Novation Credit Union is located in Oakdale, MN. The organization was established in 1944. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Novation Credit Union employed 37 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Novation 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, Novation Credit Union generated $8.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $6.5m during the year ending 12/2021. While expenses have increased by 4.5% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
NOVATION CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING 16,500 MEMBER OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING:PROVIDE VEHICLE, REAL ESTATE, STUDENT, VISA AND OTHER LOANS TO 16,500 MEMBER OWNERS.
SAVINGS:PROVIDE CHECKING AND SAVINGS PRODUCTS INCLUDING ATM, DEBIT CARDS, DIRECT DEPOSIT, ONLINE BANKING, ACH AND MOBILE PAYMENTS TO 16,500 MEMBER OWNERS.
INVESTMENT:PROVIDE COMPETITIEVE SAVINGS AND INVESTMENT OPPORTUNITIES AND RETIREMENT PLANNING SERVICES TO MEMBER OWNERS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Kristi Mukomela President/ceo | Officer | 50 | $244,383 |
Terry Kahle VP Of Finance/cfo | Officer | 50 | $143,385 |
Scott Henning VP Of Marketing/cmo | Officer | 50 | $130,279 |
Nick Altavilla VP Of Operations/coo | Officer | 50 | $111,664 |
Mike Kronebusch Chair | OfficerTrustee | 1 | $1,200 |
Mary Edinger Director | Trustee | 1 | $1,200 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Insperity Peo Services | 12/30/21 | $565,208 |
Pscu Card Processing | 12/30/21 | $554,410 |
Fiserv Inc Account Processing | 12/30/21 | $405,212 |
Ncr E-services | 12/30/21 | $297,734 |
Fpi Paving New Parking Lot | 12/30/21 | $145,602 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
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 | $0 |
Total Program Service Revenue | $8,661,924 |
Investment income | $134,709 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $8,796,633 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $331,248 |
Compensation of current officers, directors, key employees. | $681,275 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,652,977 |
Pension plan accruals and contributions | $158,049 |
Other employee benefits | $524,144 |
Payroll taxes | $0 |
Fees for services: Management | $0 |
Fees for services: Legal | $1,579 |
Fees for services: Accounting | $86,087 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $774,805 |
Advertising and promotion | $122,017 |
Office expenses | $1,005,873 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $185,918 |
Travel | $54,736 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $5 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $262,170 |
Insurance | $0 |
All other expenses | $0 |
Total functional expenses | $6,483,200 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,946,290 |
Savings and temporary cash investments | $42,195,487 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $43,176 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $152,378,018 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $330,627 |
Net Land, buildings, and equipment | $2,361,120 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $12,811,597 |
Intangible assets | $0 |
Other assets | $6,646,053 |
Total assets | $218,712,368 |
Accounts payable and accrued expenses | $899,732 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
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 | $200,973,113 |
Total liabilities | $201,872,845 |
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 | $16,839,523 |
Total liabilities and net assets/fund balances | $218,712,368 |
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