Hiway Credit Union
- Assets
- $1.7b
- Revenue
- $66.2m
- Investments
- $0.0
- Employees
- 308
- Location
- Saint Paul, MN
- Founding
- Data as of
- 12/2022
- EIN
- 41-0313750
Organization Overview
Hiway Credit Union is located in Saint Paul, MN. As of 12/2022, Hiway Credit Union employed 308 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 12/2022, Hiway Credit Union generated $66.2m in total revenue. All expenses for the organization totaled $57.4m during the year ending 12/2022. While expenses have increased by 131.9% per year over the past 3 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
2022
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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Schwalen Board Chair | OfficerTrustee | 2.5 | $0 |
Lori Hodapp Board Vice Chair | OfficerTrustee | 2.5 | $0 |
Pam Tschida Board Secretary | OfficerTrustee | 2.5 | $0 |
Patrick Mcguiness Board Member | Trustee | 2.5 | $0 |
Sue Mulvihill Board Member | Trustee | 2.5 | $0 |
Kim Collins Board Member | Trustee | 2.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Health Partners Inc Insurance | 12/30/22 | $3,973,512 |
Q2 Dba Q2 Software Inc Software | 12/30/22 | $1,684,568 |
Carlson-lavine Inc Construction | 12/30/22 | $1,188,885 |
Fiserv Inc Software | 12/30/22 | $957,486 |
Nusource Financial Llc Atm's | 12/30/22 | $577,342 |
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 | $55,623,856 |
| Investment income | $10,189,814 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$418,557 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $66,229,807 |
| 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 | $8,100,614 |
| Compensation of current officers, directors, key employees. | $2,719,151 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,840,643 |
| Pension plan accruals and contributions | $2,886,109 |
| Other employee benefits | $3,628,356 |
| Payroll taxes | $1,472,971 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $192,212 |
| Fees for services: Accounting | $83,007 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,924,627 |
| Advertising and promotion | $1,665,060 |
| Office expenses | $9,196,855 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,905,477 |
| Travel | $464,510 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,463,095 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,481,197 |
| Insurance | $26,714 |
| All other expenses | $0 |
| Total functional expenses | $57,449,522 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,366,280 |
| Savings and temporary cash investments | $28,314,465 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $298,026 |
| Loans from Officers, Directors, or Controlling Persons | $9,939,887 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,121,314,790 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,376,754 |
| Net Land, buildings, and equipment | $36,507,307 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $485,725,229 |
| Intangible assets | $0 |
| Other assets | $49,634,510 |
| Total assets | $1,740,477,248 |
| Accounts payable and accrued expenses | $11,188,195 |
| 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 | $135,000,000 |
| Other liabilities | $1,490,630,214 |
| Total liabilities | $1,636,818,409 |
| 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 | $103,658,839 |
| Total liabilities and net assets/fund balances | $1,740,477,248 |