Overview
What is Red Wing Credit Union?
Red Wing Credit Union is a financial institution, specifically a credit union, situated in Red Wing, Minnesota. With a strong focus on its members, it offers competitive lending, savings, and financial services. The credit union currently manages a substantial volume of consumer, commercial, and Visa loans, totaling over $97 million. Employing approximately 35 individuals, Red Wing Credit Union prides itself on providing better-than-market terms and prioritizing exceptional service, acknowledging its members as owners.
Official website here: www.redwingcu.com
Is Red Wing Credit Union legitimate?
Red Wing Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Red Wing Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $435,785
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,017,385
For more financial information, click here
Official website here: www.redwingcu.com
What is the mission statement of Red Wing Credit Union?
Red Wing Credit Union is committed to providing its qualifying members with competitive lending, savings, and financial services, offering terms generally superior to those available in the marketplace. They operate with a service-based emphasis, acknowledging their members as owners. This approach enables members to benefit from better financial opportunities, setting Red Wing Credit Union apart from local competitors in interest rates.
Official website here: www.redwingcu.com
Who is the CEO of Red Wing Credit Union?
Aaron S Dejong is the Chair of Red Wing Credit Union.
Official website here: www.redwingcu.com
What is the revenue of Red Wing Credit Union?
Red Wing Credit Union's revenue in 2022 was $6,740,657.
Official website here: www.redwingcu.com
Who are the executives of Red Wing Credit Union and what are their salaries?
The average compensation at Red Wing Credit Union during 2022 was $41,519. There are 35 employees and 10 volunteers at Red Wing Credit Union.
Here are 9 key members and their salaries:
- Compensation: $550
- Related: $0
- Other: $0
- Compensation: $350
- Related: $0
- Other: $0
- Compensation: $550
- Related: $0
- Other: $0
- Compensation: $400
- Related: $0
- Other: $0
- Compensation: $400
- Related: $0
- Other: $0
- Compensation: $400
- Related: $0
- Other: $0
- Compensation: $400
- Related: $0
- Other: $0
- Compensation: $290,026
- Related: $0
- Other: $13,393
- Compensation: $108,866
- Related: $0
- Other: $20,450
Official website here: www.redwingcu.com
Where can I find the form 990 for Red Wing Credit Union?
Red Wing Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.redwingcu.com
Learn more at the official website: www.redwingcu.com
Mission Statement of Red Wing Credit Union
Red Wing Credit Union, as a financial institution, is committed to providing exceptional lending, savings, and other financial services to its eligible members. This commitment extends beyond the market average, offering more favorable terms to its members while maintaining a strong emphasis on service. This service-oriented approach recognizes the unique status of members as owners, implying a level of personal investment and care in their financial well-being. The credit union's mission is to leverage its resources to improve the financial situation of its members, providing them with a broader range of financial opportunities than what is typically available in the market.
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Impact
October, 2024
Red Wing Credit Union plays a vital role in the financial well-being of its members and the local community. It provides a range of lending, savings, and financial services that are often offered at terms more favorable than those available in the wider marketplace. This approach not only supports individual financial goals but also fosters a sense of ownership among its members, as they are recognized as stakeholders in the organization.
Currently, Red Wing Credit Union manages 3,809 consumer loans, totaling approximately $89.2 million, along with 72 commercial loans amounting to about $7.7 million. Additionally, it has 1,189 active Visa loan accounts, contributing around $1.6 million. The interest rates on these loans are significantly lower than those of local competitors, making it easier for members to access affordable credit.
By prioritizing a service-based emphasis, Red Wing Credit Union strengthens the financial fabric of Red Wing, Minnesota, contributing to both economic stability and growth in the community.
This information is meant to be a general summary of Red Wing Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $1,086,723
- Program Service Revenue: $5,653,934
- Gross Receipts: $6,760,432
Assets and Liabilities:
- Total Assets: $168,614,210
- Total Liabilities: $155,967,684
- Net Assets: $12,646,526
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$4,073,975
OTHER OPERATING INCOME
Revenue
$1,305,478
FEES & CHARGES
Revenue
$274,481
Organization Details
Founding Year
1954
Phone
(651) 388-7133Principal Officer
Aaron S Dejong
Main Address
3303 NORTH SERVICE DRIVE, RED WING, MN, 55066
Website
www.redwingcu.comNTEE Category
Code: W60 - Public benefit
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