Wings Financial Credit Union is located in Apple Valley, MN. The organization was established in 1944. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2019, Wings Financial Credit Union employed 654 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Wings Financial 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 12/2019, Wings Financial Credit Union generated $245.9m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 11.6% each year . All expenses for the organization totaled $165.1m during the year ending 12/2019. While expenses have increased by 9.6% per year over the past 4 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL PRODUCTS AND SERVICES TO OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. THE CU HAD 167,157 LOANS OUTSTANDING AS OF 12/31/19 WITH BALANCES OF $3,945,115,623.
AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CU HAD 609,097 MEMBER ACCOUNTS WITH DEPOSITS OF $4,509,588,633 AS OF 12/31/19.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
R Frank Weidner President/ceo | OfficerTrustee | 40 | $3,935,914 |
John J Wagner Svp/member Experience | Officer | 40 | $481,681 |
Gregory Higgins Svp/chief Admin Off/gen C | Officer | 40 | $478,131 |
Vikram K Israni Svp/chief Financial Office | Officer | 40 | $474,036 |
Norm Creveling Svp/chief Lending Officer | Officer | 40 | $426,731 |
David E Mason Svp/digital & Chief Inform | Officer | 40 | $422,500 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Pscu - Ach Visa Processing | 12/30/19 | $7,575,275 |
The Bainey Group Inc Construction | 12/30/19 | $2,062,059 |
Rum Construction Llc Construction | 12/30/19 | $2,605,618 |
Ispace Furniture Inc Office Furniture | 12/30/19 | $1,421,373 |
Case Financial Inc Atm/ptm Maintenance | 12/30/19 | $1,377,486 |
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 | $193,185,676 |
Investment income | $48,643,888 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $2,401,067 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $245,858,767 |
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 | $42,171,895 |
Compensation of current officers, directors, key employees. | $8,332,314 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $37,341,196 |
Pension plan accruals and contributions | $3,210,504 |
Other employee benefits | $4,434,227 |
Payroll taxes | $2,719,128 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $106,193 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $7,744,169 |
Advertising and promotion | $5,013,358 |
Office expenses | $18,921,257 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $5,729,702 |
Travel | $370,187 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $6,435,168 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $4,716,969 |
Insurance | $0 |
All other expenses | $0 |
Total functional expenses | $165,088,622 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $127,942,792 |
Savings and temporary cash investments | $2,673,926 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $29,075,551 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $3,899,231,036 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $53,875,434 |
Net Land, buildings, and equipment | $60,086,551 |
Investments—publicly traded securities | $0 |
Investments—other securities | $1,331,276,395 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $126,301,952 |
Total assets | $5,630,463,637 |
Accounts payable and accrued expenses | $355,027,119 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $3,327,252 |
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 | $4,532,037,576 |
Total liabilities | $4,890,391,947 |
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 | $740,071,690 |
Total liabilities and net assets/fund balances | $5,630,463,637 |
Organization Name | Assets | Revenue |
---|---|---|
Educational Credit Management Corporation Minneapolis, MN | $1,053,060,876 | $322,133,758 |
United Student Aid Funds Inc Madison, WI | $0 | $330,115,707 |
Wings Financial Credit Union Apple Valley, MN | $5,630,463,637 | $245,858,767 |
Filene Research Institute Inc Madison, WI | $14,025,616 | $10,102,854 |
Iowa Independent Bankers Des Moines, IA | $945,851 | $589,096 |
Necog Development Corporation Aberdeen, SD | $5,798,280 | $1,810,570 |
Akiptan Eagle Butte, SD | $2,865,948 | $3,064,005 |
Nebraska Medical Education Fund Inc Tabor, IA | $1,009,304 | $85,313 |
Northwest Wisconsin Business Development Corporation Spooner, WI | $4,524,676 | $103,972 |