2023-05-15T15:24:55-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 416028665 WINGS FINANCIAL CREDIT UNION WING 9529978000 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 VIKRAM K ISRANI SVP & CHIEF FINANCIAL OFFICER 9529978000 2023-05-12 1 VIKRAM ISRANI 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-05-12 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z R FRANK WEIDNER 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 587385757 0 X WINGSFINANCIAL.COM X CU 1938 MN TO PROVIDE FINANCIAL PRODUCTS AND SERVICES TO OUR MEMBERS. 7 6 822 0 127471 0 0 0 230927296 252655649 52746044 51273416 -2288604 1203183 281384736 305132248 0 0 31742123 38488960 72570038 76973505 0 0 0 87361724 97025616 191673885 212488081 89710851 92644167 7846662395 8422113483 6980924736 7755720134 865737659 666393349 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 166,322 LOANS OUTSTANDING AS OF 12/31/22 WITH BALANCES OF $5,533,413,170. AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 730,625 MEMBER ACCOUNTS WITH DEPOSITS OF $6,400,851,629 AS OF 12/31/22. 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 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 80546 0 822 1 1 1 0 0 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X VIKRAM K ISRANI 9529978000 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 R FRANK WEIDNER PRESIDENT/CEO 40.00 X X 1728871 0 1522507 MARK PHOTIADES DIRECTOR 1.00 X 34500 0 0 JOANN HARRIS CHAIRMAN 5.00 X X 39000 0 0 JULIE A RATH VICE CHAIRMAN 1.00 X X 33000 0 0 GREGORY MILLER SECRETARY/TREASURER 1.00 X X 33000 0 0 GEOFF HECK DIRECTOR 1.00 X 33000 0 0 CHERYL MINKS DIRECTOR 1.00 X 33000 0 0 JOHN J WAGNER SVP/MEMBER EXPERIENCE 40.00 X 2630125 0 221112 GREGORY HIGGINS SVP/CHIEF ADMIN OFF/GEN C 40.00 X 660334 0 49683 VIKRAM K ISRANI SVP/CHIEF FINANCIAL OFFICE 40.00 X 640640 0 40193 NORM CREVELING SVP/CHIEF LENDING OFFICER 40.00 X 589023 0 245040 BRADLEY GRANT SVP/CHIEF TECHNOLOGY OFFIC 40.00 X 368111 0 49683 XIAOSONG HOU SVP/CHIEF DIGITAL DATA & D 40.00 X 401917 0 47687 JEFFREY PETRONACK SR FINANCIAL ADVISOR 40.00 X 346508 0 38789 MARC KENVILLE SR FINANCIAL ADVISOR 40.00 X 343907 0 40700 JOHN DEGELMAMN SR FINANCIAL ADVISOR 40.00 X 260372 0 39039 SHANE IRONS SR FINANCIAL ADVISOR 40.00 X 348954 0 43985 SCOTT RAMSDALE VP - BUSINESS SERVICES 40.00 X 266520 0 43467 8790782 0 2381885 144 0 1 0 PSCU 560 CARILLON PARKWAY SAINT PETERSBURG FL 33716 VISA PROCESSING 6662384 NOR-SON CONSTRUCTION LLC 7900 HASTINGS ROAD BAXTER MN 56425 CONSTRUCTION 3315873 ENGAGE PEOPLE 1380 RODICK RD STE 300 MARKHAM ONTARIO CA L3R4G5 CARD REWARD PROCESSING 2420949 CLARITY COVERDALE FURY 121 SOUTH 8TH STREET SUITE 1050 MINNEAPOLIS MN 55402 MARKETING SERVICES 2375122 FIS 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204 CORE PROCESSING 1820318 86 LOAN INTEREST 522100 192843388 192843388 OTHER OPERATING INCOME 522100 44267019 44267019 FEE INCOME 522100 15545242 15417771 127471 252655649 41437147 41437147 288278456 3811322 278272061 3981448 10006395 -170126 9836269 9836269 OTHER NON-OPERATING INCOME 522100 1203183 1203183 1203183 305132248 253731361 127471 51273416 38488960 9400427 51609607 3185087 8623735 4154649 238802 12540290 4400991 22377709 6314647 343735 15588369 5771899 PROVISION FOR LOAN LOSS 13948724 LOAN PROCESSING 11372031 ALL OTHER EXPENSES 4008614 OPERATING FEES 119805 212488081 245411256 245855673 2911055 4676070 4475465091 5480039337 83876469 121896363 112037651 40089984 68938998 71947667 2770135274 2298991436 199924252 198706937 7846662395 8422113483 623853618 1222628908 5328133 5890498 6351742985 6527200728 6980924736 7755720134 X 0 0 0 0 865737659 666393349 865737659 666393349 7846662395 8422113483 X 92644167 -291988478 1 X X 0 1 X 1 0 0 1 X 14352694 14352694 77002086 26029916 50972170 20682871 14060068 6622803 71947667 SECURITIES - AFS 2244162436 F OTHER INVESTMENTS 54829000 C 2298991436 MEMBER SHARES AND DEPOSITS 6527200728 6527200728 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, 2022 AND 2021 THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S 2018 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES FOR THREE AND HALF YEARS. X X 1 1 X X X X 0 1 0 R FRANK WEIDNER PRESIDENT/CEO 1129518 0 583207 0 16146 0 1500274 0 22233 0 3251378 0 0 0 JOHN J WAGNER SVP/MEMBER EXPERIENCE 413973 0 203973 0 2012179 0 198879 0 22233 0 2851237 0 0 0 NORM CREVELING SVP/CHIEF LENDING OFFICER 390535 0 180754 0 17734 0 227217 0 17823 0 834063 0 0 0 GREGORY HIGGINS SVP/CHIEF ADMIN OFF/GEN C 439770 0 202066 0 18498 0 27450 0 22233 0 710017 0 0 0 VIKRAM K ISRANI SVP/CHIEF FINANCIAL OFFICE 429619 0 198246 0 12775 0 17960 0 22233 0 680833 0 0 0 XIAOSONG HOU SVP/CHIEF DIGITAL DATA & D 316784 0 74926 0 10207 0 27450 0 20237 0 449604 0 0 0 BRADLEY GRANT SVP/CHIEF TECHNOLOGY OFFIC 277857 0 78587 0 11667 0 27450 0 22233 0 417794 0 0 0 SHANE IRONS SR FINANCIAL ADVISOR 38652 0 310002 0 300 0 22851 0 21134 0 392939 0 0 0 JEFFREY PETRONACK SR FINANCIAL ADVISOR 38491 0 307669 0 348 0 17556 0 21233 0 385297 0 0 0 MARC KENVILLE SR FINANCIAL ADVISOR 39310 0 302999 0 1598 0 22876 0 17824 0 384607 0 0 0 SCOTT RAMSDALE VP - BUSINESS SERVICES 205942 0 57678 0 2900 0 24644 0 18823 0 309987 0 0 0 JOHN DEGELMAMN SR FINANCIAL ADVISOR 36304 0 223206 0 862 0 22903 0 16136 0 299411 0 0 0 PART I, LINE 1A R FRANK WEIDNER - $5,069 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO LEASE JOHN WAGNER - $8,727 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT GREGORY HIGGINS - $8,727 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT VIKRAM ISRANI - $8,727 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT NORMAN CREVELING - $8,727 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT BRADLEY GRANT - $8,727 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT XIAOSONG HOU - $8,727 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, AUTO REIMBURSEMENT R. FRANK WEIDNER - $5,635 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, PRIZE JOHN WAGNER - $5,635 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, PRIZE NORM CREVELING - $5,635 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, PRIZE JOHN DEGELMANN - $200 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, PRIZE GREGORY HIGGINS - $512 - TAX INDEMINIFICATION AND GROSS-UP PAYMENTS, YEARS OF SERVICE AWARD NORMAN CREVELING - $273 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, YEARS OF SERVICE AWARD JOHN DEGELMANN - $318 - TAX INDEMNIFICATION AND GROSS-UP PAYMENTS, YEARS OF SERVICE AWARD PART I, LINE 4B R FRANK WEIDNER - PARTICIPATED IN 457(F) PLAN, NO PAYMENTS RECEIVED GREGORY W HIGGINS - PARTICIPATED IN 457(F) PLAN, RECEIVED $2,000,000 SCHEDULED PAYOUT VIKRAM K ISRANI - PARTICIPATED IN 457(F) PLAN, PLAN RESCINDED IN DECEMBER NORM CREVELING - PARTICIPATED IN 457 (F) PLAN, NO PAYMENTS RECEIVED BRADLEY GRANT - PARTICIPATED IN 457 (F) PLAN, PLAN RESCINDED IN DECEMBER XIAOSONG HOU - PARTICIPATED IN 457 (F) PLAN, PLAN RESCINDED IN DECEMBER NORMAN CREVELING CURRENT OFFICER FOR WINGS FINANCIAL CU 12000 SERVES AS A DIRECTOR FOR SERVION, INC FOR MORTGAGE ORIGINATION AND MORTGAGE SERVICING DURING 2022. 0 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 RETAIN OUTSIDE ADVISORS TO PROVIDE MARKET DATA AND RECOMMENDATIONS. THE COMPENSATION COMMITTEE MAKES A RECOMMENDATION TO THE GOVERNANCE COMMITTEE AND THE GOVERNANCE COMMITTEE DETERMINES COMPENSATION LEVEL FOR THE CEO. THIS WAS LAST COMPLETED IN 2022. EXECUTIVE OFFICER COMPENSATION REVIEW IS CONDUCTED ANNUALLY BY THE BOARD COMPENSATION AND GOVERNANCE COMMITTEES IN CONJUNCTION WITH A FORMAL ANNUAL REVIEW PROGRAM CONDUCTED BY THE PRESIDENT/CEO. 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. THIS WAS LAST COMPLETED IN 2022. 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: ROUNDING 1. 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