2016-05-12T11:42:00-05:00 2015-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2015-01-01 416028665 WINGS FINANCIAL CREDIT UNION WING 9529978000 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 VIKRAM K ISRANI CHIEF RISK & FINANCE OFFICER 9529978000 2016-05-06 1 SHERRI WESSELS P00888088 5074347000 2015 2016-09-27 15:27:22Z R FRANK WEIDNER 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 771490442 0 X WINGSFINANCIAL.COM X CU 1938 MN TO PROVIDE FINANCIAL PRODUCTS AND SERVICES TO OUR MEMBERS. 7 6 561 6 255206 0 0 0 83292780 96811150 49139594 45568680 725827 107900 133158201 142487730 0 0 24978117 22928866 32778774 37031749 0 0 0 45673715 48303302 103430606 108263917 29727595 34223813 4056408342 4227852467 3618751800 3766232945 437656542 461619522 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 MEMBERSHIP. THE CREDIT UNION HAD 112,457 LOANS OUTSTANDING AS OF 12/31/15 WITH BALANCES OF $1,814,709,799. AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 468,124 MEMBER ACCOUNTS WITH DEPOSITS OF $3,587,887,179 AS OF 12/31/15. 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 1 0 0 0 0 1 1 1 0 0 1 190120 0 1 561 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 VIKRAM K ISRANI 9529978000 14985 GLAZIER AVENUE APPLE VALLEY MN 55124 ARLIE D JOHNSON CHAIRMAN 5.00 X 18158 0 0 DALE S KARIYA VICE CHAIRMAN 5.00 X 0 0 0 MARY S GRAHEK SECRETARY/TREASURER 1.00 X 0 0 0 JOANN HARRIS DIRECTOR 1.00 X 0 0 0 LANCE A MILLER DIRECTOR 1.00 X 0 0 0 MARK PHOTIADES DIRECTOR 1.00 X 0 0 0 R FRANK WEIDNER PRESIDENT/CEO 40.00 X X 641010 0 457743 TIMOTHY A KEEGAN SVP/CHIEF INVESTMENT OFFIC 40.00 X 381734 0 258412 MARK S EVERSON SVP/CHIEF LENDING OFFICER 40.00 X 356151 0 37256 DAVID E MASON SVP/DIGITAL & CHIEF INFORM 40.00 X 292707 0 204081 JOHN J WAGNER SVP/MEMBER EXPERIENCE 40.00 X 337502 0 337484 GREGORY HIGGINS SVP/CHIEF ADMIN OFF/GEN C 40.00 X 328456 0 147936 VIKRAM K ISRANI SVP/CHIEF RISK & FINANCE O 40.00 X 330976 0 241462 JAMES BUCHHOLZ VP-WINGS FINANCIAL ADVISOR 40.00 X 210977 0 45001 BRAD BYERS FINANCIAL ADVISOR 40.00 X 199692 0 39192 SCOTT RAMSDALE VP-BUSINESS SERVICES 40.00 X 194193 0 28849 ROXANNE JOHNSON VP - REAL ESTATE 40.00 X 208185 0 37766 CRAIG LUNDQUIST COMMERCIAL LOAN OFFICER 40.00 X 166851 0 15144 3666592 0 1850326 37 0 1 0 PSCU 560 CARILLON PARKWAY SAINT PETERSBURY FL 33716 VISA PROCESSING 5624794 SHAW CONSTRUCITON 7685 CORPORATE WAY EDEN PRAIRIE MN 55344 CONSTRUCTION 3443988 CLARITY COVERDALE FURY 120 S 6TH STREET SUITE 1300 MINNEAPOLIS MN 55402 ADVERTISING 1278103 CASE FINANCIAL 701 WEAVER BOULEVARD NW ANOKA MN 55303 ATM PROVIDER 1079658 OFFICIAL PAYMENTS CORP PO BOX 418410 BOSTON MA 02241 BILL PAYER APPLICATION 1001768 69 LOAN INTEREST 900099 65185024 65185024 OTHER OPERATING INCOME 900099 23623705 23623705 FEE INCOME 522100 8002421 7855115 147306 96811150 44438160 44438160 629423000 710232 628586000 416712 837000 293520 1130520 1130520 INSTALLMENT SALE GAIN 2015 900099 107900 107900 107900 142487730 96663844 255206 45568680 22928866 4371068 24911918 1672928 4001800 2074035 80109 612492 7662637 2783547 2859898 3029125 2899135 173825 624912 6887420 2211090 267447 ATM/DEBIT EXPENSES 9124174 LOAN PROCESSING 5560907 PROVISION FOR LOAN LOSS 2400000 ALL OTHER EXPENSES 1126584 108263917 195164502 200290436 29336887 104779424 22770788 1365255560 1773635595 2177985 2483410 55242387 21556019 28824885 33686368 2290373922 1938748398 145274601 151458048 4056408342 4227852467 32663824 35636870 2688000 2708897 140000000 140000000 3443399976 3587887178 3618751800 3766232945 X 0 0 0 0 437656542 461619522 437656542 461619522 4056408342 4227852467 X 34223813 -10152933 -107900 X X 0 1 X 1 0 0 1 X 7439873 7439873 30609597 8159225 22450372 17192917 13396794 3796123 33686368 SECURITIES - AFS 1938748398 F 1938748398 MEMBER SHARES AND DEPOSITS 3587887178 3587887178 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 IRC 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. 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 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, 2015 AND 2014. 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 2011 THROUGH 2014 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES FOR THREE AND HALF YEARS. X 1 1 X X X X 0 1 0 R FRANK WEIDNER PRESIDENT/CEO 515158 0 119025 0 6827 0 432062 0 25681 0 1098753 0 0 0 TIMOTHY A KEEGAN SVP/CHIEF INVESTMENT OFFIC 300029 0 76810 0 4895 0 231779 0 26633 0 640146 0 0 0 MARK S EVERSON SVP/CHIEF LENDING OFFICER 284225 0 70602 0 1324 0 23850 0 13406 0 393407 0 0 0 DAVID E MASON SVP/DIGITAL & CHIEF INFORM 228260 0 60745 0 3702 0 183477 0 20604 0 496788 0 0 0 JOHN J WAGNER SVP/MEMBER EXPERIENCE 266803 0 65597 0 5102 0 312351 0 25133 0 674986 0 0 0 GREGORY HIGGINS SVP/CHIEF ADMIN OFF/GEN C 265234 0 61850 0 1372 0 123850 0 24086 0 476392 0 0 0 VIKRAM K ISRANI SVP/CHIEF RISK & FINANCE O 306265 0 22136 0 2575 0 223850 0 17612 0 572438 0 0 0 JAMES BUCHHOLZ VP-WINGS FINANCIAL ADVISOR 171962 0 38353 0 662 0 19611 0 25390 0 255978 0 0 0 BRAD BYERS FINANCIAL ADVISOR 186091 0 13445 0 156 0 18478 0 20714 0 238884 0 0 0 SCOTT RAMSDALE VP-BUSINESS SERVICES 157873 0 35650 0 670 0 17751 0 11098 0 223042 0 0 0 ROXANNE JOHNSON VP - REAL ESTATE 179328 0 28376 0 481 0 19290 0 18476 0 245951 0 0 0 CRAIG LUNDQUIST COMMERCIAL LOAN OFFICER 158846 0 7849 0 156 0 15014 0 130 0 181995 0 0 0 PART I, LINE 1A R FRANK WEIDNER - $2,152 - TRAVEL FOR COMPANION, TAXABLE MARK EVERSON - $568 - TRAVEL FOR COMPANION, TAXABLE VIKRAM ISRANI - $1,379 - TRAVEL FOR COMPANI0N, TAXABLE TIMOTHY KEEGAN - $1,344 - TRAVEL FOR COMPANION, TAXABLE GREG HIGGINS - $346 - TRAVEL FOR COMPANION, TAXABLE DAVID MASON - $1,151 - TRAVEL FOR COMPANION, TAXABLE JOHN WAGNER - $1,171 - TRAVEL FOR COMPANION, TAXABLE PART I, LINE 4B R FRANK WEIDNER - PARTICIPATED IN 457(F) PLAN, NO PAYMENTS RECEIVED VIKRAM K ISRANI - 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 GREGORY W HIGGINS - PARTICIPATED IN 457(F) PLAN, NO PAYMENTS RECEIVED VIKRAM K ISRANI SVP/CHIEF RISK & FINANCE OFFICER SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 4487227 4580642 0 1 1 DAVID E MASON SVP/DIGITAL & CHIEF INFORMATION OFFICER SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 3928287 4160639 0 1 1 R FRANK WEIDNER PRESIDENT/CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 6403029 6806111 0 1 1 JOHN J WAGNER SVP/CHIEF MEMBER EXPERIENCE SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 3669789 3902862 0 1 1 GREGORY HIGGINS SVP/CHIEF ADMIN OFFICER/GENERAL COUNSEL SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 3127526 3320534 0 1 1 22770788 MARK EVERSON CURRENT OFFICER FOR WINGS FINANCIAL CU 703175 MARK EVERSON ALSO SERVES AS A DIRECTOR FOR CU COMPANIES. WINGS FINANCIAL CU PAID CU COMPANIES, INC FOR MORTGAGE ORIGINATION AND MORTGAGE SERVICING DURING 2015 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. 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 AS WELL AS THEIR FAMILIES 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 PRESIDENT/CEO COMPENSATION REVIEW IS CONDUCTED ANNUALLY BY THE BOARD EXECUTIVE COMMITTEE AS A COMPONENT OF A FORMAL PERFORMANCE REVIEW PROGRAM. COMPENSATION LEVELS ARE EVALUATED AGAINST MARKET COMPENSATION DATA OBTAINED FROM INDEPENDENT EXECUTIVE COMPENSATION SOURCES, CHANGES IN AVERAGE MARKET COMPENSATION, AND ORGANIZATIONAL PERFORMANCE. 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. THIS WAS LAST DONE IN 2015 FOR 2016 COMPENSATION LEVELS. 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: BOOK/TAX ADJ ON INSTALLMENT SALE -107,900. 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 ACCOUNTING SERVICES MN 803263 1073049 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 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0