaid Expenses and Deferred Charges$1,583,049$3,411,719▲ $1,828,670
Investments Other Securities$2,000,000$2,000,000→ $0
Accounts Receivable$298,471$1,855,603▲ $1,557,132
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,266,799,389$1,264,116,228▼ $2,683,161
Other Assets Total$34,706,994$43,114,000▲ $8,407,006
Liabilities
Other Liabilities$1,046,990,074$1,067,140,725▲ $20,150,651
Mortgage Notes Payable Secured by Investment Property$94,071,000$59,000,000▼ $35,071,000
Accounts Payable and Accrued Expenses$13,306,076$19,891,697▲ $6,585,621
Total Liabilities$1,154,367,150$1,146,032,422▼ $8,334,728
Net Assets / Fund Balance
Total Net Assets Fund Balance$112,432,239$118,083,806▲ $5,651,567
Total Liabilities and Net Assets / Fund Balance$1,266,799,389$1,264,116,228▼ $2,683,161

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19,412,114$6,823,171$26,235,285
Equipment$5,973,214$14,288,996$20,262,210
Land$7,364,884-$7,364,884
Leasehold Improvements$90,642$198,436$289,078
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
James NastarsPresident/CEOFT$361,616$50,942$412,558
Randy DoerksenSVP Chief Financial OfficerFT$203,911$40,797$244,708
Wade BruendlSVP Chief Strategy OfficerFT$204,347$37,490$241,837
Brian DavidsonSVP Chief Business OfficerFT$199,020$38,049$237,069
Jamie HarrisonSVP Chief Retail OfficerFT$177,042$29,565$206,607
Evan WilsonSVP Chief Experience OfficerFT$168,097$36,764$204,861
John BeckmanDirector of Real Estate & Bus. LendingFT$179,871$10,571$190,442
John BeckmanDirector of Real Estate & Bus. Lendi-$103,819$86,623$190,442
Karen CallawaySVP Chief Risk OfficerFT$150,183$28,761$178,944
Sally ReagleDirector of Special AccountsFT$161,673$7,598$169,271
Clifford ShoffVP Chief Technology OfficerFT$144,944$20,804$165,748
Donnelle StewartControllerFT$113,277$10,197$123,474
James HomanFinancial AdvisorFT$115,664$3,537$119,201
Angela BackDirector of Business ServicesFT$108,751$6,913$115,664
Steve DunnBoard Vice Chairman-$3,973-$3,973
Rick DoddsBoard Scretary/treasurer-$1,784-$1,784

Board Members and Trustees

NameTitle
Marci JohnsonBoard Chair
Brian MiddletonBoard Director
Duane Van CampBoard Director

Highest Paid Contractors

ContractorServicesLocationCompensation
Alexander Open SystemsNetwork StoragePO BOX 872380, Kansas City, MO 64187$2,174,803
Digital InsightOnline/mobile BankingPO BOX 515306, Los Angeles, CA 90051-6606$2,166,347
FiservDna/softwarePO BOX 99924, Grapevine, TX 76099$1,874,676
Route 66 WarrantyExtended WarrantiesPO BOX 1075, Mountain Home, AR 72654-1075$1,624,081
Ncr CorpOnline And Mobile Banking14181 COLLECTIONS CENTER DR, Chicago, IL 60693$1,229,225
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$62,976,855
Investment Income
$3,672,035
Other Revenue
$10,343,476
Change in Net Assets
$2,594,674
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$51,867,830
Salaries, Compensation, and Employee Benefits$22,529,862
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$15,880,578
Interest---$12,896,537
Information Technology---$4,377,514
Office Expenses---$4,097,690
Depreciation Depletion---$3,215,244
Other Employee Benefits---$2,516,138
Advertising---$1,944,963
Current Officers, Directors, Trustees, and Key Employees---$1,898,089
Payroll Taxes---$1,300,260
Occupancy---$1,203,211
Other Expenses---$955,410
Pension Plan Contributions---$934,797
Fees for Services Management---$685,080
Travel---$372,953
Fees for Services Accounting---$191,814
Insurance---$171,710
Fees for Services Legal---$145,613
Fees for Services Other---$110,410
Payments to Affiliates---$81,170
All Other Expenses---$34,131
Conferences and Meetings---$31,618
Total Functional Expenses$0$0$0$74,397,692
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

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$2,500
Total Exempt Function Spending$2,500

Section 527 Organizations

OrganizationLocationAmount
48-0949548Overland Park, KS$2,500
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares and Ira Certificates$371,303,461
Money Market Accounts$197,206,193
Shares$181,839,167
Share Drafts$153,743,208
Non-member Certificates$114,044,399
Ira Shares$49,004,297
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 11B

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
2018-09-04
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
391
Volunteers
8

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

Form 990, Part IX, Line 24E

Miscellaneous expenses 34,131.

FORM 990, PART XI, LINE 9:

Net change in defined benefit plan 3,001,389.

Form 990, Part XII, Line 2C

There were no changes in the process of the committee that assumes responsibility of the oversight of the audit and selection of the independent auditor.

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 2016, 2015, and 2014 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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