Red Wing Credit Union

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 12/2023, Red Wing Credit Union employed 34 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 12/2023, Red Wing Credit Union generated $7.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $5.9m during the year ending 12/2023. While expenses have increased by 10.6% per year over the past 8 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

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 5,242 CONSUMER LOANS IN SERVICE FOR A TOTAL VOLUME OF $93,213,238.78. THE CREDIT UNION ALSO HAS 79 COMMERCIAL LOANS FOR ATOTAL VOLUME OF $8,548,895.41. WE HAVE 1,369 VISA LOAN ACCOUNTS IN SERVICE FOR A TOTAL VOLUME OF $1,633,109.35. THE INTEREST RATES CHARGED ON THESE LOANS IS WELLBELOW 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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Board, Officers & Key Employees

Name (title)Compensation
Daryl Mark
Chair
$1,200
David Hull
Director
$1,200
Paul Irwin
Director
$1,300
Tammy Wadley
Board Member
$1,300
Tony Seyffer
Vice Chairman
$1,400
Stacy Bystrom
Director
$1,100

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Fiserv
Data Processor
$553,417
Knutson Construction Services
Construction
$135,608
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$6,245,964
Investment income $1,661,109
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$202,288
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,704,785

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