Covantage Cares Foundation Inc
- Assets
- $478.2k
- Revenue
- $862.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Antigo, WI
- Founding
- 03/2016
- Data as of
- 12/2021
- EIN
- 81-1056981
Organization Overview
Covantage Cares Foundation Inc is located in Antigo, WI. The organization was established in 2016. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covantage Cares Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Covantage Cares Foundation Inc generated $862.6k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 24.9% each year . All expenses for the organization totaled $432.7k during the year ending 12/2021. While expenses have increased by 27.7% 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 2016, Covantage Cares Foundation Inc has awarded 71 individual grants totaling $1,998,508. 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
PROVIDE FINANCIAL ASSISTANCE TO INDIVIDUALS, ESPECIALLY THOSE EXPERIENCING SIGNIFICANT FINANCIAL CHALLENGES, AND TO ORGANIZATIONS WORKING TO ENHANCE THE QUALITY OF LIFE OF RESIDENTS LIVING IN THE COMMUNITIES SERVED BY COVANTAGE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION IS ORGANIZED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES BY PROVIDING FINANCIAL ASSISTANCE TO INDIVIDUALS, ESPECIALLY THOSE EXPERIENCING SIGNIFICANT FINANCIAL CHALLENGE, AND TO ORGANIZATIONS WORKING TO ENHANCE THE QUALITY OF LIFE OF RESIDENTS LIVING IN THE COMMUNITIES SERVED BY COVANTAGE CREDIT UNION (CCU).THE ORGANIZATION GAVE SEVERAL GRANTS DURING THE YEAR TO ORGANIZATIONS THAT HELP ACCOMPLISH THE MISSION OF ENHANCING THE QUALITY OF LIFE OF RESIDENTS LIVING IN THE COMMUNITIES SERVED BY CCU.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Zanayed President | OfficerTrustee | 1 | $0 |
Sherry Aulik Vice President | OfficerTrustee | 3 | $0 |
Joan Farrell Treasurer | OfficerTrustee | 3 | $0 |
Sheila Rossmiller Secretary | OfficerTrustee | 1 | $0 |
Betsy Kommers Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $650,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $211,934 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $861,934 |
| Total Program Service Revenue | $0 |
| Investment income | $675 |
| 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 | $862,609 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $429,470 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $960 |
| Advertising and promotion | $0 |
| Office expenses | $2,235 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $20 |
| Total functional expenses | $432,685 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,116 |
| Savings and temporary cash investments | $446,090 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $478,206 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $478,206 |
| Total liabilities and net assets/fund balances | $478,206 |
Grants Awarded
Over the last fiscal year, Covantage Cares Foundation Inc has awarded $343,126 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
Iron River, MI PURPOSE: GENERAL SUPPORT | $121,374 |
Antigo, WI PURPOSE: GENERAL SUPPORT | $93,637 |
Crystal Falls, MI PURPOSE: GENERAL SUPPORT | $47,318 |
Elcho, WI PURPOSE: GENERAL SUPPORT | $38,990 |
Shawano, WI PURPOSE: GENERAL SUPPORT | $17,421 |
Wausau, WI PURPOSE: GENERAL SUPPORT | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Covantage Cares Foundation Inc has recieved totaling $665,289.
| Awarding Organization | Amount |
|---|---|
Covantage Credit Union Antigo, WI PURPOSE: GENERAL SUPPORT | $650,000 |
Suick Family Foundation Wilmington, DE PURPOSE: UNITED WAY OF LANGLADE COUNTY | $15,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $289 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Schuler Education Foundation Lake Forest, IL | $54,673,241 | $7,067,242 |
Thedacare Family Of Foundations Inc Appleton, WI | $89,256,611 | $25,439,996 |
The Hormel Foundation Austin, MN | $1,540,722,314 | $34,366,937 |
Society Of St Vincent De Paul- Twin Cities Minneapolis, MN | $592,562 | $17,408,500 |
Moose Charities Inc Mooseheart, IL | $5,385,966 | $15,548,845 |
Northland Foundation Duluth, MN | $110,895,270 | $27,913,272 |
Communtiy Foundation Of The Holland Zeeland Area Holland, MI | $102,848,837 | $16,439,772 |
Franciscan Sisters Of Chicago Service Corporation Lemont, IL | $62,771,138 | $13,923,865 |
Vela Education Fund Glencoe, IL | $4,855,969 | $13,247,569 |
Comerica Charitable Tr Detroit, MI | $75,789,432 | $13,296,605 |
David Lynch Foundation For Consciousness-Based Education And Fairfield, IA | $9,280,358 | $8,736,448 |
The Wayne And Joan Webber Foundation Clinton Township, MI | $34,958,708 | $9,275,748 |