2012-08-14T16:13:45-05:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2011-01-01 416028665 WINGS FINANCIAL CREDIT UNION WING 9529978000 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 TIMOTHY A KEEGAN 9529978000 2012-08-14 1 LOWELL FOSTER P00001022 5074347000 2011 2016-02-24 21:20:13Z R FRANK WEIDNER 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 582189000 0 X WINGSFINANCIAL.COM X CU 1938 MN TO PROVIDE FINANCIAL PRODUCTS AND SERVICES TO OUR MEMBERS. 7 6 498 13 724468 96376 0 0 83091520 91379913 63176358 70396000 327466 360087 146595344 162136000 0 19000 39782091 30047732 32057019 27986031 0 0 0 50938107 58617493 122777217 116670256 23818127 45465744 3159001423 3393445347 2862486661 3025768595 296514762 367676752 TO CONDUCT THE ORDINARY AND NECESSARY BUSINESS OF A CREDIT UNION INVOLVING THE RECEIVING OF SAVINGS FROM MEMBERS AND LENDING MONEY TO MEMBERS FOR PROVIDENT PURPOSES. 0 0 AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF LENDING SERVICES TO OUR MEMBERHSIP. THE CREDIT UNION HAD 104,756 LOANS OUTSTANDING AS OF DECEMBER 31, 2011 WITH BALANCES OF $1,177,469,018. AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 445,987 MEMBER ACCOUNTS WITH DEPOSITS OF $2,340,350,651 AS OF DECEMBER 31, 2011. 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 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 82988 0 1 498 1 1 1 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 1 0 X TIMOTHY A KEEGAN 9529978000 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 MICHAEL A COOPER 5.00 X 12000 0 0 ARLIE D JOHNSON 1.00 X 0 0 0 DALE S KARIYA 1.00 X 0 0 0 MARY S GRAHEK 1.00 X 0 0 0 LANCE A MILLER 1.00 X 0 0 0 DAVID J OLSON 1.00 X 0 0 0 PAUL V PARISH 1.00 X X 655773 0 31257 R FRANK WEIDNER 40.00 X 126523 0 52838 TIMOTHY A KEEGAN 40.00 X 334967 0 190602 MARK S EVERSON 40.00 X 295473 0 16941 DAVID E MASON 40.00 X 244051 0 151851 JOHN J WAGNER 40.00 X 236165 0 259840 PAUL L DINGER 40.00 X 165127 0 19936 RITA D DICKINSON 40.00 X 138264 0 18089 PATRICIA A DAMBERGER 40.00 X 119374 0 19322 DEBRA L WARWEG 40.00 X 116894 0 24906 BRADLEY D GRANT 40.00 X 118651 0 20799 ROXANNE L JOHNSON 40.00 X 104132 0 19176 2667394 0 825557 14 0 1 0 MEDICA HEALTH PLANS PO BOX 1450 MINNEAPOLIS MN 55487 HEALTH SERVICES 3134292 FISERV 75 REMITTANCE DRIVE CHICAGO IL 60675 INFORMATION SERVICES 1392388 CLARITY COVERDALE FURY 120 S 6TH STREET SUITE 1300 MINNEAPOLIS MN 55402 ADVERTISING 846004 FIDELITY NATIONAL INFORMATION SERVICES PO BOX 18012 ASHBURN VA 20146 INFORMATION SERVICES 818431 MICRODYNAMICS GROUP PO BOX 87618 CHICAGO IL 60680 STATEMENT PROCESSING 800414 44 LOAN INTEREST 900099 66510427 66510427 OTHER OPERATING INCOME 900099 17130668 17081199 49469 FEE INCOME 522100 7738818 7423906 314912 91379913 59449000 59449000 431000000 420053000 10947000 10947000 10947000 TAX SERVICES 541200 360087 360087 360087 162136000 91015532 724468 70396000 19000 30047732 2793344 19203801 1382216 2862860 1743810 17271 212825 4817826 2325464 3596555 1838102 4395861 222776 266366 8278096 2641783 6566170 UBI TAXES 79500 PROVISION FOR LOAN LOSS 8400000 ATM/DEBIT EXPENSES 7213500 LOAN PROCESSING 4846389 2899009 116670256 34755826 61648877 122109390 13777927 1203854076 1164111456 69926357 70734073 59529582 27623202 33880706 31906380 1645718599 1995879563 48756469 55387071 3159001423 3393445347 20485575 21443000 2108000 2161000 150000000 140000000 2689893086 2862164595 2862486661 3025768595 X 0 0 0 0 296514762 367676752 296514762 367676752 3159001423 3393445347 X 45465744 25696246 X X 0 1 1 X 0 0 1 8490346 8490346 33764430 13096091 20668339 17274806 14527111 2747695 31906380 SECURITIES - AFS 1995358523 F SECURITIES - HELD TO MATURITY 521040 C 1995879563 MEMBER SHARES AND DEPOSITS 2862164595 2862164595 PART IV, LINE 2B: THE CREDIT UNION SERVICES MORTGAGE LOANS SOLD TO FNMA. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE WINGS FINANCIAL ADVISORS SUBISDIARY 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. THE WINGS FINANCIAL FOUNDATION IS EXEMPT FROM TAXES. 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 MUST NOW PAY STATE SALES AND USE TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR CALENDAR YEARS 2010 AND 2009 FOR ACTIVITIES THEY HAVE DEEMED TAXABLE. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2011 AND 2010. THE CREDIT UNION'S 2010 AND 2009 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 SCHOLARSHIPS 18 19000 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: SCHOLARSHIP FUNDS AWARDED BASED ON ESSAY AND CREDIT UNION MEMBERSHIP. RECIPIENTS ARE SELECTED BY SCHOLARSHIP COMMITTEE. X X 1 1 X X X X 0 1 0 PAUL V PARISH 439404 0 185535 0 30834 0 9241 0 22016 0 687030 0 0 0 R FRANK WEIDNER 51398 0 75000 0 125 0 47850 0 4988 0 179361 0 0 0 TIMOTHY A KEEGAN 261053 0 71318 0 2596 0 169475 0 21127 0 525569 0 0 0 MARK S EVERSON 212230 0 64625 0 18618 0 7165 0 9776 0 312414 0 0 0 DAVID E MASON 196898 0 46523 0 630 0 134422 0 17429 0 395902 0 0 0 JOHN J WAGNER 191594 0 43623 0 948 0 237993 0 21847 0 496005 0 0 0 PAUL L DINGER 163529 0 0 0 1598 0 3707 0 16229 0 185063 0 0 0 RITA D DICKINSON 118348 0 18435 0 1481 0 4678 0 13411 0 156353 0 0 0 PART I, LINE 1A PAUL V PARISH - $1,512 - TRAVEL FOR COMPANION, TAXABLE TIMOTHY A KEEGAN - $143 - TRAVEL FOR COMPANION, TAXABLE R FRANK WEIDNER - $2,167 - HOUSING ALLOWANCE PART I, LINE 4B R FRANK WEIDNER - PARTICIPATED IN 457(F) PLAN, NO PAYMENTS RECEIVED TIMOTHY A KEEGAN - PARTICIPATED IN 457(F) PLAN, NO PAYMENTS RECEIVED DAVID E MASON - PARTICIPATED IN 457(F) PLAN, NO PAYMENTS RECEIVED JOHN J WAGNER - PARTICIPATED IN 457(F) PLAN, NO PAYMENTS RECEIVED 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. MEMBERS OF IMMEDIATE FAMILIES OF REGULARLY QUALFIED MEMBERS MAY ALSO BECOME MEMBERS. AS OF OCTOBER 22, 2009, INDIVIDUALS WHO LIVE, WORK OR WORSHIP IN THE THIRTEEN COUNTY METRO AREA OF MINNEAPOLIS AND ST PAUL, MINNESOTA AND WESTERN WISCONSIN BECAME ELIGIBLE FOR MEMBERSHIP. 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 11 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 THE EMPLOYEE HAS EXECUTED THE ACKNOWLEDGEMENT OF THE CODE OF ETHICS (INCLUDING CONFLICT OF INTEREST RULES). GENERAL AUDITOR PERFORMS QUARTERLY TESTING TO DETERMINE WHETHER EMPLOYEES ARE PERFORMING TRANSACTIONS ON THEIR OWN DEPOSIT AND LOAN ACCOUNTS. VOLUNTEERS AND BOARD MEMBERS ARE ASKED ANNUALLY TO REAFFIRM THE EXISTENCE OF THE CODE OF ETHICS RESOLUTION (INCLUDING THE CONFLICT OF INTEREST ADMONITION). FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION REVIEW FOR THE PRESIDENT/CEO IS CONDUCTED ANNUALLY BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS, UTILIZING INFORMATION OBTAINED FROM INDEPENDENT EXECUTIVE COMPENSATION CONSULTANTS. THIS WAS LAST DONE IN 2011. THE COMPENSATION OF ALL OFFICERS IS DETERMINED BY THE PRESIDENT/CEO UTILIZING INDEPENDENT EXECUTIVE COMPENSATION CONSULTANTS. THIS WAS LAST DONE IN 2011. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 25,696,246. FORM 990, PART XI, 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 510087 96547 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 CREDIT UNION 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 WINGS FINANCIAL ADVISORS LLC A 22680