Wings Financial Credit Union

“Wings financial credit union has members as specified in its bylaws.”

“Wings financial credit union members have the power to elect members of the governing body.”

“Wings financial credit union members have the right to vote on charter changes and the power to elect members of the governing body.”

“Wings financial credit union does not have any committees with the authority to act on behalf of the governing body.”

“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.”

“All credit union personnel have an obligation at all times to promote wings financial credit union's (the credit union) best interests. The credit union's long-established policy requires that all personnel avoid any situation which does or may involve a conflict, or appearance of conflict, between their personal interests and the interests of the credit union. All directors, committee members, and employees with a title of president or senior vice president shall annually complete a disclosure form and describe any known conflicts of interest or potential conflicts of interest and shall supplement such disclosures during the course of a year if they discover any other conflicts of interest or potential conflicts of interest. These disclosures are reviewed by the credit union's general counsel to determine if a conflict is of such a nature that it disqualifies the disclosing individual from service or if it is of a nature that the individual may continue to serve but must not participate in any discussions or votes related to an area of conflict. For the protection of the credit union, it is essential that any of its personnel knowing of any situation which might involve a conflict of interest (whether or not such person is personally involved in such situation), make prompt and full disclosure to the credit union concerning such situation. Such reports shall be made in writing to the general counsel of the credit union, who shall review and opine as noted above. All information disclosed in any such report shall be treated on a confidential basis except to the extent necessary for the purpose of protecting the credit union's interest.”

“The president/ceo compensation review is conducted annually by the board compensation and governance committee as a component of a formal performance review program. The committees review market data and recommendations from national compensation consultants. The compensation committee makes a recommendation to the governance committee and the governance committee determines compensation level for the ceo. 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. The process described here was last completed in 2024.”

“Wings financial credit union's (the credit union) governing documents are not made readily available to the general public. If those documents were specifically requested by a credit union member, a copy would be provided to the member. The credit union's conflict of interest policy is not made available to the public. The credit union's financial statements are available for public viewing on ncua.gov via a quarterly 5300 filing. An annual report containing summarized financial statements is also made available on the credit union's website, in its branch lobbies, at its annual meeting, and upon request.”

“Wings financial credit union's supervisory committee oversees the audit and the selection of an independent auditor and this process has not changed since the prior year.”

“In 2024, wings financial credit union determined that it was more appropriate to include in the prior year column for line 17 (other expenses) certain items included in prior year forms 990, part ix, in line 4 (benefits paid to or for members). Conforming adjustments have been made to the current year amounts listed in the current year column of part i and part ix.”

“In 2024, wings financial credit union determined that it was more appropriate to include in column (b) (end of year) for line 14 (intangible assets), line 21 (escrow or custodial account liability), and line 25 (other liabilities) certain items included in prior year forms 990 in line 15 (other assets) and line 17 (accounts payable and accrued expenses), respectively. Conforming adjustments have been made to the current year beginning of year amounts listed in column (a) of part x.”