2023-11-08T11:34:14-06:00 2022-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2022-01-01 390945701 COVANTAGE CREDIT UNION COVA 7156274336 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 CHARLES ZANAYED PRESIDENT/CEO 7156274336 2023-11-08 1 CHARLES ZANAYED 999009999 0 MICHAEL J PETERSON CPA P01833529 2187224705 2023-11-08 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z CHARLES ZANAYED 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 184473599 0 2157 X WWW.COVANTAGECU.ORG X 1953 WI 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. 10 10 533 0 80189 0 1417340 548813 99370221 104711370 4163123 16347801 127968 122095 105078652 121730079 1048247 756269 0 0 28010633 34781641 0 0 0 42659393 63458707 71718273 98996617 33360379 22733462 2634029543 2963887227 2359272507 2689681748 274757036 274205479 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. 0 0 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. 0 1 0 0 0 0 0 1 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 54329 0 533 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X CHARLES ZANAYED PRESIDENTCEO 7156274336 723 SIXTH AVE ANTIGO WI 54409 WILLIS QUALHEIM TREASURER 2.00 X X 8500 0 0 SUSAN GITZLAFF CHAIR 2.00 X X 8500 0 0 DENNIS HALTINNER VICE CHAIR 2.00 X X 8500 0 0 MICHAEL WINDBERG SECRETARY 2.00 X X 8500 0 0 MATT KOLLING DIRECTOR 2.00 X 8500 0 0 KAREN NOVAK DIRECTOR (THRU 02/22) 2.00 X 1000 0 0 PAUL PAYANT DIRECTOR 2.00 X 8500 0 0 LEE SILER DIRECTOR 3.00 X 8500 0 0 EUGENE SHAWANO DIRECTOR 2.00 X 8500 0 0 JULIE BERNDT DIRECTOR 2.00 X 7500 0 0 CHARLES DALLAS DIRECTOR 2.00 X 8500 0 0 CHARLES ZANAYED PRESIDENT 40.00 1.00 X 621952 0 58269 SCHWAN HARDI CHIEF FINANCIAL OFFICER (THRU 10/22) 40.00 X 240084 0 38383 STACY BOUCHE CHIEF MORTGAGE LENDING OFFICER 40.00 X 208961 0 33351 SHERRY AULIK CHIEF IMPACT OFFICER 40.00 3.00 X 307378 0 65924 BRETT LEE CHIEF RETAIL OFFICER 40.00 X 309514 0 40643 JOAN FARRELL CHIEF RISK OFFICER 40.00 3.00 X 267410 0 31657 SEAN VAN HANDEL CHIEF INFORMATION OFFICER 40.00 X 223515 0 50540 PATRICK CURRAN VP DIGITAL SERVICES 40.00 X 191918 0 31857 2455732 0 350624 37 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONET MO 65708 CORE SYSTEM SERVICES 3160995 INFOPRO 1325 S MAIN ST FON DU LAC WI 54935 INSURANCE MONITORING 2512043 ELLIS STONE CONSTRUCTION COMPANY INC 3201 STANLEY ST STEVENS POINT WI 54481 BUILDING CONSTRUCTION CONTRACTOR 1874715 MIRON CONTSTRUCTION COMPANY PO BOX 1372 GREEN BAY WI 54305 BUILDING CONSTRUCTION CONTRACTOR 1763667 NUSOURCE FINANCIAL INC 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 TECHNOLOGY SERVICES 1177340 70 548813 548813 INTEREST ON LOANS 522100 82542297 82542297 CREDIT AND DEBIT CARD INTERCHANGE 522200 14266385 14198075 68310 SERVICE FEES 522100 5905031 5893152 11879 CUNA INSURANCE INCOME 522100 1659477 1659477 338180 338180 104711370 15163795 15163795 122095 0 122095 122095 122095 63437091 490435 62687572 55948 749519 434487 1184006 1184006 121730079 104631181 80189 16469896 756269 1286000 23363119 1800666 6360985 1970871 673757 128314 2888966 2175504 2212711 5714037 2924043 423712 289183 7128911 3909112 347810 DIVIDENDS PAID ON MEMBE 19565118 LOAN SERVICING EXPENSE 9648022 PROVISION FOR LOAN LOSS 4600000 DUES AND SUBSCRIPTIONS 242935 586572 98996617 14692705 17167548 144058433 137046240 4600296 6321490 2042675266 2342357129 1837996 4828222 77702415 25221555 47849232 52480860 267995231 303923807 84321234 10659743 25999150 89102188 2634029543 2963887227 24063743 104444683 3820647 0 2331388117 2585237065 2359272507 2689681748 X 0 0 0 0 274757036 274205479 274757036 274205479 2634029543 2963887227 X 22733462 -24707716 1422697 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 9673155 9673155 43281137 12552118 30729019 21671221 12669437 9001784 3076902 3076902 52480860 SHARE DRAFTS 416382531 REGULAR SHARES 776733507 MONEY MARKET SHARES 681334536 SHARE CERTIFICATES 566547625 IRA/KEOGH ACCOUNTS 144238866 2585237065 PART IV, LINE 2B: THE ORGANIZATION IS THE TRUSTEE OF CERTAIN MEMBER'S ESCROW FUNDS AND HAS FIDUCIARY RESPONSIBILITY FOR THE ADMINISTRATION AND DISTRIBUTION OF THESE FUNDS FOR MEMBERS OF THE ORGANIZATION. 1 DC EVEREST AREA EDUCATION FOUNDATION INC PO BOX 114 SCHOFIELD WI 54476 391736592 501(C)(3) 250000 0 GENERAL SUPPORT COVANTAGE CARES FOUNDATION INC 723 6TH AVENUE ANTIGO WI 54409 811056981 501(C)(3) 200000 0 GENERAL SUPPORT THIRD BASE VENTURES LLC WISCONSIN TIMBER RATTLERS PO BOX 7464 APPLETON WI 54912 853211037 13500 0 GENERAL SUPPORT WAUSAUCENTRAL WI SPORTS AUTHORITY 219 JEFFERSON ST WAUSAU WI 54403 811937746 501(C)(3) 10000 0 GENERAL SUPPORT ST MARY CATHOLIC SCHOOLS 1050 ZEPHYR DRIVE NEENAH WI 54956 391656963 501(C)(3) 10000 0 GENERAL SUPPORT WAUSAU EVENTS 407 GRANT ST WAUSAU WI 54403 391612386 501(C)(3) 8000 0 GENERAL SUPPORT BOYS & GIRLS CLUB OF THE WAUSAU AREA INC PO BOX 2386 WAUSAU WI 54402 391850386 501(C)(3) 7000 0 GENERAL SUPPORT 6 1 PART I, LINE 2: THE ORGANIZATION MONITORS THE USE OF THEIR GRANT FUNDS CLOSELY. X X X 0 0 0 CHARLES ZANAYED PRESIDENT 589766 0 31046 0 1140 0 37245 0 21024 0 680221 0 0 0 SHERRY AULIK CHIEF IMPACT OFFICER 292591 0 12981 0 1806 0 44900 0 21024 0 373302 0 0 0 BRETT LEE CHIEF RETAIL OFFICER 295951 0 12933 0 630 0 24400 0 16243 0 350157 0 0 0 JOAN FARRELL CHIEF RISK OFFICER 252619 0 12019 0 2772 0 17630 0 14027 0 299067 0 0 0 SCHWAN HARDI CHIEF FINANCIAL OFFICER (THRU 10/22) 225258 0 14487 0 339 0 37480 0 903 0 278467 0 0 0 SEAN VAN HANDEL CHIEF INFORMATION OFFICER 213758 0 7951 0 1806 0 30113 0 20427 0 274055 0 0 0 STACY BOUCHE CHIEF MORTGAGE LENDING OFFICER 198967 0 9033 0 961 0 17103 0 16248 0 242312 0 0 0 PATRICK CURRAN VP DIGITAL SERVICES 182238 0 8794 0 886 0 15641 0 16216 0 223775 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 COVANTAGE CREDIT UNION IS OWNED AND OPERATED BY ITS 152,211 MEMBERS AND A VOLUNTEER BOARD OF DIRECTORS. A SAVINGS ACCOUNT WITH A MINIMAL $10 DEPOSIT MEETS THE REQUIREMENT OF BEING A MEMBER-OWNER JUST AS LONG AS THEY MEET ONE OF THE OTHER MEMBERSHIP REQUIREMENTS SUCH AS RESIDING IN THE CHARTERED AREA, A FAMILY MEMBER IS ALREADY A MEMBER, ARE A MEMBER OF SERVCO FS COOPERATIVE IN ANTIGO, OR ARE A STUDENT/ALUMNI OF A POST-SECONDARY SCHOOL IN MARATHON COUNTY, OR ANY PERSON THAT MAKES A DONATION TO THE COVANTAGE CARES FOUNDATION, INC. OR HAS A DONATION MADE IN THEIR NAME OR ON THEIR BEHALF, IN ANY AMOUNT OF $10.00 OR MORE. OUR MEMBER-OWNERS BENEFIT FROM BELONGING TO COVANTAGE THROUGH LOWER LOAN RATES, HIGHER SAVINGS RATES, FEWER FEES, IN ADDITION TO THE INTRODUCTION OF NEW PRODUCTS AND OTHER INCENTIVES. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS WOULD NEED TO APPROVE DECISIONS SUCH AS CHANGE OF NAME OR A MERGER DECISION. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS IS PRESENTED WITH A COPY OF FORM 990 AT A MONTHLY BOARD MEETING, WHICH ALLOW THEM TO REVIEW IT PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES, IN ADDITION TO DIRECTORS AND CREDIT COMMITTEE MEMBERS. NO DIRECTOR IS ALLOWED TO BECOME AN EMPLOYEE, OR VICE-VERSA, WHILE EITHER EMPLOYED OR SERVICING ON THE BOARD, OR WITHIN ONE YEAR AFTER THEIR TERMINATION/ENDING OF BOARD TERM. IN REGARD TO LENDING, ALL EMPLOYEE LOANS ARE REVIEWED TO ENSURE NO CONFLICTS OF INTEREST HAVE OCCURRED WITHIN THE TRANSACTION. ANY POTENTIAL CONFLICTS ARE REPORTED TO THE BOARD FOR REVIEW. ANY POTENTIAL CONFLICTS ARE REVIEWED BY THE SVP OF COMMERCIAL LENDING AND THEN REPORTED TO THE BOARD OF DIRECTORS. SHOULD A CONFLICT OF INTEREST ARISE, IT WOULD BE ACTED UPON ON A CASE-BY-CASE MATTER, WITH APPROPRIATE REPERCUSSIONS TAKEN AS FOUND APPROPRIATE BY COVANTAGE CU. THE CONFLICT OF INTEREST POLICY IS ENFORCED CONSISTENTLY FROM YEAR TO YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION FOR OFFICERS INCLUDE AN ANNUAL COMPARABILITY SURVEY BASED OFF OF DATA FROM OTHER CREDIT UNIONS OF SIMILAR ASSET SIZE TO COVANTAGE. THIS DATA IS USED TO CREATE AN INDUSTRY AVERAGE FOR EACH POSITION. THE MIDPOINT OF OUR PAYGRADE IS TARGETED TO BE COMPARABLE TO THAT INDUSTRY AVERAGE. THESE SURVEYS ARE COMPLETED ANNUALLY, BEGINNING IN SEPTEMBER/OCTOBER. THE NEW SALARY AMOUNTS ARE THEN APPROVED BY THE BOARD IN NOVEMBER FOR THE UPCOMING YEAR. SALARIES ARE THEN ADJUSTED ON EACH INDIVIDUAL'S ANNUAL REVIEW DATE. FOR THOSE INDIVIDUALS LISTED, THIS PROCESS WAS LAST COMPLETED IN 2021 FOR THE 2022 CALENDAR YEAR. FORM 990, PART VI, SECTION C, LINE 19 COVANTAGE CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, IN ADDITION TO ITS CONFLICT OF INTEREST POLICY, AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE AVAILABLE BY VIEWING THE NCUA 5300 CALL REPORT OR BY OBTAINING AN ANNUAL STATEMENT BROCHURE AVAILABLE IN THE LOBBIES OF ALL BRANCHES. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 1,423,271. TRANSITION PROPERTIES - CONSOLIDATED STATEMENT -969. INVESTMENT IN CUVANTA, LLC 395. TRANSITION PROPERTIES LLC 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 461713416 OWN AND MANAGE OTHER REAL ESTATE OWNED BY COVANTAGE CREDIT UNION. WI -969 17879 COVANTAGE CREDIT UNION CUVANTA LLC 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 871202501 PROVIDE UNDERWRITING SERVICES FOR INDIRECT DEALER RELATIONSHIP. WI 439 45679 COVANTAGE CREDIT UNION COVANTAGE CARES FOUNDATION INC 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 811056981 PROVIDE FINANCIAL ASSISTANCE TO INDIVIDUALS & ORGANIZATIONS WI 501(C)(3) LINE 7 COVANTAGE CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 COVANTAGE CARES FOUNDATION INC B 200000 CASH