Hiway Credit Union
- Assets
- $1.7b
- Revenue
- $63.9m
- Investments
- $0.0
- Employees
- 287
- Location
- Saint Paul, MN
- Founding
- Data as of
- 12/2021
- EIN
- 41-0313750
Organization Overview
Hiway Credit Union is located in Saint Paul, MN. As of 12/2021, Hiway Credit Union employed 287 individuals. Hiway 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 12/2021, Hiway Credit Union generated $63.9m in total revenue. All expenses for the organization totaled $53.5m during the year ending 12/2021. While expenses have increased by 240.7% per year over the past 2 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE MEMBERS WITH FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOAN AND DEPOSIT ACCOUNTS TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dave Boden CEO | Officer | 40 | $529,741 |
David Engler VP Of Investment Services | 40 | $331,198 | |
Aaron Kastner CFO | Officer | 40 | $320,701 |
Kong Thao Mortgage Sales | 40 | $265,974 | |
Dean Warzala Senior VP Of Lending | Officer | 40 | $221,608 |
Glen Durbahn Senior VP Of Member Experi | Officer | 40 | $220,946 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Q2 Software Software | 12/30/21 | $1,409,291 |
Carlson-lavine Inc Construction | 12/30/21 | $7,620,902 |
Nusource Hardware | 12/30/21 | $699,362 |
Cit Software | 12/30/21 | $545,472 |
Fiserv Inc Software | 12/30/21 | $620,595 |
View All Vendors
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 | $55,197,344 |
| Investment income | $5,493,399 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,485,198 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $63,885,596 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $55,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $9,324,036 |
| Compensation of current officers, directors, key employees. | $2,559,330 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,069,790 |
| Pension plan accruals and contributions | $2,779,099 |
| Other employee benefits | $3,665,614 |
| Payroll taxes | $1,543,131 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $163,478 |
| Fees for services: Accounting | $82,394 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,635,158 |
| Advertising and promotion | $1,550,790 |
| Office expenses | $7,700,696 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,688,433 |
| Travel | $289,058 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,279,665 |
| Insurance | $14,413 |
| All other expenses | $0 |
| Total functional expenses | $53,487,419 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,026,287 |
| Savings and temporary cash investments | $55,681,238 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $10,150,040 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $938,274,615 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,713,734 |
| Net Land, buildings, and equipment | $31,510,089 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $561,312,613 |
| Intangible assets | $0 |
| Other assets | $57,421,916 |
| Total assets | $1,671,090,532 |
| Accounts payable and accrued expenses | $9,057,338 |
| 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 | $1,513,153,409 |
| Total liabilities | $1,522,210,747 |
| 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 | $148,879,785 |
| Total liabilities and net assets/fund balances | $1,671,090,532 |
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American College Of Surgeons Chicago, IL | $595,958,812 | $134,561,979 |
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Aspirus Medical Group Inc Wausau, WI | $76,960,726 | $101,291,684 |
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St Vincents Health System Inc St Louis, MO | $135,464,874 | $115,601,105 |
Michigan Public Health Institute Okemos, MI | $32,297,029 | $129,374,853 |
Bozeman Deaconess Health Services Bozeman, MT | $166,060,049 | $126,684,739 |
Fort Madison Community Hospital West Burlington, IA | $0 | $63,917,889 |
Hyatt Corporation Welfare Benefit Trust Chicago, IL | $6,191,969 | $127,454,104 |