2021-11-12T10:17:10-06:00 2020-12-31 390758449 WIPFLI LLP PO BOX 8010 WAUSAU WI 544028010 990 2020-01-01 390945701 COVANTAGE CREDIT UNION COVA 7156274336 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 SCHWAN HARDI CFO 7156274336 2021-11-10 1 SCHWAN HARDI 999009999 MARY A COATES CPA P00134220 7158453111 2021-11-10 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z CHARLES ZANAYED 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 100584961 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. 9 9 409 0 77610 0 0 0 80733730 96376779 6748418 3812641 176703 127669 87658851 100317089 511033 595968 0 0 23346832 28203911 0 0 0 44862221 46843333 68720086 75643212 18938765 24673877 1905407431 2308873736 1685824274 2063089007 219583157 245784729 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 126,996 MEMBERS, AND FOR THOSE LOOKING TO SAVE, COVANTAGE STRIVES TO PAY DIVIDEND RATES THAT ARE ABOVE MARKET RATES, EVEN IN THESE FLAT ECONOMIC RATE ENVIRONMENT. AS OF DECEMBER 31, 2020, COVANTAGE WAS PAYING AN ANNUAL PERCENTAGE RATE OF 0.30% ON REGULAR SHARE ACCOUNTS WHEN MANY OTHER FINANCIALS CONTINUED TO SIGNIFICANTLY DROP THEIR RATES AS THE ECONOMIC CONDITIONS CONTINUED TO DETERIORATE. 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 POOR ECONOMIC CONDITIONS, BUT COVANTAGE STILL REWARDED MEMBERS WITH AN ADDITIONAL $4,196,817 IN PATRONAGE PAYMENTS IN 2020. 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 0 0 0 0 0 0 0 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 64761 0 409 1 1 1 0 0 0 0 0 0 0 X 9 9 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 SHERRY AULIK CHIEF IMPACT OFFICER 40.00 3.00 X 258504 0 61884 BRETT LEE CHIEF RETAIL OFFICER 40.00 X 255916 0 37292 JOAN FARRELL CHIEF RISK OFFICER 40.00 3.00 X 250576 0 24944 TONNI LARSON COMMERCIAL LOAN OFFICER 40.00 X 214836 0 17677 MICHELE BRETTINGEN MORTGAGE LOAN ORIGINATOR 40.00 X 213467 0 17738 STACY BOUCHE CHIEF MORTGAGE LENDING OFF 40.00 X 176012 0 29805 SEAN VAN HANDEL CHIEF INFORMATION OFFICER 40.00 X 197299 0 40722 CHARLES ZANAYED PRESIDENT 40.00 1.00 X 528716 0 57386 SCHWAN HARDI CHIEF FINANCIAL OFFICER 40.00 X 232884 0 58695 WILLIS QUALHEIM CHAIR 2.00 X X 6000 0 0 SUSAN GITZLAFF VICE CHAIR 2.00 X X 6000 0 0 DENNIS HALTINNER TREASURER 2.00 X X 6000 0 0 MICHAEL WINDBERG SECRETARY 2.00 X X 6000 0 0 MATT KOLLING DIRECTOR 2.00 X 6000 0 0 KAREN NOVAK DIRECTOR 2.00 X 6000 0 0 PAUL PAYANT DIRECTOR 2.00 X 6000 0 0 LEE SILER DIRECTOR 3.00 X 6000 0 0 EUGENE SHAWANO DIRECTOR 2.00 X 6000 0 0 2382210 0 346143 40 0 1 0 INFOPRO 1325 S MAIN ST FON DU LAC WI 54935 INSURANCE MONITORING 4140216 TRACE3 PO BOX 603915 CHARLOTTE NC 28260 IT MANAGED SERVICE PROVIDER 1790686 JACK HENRY & ASSOCIATESINC PO BOX 609 MONET MO 65708 CORE SYSTEM SERVICES 1659753 ELLIS STONE CONSTRUCTION COMPANY INC 3201 STANLEY ST STEVENS POINT WI 54481 BUILDING CONSTRUCTION CONTRACTOR 1341155 NUSOURCE FINANCIAL INC 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 TECHNOLOGY SERVICES 744633 44 INTEREST ON LOANS 522100 66666294 66666294 SERVICE FEES 522100 17535354 17530035 5319 CREDIT AND DEBIT CARD INTERCHANGE 522200 9993925 9921634 72291 CUNA INSURANCE INCOME 522100 1541631 1541631 639575 639575 96376779 3857292 3857292 127669 0 127669 127669 127669 223221 267872 -44651 -44651 -44651 100317089 96299169 77610 3940310 595968 1375517 18714324 1524098 4882845 1707127 311583 97707 3945893 952560 1825725 1121393 2542451 191357 114532 375443 3252884 360254 DIVIDENDS PAID ON MEMBE 19246080 LOAN SERVICING EXPENSE 6090801 PROVISION FOR LOAN LOSS 5906000 DUES AND SUBSCRIPTIONS 156128 352542 75643212 9001334 16386901 143113833 358573574 4555001 4562195 1522885662 1640187604 1770004 2212885 63613387 18621893 42502517 44991494 135846243 194811924 24933583 25747831 20799254 21399328 1905407431 2308873736 20650639 17890150 10000000 14000000 1655173635 2031198857 1685824274 2063089007 X 0 0 0 0 219583157 245784729 219583157 245784729 1905407431 2308873736 X 24673877 -1092061 2619756 X 0 1 X 1 0 0 0 7059707 7059707 37131521 10839795 26291726 16777859 7782098 8995761 2644300 2644300 44991494 SHARE DRAFTS 333179672 REGULAR SHARES 604487175 MONEY MARKET SHARES 518424690 SHARE CERTIFICATES 418097844 IRA/KEOGH ACCOUNTS 136391071 OTHER SHARES 17652142 NONMEMBER DEPOSITS 2966263 2031198857 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 COVANTAGE CARES FOUNDATION INC 723 6TH AVENUE ANTIGO WI 54409 811056981 501(C)(3) 240000 GENERAL SUPPORT COMMUNITY FOUNDATION OF NORTH CENTRAL WI INC 500 FIRST STREET STE 2600 WAUSAU WI 54403 391577472 501(C)(3) 25100 GENERAL SUPPORT CHILDREN'S IMAGINARIUM INC 227011 PHEASANT AVENUR WAUSAU WI 54401 465279520 501(C)(3) 25000 GENERAL SUPPORT LANGLADE CO HISTORICAL SOCIETY 404 SUPERIOR STREET ANTIGO WI 54409 391208809 501(C)(3) 25000 GENERAL SUPPORT PEACE LUTHERAN MINISTRIES 300 LINCOLN STREET ANTIGO WI 54409 390859842 501(C)(3) 20000 GENERAL SUPPORT MAKE A WISH OF WISCONSIN 11020 WEST PLANK COURT SUITE 200 WAUWATOSA WI 53226 391543541 501(C)(3) 15000 GENERAL SUPPORT ST VINCENT DE PAUL TOTAL 2119 PRESQUE ISLE AVENUE 101 MARQUETTE MI 49855 381914302 501(C)(3) 15000 GENERAL SUPPORT UNIFIED SCHOOL DISTRICT OF ANTIGO 120 S DORR STREET ANTIGO WI 54409 396031462 GOVERNMENT 10000 GENERAL SUPPORT WAUSAUCENTRAL WI SPORT AUTHORITY INC 219 JEFFERSON STREET WAUSAU WI 54403 811937746 501(C)(3) 10000 GENERAL SUPPORT ANTIGO AREA COMMUNITY FOOD PANTRY INC PO BOX 194 ANTIGO WI 54409 454834406 501(C)(3) 10000 GENERAL SUPPORT BOYS & GIRLS CLUB OF THE WAUSAU AREA INC PO BOX 2386 WAUSAU WI 54402 391850386 501(C)(3) 7000 GENERAL SUPPORT WAUSAU REGION CHAMBER 200 WASHINGTON STREET STE 120 WAUSAU WI 54403 390690620 501(C)(3) 5125 GENERAL SUPPORT BOYS & GIRLS CLUB OF LANGLADE CO 411 SUPERIOR STREET ANTIGO WI 54409 391980025 501(C)(3) 5000 GENERAL SUPPORT CHRISTINE ANN DOMESTIC ABUSE SERVICES INC 206 ALGOMA BOULEVARD OSHKOSH WI 54091 391441770 501(C)(3) 5000 GENERAL SUPPORT NEWCAP INC-GRANT APPLICATION 1201 MAIN STREET OCONTO WI 54153 391050492 501(C)(3) 5000 GENERAL SUPPORT RHINELANDER AREA FOOD PANTRY 627 COON STREET RHINELANDER WI 54501 331141966 501(C)(3) 5000 GENERAL SUPPORT SAFPARC 218 E RICHMOND STREET SHAWANO WI 54166 475004571 501(C)(3) 5000 GENERAL SUPPORT SALVATION ARMY FOX CITIES 130 E NORTH STREET APPLETON WI 54911 362167910 501(C)(3) 5000 GENERAL SUPPORT SAM 25 INC PO BOX 147 SHAWANO WI 54166 465493989 501(C)(3) 5000 GENERAL SUPPORT ST JOSEPH FOOD PROGRAM INC 1465A OPPORTUNITY WAY MENASHA WI 54952 391822486 501(C)(3) 5000 GENERAL SUPPORT UNITED WAY OF PORTAGE CO 1100 CENTERPOINT DRIVE 302 STEVENS POINT WI 54481 390831152 501(C)(3) 5000 GENERAL SUPPORT UNTIED WAY OF LANGLADE COUNTY PO BOX 594 ANTIGO WI 54409 391374401 501(C)(3) 5000 GENERAL SUPPORT 22 0 PART I, LINE 2: THE ORGANIZATION MONITORS THE USE OF THEIR GRANT FUNDS CLOSELY. X X X 0 0 0 SHERRY AULIK CHIEF IMPACT OFFICER 236511 0 21993 0 0 0 40388 0 21496 0 320388 0 0 0 BRETT LEE CHIEF RETAIL OFFICER 234688 0 21228 0 0 0 20613 0 16679 0 293208 0 0 0 JOAN FARRELL CHIEF RISK OFFICER 233213 0 17363 0 0 0 9859 0 15085 0 275520 0 0 0 TONNI LARSON COMMERCIAL LOAN OFFICER 208074 0 6762 0 0 0 8400 0 9277 0 232513 0 0 0 MICHELE BRETTINGEN MORTGAGE LOAN ORIGINATOR 213467 0 0 0 0 0 16999 0 739 0 231205 0 0 0 STACY BOUCHE CHIEF MORTGAGE LENDING OFF 164981 0 11031 0 0 0 13330 0 16475 0 205817 0 0 0 SEAN VAN HANDEL CHIEF INFORMATION OFFICER 185168 0 12131 0 0 0 19277 0 21445 0 238021 0 0 0 CHARLES ZANAYED PRESIDENT 484628 0 44088 0 0 0 35890 0 21496 0 586102 0 0 0 SCHWAN HARDI CHIEF FINANCIAL OFFICER 218859 0 14025 0 0 0 37199 0 21496 0 291579 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 COVANTAGE CREDIT UNION IS OWNED AND OPERATED BY ITS 126,996 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. 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 REGARDS 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 2019 FOR THE 2020 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 2,647,390. TRANSITION PROPERTIES - CONSOLIDATED STATEMENT -964. COVANTAGE CARES - CONSOLIDATED STATEMENT -26,670. 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 0 19866 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 240000 FAIR MARKET VALUE (CASH)