Covantage Credit Union
- Assets
- $2.6b
- Revenue
- $105.1m
- Investments
- $84.3m
- Employees
- 515
- Location
- Antigo, WI
- Founding
- Data as of
- 12/2021
- EIN
- 39-0945701
Organization Overview
Covantage Credit Union is located in Antigo, WI. As of 12/2021, Covantage Credit Union employed 515 individuals. Covantage Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Covantage Credit Union generated $105.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $71.7m during the year ending 12/2021. While expenses have increased by 11.7% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Covantage Credit Union has awarded 49 individual grants totaling $1,874,435. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE, NONPROFIT CORPORATION, INCORPORATED UNDER WISCONSIN STATE LAW TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COVANTAGE HAS 141,259 MEMBERS, AND FOR THOSE LOOKING TO SAVE, COVANTAGE STRIVES TO PAY DIVIDEND RATES THAT ARE ABOVE MARKET RATES, EVEN IN THIS FLAT ECONOMIC RATE ENVIRONMENT. AS OF DECEMBER 31, 2021, COVANTAGE WAS PAYING AN ANNUAL PERCENTAGE RATE OF 0.25% ON REGULAR SHARE ACCOUNTS WHEN MANY OTHER FINANCIALS CONTINUED TO SIGNIFICANTLY DROP THEIR RATES AS THE ECONOMIC CONDITIONS CONTINUED TO DETERIORATE. OUR MINIMUM BALANCE OF ONLY $10 CONTINUED TO BE MAINTAINED, WHICH HELPED MANY MEMBERS IN TIMES OF HARDSHIP. MEMBERS WERE NOT ONLY ABLE TO RECEIVE THE BENEFIT OF HIGHER THAN AVERAGE RATES DURING POOR ECONOMIC CONDITIONS, BUT COVANTAGE STILL REWARDED MEMBERS WITH AN ADDITIONAL $5,076,993 IN PATRONAGE PAYMENTS IN 2021.
COVANTAGE CONTINUES TO OFFER COST-FRIENDLY PRODUCTS TO OUR MEMBERS. WE NOT ONLY DO THIS THROUGH OUR COMPETITIVE RATES, BUT ALSO BY GOING ABOVE AND BEYOND TO HELP THOSE IN NEED. WE CONTINUE TO OFFER COST-FRIENDLY OPTIONS TO PAYDAY LENDERS SUCH AS KWIK CASH OVERDRAFT PROTECTION LOANS WITH NO SERVICE CHARGE OR TRANSFER FEE, COURTESY PAY CHECKING ACCOUNT SERVICES ALSO WITHOUT HEFTY FEES, IN ADDITION TO REWARD CREDIT CARDS WITH VERY COMPETITIVE INTEREST RATES. OTHER LOW-COST OPTIONS INCLUDE OUR OWN PAYDAY ADVANCE LOANS IN ADDITION TO SHARE-SECURED CREDIT CARDS AND OTHER CREDIT BUILDER LOANS FOR THOSE MEMBERS THAT NEED TO REBUILD CREDIT. FOR THOSE LOOKING FOR HOME OWNERSHIP, COVANTAGE ALSO OFFERS ITS COVANTAGE CREATES HOMES MORTGAGE PROGRAM TO HELP THOSE THAT MIGHT NEED ASSISTANCE WITH A DOWN PAYMENT OR NEEDED HOME REPAIRS.
COVANTAGE ALSO STRIVES TO SUPPORT FINANCIAL LITERACY, INCLUDING PROVIDING ACCEL CREDIT COUNSELING AS A FREE SERVICE TO OUR MEMBERS TO ASSIST WITH BUDGETING, UNDERSTANDING CREDIT REPORTS, MONEY MANAGEMENT, AND DEBT REPAYMENT. THIS FREE SERVICE SAVES MEMBERS $25-$50 PER MONTH THAT IS COMMONLY CHARGED BY OTHER CREDIT COUNSELING AGENCIES. IN ADDITION, COVANTAGE OFFERS COMMUNITY EDUCATION EVENTS AND PROMOTES FINANCIAL LITERACY TO STUDENTS THROUGH KIDZ CREDIT UNIONS OPERATED THROUGH LOCAL MIDDLE SCHOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Zanayed President | Officer | 40 | $558,977 |
Brett Lee Chief Retail Officer | 40 | $276,907 | |
Sherry Aulik Chief Impact Officer | 40 | $272,252 | |
Schwan Hardi Chief Financial Officer | Officer | 40 | $260,279 |
Joan Farrell Chief Risk Officer | 40 | $253,986 | |
Sean Van Handel Chief Information Officer | 40 | $207,541 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Infopro Insurance Monitoring | 12/30/21 | $3,109,886 |
Jack Henry & Associates Inc Core System Services | 12/30/21 | $2,716,653 |
Burton Karstedt Advertising Advertising | 12/30/21 | $992,503 |
Trace3 It Managed Service Provider | 12/30/21 | $939,094 |
Temenos Usa Inc Enterprise Software | 12/30/21 | $842,296 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,417,340 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,417,340 |
| Total Program Service Revenue | $99,370,221 |
| Investment income | $3,932,707 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $127,968 |
| Net Gain/Loss on Asset Sales | $230,416 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $105,078,652 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,048,247 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,196,547 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,997,425 |
| Pension plan accruals and contributions | $1,623,156 |
| Other employee benefits | $5,624,522 |
| Payroll taxes | $1,568,983 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $637,381 |
| Fees for services: Accounting | $134,277 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,388,863 |
| Advertising and promotion | $1,425,024 |
| Office expenses | $2,458,464 |
| Information technology | $5,667,008 |
| Royalties | $0 |
| Occupancy | $2,670,953 |
| Travel | $188,549 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $227,803 |
| Interest | $1,038,332 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,730,637 |
| Insurance | $282,716 |
| All other expenses | $397,001 |
| Total functional expenses | $71,718,273 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,692,705 |
| Savings and temporary cash investments | $144,058,433 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,600,296 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,042,675,266 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,837,996 |
| Net Land, buildings, and equipment | $47,849,232 |
| Investments—publicly traded securities | $267,995,231 |
| Investments—other securities | $84,321,234 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $25,999,150 |
| Total assets | $2,634,029,543 |
| Accounts payable and accrued expenses | $24,063,743 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,820,647 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,331,388,117 |
| Total liabilities | $2,359,272,507 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $274,757,036 |
| Total liabilities and net assets/fund balances | $2,634,029,543 |
Grants Awarded
Over the last fiscal year, Covantage Credit Union has awarded $786,500 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
Antigo, WI PURPOSE: GENERAL SUPPORT | $650,000 |
Antigo, WI PURPOSE: GENERAL SUPPORT | $80,000 |
Hancock, WI PURPOSE: GENERAL SUPPORT | $25,000 |
Wauwatosa, WI PURPOSE: GENERAL SUPPORT | $15,000 |
Wausau, WI PURPOSE: GENERAL SUPPORT | $9,500 |
Wausau, WI PURPOSE: GENERAL SUPPORT | $7,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Covantage Credit Union has recieved totaling $1,500.
| Awarding Organization | Amount |
|---|---|
Humane Society Of The United States Washington, DC PURPOSE: STIPEND TO ATTEND ANIMAL CARE EXPO | $1,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Dental Association Chicago, IL | $257,052,700 | $138,597,450 |
Seiu Local 1 & Participating Employers Health Trust Chicago, IL | $156,543,336 | $132,715,763 |
St Marys Hospital Ozaukee Inc St Louis, MO | $0 | $119,639,290 |
American College Of Surgeons Chicago, IL | $595,958,812 | $134,561,979 |
Ascension Medical Group Promed St Louis, MO | $11,680,037 | $91,054,014 |
Campbellsville University Inc Campbellsville, KY | $197,242,279 | $142,326,474 |
Aspirus Medical Group Inc Wausau, WI | $76,960,726 | $101,291,684 |
Mid-Ohio Foodbank Grove City, OH | $66,739,553 | $150,715,504 |
Rosalind Franklin University Of Medicine & Science North Chicago, IL | $321,942,163 | $130,066,998 |
St Vincents Health System Inc St Louis, MO | $135,464,874 | $115,601,105 |
Michigan Public Health Institute Okemos, MI | $32,297,029 | $129,374,853 |
Norton - Kings Daughters Health Inc Madison, IN | $327,672,291 | $141,257,726 |