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Nonprofiteer
← COVANTAGE CREDIT UNION

Form 990 for tax year 2024

Filed by COVANTAGE CREDIT UNION.

Totals

Total revenue
$234,381,029
Total expenses
$210,138,925
Contributions and grants received
$0
Grants paid
$762,717
Program service revenue
$181,669,244
Investment income
$52,772,006
Other revenue
-$60,221
Total assets, end of year
$3,725,346,803
Total liabilities, end of year
$3,397,650,770
Net assets or fund balances, end of year
$327,696,033
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: INTEREST ON LOANS

    total $158,960,275 · related or exempt $158,960,275

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

    total $15,237,276 · related or exempt $15,226,416 · unrelated business $10,860

  • 2c · Program service revenue: SERVICE FEES

    total $5,052,978 · related or exempt $4,978,338 · unrelated business $74,640

  • 2d · Program service revenue: CUNA INSURANCE INCOME

    total $1,917,878 · related or exempt $1,917,878

  • 2e · Program service revenue: SAFE DEPOSIT BOX RENT

    total $101,037 · related or exempt $101,037

  • 2f · All other program service revenue

    total $399,800 · related or exempt $399,800

  • 3 · Investment income

    total $48,978,118 · excluded $48,978,118

  • 6a · Gross rents

    real property $448,744

  • 6b · Less rental expenses

    real property $508,965

  • 6c · Rental income or loss

    real property -$60,221

  • 6d · Net rental income or loss

    total -$60,221 · excluded -$60,221

  • 7a · Gross sales of assets other than inventory

    securities $112,382,000 · other assets $358,000

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

    securities $108,708,730 · other assets $237,382

  • 7c · Gain or loss

    securities $3,673,270 · other assets $120,618

  • 7d · Net gain or loss

    total $3,793,888 · excluded $3,793,888

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $762,717

  • 5 · Compensation of officers, directors and key employees

    total $2,645,549

  • 7 · Other salaries and wages

    total $27,347,607

  • 8 · Pension plan contributions

    total $1,994,701

  • 9 · Other employee benefits

    total $5,688,309

  • 10 · Payroll taxes

    total $2,318,059

  • 11b · Fees: legal

    total $422,427

  • 11c · Fees: accounting

    total $141,998

  • 11g · Fees: other

    total $3,611,428

  • 12 · Advertising and promotion

    total $1,562,816

  • 13 · Office expenses

    total $3,043,890

  • 14 · Information technology

    total $6,589,712

  • 16 · Occupancy

    total $3,193,946

  • 17 · Travel

    total $514,256

  • 19 · Conferences, conventions and meetings

    total $351,824

  • 20 · Interest

    total $31,257,326

  • 22 · Depreciation, depletion and amortization

    total $6,618,142

  • 23 · Insurance

    total $446,341

  • 24a · Other expenses: DIVIDENDS PAID ON MEMBE

    total $86,998,906

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $14,368,324

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $9,479,344

  • 24d · Other expenses: DUES AND SUBSCRIPTIONS

    total $261,570

  • 24e · All other expenses

    total $519,733

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $21,824,348 · end of year $19,425,647

  • 2 · Savings and temporary cash investments

    beginning of year $136,042,942 · end of year $198,961,323

  • 4 · Accounts receivable

    beginning of year $10,272,299 · end of year $11,103,828

  • 7 · Other notes and loans receivable

    beginning of year $2,810,712,056 · end of year $2,899,281,072

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,499,529 · end of year $4,257,179

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

    $95,776,305

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

    $35,379,767

  • 10c · Land, buildings and equipment, net

    beginning of year $62,719,264 · end of year $60,396,538

  • 11 · Investments: publicly traded securities

    beginning of year $353,314,646 · end of year $336,868,051

  • 12 · Investments: other securities

    beginning of year $59,778,785 · end of year $107,371,187

  • 14 · Intangible assets

    beginning of year $43,177,889 · end of year $43,628,423

  • 15 · Other assets

    beginning of year $34,673,353 · end of year $44,053,555

  • 17 · Accounts payable and accrued expenses

    beginning of year $212,320,860 · end of year $36,367,286

  • 21 · Escrow or custodial account liability

    beginning of year $3,533,445 · end of year $1,775,537

  • 25 · Other liabilities

    beginning of year $3,018,490,894 · end of year $3,359,507,947

  • 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 $302,669,912 · end of year $327,696,033

Mission and programs · 2024

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 171,890 MEMBERS, AND PASSES VALUE BACK TO THE MEMBERSHIP THROUGH HIGHER DEPOSIT RATES, LOWER LOAN RATES, AND MINIMAL FEES. AS OF DECEMBER 31, 2024, COVANTAGE WAS PAYING AN ANNUAL PERCENTAGE RATE OF 2.78% ON REGULAR SHARE ACCOUNTS WHEN MANY OTHER FINANCIALS CONTINUED TO KEEP THEIR RATES LOWER IN AN UNCERTAIN INTEREST RATE ENVIRONMENT. COVANTAGE IS ONE OF A FEW FINANCIAL INSTITUTIONS IN THE NATION THAT DO NOT CHARGE NSF OR OVERDRAFT FEES ON CHECKING ACCOUNTS WHICH SAVES OUR MEMBERS OVER 8 MILLION DOLLARS ANNUALLY. COVANTAGE REWARDED MEMBERS WITH AN ADDITIONAL $6,976,426 IN PATRONAGE PAYMENTS IN 2024.

  • 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. COVANTAGE WELCOMES ALL REGARDLESS OF WEALTH AND MADE ALMOST 10,000 LOANS OF $5,000 OR LESS. THESE SMALL DOLLAR LOANS ARE NOT ABOUT PROFIT, BUT ABOUT SERVING OUR COMMUNITIES. COVANTAGE OFFERS FREE CREDIT SCORE TRACKING TO HELP OUR MEMBERS BUILD AND MONITOR CREDIT. FOR THOSE LOOKING FOR HOME OWNERSHIP, COVANTAGE ALSO OFFERED 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 GREENPATH 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 REALITY FAIRS.

As filed on the 2024 return.

Listed in Part VII

  • Dennis Haltinner

    CHAIR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael Windberg

    VICE CHAIR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Willis Qualheim

    TREASURER

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lee Siler

    SECRETARY

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Julie Berndt

    DIRECTOR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Angie Close

    DIRECTOR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Susan Gitzlaff

    DIRECTOR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Matt Kolling

    DIRECTOR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Paul Payant

    DIRECTOR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Eugene Shawano

    DIRECTOR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Charles Zanayed

    PRESIDENT

    Total calculated
    $846,549
    From this org
    $796,005
    From related orgs
    $0
    Other
    $50,544
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $730,049
    Bonus
    $64,246
    Other
    $1,710
    Deferred
    $27,036
    Nontaxable benefits
    $23,508
    Filer's total
    $846,549

  • Mary Prunty

    CHIEF FINANCIAL OFFICER

    Total calculated
    $285,481
    From this org
    $273,573
    From related orgs
    $0
    Other
    $11,908
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $251,854
    Bonus
    $21,383
    Other
    $336
    Deferred
    $2,227
    Nontaxable benefits
    $9,681
    Filer's total
    $285,481

  • Stacy Bouche

    CHIEF MORTGAGE LENDING OFFICER

    Total calculated
    $281,085
    From this org
    $258,437
    From related orgs
    $0
    Other
    $22,648
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $236,652
    Bonus
    $20,819
    Other
    $966
    Deferred
    $20,711
    Nontaxable benefits
    $1,937
    Filer's total
    $281,085

  • Brett Lee

    EVP CHIEF RETAIL OFFICER

    Total calculated
    $418,905
    From this org
    $374,272
    From related orgs
    $0
    Other
    $44,633
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $342,513
    Bonus
    $31,129
    Other
    $630
    Deferred
    $27,600
    Nontaxable benefits
    $17,033
    Filer's total
    $418,905

  • Joan Farrell

    SVP CHIEF RISK STR PA OFFICER

    Total calculated
    $357,994
    From this org
    $309,624
    From related orgs
    $0
    Other
    $48,370
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $280,842
    Bonus
    $26,010
    Other
    $2,772
    Deferred
    $30,500
    Nontaxable benefits
    $17,870
    Filer's total
    $357,994

  • Sean Van Handel

    SVP CHIEF INFORMATION OFFICER

    Total calculated
    $340,535
    From this org
    $295,994
    From related orgs
    $0
    Other
    $44,541
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,260
    Bonus
    $23,928
    Other
    $1,806
    Deferred
    $22,731
    Nontaxable benefits
    $21,810
    Filer's total
    $340,535

  • Sherry Aulik

    SPECIAL PROJECTS OFFICER

    Total calculated
    $586,470
    From this org
    $548,074
    From related orgs
    $0
    Other
    $38,396
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $512,271
    Bonus
    $34,097
    Other
    $1,706
    Deferred
    $19,091
    Nontaxable benefits
    $19,305
    Filer's total
    $586,470

  • Patrick Curran

    VP DIGITAL SERVICES

    Total calculated
    $253,415
    From this org
    $218,636
    From related orgs
    $0
    Other
    $34,779
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,069
    Bonus
    $18,603
    Other
    $964
    Deferred
    $17,747
    Nontaxable benefits
    $17,032
    Filer's total
    $253,415

  • Cheryl Fanning

    SVP RETAIL SALES SRV OPS

    Total calculated
    $233,704
    From this org
    $201,367
    From related orgs
    $0
    Other
    $32,337
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,961
    Bonus
    $17,684
    Other
    $1,722
    Deferred
    $15,325
    Nontaxable benefits
    $17,012
    Filer's total
    $233,704

  • Janel Thoune

    SVP OF MARKETING AND MISSION

    Total calculated
    $231,589
    From this org
    $193,517
    From related orgs
    $0
    Other
    $38,072
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $175,842
    Bonus
    $17,089
    Other
    $586
    Deferred
    $16,394
    Nontaxable benefits
    $21,678
    Filer's total
    $231,589

  • Bryan Emerling

    SVP BUILDINGS AND MARKETS

    Total calculated
    $221,986
    From this org
    $196,894
    From related orgs
    $0
    Other
    $25,092
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,518
    Bonus
    $16,742
    Other
    $1,634
    Deferred
    $13,167
    Nontaxable benefits
    $11,925
    Filer's total
    $221,986

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

The 10 largest by cash amount. The API serves every itemized grant.

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 $1,000,231 · assets $3,015,677

    Directly controlled by COVANTAGE CREDIT UNION

  • CUVANTA LLC

    PROVIDE TITLE AND OTHER SERVICES · WI · income $0 · assets $1,967,680

    Directly controlled by COVANTAGE CREDIT UNION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • LANGLADE ABSTRACT & TITLE COMPANY INC

    C · PROVIDE TITLE SERVICES · WI · 100% owned · share of income $667,691 · controlled entity

    Directly controlled by CUVANTA LLC

Provenance

Return type
form_990
Tax year
2024
Filed
24 June 2025
IRS schema version
2024v5.2
Source object
202501759349300620

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