Wings Financial Credit Union
- Assets
- $7.8b
- Revenue
- $281.4m
- Investments
- $2.8b
- Employees
- 737
- Location
- Apple Valley, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-6028665
Organization Overview
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 12/2021, Wings Financial Credit Union employed 737 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 12/2021, Wings Financial Credit Union generated $281.4m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $191.7m during the year ending 12/2021. While expenses have increased by 9.0% per year over the past 6 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 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 157,611 LOANS OUTSTANDING AS OF 12/31/21 WITH BALANCES OF $4,527,959,633.
AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CU HAD 686,859 MEMBER ACCOUNTS WITH DEPOSITS OF $6,315,720,932 AS OF 12/31/21.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
R Frank Weidner President/ceo | OfficerTrustee | 40 | $7,244,242 |
David E Mason Svp/digital & Chief Inform | Officer | 40 | $2,886,735 |
John J Wagner Svp/member Experience | Officer | 40 | $484,947 |
Gregory Higgins Svp/chief Admin Off/gen C | Officer | 40 | $483,144 |
Vikram K Israni Svp/chief Financial Office | Officer | 40 | $474,481 |
Norm Creveling Svp/chief Lending Officer | Officer | 40 | $431,640 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Engage Peope Use Card Reward Processing | 12/30/21 | $1,628,392 |
Preston Spire Inc Advertising | 12/30/21 | $1,998,031 |
Commercial Partners Title Llc Construction | 12/30/21 | $2,274,515 |
The Bainey Group Inc Construction | 12/30/21 | $4,295,676 |
Pscu Visa Processing | 12/30/21 | $6,575,120 |
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 | $230,927,296 |
| Investment income | $41,595,755 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $11,150,289 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $281,384,736 |
| 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 | $31,742,123 |
| Compensation of current officers, directors, key employees. | $16,117,073 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $41,742,239 |
| Pension plan accruals and contributions | $4,734,691 |
| Other employee benefits | $6,688,337 |
| Payroll taxes | $3,287,698 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $165,557 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,951,661 |
| Advertising and promotion | $3,892,528 |
| Office expenses | $19,079,190 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,321,164 |
| Travel | $108,820 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,973,151 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,582,559 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $191,673,885 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $245,411,256 |
| Savings and temporary cash investments | $2,911,055 |
| 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 | $4,475,465,091 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $83,876,469 |
| Net Land, buildings, and equipment | $68,938,998 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,770,135,274 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $199,924,252 |
| Total assets | $7,846,662,395 |
| Accounts payable and accrued expenses | $623,853,618 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $5,328,133 |
| 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 | $6,351,742,985 |
| Total liabilities | $6,980,924,736 |
| 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 | $865,737,659 |
| Total liabilities and net assets/fund balances | $7,846,662,395 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Educational Credit Management Corporation Minneapolis, MN | $748,768,663 | $424,071,754 |
Wings Financial Credit Union Apple Valley, MN | $7,846,662,395 | $281,384,736 |
Filene Research Institute Inc Madison, WI | $14,627,615 | $8,184,489 |
Iowa Independent Bankers Des Moines, IA | $1,000,484 | $761,605 |
Akiptan Eagle Butte, SD | $12,395,517 | $6,864,410 |
Necog Development Corporation Aberdeen, SD | $6,194,288 | $1,010,155 |
Northwest Wisconsin Business Development Corporation Spooner, WI | $4,387,654 | $89,093 |
Nebraska Medical Education Fund Inc Tabor, IA | $1,016,057 | $61,356 |