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Nonprofiteer
← COVANTAGE CREDIT UNION

Form 990 for tax year 2022

Filed by COVANTAGE CREDIT UNION.

Totals

Total revenue
$121,730,079
Total expenses
$98,996,617
Contributions and grants received
$548,813
Grants paid
$756,269
Program service revenue
$104,711,370
Investment income
$16,347,801
Other revenue
$122,095
Total assets, end of year
$2,963,887,227
Total liabilities, end of year
$2,689,681,748
Net assets or fund balances, end of year
$274,205,479
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $548,813

  • 2a · Program service revenue: INTEREST ON LOANS

    total $82,542,297 · related or exempt $82,542,297

  • 2b · Program service revenue: CREDIT AND DEBIT CARD INTERCHANGE

    total $14,266,385 · related or exempt $14,198,075 · unrelated business $68,310

  • 2c · Program service revenue: SERVICE FEES

    total $5,905,031 · related or exempt $5,893,152 · unrelated business $11,879

  • 2d · Program service revenue: CUNA INSURANCE INCOME

    total $1,659,477 · related or exempt $1,659,477

  • 2f · All other program service revenue

    total $338,180 · related or exempt $338,180

  • 3 · Investment income

    total $15,163,795 · excluded $15,163,795

  • 6a · Gross rents

    real property $122,095

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $122,095

  • 6d · Net rental income or loss

    total $122,095 · excluded $122,095

  • 7a · Gross sales of assets other than inventory

    securities $63,437,091 · other assets $490,435

  • 7b · Less cost or other basis and sales expenses

    securities $62,687,572 · other assets $55,948

  • 7c · Gain or loss

    securities $749,519 · other assets $434,487

  • 7d · Net gain or loss

    total $1,184,006 · excluded $1,184,006

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $756,269

  • 5 · Compensation of officers, directors and key employees

    total $1,286,000

  • 7 · Other salaries and wages

    total $23,363,119

  • 8 · Pension plan contributions

    total $1,800,666

  • 9 · Other employee benefits

    total $6,360,985

  • 10 · Payroll taxes

    total $1,970,871

  • 11b · Fees: legal

    total $673,757

  • 11c · Fees: accounting

    total $128,314

  • 11g · Fees: other

    total $2,888,966

  • 12 · Advertising and promotion

    total $2,175,504

  • 13 · Office expenses

    total $2,212,711

  • 14 · Information technology

    total $5,714,037

  • 16 · Occupancy

    total $2,924,043

  • 17 · Travel

    total $423,712

  • 19 · Conferences, conventions and meetings

    total $289,183

  • 20 · Interest

    total $7,128,911

  • 22 · Depreciation, depletion and amortization

    total $3,909,112

  • 23 · Insurance

    total $347,810

  • 24a · Other expenses: DIVIDENDS PAID ON MEMBE

    total $19,565,118

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $9,648,022

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $4,600,000

  • 24d · Other expenses: DUES AND SUBSCRIPTIONS

    total $242,935

  • 24e · All other expenses

    total $586,572

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,692,705 · end of year $17,167,548

  • 2 · Savings and temporary cash investments

    beginning of year $144,058,433 · end of year $137,046,240

  • 4 · Accounts receivable

    beginning of year $4,600,296 · end of year $6,321,490

  • 7 · Other notes and loans receivable

    beginning of year $2,042,675,266 · end of year $2,342,357,129

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,837,996 · end of year $4,828,222

  • 10a · Land, buildings and equipment: cost or other basis

    $77,702,415

  • 10b · Land, buildings and equipment: accumulated depreciation

    $25,221,555

  • 10c · Land, buildings and equipment, net

    beginning of year $47,849,232 · end of year $52,480,860

  • 11 · Investments: publicly traded securities

    beginning of year $267,995,231 · end of year $303,923,807

  • 12 · Investments: other securities

    beginning of year $84,321,234 · end of year $10,659,743

  • 15 · Other assets

    beginning of year $25,999,150 · end of year $89,102,188

  • 17 · Accounts payable and accrued expenses

    beginning of year $24,063,743 · end of year $104,444,683

  • 21 · Escrow or custodial account liability

    beginning of year $3,820,647 · end of year $0

  • 25 · Other liabilities

    beginning of year $2,331,388,117 · end of year $2,585,237,065

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $274,757,036 · end of year $274,205,479

Mission and programs · 2022

Mission

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.

  • COVANTAGE HAS 152,211 MEMBERS, AND FOR THOSE LOOKING TO SAVE, COVANTAGE STRIVES TO PAY DIVIDEND RATES THAT ARE ABOVE MARKET RATES, EVEN IN THIS RISING RATE ENVIRONMENT. AS OF DECEMBER 31, 2022, COVANTAGE WAS PAYING AN ANNUAL PERCENTAGE RATE OF 0.75% ON REGULAR SHARE ACCOUNTS WHEN MANY OTHER FINANCIALS CONTINUED TO KEEP THEIR RATES LOW IN A RISING RATE ENVIRONMENT. 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 A RISING RATE ENVIRONMENT, BUT COVANTAGE STILL REWARDED MEMBERS WITH AN ADDITIONAL $4,934,674 IN PATRONAGE PAYMENTS IN 2022.

  • 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.

As filed on the 2022 return.

Listed in Part VII

  • Willis Qualheim

    TREASURER

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Susan Gitzlaff

    CHAIR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Dennis Haltinner

    VICE CHAIR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael Windberg

    SECRETARY

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Matt Kolling

    DIRECTOR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Karen Novak

    DIRECTOR (THRU 02/22)

    Total calculated
    $1,000
    From this org
    $1,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Paul Payant

    DIRECTOR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lee Siler

    DIRECTOR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Eugene Shawano

    DIRECTOR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Julie Berndt

    DIRECTOR

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Charles Dallas

    DIRECTOR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Charles Zanayed

    PRESIDENT

    Total calculated
    $680,221
    From this org
    $621,952
    From related orgs
    $0
    Other
    $58,269
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $589,766
    Bonus
    $31,046
    Other
    $1,140
    Deferred
    $37,245
    Nontaxable benefits
    $21,024
    Filer's total
    $680,221

  • Schwan Hardi

    CHIEF FINANCIAL OFFICER (THRU 10/22)

    Total calculated
    $278,467
    From this org
    $240,084
    From related orgs
    $0
    Other
    $38,383
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,258
    Bonus
    $14,487
    Other
    $339
    Deferred
    $37,480
    Nontaxable benefits
    $903
    Filer's total
    $278,467

  • Stacy Bouche

    CHIEF MORTGAGE LENDING OFFICER

    Total calculated
    $242,312
    From this org
    $208,961
    From related orgs
    $0
    Other
    $33,351
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,967
    Bonus
    $9,033
    Other
    $961
    Deferred
    $17,103
    Nontaxable benefits
    $16,248
    Filer's total
    $242,312

  • Sherry Aulik

    CHIEF IMPACT OFFICER

    Total calculated
    $373,302
    From this org
    $307,378
    From related orgs
    $0
    Other
    $65,924
    Hours/week
    40 + 3 related

    Schedule J breakdown matched by us

    Base
    $292,591
    Bonus
    $12,981
    Other
    $1,806
    Deferred
    $44,900
    Nontaxable benefits
    $21,024
    Filer's total
    $373,302

  • Brett Lee

    CHIEF RETAIL OFFICER

    Total calculated
    $350,157
    From this org
    $309,514
    From related orgs
    $0
    Other
    $40,643
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $295,951
    Bonus
    $12,933
    Other
    $630
    Deferred
    $24,400
    Nontaxable benefits
    $16,243
    Filer's total
    $350,157

  • Joan Farrell

    CHIEF RISK OFFICER

    Total calculated
    $299,067
    From this org
    $267,410
    From related orgs
    $0
    Other
    $31,657
    Hours/week
    40 + 3 related

    Schedule J breakdown matched by us

    Base
    $252,619
    Bonus
    $12,019
    Other
    $2,772
    Deferred
    $17,630
    Nontaxable benefits
    $14,027
    Filer's total
    $299,067

  • Sean Van Handel

    CHIEF INFORMATION OFFICER

    Total calculated
    $274,055
    From this org
    $223,515
    From related orgs
    $0
    Other
    $50,540
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,758
    Bonus
    $7,951
    Other
    $1,806
    Deferred
    $30,113
    Nontaxable benefits
    $20,427
    Filer's total
    $274,055

  • Patrick Curran

    VP DIGITAL SERVICES

    Total calculated
    $223,775
    From this org
    $191,918
    From related orgs
    $0
    Other
    $31,857
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,238
    Bonus
    $8,794
    Other
    $886
    Deferred
    $15,641
    Nontaxable benefits
    $16,216
    Filer's total
    $223,775

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • COVANTAGE CARES FOUNDATION INC

    501(C)(3) · PROVIDE FINANCIAL ASSISTANCE TO INDIVIDUALS & ORGANIZATIONS · WI · controlled entity

    Directly controlled by COVANTAGE CREDIT UNION

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • TRANSITION PROPERTIES LLC

    OWN AND MANAGE OTHER REAL ESTATE OWNED BY COVANTAGE CREDIT UNION. · WI · income -$969 · assets $17,879

    Directly controlled by COVANTAGE CREDIT UNION

  • CUVANTA LLC

    PROVIDE UNDERWRITING SERVICES FOR INDIRECT DEALER RELATIONSHIP. · WI · income $439 · assets $45,679

    Directly controlled by COVANTAGE CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
8 November 2023
IRS schema version
2022v5.0
Source object
202313129349302226

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