Civic Intelligence

Red Wing Credit Union

990 • Fiscal year 2014 • EIN 41-0793629

Jan 01, 2014 to Dec 31, 2014 • Filed on Apr 27, 2015

Refreshing map…

3303 North Service DriveRed Wing, MN 55066

(651) 388-7133

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

56th percentile

0.89x

Higher debt load relative to assets than 56% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

86th percentile

24.97x

Higher debt load relative to revenue than 86% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Net Margin

86th percentile

21%

Higher net margin than 86% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

41st percentile

$121,628

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 4.3% of source-year revenue.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Asset Growth

75th percentile

5.2%

Faster asset growth than 75% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Revenue Growth

90th percentile

10%

Faster revenue growth than 90% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Assets

Up

$79,748,511

Up $3,948,801 (+5.2%) from 2013

Net Assets

Up

$8,411,916

Up $731,741 (+9.5%) from 2013

Liabilities

Up

$71,336,595

Up $3,217,060 (+4.7%) from 2013

Revenue

Up

$2,857,075

Up $266,515 (+10%) from 2013

Expenses

Up

$2,255,413

Up $117,107 (+5.5%) from 2013

Net Income

Up

$601,662

Up $149,408 (+33%) from 2013

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200M$150M$100M$50M$0Assets 2010: $67,021,661Liabilities 2010: $60,608,682Net Assets 2010: $6,412,9792010Assets 2011: $70,389,815Liabilities 2011: $63,528,058Net Assets 2011: $6,861,7572011Assets 2012: $72,706,771Liabilities 2012: $65,418,715Net Assets 2012: $7,288,0562012Assets 2013: $75,799,710Liabilities 2013: $68,119,535Net Assets 2013: $7,680,1752013Assets 2014: $79,748,511Liabilities 2014: $71,336,595Net Assets 2014: $8,411,9162014Assets 2015: $88,174,834Liabilities 2015: $79,172,574Net Assets 2015: $9,002,2602015Assets 2016: $92,692,754Liabilities 2016: $83,347,778Net Assets 2016: $9,344,9762016Assets 2017: $99,758,496Liabilities 2017: $89,369,704Net Assets 2017: $10,388,7922017Assets 2018: $103,195,228Liabilities 2018: $91,757,440Net Assets 2018: $11,437,7882018Assets 2019: $111,744,170Liabilities 2019: $98,448,539Net Assets 2019: $13,295,6312019Assets 2020: $136,549,819Liabilities 2020: $121,882,478Net Assets 2020: $14,667,3412020Assets 2021: $161,603,708Liabilities 2021: $145,767,519Net Assets 2021: $15,836,1892021Assets 2022: $168,614,210Liabilities 2022: $155,967,684Net Assets 2022: $12,646,5262022Assets 2023: $171,110,209Liabilities 2023: $155,371,877Net Assets 2023: $15,738,3322023Assets 2024: $189,609,527Liabilities 2024: $171,831,569Net Assets 2024: $17,777,9582024

Highlighted filing

2014

Assets$79,748,511
Liabilities$71,336,595
Net Assets$8,411,916

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0Expenses 2010: $2,808,9292010Expenses 2011: $2,253,9072011Expenses 2012: $2,145,2742012Revenue 2013: $2,590,560Expenses 2013: $2,138,306Net Income 2013: $452,2542013Revenue 2014: $2,857,075Expenses 2014: $2,255,413Net Income 2014: $601,6622014Revenue 2015: $3,007,118Expenses 2015: $2,400,744Net Income 2015: $606,3742015Revenue 2016: $3,456,468Expenses 2016: $2,628,553Net Income 2016: $827,9152016Revenue 2017: $3,845,911Expenses 2017: $2,930,788Net Income 2017: $915,1232017Revenue 2018: $4,425,477Expenses 2018: $3,130,066Net Income 2018: $1,295,4112018Revenue 2019: $5,016,069Expenses 2019: $3,689,183Net Income 2019: $1,326,8862019Revenue 2020: $5,317,724Expenses 2020: $4,104,954Net Income 2020: $1,212,7702020Revenue 2021: $6,055,194Expenses 2021: $4,259,917Net Income 2021: $1,795,2772021Revenue 2022: $6,740,657Expenses 2022: $4,406,546Net Income 2022: $2,334,1112022Revenue 2023: $7,704,785Expenses 2023: $5,888,288Net Income 2023: $1,816,4972023Revenue 2024: $9,499,093Expenses 2024: $7,428,928Net Income 2024: $2,070,1652024

Highlighted filing

2014

Revenue$2,857,075
Expenses$2,255,413
Net Income$601,662
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Apr 27, 2015
Return Version
2014v5.0
Gross Receipts
$2,872,575
Mission and Program Overview

Mission

To provide lending, savings, and other financial services to its qualifying members at terms generally better than available in the marketplace and with a "service-based emphasis" that recognizes the members' status as "owner".

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$33,305,426$38,083,557▲ $4,778,131
Investments Other Securities$17,040,032$26,201,136▲ $9,161,104
Savings and Temporary Cash Investments$0$9,841,246▲ $9,841,246
Rtn Earn Endowment Incm Other Fnds$7,680,175$8,411,916▲ $731,741
Prepaid Expenses and Deferred Charges$981,959$2,036,235▲ $1,054,276
Land, Buildings, and Equipment, Net$1,085,832$1,148,113▲ $62,281
Receivables From Officers Etc-$900,000-
Cash and Non-Interest-Bearing Accounts$388,347$535,463▲ $147,116
Investments Program Related$21,996,752$100,000▼ $21,896,752
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Accounts Receivable$0$-105,498▼ $105,498
Total Assets$75,799,710$79,748,511▲ $3,948,801
Other Assets Total$1,001,362$1,008,259▲ $6,897
Liabilities
Other Liabilities$67,922,356$71,154,972▲ $3,232,616
Accounts Payable and Accrued Expenses$197,179$181,623▼ $15,556
Total Liabilities$68,119,535$71,336,595▲ $3,217,060
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,680,175$8,411,916▲ $731,741
Total Liabilities and Net Assets / Fund Balance$75,799,710$79,748,511▲ $3,948,801

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$777,984$639,002$1,416,986
Equipment$190,129$764,160$954,289
Land$180,000-$180,000
Other Securities$7,612,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Aaron DejongPresidentFT$112,731$8,897$121,628
Josh ThygesenVice Chair-$350-$350
Shirley PerkinsSecretary-$350-$350
Daryl MarkChair-$325-$325
Stacy BystromDirector-$325-$325
Tammy WadleyDirector-$250-$250
Darrell SteffenhagenDirector-$200-$200
David HullDirector-$175-$175

Highest Paid Contractors

ContractorServicesLocationCompensation
Open SolutionsData Processor455 WINDING BROOK DRIVE, Glastonbury, CT 06033$276,954
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,430,285
Investment Income
$426,790
Other Revenue
$0
Change in Net Assets
$601,662
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,069,062
Salaries, Compensation, and Employee Benefits$869,847
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$531,283
Office Expenses---$326,227
Benefits to Members---$316,504
Fees for Services Other---$239,967
Other Employee Benefits---$133,876
Current Officers, Directors, Trustees, and Key Employees---$123,603
Depreciation Depletion---$109,573
Occupancy---$91,379
Payroll Taxes---$48,418
Advertising---$37,455
Pension Plan Contributions---$32,667
Fees for Services Accounting---$26,422
Travel---$25,623
Other Expenses---$8,748
Fees for Services Legal---$3,325
Interest---$6
Total Functional Expenses$0$0$0$2,255,413
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-$900,000-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Drafts/money Markets$33,679,978
Shares$24,028,276
Certificates$13,446,718
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 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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

A member of the red wing credit union must live in or do business, attend school or church in goodhue county, minnesota, usa. They must open a share account for at least $25.00. This entitles them to one vote at the credit union's annual business meeting. Members are entitled to be paid dividends on their savings at a rate determined by the board of directors each month at their regular board of directors meeting. Red wing credit union has one class of membership.

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

Directors are elected for three year terms by the membership at the credit union's annual business meeting which is announced in advance in the credit union's newsletter as well as posted at the credit union office and on its web page.

Form 990, Part VI, Section B, Line 11

Prior to being filed with the irs, form 990 and related schedules are reviewed by the board of directors at a board meeting.

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

Board members and officers annually complete a survey related to loans, business relationships, and family members that could or do create a conflict of interest. If there were a conflict of interest, the conflicted board member or officer would be excluded from discussions and votes related to the conflict.

Form 990, Part VI, Section B, Line 15A

The process used to set the ceo's annual salary is based on a combination of comparison to comparable sized credit unions through the use of cuna's annual compensation survey and the curent year performance evaluation. The process is performed by the personnel committee and presented to the full board for approval. This process is completed on an annual basis based on ceo hire date.

Form 990, Part VI, Section C, Line 19

Financial statements are available at the office upon request and are distributed to members at the annual meeting.

Filing and Contact Details

Filer

Filer Name
Red Wing Credit Union
EIN
41-0793629
Phone
6513887133
Address
3303 NORTH SERVICE DRIVE, RED WING, MN 55066

Signing Officer

Name
Aaron S Dejong
Title
President
Phone
6513887133
Signed
2015-04-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Aaron S Dejong
Formed
1954
Legal Domicile
Mn
Voting Board Members
7
Independent Board Members
7
Employees
25
Volunteers
10

Preparer

Firm
Cliftonlarsonallen Llp
Address
PO BOX 217, AUSTIN, MN 55912
Preparer
Tanya Medgaarden
Phone
5074347000
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Other professional and outside service fees 239,967.

FORM 990, PART XII, LINE 2A AND 2B:

As allowed by state regulatory authorities, the audit is done as of march 31. The reporting period for the audit, therefore, 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:

As allowed by state regulatory authorities, the audit is done as of march 31. The reporting period for the audit, therefore, does not match the reporting period for the 990. Per footnote 1 in the credit union's march 31,2014 audited financial statements, the credit union is exempt, under irc section 501(c)(14), from federal and state income taxes. Certain products and services provided by select state chartered credit unions have been deemed by the internal revenue service (irs), in technical advice memorandums (tams) released in 2007, to be unrelated to the specific entity's exempt purpose. As presented in the technical advice memorandums the net taxable income from these products and services would be subject to income taxes. Credit unions have litigated against the irs positions noted in the tams and have been successful in having courts declare in 2009 and 2010 that revenue from insurance products sold to members, helping them protect their financial wellbeing, qualifies as exempt purpose income, contrary to the irs position in the tams. The credit union has filed tax returns in the past for activities they have deemed taxable and has a minimal net operating loss carryforward. The taxing authorities have the ability to assess taxes, penalties and interest for any years for which no tax return is 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 evaluated its tax positions and determined no uncertain tax positions exist as of march 31, 2014 and 2013. The credit union's 2010 and subsequent tax years are open for examination by federal and state taxing authorities.

Raw XML Appendix397 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/Desc0THE RED WING CREDIT UNION PRESENTLY HAS 2,687 CONSUMER LOANS IN SERVICE FOR A TOTAL VOLUME OF $35,477,869.46. WE ALSO HAVE 1,314 VISA LOAN ACCOUNTS IN SERVICE FOR A TOTAL VOLUME OF $1,739,807.61. THE INTEREST RATES CHARGED ON THESE LOANS IS WELL BELOW THAT OF OUR LOCAL COMPETITION.
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IRS990/OfficeExpensesGrp/TotalAmt0326227
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01001362
IRS990/OtherAssetsTotalGrp/EOYAmt01008259
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0133876
IRS990/OtherExpensesGrp/Desc0LOAN SERVICING
IRS990/OtherExpensesGrp/Desc1MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc2PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc3STATE EXAMINATION
IRS990/OtherExpensesGrp/TotalAmt0152616
IRS990/OtherExpensesGrp/TotalAmt132566
IRS990/OtherExpensesGrp/TotalAmt215155
IRS990/OtherExpensesGrp/TotalAmt38748
IRS990/OtherLiabilitiesGrp/BOYAmt067922356
IRS990/OtherLiabilitiesGrp/EOYAmt071154972
IRS990/OtherOrganizationDsc0CU
IRS990/OtherSalariesAndWagesGrp/TotalAmt0531283
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt033305426
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt038083557
IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt048418
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt032667
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0981959
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt02036235
IRS990/PrincipalOfficerNm0AARON S DEJONG
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1524298
IRS990/ProgramServiceRevenueGrp/BusinessCd2522100
IRS990/ProgramServiceRevenueGrp/Desc0LOAN INTEREST
IRS990/ProgramServiceRevenueGrp/Desc1OTHER OPERATING INCOME
IRS990/ProgramServiceRevenueGrp/Desc2FEES & CHARGES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01870436
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1359105
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2198658
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01870436
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1359105
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2200744
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt02086
IRS990/ProgSrvcAccomActy2Grp/Desc0THE RED WING CREDIT UNION OFFERS SAVINGS DEPOSIT RATES THAT ARE GNERALLY HIGHER THAN OUR LOCAL COMPETITION. WE OFFER BOTH REGULAR AND IRA CERTIFICATES OF DEPOSIT.
IRS990/ProgSrvcAccomActy3Grp/Desc0THE RED WING CREDIT UNION OFFERS VARIOUS CHECKING ACCOUNTS THAT ARE VERY COMPETITIVELY PRICED IN OUR LOCAL MARKET. ALL OUR FEES ARE LOWER THAN THE COMPETITION. IN GENERAL, WE OFFER BETTER PRODUCTS AT A BETTER PRICE.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt0342304
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0362611
IRS990/PYOtherExpensesAmt0993609
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt02227949
IRS990/PYRevenuesLessExpensesAmt0452254
IRS990/PYSalariesCompEmpBnftPaidAmt0802393
IRS990/PYTotalExpensesAmt02138306
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02590560
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt0900000
IRS990/ReconcilationRevenueExpnssAmt0601662
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt07680175
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt08411916
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt09841246
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0777984
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0639002
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01416986
IRS990ScheduleD/EquipmentGrp/BookValueAmt0190129
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0764160
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0954289
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0180000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0180000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt024028276
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt133679978
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt213446718
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SHARES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DRAFTS/MONEY MARKETS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2CERTIFICATES
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt02700000
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt115889136
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt27612000
IRS990ScheduleD/OtherSecuritiesGrp/Desc0INVESTMENTS - HELD TO MATURITY SECURITIES
IRS990ScheduleD/OtherSecuritiesGrp/Desc1INVESTMENTS - AVAILABLE FOR SALE SECURITIES
IRS990ScheduleD/OtherSecuritiesGrp/Desc2INVESTMENTS - OTHER FINANCIAL INSTITUTIONS
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2C
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF MARCH 31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. PER FOOTNOTE 1 IN THE CREDIT UNION'S MARCH 31,2014 AUDITED FINANCIAL STATEMENTS, THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES THEY HAVE DEEMED TAXABLE AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN IS 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 EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF MARCH 31, 2014 AND 2013. THE CREDIT UNION'S 2010 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01148113
IRS990ScheduleD/TotalBookValueSecuritiesAmt026201136
IRS990ScheduleD/TotalLiabilityAmt071154972
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt0900000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt0900000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0AARON S DEJONG
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0PRESIDENT
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990ScheduleL/TotalBalanceDueAmt0900000
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A MEMBER OF THE RED WING CREDIT UNION MUST LIVE IN OR DO BUSINESS, ATTEND SCHOOL OR CHURCH IN GOODHUE COUNTY, MINNESOTA, USA. THEY MUST OPEN A SHARE ACCOUNT FOR AT LEAST $25.00. THIS ENTITLES THEM TO ONE VOTE AT THE CREDIT UNION'S ANNUAL BUSINESS MEETING. MEMBERS ARE ENTITLED TO BE PAID DIVIDENDS ON THEIR SAVINGS AT A RATE DETERMINED BY THE BOARD OF DIRECTORS EACH MONTH AT THEIR REGULAR BOARD OF DIRECTORS MEETING. RED WING CREDIT UNION HAS ONE CLASS OF MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DIRECTORS ARE ELECTED FOR THREE YEAR TERMS BY THE MEMBERSHIP AT THE CREDIT UNION'S ANNUAL BUSINESS MEETING WHICH IS ANNOUNCED IN ADVANCE IN THE CREDIT UNION'S NEWSLETTER AS WELL AS POSTED AT THE CREDIT UNION OFFICE AND ON ITS WEB PAGE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PRIOR TO BEING FILED WITH THE IRS, FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE BOARD OF DIRECTORS AT A BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOARD MEMBERS AND OFFICERS ANNUALLY COMPLETE A SURVEY RELATED TO LOANS, BUSINESS RELATIONSHIPS, AND FAMILY MEMBERS THAT COULD OR DO CREATE A CONFLICT OF INTEREST. IF THERE WERE A CONFLICT OF INTEREST, THE CONFLICTED BOARD MEMBER OR OFFICER WOULD BE EXCLUDED FROM DISCUSSIONS AND VOTES RELATED TO THE CONFLICT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PROCESS USED TO SET THE CEO'S ANNUAL SALARY IS BASED ON A COMBINATION OF COMPARISON TO COMPARABLE SIZED CREDIT UNIONS THROUGH THE USE OF CUNA'S ANNUAL COMPENSATION SURVEY AND THE CURENT YEAR PERFORMANCE EVALUATION. THE PROCESS IS PERFORMED BY THE PERSONNEL COMMITTEE AND PRESENTED TO THE FULL BOARD FOR APPROVAL. THIS PROCESS IS COMPLETED ON AN ANNUAL BASIS BASED ON CEO HIRE DATE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FINANCIAL STATEMENTS ARE AVAILABLE AT THE OFFICE UPON REQUEST AND ARE DISTRIBUTED TO MEMBERS AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6OTHER PROFESSIONAL AND OUTSIDE SERVICE FEES 239,967.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF MARCH 31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XII, LINE 2A AND 2B:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt075799710
IRS990/TotalAssetsEOYAmt079748511
IRS990/TotalAssetsGrp/BOYAmt075799710
IRS990/TotalAssetsGrp/EOYAmt079748511
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt025
IRS990/TotalFunctionalExpensesGrp/TotalAmt02255413
IRS990/TotalGrossUBIAmt02086
IRS990/TotalLiabilitiesBOYAmt068119535
IRS990/TotalLiabilitiesEOYAmt071336595
IRS990/TotalLiabilitiesGrp/BOYAmt068119535
IRS990/TotalLiabilitiesGrp/EOYAmt071336595
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07680175
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt08411916
IRS990/TotalOtherCompensationAmt08897
IRS990/TotalProgramServiceRevenueAmt02430285
IRS990/TotalReportableCompFromOrgAmt0114706
IRS990/TotalRevenueGrp/ExclusionAmt0426790
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02428199
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02857075
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt02086
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt075799710
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt079748511
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt025623
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd01
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03303 NORTH SERVICE DRIVE
IRS990/USAddress/CityNm0RED WING
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055066
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.REDWINGCU.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-03-07 17:11:31Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0AARON S DEJONG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06513887133
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-04-27
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0RED WING CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0REDW
ReturnHeader/Filer/EIN0410793629
ReturnHeader/Filer/PhoneNum06513887133
ReturnHeader/Filer/USAddress/AddressLine1Txt03303 NORTH SERVICE DRIVE
ReturnHeader/Filer/USAddress/CityNm0RED WING
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd055066
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0410746749
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CLIFTONLARSONALLEN LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 217
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0AUSTIN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055912
ReturnHeader/PreparerPersonGrp/PhoneNum05074347000
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TANYA MEDGAARDEN
ReturnHeader/ReturnTs02015-05-12T13:46:31-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$190$172$17.8$9.50$7.43$2.07
2023Detailed filing. Detailed filing data is available for this year.$171$155$15.7$7.70$5.89$1.82
2022Detailed filing. Detailed filing data is available for this year.$169$156$12.6$6.74$4.41$2.33
2021Detailed filing. Detailed filing data is available for this year.$162$146$15.8$6.06$4.26$1.80
2020Detailed filing. Detailed filing data is available for this year.$137$122$14.7$5.32$4.10$1.21
2019Detailed filing. Detailed filing data is available for this year.$112$98.4$13.3$5.02$3.69$1.33
2018Detailed filing. Detailed filing data is available for this year.$103$91.8$11.4$4.43$3.13$1.30
2017Detailed filing. Detailed filing data is available for this year.$99.8$89.4$10.4$3.85$2.93$0.92
2016Detailed filing. Detailed filing data is available for this year.$92.7$83.3$9.34$3.46$2.63$0.83
2015Detailed filing. Detailed filing data is available for this year.$88.2$79.2$9.00$3.01$2.40$0.61
2014Detailed filing. Detailed filing data is available for this year.$79.7$71.3$8.41$2.86$2.26$0.60
2013Detailed filing. Detailed filing data is available for this year.$75.8$68.1$7.68$2.59$2.14$0.45
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$72.7$65.4$7.29$2.15
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$70.4$63.5$6.86$2.25
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$67.0$60.6$6.41$2.81