Red Wing Credit Union
- Assets
- $161.6m
- Revenue
- $6.1m
- Investments
- $10.9m
- Employees
- 32
- Location
- Red Wing, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0793629
Organization Overview
Red Wing Credit Union is located in Red Wing, MN. The organization was established in 1944. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Red Wing Credit Union employed 32 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Red Wing 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, Red Wing Credit Union generated $6.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $4.3m during the year ending 12/2021. While expenses have increased by 8.5% per year over the past 7 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 LENDING, SAVINGS, AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE-BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS "OWNER".
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE RED WING CREDIT UNION PRESENTLY HAS 3812 CONSUMER LOANS IN SERVICE FOR A TOTAL VOLUME OF $83,819,773. THE CREDIT UNION ALSO HAS 66 COMMERCIAL LOANS FOR A TOTAL VOLUME OF $7,832,726. WE ALSO HAVE 1274 VISA LOAN ACCOUNTS IN SERVICE FOR A TOTAL VOLUME OF $1,387,749. THE INTEREST RATES CHARGED ON THESE LOANS IS WELL BELOW THAT OF OUR LOCAL COMPETITION.
THE RED WING CREDIT UNION OFFERS SAVINGS DEPOSIT RATES THAT ARE GENERALLY HIGHER THAN OUR LOCAL COMPETITION. WE OFFER BOTH REGULAR AND IRA CERTIFICATES OF DEPOSIT.
THE RED WING CREDIT UNION OFFERS VARIOUS CHECKING ACCOUNTS THAT ARE VERY COMPETITIVELY PRICED IN OUR LOCAL MARKET. ALL OUR FEES ARE LOWER THAN THE COMPETITION. IN GENERAL, WE OFFER BETTER PRODUCTS AT A BETTER PRICE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aaron Dejong President | Officer | 40 | $177,885 |
Daryl Mark Chair | OfficerTrustee | 0.3 | $500 |
David Hull Director | Trustee | 0.3 | $500 |
Paul Irwin Director | Trustee | 0.3 | $500 |
Tammy Wadley Vice Chair | OfficerTrustee | 0.3 | $450 |
Tony Seyffer Director | Trustee | 0.3 | $400 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Data Processor | 12/30/20 | $553,417 |
Knutson Construction Services Construction | 12/30/20 | $135,608 |
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 | $5,583,366 |
| Investment income | $488,805 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$16,977 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,055,194 |
| 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 | $533,207 |
| Compensation of current officers, directors, key employees. | $231,198 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,110,261 |
| Pension plan accruals and contributions | $39,370 |
| Other employee benefits | $235,230 |
| Payroll taxes | $97,325 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $780 |
| Fees for services: Accounting | $23,080 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $512,945 |
| Advertising and promotion | $78,319 |
| Office expenses | $489,096 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $95,130 |
| Travel | $31,444 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $16 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $207,302 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,259,917 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $955,705 |
| Savings and temporary cash investments | $15,098,268 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $844,813 |
| Loans from Officers, Directors, or Controlling Persons | $1,001,773 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $91,678,339 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,424,855 |
| Net Land, buildings, and equipment | $2,507,035 |
| Investments—publicly traded securities | $32,901,987 |
| Investments—other securities | $10,921,000 |
| Investments—program-related | $100,000 |
| Intangible assets | $0 |
| Other assets | $3,169,933 |
| Total assets | $161,603,708 |
| Accounts payable and accrued expenses | $301,134 |
| 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 | $145,466,385 |
| Total liabilities | $145,767,519 |
| 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 | $15,836,189 |
| Total liabilities and net assets/fund balances | $161,603,708 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |
Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |
Minnco Credit Union Cambridge, MN | $474,930,178 | $17,267,094 |
Co-Op Credit Union Of Montevideo Montevideo, MN | $328,823,847 | $13,808,277 |
Anoka Hennepin Credit Union Coon Rapids, MN | $278,464,977 | $10,634,973 |
Northwoods Credit Union Cloquet, MN | $158,800,321 | $10,013,963 |
Dakota West Credit Union Watford City, ND | $299,186,425 | $10,075,740 |
Financial One Credit Union Columbia Heights, MN | $196,661,798 | $11,270,296 |