2024-11-15T17:16:17-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 416028665 WINGS FINANCIAL CREDIT UNION WING 9529978000 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 SCOTT KUHLMAN CHIEF FINANCIAL OFFICER 9529978000 2024-11-15 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-15 2023 2024-10-15 13:58:12Z WINGS CREDIT UNION R FRANK WEIDNER 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 567705332 0 X WINGSFINANCIAL.COM X CU 1938 MN TO PROVIDE FINANCIAL PRODUCTS AND SERVICES TO OUR MEMBERS. 7 6 959 0 111515 0 0 0 252655649 357518289 51273416 63019654 1203183 1087713 305132248 421625656 0 0 38488960 97516204 76973505 98245529 0 0 0 97025616 162998604 212488081 358760337 92644167 62865319 8422113483 9668393553 7755720134 8855059620 666393349 813333933 EMBRACE THE COOPERATIVE SPIRIT TO GIVE FLIGHT TO OUR MEMBERS' FINANCIAL DREAMS. 0 0 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. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 85859 0 959 1 1 1 0 0 0 0 0 0 0 1 0 X 7 6 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X SCOTT KUHLMAN 9529978000 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 R FRANK WEIDNER PRESIDENT/CEO 40.00 X X 1926651 0 1835915 JOANN HARRIS CHAIRMAN 3.00 X X 50000 0 0 JULIE A RATH VICE CHAIRMAN 3.00 X X 44000 0 0 GREGORY MILLER SECRETARY/TREASURER 3.00 X X 44000 0 0 GEOFF HECK DIRECTOR 3.00 X 44000 0 0 CHERYL MINKS DIRECTOR 3.00 X 44000 0 0 MARK PHOTIADES DIRECTOR 3.00 X 43000 0 0 NORM CREVELING SVP/CHIEF LENDING OFFICER 40.00 X 597287 0 247083 GREGORY HIGGINS SVP/CHIEF ADMIN OFF/GEN C 40.00 X 672850 0 51047 JOHN J WAGNER SVP/MEMBER EXPERIENCE 40.00 X 669304 0 51047 VIKRAM K ISRANI SVP/CHIEF FINANCIAL OFFICE 40.00 X 647573 0 41191 XIAOSONG HOU SVP/CHIEF DIGITAL DATA & D 40.00 X 536984 0 50942 BRADLEY GRANT SVP/CHIEF TECHNOLOGY OFFIC 40.00 X 474810 0 51047 MARC KENVILLE SR FINANCIAL ADVISOR 40.00 X 407177 0 42393 JEFFREY PETRONACK SR FINANCIAL ADVISOR 40.00 X 407009 0 39444 SHANE IRONS SR FINANCIAL ADVISOR 40.00 X 322387 0 50047 JOHN DEGELMAMN SR FINANCIAL ADVISOR 40.00 X 315022 0 41813 SCOTT RAMSDALE VP - BUSINESS SERVICES 40.00 X 274265 0 45202 7520319 0 2547171 147 0 1 0 PSCU 560 CARILLON PARKWAY SAINT PETERSBURG FL 33716 DEBIT/CREDIT CARD PROCESSING 8319558 ANDERSON CC INC 5280 WEST 74TH STREET EDINA MN 55439 CONSTRUCTION 3681137 ENGAGE PEOPLE US 1380 RODICK ROAD SUITE 200 MARKHAM ON CA CARD REWARD PROCESSING 2736551 CLARITY COVERDALE FURY (CCF) 121 SOUTH 8TH STREET SUITE 1050 MINNEAPOLIS MN 55402 MARKETING 2164307 NUSOURCE FINANCIAL LLC 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 BANKING EQUIPMENT/MAINTENANCE 1781215 99 LOAN INTEREST 522100 284730340 284730340 OTHER OPERATING INCOME 522100 56545017 56545017 FEE INCOME 522100 16242932 16131417 111515 357518289 64271786 64271786 138329182 6498362 139634716 6444960 -1305534 53402 -1252132 -1252132 OTHER NON-OPERATING INCOME 522100 1087713 1087713 1087713 421625656 358494487 111515 63019654 97516204 8122731 70028409 3193657 11992211 4908521 202798 17515114 3759498 23776088 5736393 368222 60515744 5870152 3193 PROVISION FOR CREDIT LO 24463691 LOAN PROCESSING 12381226 ALL OTHER EXPENSES 8209757 OPERATING FEES 196728 358760337 245855673 391515741 4676070 3559194 24964719 87710021 5480039337 6587923789 121896363 7433748 118687008 45026970 71947667 73660038 2298991436 2147251684 198706937 344374619 8422113483 9668393553 1222628908 112702547 5890498 5937233 1969865099 6527200728 6766554741 7755720134 8855059620 X 0 0 0 0 666393349 813333933 666393349 813333933 8422113483 9668393553 X 62865319 78036956 6038309 X X 0 1 X 1 0 0 1 X 14352702 14352702 82034048 29546329 52487719 22300258 15480641 6819617 73660038 SECURITIES - AFS 2074214245 F OTHER INVESTMENTS 73037439 C 2147251684 MEMBER SHARES AND DEPOSITS 6672892603 NONMEMBER DEPOSITS 93662138 6766554741 X PART IV, LINE 2B: THE CREDIT UNION SERVICES MORTGAGE LOANS SOLD TO FNMA. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. THE WINGS FINANCIAL ADVISORS SUBSIDIARY IS A LIMITED LIABILITY CORPORATION WHOLLY OWNED BY THE CREDIT UNION. AS SUCH, IT IS A "PASS THROUGH" ENTITY AND ITS INCOME IS INCLUDED WITH THE CREDIT UNION FOR INCOME TAX PURPOSES. WINGS FINANCIAL CU'S CONVERSION TO A STATE CHARTERED CREDIT UNION ON OCTOBER 22, 2009 RESULTED IN ITS BEING SUBJECT TO UNRELATED BUSINESS INCOME TAX. ALSO AS A RESULT OF BECOMING A STATE CHARTERED CREDIT UNION WINGS FINANCIAL CU BEGAN PAYING STATE SALES AND USE TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR ACTIVITIES THEY HAVE DEEMED TAXABLE. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X X 1 1 X X X X 0 1 0 R FRANK WEIDNER PRESIDENT/CEO 1038044 0 877364 0 11243 0 1814568 0 21347 0 3762566 0 0 0 NORM CREVELING SVP/CHIEF LENDING OFFICER 345366 0 239074 0 12847 0 229700 0 17383 0 844370 0 0 0 GREGORY HIGGINS SVP/CHIEF ADMIN OFF/GEN C 389271 0 269848 0 13731 0 29700 0 21347 0 723897 0 0 0 JOHN J WAGNER SVP/MEMBER EXPERIENCE 387009 0 267320 0 14975 0 29700 0 21347 0 720351 0 0 0 VIKRAM K ISRANI SVP/CHIEF FINANCIAL OFFICE 371145 0 261549 0 14879 0 20658 0 20533 0 688764 0 0 0 XIAOSONG HOU SVP/CHIEF DIGITAL DATA & D 325568 0 199173 0 12243 0 29700 0 21242 0 587926 0 0 0 BRADLEY GRANT SVP/CHIEF TECHNOLOGY OFFIC 288970 0 172109 0 13731 0 29700 0 21347 0 525857 0 0 0 MARC KENVILLE SR FINANCIAL ADVISOR 39665 0 367254 0 258 0 25010 0 17383 0 449570 0 0 0 JEFFREY PETRONACK SR FINANCIAL ADVISOR 38385 0 368320 0 304 0 19097 0 20347 0 446453 0 0 0 SHANE IRONS SR FINANCIAL ADVISOR 38446 0 283415 0 526 0 29700 0 20347 0 372434 0 0 0 JOHN DEGELMAMN SR FINANCIAL ADVISOR 37547 0 276539 0 936 0 25990 0 15823 0 356835 0 0 0 SCOTT RAMSDALE VP - BUSINESS SERVICES 215237 0 55707 0 3321 0 26819 0 18383 0 319467 0 0 0 PART I, LINE 1A R FRANK WEIDNER - $6,040 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO LEASE JOHN WAGNER - $10,909 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT GREGORY HIGGINS - $10,909 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT VIKRAM ISRANI - $10,909 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT NORMAN CREVELING - $10,909 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT BRADLEY GRANT - $10,909 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT XIAOSONG HOU - $10,909 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT PART I, LINE 4B R FRANK WEIDNER - PARTICIPATED IN 457(F) PLAN, NO PAYMENTS RECEIVED NORM CREVELING - PARTICIPATED IN 457 (F) PLAN, NO PAYMENTS RECEIVED BRAD GRANT SVP/MEMBER EXPERIENCE SPLIT DOLLAR X 5300000 5227747 0 1 1 JOHN WAGNER SVP/CHIEF ADMIN OFF/GEN C SPLIT DOLLAR X 5950000 5877123 0 1 1 SONG HOU SVP/CTO SPLIT DOLLAR X 6400000 6435269 0 1 1 GREG HIGGINS SVP/CFO SPLIT DOLLAR X 7700000 7584233 0 1 1 NORM CREVELING SVP/CLO SPLIT DOLLAR X 8200000 8087878 0 1 1 VIK ISRANI SVP/CHIEF DIGITAL DATA & D SPLIT DOLLAR X 8400000 8178097 0 1 1 FRANK WEIDNER PRESIDENT/CEO SPLIT DOLLAR X 48000000 46319674 0 1 1 87710021 SCHEDULE L, PART II NOTED THESE TO BE A NON-RECOURSE PLAN THAT IS RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCES ARE AS FOLLOWS:FRANK WEIDNER - $49,927,008GREG HIGGINS - $8,009,124JOHN WAGNER - $6,190,709VIK ISRANI - $8,737,226NORM CREVELING - $8,505,216SONG HOU - $6,656,934BRAD GRANT - $5,526,776 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IS AVAILABLE TO EMPLOYEES AND RETIREES OF ENTITIES ENGAGED IN THE AIR TRANSPORTATION INDUSTRY WHO WORK IN THE UNITED STATES. EMPLOYEES OF THE SOO LINE RAILROAD(NOW CP RAIL) WHO ARE PAID OUT OF NORTHERN MINNESOTA AND NORTH DAKOTA ARE ALSO ELIGIBLE FOR MEMBERSHIP. MEMBERS OF THE IMMEDIATE FAMILIES OF REGULARLY QUALIFIED MEMBERS MAY ALSO BECOME MEMBERS. ALSO ELIGIBLE FOR MEMBERSHIP ARE INDIVIDUALS WHO LIVE, WORK, OR WORSHIP IN MANY COUNTIES IN MINNESOTA, WISCONSIN, MICHIGAN, FLORIDA, GEORGIA AND WASHINGTON AS WELL AS THEIR FAMILIES. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS. EACH MEMBER IS ENTITLED TO 1 VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS VOTE ON CHARTER CHANGES AND ELECTION OF BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED BY OFFICERS PRIOR TO ITS FILING AND WILL BE PRESENTED TO THE BOARD OF DIRECTORS AND THE SUPERVISORY COMMITTEE AS AN INFORMATIONAL REPORT. FORM 990, PART VI, SECTION B, LINE 12C HR AUDITS TEST WHETHER OR NOT ALL EMPLOYEES HAVE EXECUTED THE ACKNOWLEDGMENT OF THE CODE OF ETHICS (INCLUDING CONFLICT OF INTEREST RULES). OFFICERS, DIRECTORS, AND KEY EMPLOYEES REVIEW AND ACKNOWLEDGE THE CODE OF ETHICS AND CONFLICTS OF INTEREST POLICY ANNUALLY. CONFLICTS OF INTEREST (OR POTENTIAL CONFLICTS) ARE DISCLOSED ANNUALLY. ANY NEW CONFLICT OR POTENTIAL CONFLICT IS REQUIRED TO BE DISCLOSED AT OR BEFORE THE TIME IT ARISES. ANY CONFLICTS ARE REVIEWED BY COUNSEL AND REPORTED TO THE BOARD'S GOVERNANCE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT/CEO COMPENSATION REVIEW IS CONDUCTED ANNUALLY BY THE BOARD COMPENSATION AND GOVERNANCE COMMITTEE AS A COMPONENT OF A FORMAL PERFORMANCE REVIEW PROGRAM. THE COMMITTEES REVIEW MARKET DATA AND RECOMMENDATIONS FROM NATIONAL COMPENSATION CONSULTANTS. THE COMPENSATION COMMITTEE MAKES A RECOMMENDATION TO THE GOVERNANCE COMMITTEE AND THE GOVERNANCE COMMITTEE DETERMINES COMPENSATION LEVEL FOR THE CEO. EXECUTIVE OFFICER COMPENSATION REVIEW IS CONDUCTED ANNUALLY BY THE PRESIDENT/CEO IN CONJUNCTION WITH A FORMAL ANNUAL PERFORMANCE REVIEW PROGRAM. COMPENSATION LEVELS ARE EVALUATED AGAINST MARKET COMPENSATION DATA PROVIDED BY INDEPENDENT EXECUTIVE COMPENSATION SOURCES, CHANGES IN AVERAGE MARKET COMPENSATION TRENDS, AND INDIVIDUAL AND ORGAINIZATIONAL PERFORMANCE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED ON THE NCUA WEBSITE AND IN BRANCH LOBBIES. GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. THE CONFLICT OF INTEREST POLICY IS NOT AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT 6,038,309. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT AUDITOR AND THIS PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. WINGS FINANCIAL ADVISORS LLC 14985 GLAZIER AVENUE APPLE VALLEY MN 55425 412012281 TAX/ACCOUNTING SERVICES MN WINGS FINANCIAL CREDIT UNION WINGS FINANCIAL FOUNDATION (PREVIOUSLY DONALD R WAHLUND FDN) 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 411929671 YOUTH EDUCATION MN 501(C)(3) PF WINGS FINANCIAL FOUNDATION 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 NO TRANSACTIONS IN EXCESS OF 50000