Wings Financial Credit Union
- Assets
- $9.7b
- Revenue
- $421.6m
- Investments
- $2.1b
- Employees
- 959
- Location
- Apple Valley, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- EIN
- 41-6028665
Organization Overview
Wings Financial Credit Union, operating under the name Wings 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 12/2023, Wings Credit Union employed 959 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Wings 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, Wings Credit Union generated $421.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.0% each year . All expenses for the organization totaled $358.8m during the year ending 12/2023. While expenses have increased by 15.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
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 CREDIT UNION HAD 173,885 LOANS OUTSTANDING AS OF 12/31/23 WITH BALANCES OF $6,638,814,129.
AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 782,118 MEMBER ACCOUNTS WITH DEPOSITS OF $6,672,892,603 AS OF 12/31/23.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
R Frank Weidner President/ceo | OfficerTrustee | 40 | $1,926,651 |
Joann Harris Chairman | OfficerTrustee | 3 | $50,000 |
Julie A Rath Vice Chairman | OfficerTrustee | 3 | $44,000 |
Gregory Miller Secretary/treasurer | OfficerTrustee | 3 | $44,000 |
Geoff Heck Director | Trustee | 3 | $44,000 |
Cheryl Minks Director | Trustee | 3 | $44,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Debit/credit Card Processing | 12/30/23 | $8,319,558 |
Anderson Cc Inc Construction | 12/30/23 | $3,681,137 |
Engage People Us Card Reward Processing | 12/30/23 | $2,736,551 |
Nusource Financial Llc Banking Equipment/maintenance | 12/30/23 | $1,781,215 |
Clarity Coverdale Fury (Ccf) Marketing | 12/30/23 | $2,164,307 |
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 | $357,518,289 |
| Investment income | $64,271,786 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,252,132 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $421,625,656 |
| 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 | $97,516,204 |
| Compensation of current officers, directors, key employees. | $8,122,731 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $70,028,409 |
| Pension plan accruals and contributions | $3,193,657 |
| Other employee benefits | $11,992,211 |
| Payroll taxes | $4,908,521 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $202,798 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $17,515,114 |
| Advertising and promotion | $3,759,498 |
| Office expenses | $23,776,088 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,736,393 |
| Travel | $368,222 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $60,515,744 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,870,152 |
| Insurance | $3,193 |
| All other expenses | $0 |
| Total functional expenses | $358,760,337 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $391,515,741 |
| Savings and temporary cash investments | $3,559,194 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,964,719 |
| Loans from Officers, Directors, or Controlling Persons | $87,710,021 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,587,923,789 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,433,748 |
| Net Land, buildings, and equipment | $73,660,038 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,147,251,684 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $344,374,619 |
| Total assets | $9,668,393,553 |
| Accounts payable and accrued expenses | $112,702,547 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $5,937,233 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,969,865,099 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,766,554,741 |
| Total liabilities | $8,855,059,620 |
| 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 | $813,333,933 |
| Total liabilities and net assets/fund balances | $9,668,393,553 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wings Financial Credit Union Apple Valley, MN | $9,668,393,553 | $421,625,656 |
Educational Credit Management Corporation Minneapolis, MN | $429,860,105 | $361,979,726 |
Filene Research Institute Inc Madison, WI | $15,454,499 | $9,098,907 |
Akiptan Eagle Butte, SD | $26,940,042 | $5,692,103 |
Iowa Independent Bankers Des Moines, IA | $1,203,947 | $729,619 |
Nebraska Medical Education Fund Inc Tabor, IA | $851,265 | $151,777 |
Necog Development Corporation Aberdeen, SD | $6,533,098 | $514,731 |
Northwest Wisconsin Business Development Corporation Spooner, WI | $4,208,028 | $100,601 |