2025-11-14T13:37:30-06:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 416028665 WINGS FINANCIAL CREDIT UNION WING 9529978000 14985 GLAZIER AVE APPLE VALLEY MN 55124 SCOTT KUHLMAN CHIEF FINANCIAL OFFICER 9529978000 2025-11-13 1 0 JENIFER L CHASE P01306883 5638884000 2025-11-13 2024 2025-03-06 01:10:19Z WINGS CREDIT UNION R FRANK WEIDNER 14985 GLAZIER AVE APPLE VALLEY MN 55124 594181686 0 X WINGSCU.COM X 1938 MN TO PROVIDE FINANCIAL PRODUCTS AND SERVICES TO OUR MEMBERS 7 6 918 0 100148 0 0 0 357518289 407523296 63019654 67530028 1087713 1085574 421625656 476138898 0 0 0 0 98245529 106506451 0 0 0 260514808 363583049 358760337 470089500 62865319 6049398 9668393553 9371410076 8855059620 8504582160 813333933 866827916 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. WINGS FINANCIAL CREDIT UNION HAD 163,720 LOANS OUTSTANDING WITH BALANCES OF $6,805,223,888 AS OF 12/31/24. AS A STATE-CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. WINGS FINANCIAL CREDIT UNION HAD 790,947 MEMBER ACCOUNTS WITH BALANCES OF $7,018,623,729 AS OF 12/31/24. 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 1 1 0 1 137415 0 1 918 1 1 1 0 0 0 0 0 1 0 X 7 6 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 1 0 X SCOTT KUHLMAN 9529978000 14985 GLAZIER AVE APPLE VALLEY MN 55124 R FRANK WEIDNER PRESIDENT/CEO 40.00 X X 7538476 0 67519 JO ANN HARRIS FORMER CHAIRMAN 3.00 X X 12500 0 0 JULIE RATH CHAIRMAN 3.00 X X 49000 0 0 GREGORY MILLER VICE CHAIRMAN 3.00 X X 44000 0 0 CHERYL MINKS SECRETARY/TREASURER 3.00 X X 44000 0 0 GEOFF HECK DIRECTOR 3.00 X 44000 0 0 MARK PHOTIADES FORMER DIRECTOR 3.00 X 11000 0 0 DREW BOEKE DIRECTOR 3.00 X 41667 0 0 ELIZABETH CAVEN DIRECTOR 3.00 X 41667 0 0 VIKRAM ISRANI FORMER SVP - CHIEF FINANCIAL OFFICER 40.00 X 436752 0 29126 SCOTT KUHLMAN SVP - CHIEF FINANCIAL OFFICER 40.00 X 362480 0 63226 NORM CREVELING SVP - CHIEF LENDING OFFICER 40.00 X 717516 0 162929 GREGORY HIGGINS SVP - CHIEF ADMINISTRATION OFFICER/GENERAL COUNSEL 40.00 X 801784 0 73167 JOHN WAGNER SVP - CHIEF MEMBER EXPERIENCE OFFICER 40.00 X 796067 0 75589 XIAOSONG HOU SVP - CHIEF DATA AND TECHNOLOGY OFFICER/CIO 40.00 X 677445 0 71399 BRADLEY GRANT FORMER SVP - CHIEF TECHNOLOGY OFFICER 40.00 X 609022 0 31797 MARC KENVILLE SR FINANCIAL ADVISOR 40.00 X 425874 0 61271 JEFFREY PETRONACK SR FINANCIAL ADVISOR 40.00 X 392695 0 56693 SHANE IRONS SR FINANCIAL ADVISOR 40.00 X 357125 0 68399 THOMAS SPITZ EXECUTIVE STRATEGIST 40.00 X 396481 0 57951 DAVID FINK EXECUTIVE STRATEGIST 40.00 X 394123 0 59335 14193674 0 878401 222 0 1 0 VELERA 560 CARILLON PARKWAY SAINT PETERSBURG FL 33716 DEBIT/CREDIT CARD PROCESSING 7875953 LUMIN DIGITAL LLC 3001 BISHOP DRIVE SUITE 110 SAN RAMON CA 94583 DIGITAL BANKING 2587214 ANDERSON CC INC 5280 WEST 74TH STREET EDINA MN 55439 CONSTRUCTION 2436148 ENGAGE PEOPLE US 1380 RODICK ROAD SUITE 200 MARKHAM ONTARIO CA L3R 4G5 CARD REWARDS PROCESSING 2366839 CLARITY COVERDALE FURY (CCF) 121 SOUTH 8TH STREET SUITE 1050 MINNEAPOLIS MN 55402 MARKETING 1883156 93 LOAN INTEREST INCOME 522100 341493955 341493955 INTERCHANGE INCOME 522100 28383301 28383301 OTHER OPERATING INCOME 522100 21729933 21729933 FEE INCOME 522100 15916107 15815959 100148 407523296 68462487 68462487 1067458 0 1067458 1067458 1067458 115242000 1868329 116363624 1679164 -1121624 189165 -932459 -932459 OTHER NON-OPERATING INCOME 522100 18116 18116 18116 476138898 407441264 100148 68597486 12802127 56715018 6366439 22279653 8343214 257783 19631201 4273701 19032472 3007219 6695714 326927 538624 73820857 8660463 625082 DIVIDENDS PAID TO MEMBE 145360807 PROVISION FOR CREDIT LO 68655950 LOAN PROCESSING 8647996 OPERATING FEES 276470 3771783 470089500 391515741 275128828 3559194 518828 24964719 27802785 87710021 88696784 6587923789 6779404947 7433748 9236753 121640671 49972209 73660038 71668462 2147251684 1854593590 60819087 60819087 283555532 203540012 9668393553 9371410076 88292147 77824018 19625235 19660435 1969865099 1376024670 6777277139 7031073037 8855059620 8504582160 X 0 0 0 0 813333933 866827916 813333933 866827916 9668393553 9371410076 6049398 47444585 0 X X 0 1 X 1 0 0 1 X 14332932 14332932 84447686 33307278 51140408 22860053 16664931 6195122 71668462 SECURITIES - AFS 1756803658 F OTHER INVESTMENTS 97789932 C 1854593590 MEMBER SHARES AND DEPOSITS 6779203487 NONMEMBER DEPOSITS 240924353 LEASE LIABILITY 10945197 7031073037 X PART IV, LINE 2B: WINGS FINANCIAL CREDIT UNION SERVICES MORTGAGE LOANS SOLD TO FNMA. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS. PART X, LINE 2: WINGS FINANCIAL CREDIT UNION (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 CREDIT UNION'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 CREDIT UNION BEGAN PAYING 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, 2024 AND 2023. THE CREDIT UNION'S 2021 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X X 1 1 X X X X 1 1 0 R FRANK WEIDNER PRESIDENT/CEO 1080021 0 1205895 0 5252560 0 32069 0 35450 0 7605995 0 3511494 0 NORM CREVELING SVP - CHIEF LENDING OFFICER 369951 0 335204 0 12361 0 134500 0 28429 0 880445 0 0 0 GREGORY HIGGINS SVP - CHIEF ADMINISTRATION OFFICER/G 409639 0 378407 0 13738 0 34500 0 38667 0 874951 0 0 0 JOHN WAGNER SVP - CHIEF MEMBER EXPERIENCE OFFICE 406379 0 374858 0 14830 0 34500 0 41089 0 871656 0 0 0 XIAOSONG HOU SVP - CHIEF DATA AND TECHNOLOGY OFFI 361882 0 303179 0 12384 0 34500 0 36899 0 748844 0 0 0 BRADLEY GRANT FORMER SVP - CHIEF TECHNOLOGY OFFICE 41308 0 262728 0 304986 0 26417 0 5380 0 640819 0 0 0 MARC KENVILLE SR FINANCIAL ADVISOR 38351 0 386120 0 1403 0 33664 0 27607 0 487145 0 0 0 VIKRAM ISRANI FORMER SVP - CHIEF FINANCIAL OFFICER 72911 0 361422 0 2419 0 24390 0 4736 0 465878 0 0 0 THOMAS SPITZ EXECUTIVE STRATEGIST 238060 0 152615 0 5806 0 26995 0 30956 0 454432 0 0 0 DAVID FINK EXECUTIVE STRATEGIST 237742 0 152615 0 3766 0 23746 0 35589 0 453458 0 0 0 JEFFREY PETRONACK SR FINANCIAL ADVISOR 37349 0 354916 0 430 0 23183 0 33510 0 449388 0 0 0 SCOTT KUHLMAN SVP - CHIEF FINANCIAL OFFICER 315048 0 45973 0 1459 0 29276 0 33950 0 425706 0 0 0 SHANE IRONS SR FINANCIAL ADVISOR 37342 0 319400 0 383 0 34500 0 33899 0 425524 0 0 0 PART I, LINE 1A FIRST-CLASS OR CHARTER TRAVEL - WINGS FINANCIAL CREDIT UNION (THE CREDIT UNION) REIMBURSED AUTO EXPENSES TO R FRANK WEIDNER, JOHN WAGNER, GREGORY HIGGINS, VIKRAM ISRANI, NORM CREVELING, BRADLEY GRANT, AND XIAOSONG HOU. THE AMOUNTS RECEIVED ARE REPORTED AS REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. TRAVEL FOR COMPANIONS - WINGS FINANCIAL CREDIT UNION (THE CREDIT UNION) REIMBURSED SPOUSAL TRAVEL EXPENSES TO R FRANK WEIDNER, JOHN WAGNER, GREGORY HIGGINS, VIKRAM ISRANI, NORM CREVELING, BRADLEY GRANT, XIAOSONG HOU, JULIE RATH, GREGORY MILLER, CHERYL MINKS, GEOFF HECK, DREW BOEKE, ELIZABETH CAVEN, JO ANN HARRIS, AND MARK PHOTIADES. THE AMOUNTS RECEIVED ARE REPORTED AS REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS - WINGS FINANCIAL CREDIT UNION (THE CREDIT UNION) PAID TAX INDEMNIFICATION AND GROSS-UP PAYMENTS TO R FRANK WEIDNER, JOHN WAGNER, GREGORY HIGGINS, VIKRAM ISRANI, NORM CREVELING, BRADLEY GRANT, AND XIAOSONG HOU. THE AMOUNTS RECEIVED ARE REPORTED AS OTHER REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. PART I, LINES 4A-B BRADLEY GRANT, FORMER SVP - CHIEF TECHNOLOGY OFFICER, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $302,848 IN TAX YEAR 2024. THIS AMOUNT IS INCLUDED IN OTHER REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. R FRANK WEIDNER, PRESIDENT/CEO, AND NORM CREVELING, SVP - CHIEF LENDING OFFICER, PARTICIPATED IN A NON-QUALIFIED DEFERRED COMPENSATION PLAN IN 2024 SPONSORED BY WINGS FINANCIAL CREDIT UNION. THE DISTRIBUTION AMOUNT SHOWN BELOW IS INCLUDED IN OTHER REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II: R FRANK WEIDNER - $5,227,326 THE DEFINED BENEFIT LIABILITY ACCRUAL AMOUNT SHOWN BELOW IS INCLUDED AS DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II: NORM CREVELING - $100,000 BRADLEY GRANT KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 5300000 5299201 0 1 1 JOHN WAGNER KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 5950000 5951851 0 1 1 XIAOSONG HOU KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 6400000 6488992 0 1 1 GREGORY HIGGINS KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 7700000 7684883 0 1 1 NORM CREVELING KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 8200000 8098720 0 1 1 VIKRAM ISRANI OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 8400000 8301663 0 1 1 R FRANK WEIDNER OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 48000000 46871474 0 1 1 88696784 FORM 990, PART VI, SECTION A, LINE 6 WINGS FINANCIAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A WINGS FINANCIAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B WINGS FINANCIAL CREDIT UNION MEMBERS HAVE THE RIGHT TO VOTE ON CHARTER CHANGES AND THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B WINGS FINANCIAL CREDIT UNION DOES NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. 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 ALL CREDIT UNION PERSONNEL HAVE AN OBLIGATION AT ALL TIMES TO PROMOTE WINGS FINANCIAL CREDIT UNION'S (THE CREDIT UNION) BEST INTERESTS. THE CREDIT UNION'S LONG-ESTABLISHED POLICY REQUIRES THAT ALL PERSONNEL AVOID ANY SITUATION WHICH DOES OR MAY INVOLVE A CONFLICT, OR APPEARANCE OF CONFLICT, BETWEEN THEIR PERSONAL INTERESTS AND THE INTERESTS OF THE CREDIT UNION. ALL DIRECTORS, COMMITTEE MEMBERS, AND EMPLOYEES WITH A TITLE OF PRESIDENT OR SENIOR VICE PRESIDENT SHALL ANNUALLY COMPLETE A DISCLOSURE FORM AND DESCRIBE ANY KNOWN CONFLICTS OF INTEREST OR POTENTIAL CONFLICTS OF INTEREST AND SHALL SUPPLEMENT SUCH DISCLOSURES DURING THE COURSE OF A YEAR IF THEY DISCOVER ANY OTHER CONFLICTS OF INTEREST OR POTENTIAL CONFLICTS OF INTEREST. THESE DISCLOSURES ARE REVIEWED BY THE CREDIT UNION'S GENERAL COUNSEL TO DETERMINE IF A CONFLICT IS OF SUCH A NATURE THAT IT DISQUALIFIES THE DISCLOSING INDIVIDUAL FROM SERVICE OR IF IT IS OF A NATURE THAT THE INDIVIDUAL MAY CONTINUE TO SERVE BUT MUST NOT PARTICIPATE IN ANY DISCUSSIONS OR VOTES RELATED TO AN AREA OF CONFLICT. FOR THE PROTECTION OF THE CREDIT UNION, IT IS ESSENTIAL THAT ANY OF ITS PERSONNEL KNOWING OF ANY SITUATION WHICH MIGHT INVOLVE A CONFLICT OF INTEREST (WHETHER OR NOT SUCH PERSON IS PERSONALLY INVOLVED IN SUCH SITUATION), MAKE PROMPT AND FULL DISCLOSURE TO THE CREDIT UNION CONCERNING SUCH SITUATION. SUCH REPORTS SHALL BE MADE IN WRITING TO THE GENERAL COUNSEL OF THE CREDIT UNION, WHO SHALL REVIEW AND OPINE AS NOTED ABOVE. ALL INFORMATION DISCLOSED IN ANY SUCH REPORT SHALL BE TREATED ON A CONFIDENTIAL BASIS EXCEPT TO THE EXTENT NECESSARY FOR THE PURPOSE OF PROTECTING THE CREDIT UNION'S INTEREST. 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 ORGANIZATIONAL PERFORMANCE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 WINGS FINANCIAL CREDIT UNION'S (THE CREDIT UNION) GOVERNING DOCUMENTS ARE NOT MADE READILY AVAILABLE TO THE GENERAL PUBLIC. IF THOSE DOCUMENTS WERE SPECIFICALLY REQUESTED BY A CREDIT UNION MEMBER, A COPY WOULD BE PROVIDED TO THE MEMBER. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA A QUARTERLY 5300 FILING. AN ANNUAL REPORT CONTAINING SUMMARIZED FINANCIAL STATEMENTS IS ALSO MADE AVAILABLE ON THE CREDIT UNION'S WEBSITE, IN ITS BRANCH LOBBIES, AT ITS ANNUAL MEETING, AND UPON REQUEST. FORM 990, PART XII, LINE 2C: WINGS FINANCIAL CREDIT UNION'S SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT AUDITOR AND THIS PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. FORM 990, PART I, LINES 14 & 17: IN 2024, WINGS FINANCIAL CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN THE PRIOR YEAR COLUMN FOR LINE 17 (OTHER EXPENSES) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990, PART IX, IN LINE 4 (BENEFITS PAID TO OR FOR MEMBERS). CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE CURRENT YEAR AMOUNTS LISTED IN THE CURRENT YEAR COLUMN OF PART I AND PART IX. FORM 990, PART X, COLUMN (A), LINES 14, 15, 17, 21 & 25: IN 2024, WINGS FINANCIAL CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN COLUMN (B) (END OF YEAR) FOR LINE 14 (INTANGIBLE ASSETS), LINE 21 (ESCROW OR CUSTODIAL ACCOUNT LIABILITY), AND LINE 25 (OTHER LIABILITIES) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990 IN LINE 15 (OTHER ASSETS) AND LINE 17 (ACCOUNTS PAYABLE AND ACCRUED EXPENSES), RESPECTIVELY. CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE CURRENT YEAR BEGINNING OF YEAR AMOUNTS LISTED IN COLUMN (A) OF PART X. 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