Novation Credit Union

Organization Overview

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.

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.


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Board, Officers & Key Employees

Name (title)Compensation
Kristi Mukomela
President/ceo
$244,383
Terry Kahle
VP Of Finance/cfo
$143,385
Scott Henning
VP Of Marketing/cmo
$130,279
Nick Altavilla
VP Of Operations/coo
$111,664
Mike Kronebusch
Chair
$1,200
Mary Edinger
Director
$1,200

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Insperity
Peo Services
$565,208
Pscu
Card Processing
$554,410
Fiserv Inc
Account Processing
$405,212
Ncr
E-services
$297,734
Fpi Paving
New Parking Lot
$145,602
View All Vendors

Financial Statements

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

Peer Organizations

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