Totals
- Total revenue
- $9,264,760
- Total expenses
- $7,323,942
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $8,566,002
- Investment income
- $698,758
- Other revenue
- $0
- Total assets, end of year
- $224,719,719
- Total liabilities, end of year
- $206,635,423
- Net assets or fund balances, end of year
- $18,084,296
- 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.
-
2a · Program service revenue: LOAN INTEREST INCOME
total $5,719,882 · related or exempt $5,719,882
-
2b · Program service revenue: OTHER INCOME
total $2,464,300 · related or exempt $2,454,020 · unrelated business $10,280
-
2c · Program service revenue: FEE INCOME
total $381,820 · related or exempt $376,045 · unrelated business $5,775
-
3 · Investment income
total $698,758 · excluded $698,758
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $432,117
-
5 · Compensation of officers, directors and key employees
total $994,674
-
7 · Other salaries and wages
total $1,641,779
-
8 · Pension plan contributions
total $113,300
-
9 · Other employee benefits
total $581,843
-
11b · Fees: legal
total $1,206
-
11c · Fees: accounting
total $101,493
-
11g · Fees: other
total $794,452
-
12 · Advertising and promotion
total $118,696
-
13 · Office expenses
total $1,089,781
-
16 · Occupancy
total $204,399
-
17 · Travel
total $67,594
-
20 · Interest
total $257
-
22 · Depreciation, depletion and amortization
total $313,043
-
24a · Other expenses: LOAN SERVICING EXPENSE
total $626,808
-
24b · Other expenses: LOAN LOSS PROVISION
total $161,636
-
24c · Other expenses: MISCELLANEOUS OPERATING
total $77,864
-
24d · Other expenses: OPERATING FEES
total $3,000
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,946,290 · end of year $1,165,202
-
2 · Savings and temporary cash investments
beginning of year $42,195,487 · end of year $18,133,896
-
4 · Accounts receivable
beginning of year $43,176 · end of year $51,371
-
7 · Other notes and loans receivable
beginning of year $152,378,018 · end of year $164,970,569
-
9 · Prepaid expenses and deferred charges
beginning of year $330,627 · end of year $374,393
-
10a · Land, buildings and equipment: cost or other basis
$6,323,424
-
10b · Land, buildings and equipment: accumulated depreciation
$4,013,238
-
10c · Land, buildings and equipment, net
beginning of year $2,361,120 · end of year $2,310,186
-
13 · Investments: program-related
beginning of year $12,811,597 · end of year $30,538,391
-
15 · Other assets
beginning of year $6,646,053 · end of year $7,175,711
-
17 · Accounts payable and accrued expenses
beginning of year $899,732 · end of year $1,054,462
-
25 · Other liabilities
beginning of year $200,973,113 · end of year $205,580,961
-
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 $16,839,523 · end of year $18,084,296
Mission and programs · 2022
Mission
TO OFFER PERSONALIZED FINANCIAL SOLUTIONS EXCLUSIVELY TO 3M EMPLOYEES AND THEIR FAMILIES.
Activities or mission (Part I)
NOVATION CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING 16,800 MEMBER OWNERS.
-
LENDING:PROVIDE VEHICLE, REAL ESTATE, STUDENT, VISA AND OTHER LOANS TO 16,800 MEMBER OWNERS.
-
SAVINGS:PROVIDE CHECKING AND SAVINGS PRODUCTS INCLUDING ATM, DEBIT CARDS, DIRECT DEPOSIT, ONLINE BANKING, ACH AND MOBILE PAYMENTS TO 16,800 MEMBER OWNERS.
-
INVESTMENT:PROVIDE COMPETITIVE SAVINGS AND INVESTMENT OPPORTUNITIES AND RETIREMENT PLANNING SERVICES TO MEMBER OWNERS.
As filed on the 2022 return.
Listed in Part VII
-
Mike KronebuschMIKE KRONEBUSCH
CHAIR (PART YEAR)
- Total calculated
- $700
- From this org
- $700
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Mary EdingerMARY EDINGER
DIRECTOR
- Total calculated
- $1,200
- From this org
- $1,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Dan CarlsonDAN CARLSON
DIRECTOR
- Total calculated
- $1,200
- From this org
- $1,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Daryl ThoennesDARYL THOENNES
DIRECTOR
- Total calculated
- $1,200
- From this org
- $1,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Dawn McGinleyDAWN MCGINLEY
CHAIR (PART YEAR)
- Total calculated
- $1,200
- From this org
- $1,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
John SchwalbachJOHN SCHWALBACH
DIRECTOR
- Total calculated
- $1,100
- From this org
- $1,100
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Matt JuhlMATT JUHL
DIRECTOR
- Total calculated
- $1,100
- From this org
- $1,100
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Nancy SeleskiNANCY SELESKI
DIRECTOR
- Total calculated
- $100
- From this org
- $100
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Shawn SchowSHAWN SCHOW
DIRECTOR
- Total calculated
- $1,200
- From this org
- $1,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Joseph PaulJOSEPH PAUL
DIRECTOR
- Total calculated
- $700
- From this org
- $700
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Wendy BensonWENDY BENSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kristi MukomelaKRISTI MUKOMELA
PRESIDENT/CEO
- Total calculated
- $279,425
- From this org
- $240,408
- From related orgs
- $0
- Other
- $39,017
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $195,356
- Bonus
- $40,622
- Other
- $4,430
- Deferred
- $33,532
- Nontaxable benefits
- $5,485
- Filer's total
- $279,425
-
Terry KahleTERRY KAHLE
VP OF FINANCE/CFO
- Total calculated
- $218,982
- From this org
- $152,110
- From related orgs
- $0
- Other
- $66,872
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $133,806
- Bonus
- $18,304
- Other
- $0
- Deferred
- $55,283
- Nontaxable benefits
- $11,589
- Filer's total
- $218,982
-
Scott HenningSCOTT HENNING
VP OF MARKETING/CMO
- Total calculated
- $233,453
- From this org
- $220,488
- From related orgs
- $0
- Other
- $12,965
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $115,477
- Bonus
- $5,011
- Other
- $100,000
- Deferred
- $0
- Nontaxable benefits
- $12,965
- Filer's total
- $233,453
-
Nick AltavillaNICK ALTAVILLA
VP OF OPERATIONS/COO
- Total calculated
- $213,300
- From this org
- $207,603
- From related orgs
- $0
- Other
- $5,697
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $99,885
- Bonus
- $7,718
- Other
- $100,000
- Deferred
- $0
- Nontaxable benefits
- $5,697
- Filer's total
- $213,300
-
Michael KronebuschMICHAEL KRONEBUSCH
EVP CHIEF STRATEGY OFFICER
- Total calculated
- $39,814
- From this org
- $39,166
- From related orgs
- $0
- Other
- $648
- Hours/week
- 50
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 · Compensation committee
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 3
- PART I, LINE 4B: THE FOLLOWING WERE PARTICIPANTS IN A NON-QUALIFIED 457(F) PLAN: KRISTI MUKOMELA-NO DISTRIBUTION IN 2022 TERRY KAHLE-NO DISTRIBUTION IN 2022 NICK ALTAVILLA-SEE BELOW FOR DISTRIBUTION IN 2022 SCOTT HENNING - SEE BELOW FOR DISTRIBUTUION IN 2022
- PART I, LINE 4B
- NAME: NICK ALTAVILLA, DESCRIPTION: EXECUTIVE RETENTION PLAN, CURRENT YEAR AMOUNT: $100,000. PLAN DESCRIPTION: EXECUTIVE RETENTION PLAN NAME: SCOTT HENNING, DESCRIPTION: EXECUTIVE RETENTION PLAN, CURRENT YEAR AMOUNT: $100,000. PLAN DESCRIPTION: EXECUTIVE RETENTION PLAN
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
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 8 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202313129349301421
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