Civic Intelligence

Spire Credit Union

EIN 41-0585825 • 501(c)14 • Falcon Heights, MN

Profile

Spire credit union is a financial cooperative committed to providing competitive, quality financial services with emphasis on safety, sound operations and respect for our members and employees. Our purpsoe: to improve the financial well being of our member-owners.

2025 Larpenteur Ave WFalcon Heights, MN 55113

www.myspire.com

Siviq Scores

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

Liabilities / Assets

90th percentile

0.93x

Higher debt load relative to assets than 90% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

44th percentile

14.79x

Higher debt load relative to revenue than 44% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Net Margin

58th percentile

10%

Higher net margin than 58% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Top Officer Pay

80th percentile

$1,653,495

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

501(c)14 • $1B+ nonprofits • Source year 2024

Asset Growth

100th percentile

97%

Faster asset growth than 100% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

100th percentile

131%

Faster revenue growth than 100% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$4,260,893,844

Up $2,093,605,219 (+97%) from 2023

Liabilities

Up

$3,962,936,215

Up $1,953,924,061 (+97%) from 2023

Net Assets

Up

$297,957,629

Up $139,681,158 (+88%) from 2023

Revenue

Up

$267,991,867

Up $151,727,247 (+131%) from 2023

Expenses

Up

$240,639,425

Up $126,957,467 (+112%) from 2023

Net Income

Up

$27,352,442

Up $24,769,780 (+959%) from 2023

Trend Graphs

Balance Sheet Trend

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

$6.0B$4.0B$2.0B$0Assets 2014: $777,745,579Liabilities 2014: $708,399,841Net Assets 2014: $69,345,7382014Assets 2015: $825,611,850Liabilities 2015: $752,916,565Net Assets 2015: $72,695,2852015Assets 2016: $893,889,886Liabilities 2016: $815,856,979Net Assets 2016: $78,032,9072016Assets 2017: $979,607,332Liabilities 2017: $893,095,072Net Assets 2017: $86,512,2602017Assets 2018: $1,072,790,298Liabilities 2018: $978,638,288Net Assets 2018: $94,152,0102018Assets 2019: $1,242,852,658Liabilities 2019: $1,128,255,861Net Assets 2019: $114,596,7972019Assets 2020: $1,554,375,693Liabilities 2020: $1,427,450,905Net Assets 2020: $126,924,7882020Assets 2021: $1,948,614,361Liabilities 2021: $1,799,300,204Net Assets 2021: $149,314,1572021Assets 2022: $2,119,022,641Liabilities 2022: $1,968,832,994Net Assets 2022: $150,189,6472022Assets 2023: $2,167,288,625Liabilities 2023: $2,009,012,154Net Assets 2023: $158,276,4712023Assets 2024: $4,260,893,844Liabilities 2024: $3,962,936,215Net Assets 2024: $297,957,6292024

Highlighted filing

2024

Assets$4,260,893,844
Liabilities$3,962,936,215
Net Assets$297,957,629

Operations Trend

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

$300M$200M$100M$0Revenue 2014: $18,491,129Expenses 2014: $16,632,667Net Income 2014: $1,858,4622014Revenue 2015: $35,085,758Expenses 2015: $31,604,662Net Income 2015: $3,481,0962015Revenue 2016: $38,140,949Expenses 2016: $34,062,200Net Income 2016: $4,078,7492016Revenue 2017: $43,989,699Expenses 2017: $38,683,866Net Income 2017: $5,305,8332017Revenue 2018: $50,364,322Expenses 2018: $42,721,415Net Income 2018: $7,642,9072018Revenue 2019: $59,842,034Expenses 2019: $50,726,299Net Income 2019: $9,115,7352019Revenue 2020: $69,087,243Expenses 2020: $57,545,759Net Income 2020: $11,541,4842020Revenue 2021: $81,305,193Expenses 2021: $60,560,252Net Income 2021: $20,744,9412021Revenue 2022: $89,487,429Expenses 2022: $73,419,128Net Income 2022: $16,068,3012022Revenue 2023: $116,264,620Expenses 2023: $113,681,958Net Income 2023: $2,582,6622023Revenue 2024: $267,991,867Expenses 2024: $240,639,425Net Income 2024: $27,352,4422024

Highlighted filing

2024

Revenue$267,991,867
Expenses$240,639,425
Net Income$27,352,442

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.2
Gross Receipts
$268,238,891
Mission and Program Overview

Mission

Spire credit union is a financial cooperative committed to providing competitive, quality financial services with emphasis on safety, sound operations and respect for our members and employees. Our purpsoe: to improve the financial well being of our member-owners.

Create better lives for our members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,485,667,627$2,475,828,972▲ $990,161,345
Savings and Temporary Cash Investments$147,127,664$660,892,252▲ $513,764,588
Investments in Publicly Traded Securities$154,802,752$519,993,283▲ $365,190,531
Rtn Earn Endowment Incm Other Fnds$158,276,471$297,957,629▲ $139,681,158
Investments Other Securities$213,035,871$206,711,772▼ $6,324,099
Land, Buildings, and Equipment, Net$76,098,452$104,885,075▲ $28,786,623
Cash and Non-Interest-Bearing Accounts$20,809,966$31,513,468▲ $10,703,502
Receivables From Officers Etc$9,255,065$30,976,686▲ $21,721,621
Prepaid Expenses and Deferred Charges$3,144,848$6,042,170▲ $2,897,322
Accounts Receivable$1,315,133$1,462,588▲ $147,455
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$2,167,288,625$4,260,893,844▲ $2,093,605,219
Other Assets Total$56,031,247$222,587,578▲ $166,556,331
Liabilities
Other Liabilities$1,984,475,332$3,931,053,493▲ $1,946,578,161
Accounts Payable and Accrued Expenses$24,536,822$31,882,722▲ $7,345,900
Total Liabilities$2,009,012,154$3,962,936,215▲ $1,953,924,061
Net Assets / Fund Balance
Total Net Assets Fund Balance$158,276,471$297,957,629▲ $139,681,158
Total Liabilities and Net Assets / Fund Balance$2,167,288,625$4,260,893,844▲ $2,093,605,219

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$59,108,185$18,988,160$78,096,345
Land$35,939,099-$35,939,099
Other Land Buildings$4,696,373$7,043,042$11,739,415
Equipment$3,631,784$3,584,339$7,216,123
Leasehold Improvements$1,509,634$604,521$2,114,155
Other Assets Org$2,230,167--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dan StoltzCEOFT$892,223$761,272$1,653,495
James GangerSr VP Relationship & ServiFT$322,176$559,532$881,708
Cliff WantzSr VP of Lending and ProduFT$316,706$538,941$855,647
Casey CarlsonSVP Chief Marketing OfficerFT$281,456$528,148$809,604
William BodenPresident/chief Transformation OfficerFT$694,091$32,490$726,581
William BodenPresident/chief Transformation Offic-$296,022$430,559$726,581
Paul ZylaSVP/chief Information OfficerFT$119,288$598,840$718,128
Tom LangsethInvestment Service AdvisorFT$79,836$500,313$580,149
Justin BurlesonSVP/chief Ops & Financial OfficerFT$291,898$194,501$486,399
David EnglerVP Wealth ManagementFT$17,042$456,850$473,892
Scott EkholmFinancial AdvisorFT$63,884$353,055$416,939
Steve CarlsonFinancial ExecutiveFT$83,940$295,309$379,249
Dean WarzalaSVP/chief Marketing OfficerFT$282,001$90,984$372,985
Windy MaczkoWealth ManagementFT$81,614$270,233$351,847
Brian WhiteSVP/chief Information OfficerFT$216,704$133,594$350,298
Aaron KastnerSVP/chief Financial OfficerFT$131,366$207,660$339,026
Christine CordellSVP/chief Project & Learning OfficerFT$197,852$96,205$294,057
Glen DurbahnSVP/chief Delivery OfficerFT$176,778$105,394$282,172
Tara GraffSVP Chief Communications OfficerFT$99,109$150,534$249,643

Board Members and Trustees

NameTitle
Tom HeinzenChair
Jeff SchwalenVice Chair
Carl AndersonDirector
Jim NimlosDirector
Jim TagliaDirector
John DillinghamDirector
Kim CollinsDirector
Lee BruckerDirector
Leonard LeitnerDirector
Lori HodappDirector
Lynn KotheDirector
Patrick McguinessDirector
Paul MillerDirector
Sophia Xiong-yangDirector
Sue MulvihillDirector
Bob OehrleinSecretary
Pam TschidaTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Greiner Construction INCBuilding Maintenance/construction121 SOUTH 8TH ST SUITE 1200, Minneapolis, MN 55402$16,246,055
Leroy Signs INCBuidling Signage Construction6325 WELCOME AVENUE NORTH, Minneapolis, MN 55429$4,293,621
Alkami Technology INCDigital Banking SoftwareDEPT 2223 PO BOX 122223, Dallas, TX 75312-2223$3,191,863
Q2 Software INCDigital Banking SoftwarePO BOX 205970, Dallas, TX 75320-5970$3,081,076
Fiserv INCVarious Hardware/softwarePO BOX 934057, Atlanta, GA 31193-4057$2,735,933
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$207,304,772
Investment Income
$60,689,815
Other Revenue
$-2,720
Change in Net Assets
$27,352,442
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$106,427,293
Salaries, Compensation, and Employee Benefits$71,615,843
Grants and Similar Amounts Paid$621,457
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$61,974,832
Other Salaries and Wages---$45,579,336
Office Expenses---$24,276,287
Interest---$21,568,971
Fees for Services Other---$11,587,068
Other Employee Benefits---$8,644,909
Current Officers, Directors, Trustees, and Key Employees---$8,019,743
Depreciation Depletion---$5,959,731
Occupancy---$5,719,773
Pension Plan Contributions---$5,249,406
Payroll Taxes---$4,122,449
Other Expenses---$2,342,366
Travel---$1,412,765
Grants to Domestic Orgs---$621,457
Fees for Services Legal---$489,578
Fees for Services Accounting---$314,783
Insurance---$17,207
Total Functional Expenses$0$0$0$240,639,425
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Salvation Army Northern DivisionRoseville, MN501(c)3Donations$101,250
The Friends of the St Paul LibrarySt Paul, MN501(c)3Program and Event Sponsorship/donation$75,000
Ordway Center for the Performing ArtsSt Paul, MN501(c)3Event Sponsorship/donation$45,000
Regions Hospital FoundationSt Paul, MN501(c)3Donations$40,428
The Bond BetweenMinnetonka, MN501(c)3Donations$35,000
Como FriendsSt Paul, MN501(c)3Donation/event Sponsorship$34,250
Spare KeySt Paul, MN501(c)3Donations/event Sponsorships$21,500
Because I Said I WouldAvon, OH501(c)3Donation$20,000
BestprepBrooklyn Park, MN501(c)3Event Sponsorship/donation$17,500
University of Minnesota FoundationMinneapolis, MN501(c)3Event and Program Sponsorships (bell Museum and Medical Research)$15,000
Hunger Related EventsEdina, MN501(c)3Event Sponsorships$11,000
Small SumsSt Paul, MN501(c)3Donation$11,000
Waseca Area Neighborhood Service CenterWaseca, MN501(c)3Donations$10,050
Angel FoundationMendota Heights, MN501(c)3Donation$10,000
Boys and Girls Clubs of the NorthlandDuluth, MN501(c)3Donation$10,000
JIM'S TEAM 4 DIABETES FOUNDATIONBlaine, MN501(c)3Program Sponsorships$10,000
Minnesota WarriorsSouth St Paul, MN501(c)3Donation$10,000
Opportunity PartnersMinnetonka, MN501(c)3Event Sponsorship$10,000
Randy Shaver Cancer Research and Community FundMinnetonka, MN501(c)3Donation$10,000
ST PAUL PUBLIC SCHOOLSISD #625St Paul, MNPublic SchoolDonations (highland, Como Park, Harding, Johnson)$10,000
GILLETTE CHILDREN'S HOSPITAL FOUNDATIONSt Paul, MN501(c)3Donations$9,113
Crescent CoveBrooklyn Center, MN501(c)3Donation/event Sponsorship$9,000
Twin Cities Habitat for HumanitySt Paul, MN501(c)3Event Sponsorships$8,700
Blaze FoundationSt Paul, MN501(c)3Donations$8,500
Minnesota Twins Community FundMinneapolis, MN501(c)3Donation$7,500
Wilder FoundationSt Paul, MN501(c)3Donation/event Sponsorship$7,500
Vail PlaceHopkins, MN501(c)3Event Sponsorship$7,000
Woodbury Community FoundationWoodbury, MN501(c)3Event Sponsorships/donation$7,000
Winfield AwardsSt Paul, MN501(c)3Event Sponsorship$6,666
American Cancer Society North RegionEagan, MN501(c)3Event Sponsorships$6,000
Circus JuventasSt Paul, MN501(c)3Event Sponsorship$6,000
DartsWest St Paul, MN501(c)3Donation/event Sponsorship$6,000
Urban RootsSt Paul, MN501(c)3Donations/event Sponsorship$5,500
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$9,255,065$30,976,686▲ $21,721,621
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$3,507,735,767
Borrowings$400,000,000
Nonmember Deposits$23,317,726
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
Yes
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 4

The bylaws were updated to reflect the merger between spire and hi-way and the name change to blaze credit union.

Form 990, Part VI, Section A, Line 6

The credit union is comprised of a single class of member-owners, each of which has equal rights in ownership, governance and voting rights at the annual meetings.

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

The member-owners of the credit union have the authority to elect the members of the board of directors for three-year terms on a rotating basis. Candidates are elected by a simple plurality vote. The supervisory committee is appointed by the board of directors.

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

Any changes to the entity's bylaws need to be approved by the membership.

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

The form 990 will be reviewed prior to submission by management including the cfo.

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

A listing of related businesses are provided to board members and they are asked to review and sign off annually.

Form 990, Part VI, Section B, Line 15

Hr provides the board subcommittee annual survey data from a 3rd party, balanced comp, which details both executive and staff compensation. The board determines the ceo compensation, and the ceo determines senior management compensation. The senior management team works with hr's 3rd party (balanced comp) recommendations to set salary structure each year and approves merit budget pool and individual increases per guidelines, with ceo signing off on final budget and salary reviews. Budgets are finalized in december and final salary reviews in march of each year. In addition to providing competitive salary data, the 3rd party, balanced comp, provides compa-ratios for all postitions/persons individually, by position, department. Salary ranges, compa ratio by position and person are considered for all status changes during the year and at annual salary reviews. Senior management reviews roll up data by department and across regions as well on an annual basis. The process described here was last completed in 2024.

Form 990, Part VI, Section C, Line 19

Ncua shares documents, conflict of interest policy and financial statements are posted in the cu branches monthly.

Filing and Contact Details

Filer

Filer Name
Blaze Credit Union
EIN
41-0585825
Phone
6512153500
Address
2025 LARPENTEUR AVE W, FALCON HEIGHTS, MN 55113

Signing Officer

Name
Justin Burleson
Title
SVP/chief Operating & Financia
Phone
6512153500
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dan Stoltz
Formed
1934
Legal Domicile
Mn
Voting Board Members
17
Independent Board Members
17
Employees
862
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:

Equity acquired in merger 115,340,903. Other comprehensive income 368,344.

Form 990, Part XII, Line 2B

Audited financial statements - the audit was done as of 6/30. Therefore, the reporting period for the audit does not match the reporting period for the 990.

FORM 990, PART XII, LINE 2C:

The supervisory committee oversees the audit and the selection of an independent accountant.

Financial Statement Notes

PART X, LINE 2:

Part x: as allowed by state regulatory authorities, the audit is done as of june 30. The reporting period for the audit, therefore, does not match the reporting period for the 990. Per footnote 1 in the credit union's june 30, 2024 financial statements, the credit union is exempt, under irc 501 (c) (14), from federal and state income taxes. The credit union evaluated its tax positions and determined no uncertain tax positions exist as of june 30, 2024 and 2023. The credit union's 2021 and later tax years are open for examination by federal and state taxing authorities. The cuso (rochdale agency), however, is subject to federal and state income taxes. The subsidiary has filed tax returns in the past. The subsidiary has evaluated its tax positions and determined no uncertain tax positions exist as of june 30, 2024 and 2023. The subsidiary's tax years 2020 and forward are open for examination by federal and state taxing authorities.

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