Civic Intelligence

Hiway Credit Union

EIN 41-0313750 • 501(c)14 • Saint Paul, MN

Profile

We exist to provide our members with financial success on the road of life.

840 Westminster StSaint Paul, MN 55130

www.hiway.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2023

Liabilities / Revenue

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)14 • $100M-$250M nonprofits • Source year 2023

Net Margin

26th percentile

6.0%

Higher net margin than 26% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

99th percentile

$981,004

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

501(c)14 • $100M-$250M nonprofits • Source year 2023

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

98th percentile

43%

Faster revenue growth than 98% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Assets

Down

$0

Down $1,740,477,248 (-100%) from 2022

Liabilities

Down

$0

Down $1,636,818,409 (-100%) from 2022

Net Assets

Down

$0

Down $103,658,839 (-100%) from 2022

Revenue

Up

$94,590,788

Up $28,360,981 (+43%) from 2022

Expenses

Up

$88,936,279

Up $31,486,757 (+55%) from 2022

Net Income

Down

$5,654,509

Down $3,125,776 (-36%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0B$1.5B$1.0B$500M$0Assets 2020: $1,506,184,345Liabilities 2020: $1,361,582,096Net Assets 2020: $144,602,2492020Assets 2021: $1,671,090,532Liabilities 2021: $1,522,210,747Net Assets 2021: $148,879,7852021Assets 2022: $1,740,477,248Liabilities 2022: $1,636,818,409Net Assets 2022: $103,658,8392022Assets 2023: $0Liabilities 2023: $0Net Assets 2023: $02023

Highlighted filing

2023

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$100M$50M$0Revenue 2020: $5,603,966Expenses 2020: $4,607,540Net Income 2020: $996,4262020Revenue 2021: $63,885,596Expenses 2021: $53,487,419Net Income 2021: $10,398,1772021Revenue 2022: $66,229,807Expenses 2022: $57,449,522Net Income 2022: $8,780,2852022Revenue 2023: $94,590,788Expenses 2023: $88,936,279Net Income 2023: $5,654,5092023

Highlighted filing

2023

Revenue$94,590,788
Expenses$88,936,279
Net Income$5,654,509

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$125,403,073
Mission and Program Overview

Mission

We exist to provide our members with financial success on the road of life.

To provide members with financial services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,121,314,790$0▼ $1,121,314,790
Investments Program Related$485,725,229$0▼ $485,725,229
Rtn Earn Endowment Incm Other Fnds$103,658,839$0▼ $103,658,839
Land, Buildings, and Equipment, Net$36,507,307$0▼ $36,507,307
Savings and Temporary Cash Investments$28,314,465$0▼ $28,314,465
Receivables From Officers Etc$9,939,887$0▼ $9,939,887
Cash and Non-Interest-Bearing Accounts$7,366,280$0▼ $7,366,280
Prepaid Expenses and Deferred Charges$1,376,754$0▼ $1,376,754
Accounts Receivable$298,026$0▼ $298,026
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$1,740,477,248$0▼ $1,740,477,248
Other Assets Total$49,634,510$0▼ $49,634,510
Liabilities
Other Liabilities$1,490,630,214$0▼ $1,490,630,214
Unsecured Notes Loans Payable$135,000,000$0▼ $135,000,000
Accounts Payable and Accrued Expenses$11,188,195$0▼ $11,188,195
Total Liabilities$1,636,818,409$0▼ $1,636,818,409
Net Assets / Fund Balance
Total Net Assets Fund Balance$103,658,839$0▼ $103,658,839
Total Liabilities and Net Assets / Fund Balance$1,740,477,248$0▼ $1,740,477,248
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dave BodenCEOFT$541,934$439,070$981,004
Aaron KastnerCFOFT$255,941$166,131$422,072
Dean WarzalaSenior VP of LendingFT$237,515$151,595$389,110
Christine CordellSenior VP of OrganizationaFT$204,158$146,952$351,110
Manfred GabrielVP Human ResourcesFT$129,036$195,287$324,323
Brian WhiteSenior VP of Information SFT$211,418$111,018$322,436
David EnglerVP of Investment ServicesFT$149,593$169,782$319,375
Glen DurbahnSenior VP of Member ExperiFT$171,924$137,912$309,836
Tara GraffSenior VP of MarketingFT$181,085$104,068$285,153
David WaltersVP Consumer LendingFT$203,144$71,178$274,322
Jeff SchuetzVP of PaymentsFT$149,213$111,061$260,274
Eric WilsonBusines Services ConsultantFT$163,940$95,643$259,583

Board Members and Trustees

NameTitle
Jeff SchwalenBoard Chair
Lori HodappBoard Vice Chair
John DillinghamBoard Member
Kim CollinsBoard Member
Leonard LeitnerBoard Member
Patrick McguinessBoard Member
Sophia Xiong-yangBoard Member
Sue MulvihillBoard Member
Pam TschidaBoard Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Health Partners INCInsurancePO BOX 772648, Detroit, MI 48277$4,163,166
Fiserv INCCore Operating SystemPO BOX 934057, Atlanta, GA 31193$1,856,155
Q2 Dba Q2 Software INCOnline Website Sytem ProvidersPO BOX 205970, Dallas, TX 75320$1,619,131
Engage Fi LLCDna Core Consultants5550 W EXECUTIVE DR STE 540, Tampa, FL 33609$1,060,930
Meridianlink INCLoan Origination SystemPO BOX 846822, Los Angeles, CA 90084$627,634
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$70,443,855
Investment Income
$20,029,038
Other Revenue
$4,117,895
Change in Net Assets
$5,654,509
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$43,723,150
Salaries, Compensation, and Employee Benefits$30,412,577
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$19,162,142
Benefits to Members---$14,800,552
Office Expenses---$10,889,876
Interest---$9,768,106
Fees for Services Other---$3,706,269
Other Employee Benefits---$3,457,791
Pension Plan Contributions---$3,239,323
Current Officers, Directors, Trustees, and Key Employees---$3,060,721
Occupancy---$2,141,381
Advertising---$2,054,986
Depreciation Depletion---$1,588,646
Payroll Taxes---$1,492,600
Travel---$605,137
Fees for Services Legal---$356,292
Fees for Services Accounting---$102,368
Other Expenses---$30,376
Insurance---$22,000
Total Functional Expenses$0$0$0$88,936,279
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$9,939,887$0▼ $9,939,887
Receivables from Disqualified Persons-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

All members receive one equal vote.

Form 990, Part VI, Section A, Line 7A

All members receive one equal vote to elect the board.

Form 990, Part VI, Section A, Line 7B

All members receive one equal vote for a charter change or name change.

Form 990, Part VI, Section B, Line 11B

Chief financial officer and ceo will review the form.

Form 990, Part VI, Section B, Line 12C

Audit and supervisory committees review relationships.

Form 990, Part VI, Section B, Line 15

The organization's ceo, officers and key employees compensation is determined by the board of directors, who review industry data provided by third parties and vote on compensation. Compensation decisions are documented in board minutes and the human resources department. The process described here was last completed in 2023.

Form 990, Part VI, Section C, Line 19

Financial statements are posted at each location. The conflict of interest policy and governing documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Hiway Credit Union
EIN
41-0313750
Phone
6512596450
Address
840 WESTMINSTER ST, SAINT PAUL, MN 55130

Signing Officer

Name
Justin Burleson
Title
SVP/COO/CFO
Phone
6512596450
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Justin Burleson
Formed
1931
Legal Domicile
Mn
Voting Board Members
9
Independent Board Members
9
Employees
306
Volunteers
17

Preparer

Firm
Cliftonlarsonallen Llp
Address
109 N MAIN STREET SUITE 200, AUSTIN, MN 55912
Preparer
Tanya Medgaarden
Phone
5074347000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in oci from defined benefit and postretirement benefit plans 10,718,042. Net assets transferred in merger -120,132,900.

FORM 990, PART XII, LINE 2C:

The process has not changed from the prior year.

Raw XML AppendixShowing 400 of 939 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12SENIOR VP OF ORGANIZATIONA
IRS990/Form990PartVIISectionAGrp/TitleTxt13SENIOR VP OF INFORMATION S
IRS990/Form990PartVIISectionAGrp/TitleTxt14SENIOR VP OF MEMBER EXPERI
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IRS990/Form990PartVIISectionAGrp/TitleTxt16VP HUMAN RESOURCES
IRS990/Form990PartVIISectionAGrp/TitleTxt17VP OF INVESTMENT SERVICES
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IRS990/Form990PartVIISectionAGrp/TitleTxt19VP OF PAYMENTS
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