COVANTAGE CREDIT UNION: Form 990, tax year 2012

View the entire original 990 at ProPublica ↗

Organization
COVANTAGE CREDIT UNION (EIN 39-0945701)
Tax period
2012-01-01 to 2012-12-31
Filed
2013-11-07
IRS object ID
201343119349301179
Schema version
2012v2.1
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Timestamp2013-11-07T11:39:39-06:00Timestamp
Tax Period End Date2012-12-31TaxPeriodEndDate

Preparer Firm PreparerFirm

FieldValueIRS element (for citing)
EIN390758449EIN

Preparer Firm Business Name PreparerFirmBusinessName

FieldValueIRS element (for citing)
Business Name Line1WIPFLI LLPBusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

FieldValueIRS element (for citing)
Address Line1PO BOX 8010AddressLine1
CityWAUSAUCity
StateWIState
ZIP Code544028010ZIPCode
FieldValueIRS element (for citing)
Return Type990ReturnType
Tax Period Begin Date2012-01-01TaxPeriodBeginDate

Filer Filer

FieldValueIRS element (for citing)
EIN390945701EIN

Name Name

FieldValueIRS element (for citing)
Business Name Line1COVANTAGE CREDIT UNIONBusinessNameLine1
FieldValueIRS element (for citing)
Name ControlCOVANameControl
Phone7156274336Phone

US Address USAddress

FieldValueIRS element (for citing)
Address Line1723 6TH AVENUE PO BOX 107AddressLine1
CityANTIGOCity
StateWIState
ZIP Code544090107ZIPCode

Officer Officer

FieldValueIRS element (for citing)
NameDOUG ANDERSONName
TitleCFOTitle
Phone7156274336Phone
Date Signed2013-11-04DateSigned
Authorize Third Party1AuthorizeThirdParty

Preparer Preparer

FieldValueIRS element (for citing)
NameMARY A COATES CPAName
PTINP00134220PTIN
Phone7158453111Phone
Date Prepared2013-11-04DatePrepared
FieldValueIRS element (for citing)
Tax Year2012TaxYear
Build TS2016-02-24 21:20:13ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Name Of Principal Officer PersonDOUG ANDERSONNameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

FieldValueIRS element (for citing)
Address Line1723 SIXTH AVEAddressLine1
CityANTIGOCity
StateWIState
ZIP Code54409ZIPCode
FieldValueIRS element (for citing)
Gross Receipts46752869GrossReceipts
Group Return For Affiliates0GroupReturnForAffiliates
Group Exemption Number2157GroupExemptionNumber
Organization501cXOrganization501c
Web SiteWWW.COVANTAGECU.ORGWebSite
Type Of Organization CorporationXTypeOfOrganizationCorporation
Year Formation1953YearFormation
State Legal DomicileWIStateLegalDomicile
Activity Or Mission DescriptionA 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.ActivityOrMissionDescription
Nbr Voting Members Governing Body8NbrVotingMembersGoverningBody
Nbr Independent Voting Members8NbrIndependentVotingMembers
Total Nbr Employees303TotalNbrEmployees
Total Nbr Volunteers8TotalNbrVolunteers
Total Gross UBI30542TotalGrossUBI
Net Unrelated Business Txbl Income-1458NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year0ContributionsGrantsPriorYear
Contributions Grants Current Year0ContributionsGrantsCurrentYear
Program Service Revenue Prior Year41392972ProgramServiceRevenuePriorYear
Program Service Revenue CY43851828ProgramServiceRevenueCY
Investment Income Prior Year1729866InvestmentIncomePriorYear
Investment Income Current Year1332578InvestmentIncomeCurrentYear
Other Revenue Prior Year120404OtherRevenuePriorYear
Other Revenue Current Year121992OtherRevenueCurrentYear
Total Revenue Prior Year43243242TotalRevenuePriorYear
Total Revenue Current Year45306398TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year0GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY0GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year0BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY0BenefitsPaidToMembersCY
Salaries Etc Prior Year11511074SalariesEtcPriorYear
Salaries Etc Current Year12744927SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year0TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY0TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year0TotalFundrsngExpCurrentYear
Other Expense Prior Year24191506OtherExpensePriorYear
Other Expenses Current Year23061686OtherExpensesCurrentYear
Total Expenses Prior Year35702580TotalExpensesPriorYear
Total Expenses Current Year35806613TotalExpensesCurrentYear
Revenues Less Expenses Prior Year7540662RevenuesLessExpensesPriorYear
Revenues Less Expenses CY9499785RevenuesLessExpensesCY
Total Assets BOY944231290TotalAssetsBOY
Total Assets EOY1045768554TotalAssetsEOY
Total Liabilities BOY850853784TotalLiabilitiesBOY
Total Liabilities EOY939993017TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY93377506NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY105775537NetAssetsOrFundBalancesEOY
Info In Schedule O Part IIIXInfoInScheduleOPartIII
Mission DescriptionA 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.MissionDescription
Significant New Program Services1SignificantNewProgramServices
Significant Change1SignificantChange
DescriptionCOVANTAGE HAS 74,992 MEMBERS, AND FOR THOSE LOOKING TO SAVE, COVANTAGE STRIVES TO PAY DIVIDEND RATES THAT ARE ABOVE MARKET RATES, EVEN IN THESE TOUGH ECONOMIC TIMES. AS OF DECEMBER 31, 2012, COVANTAGE WAS STILL PAYING AN ANNUAL PERCENTAGE RATE OF 0.50% 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 WAS STILL MAINTAINED, WHICH CONTINUED TO HELP MANY IN TIMES OF HARDSHIP. MEMBERS WERE NOT ONLY ABLE TO RECEIVE THE BENEFIT OF HIGHER THAN AVERAGE RATES DURING THESE TOUGH ECONOMIC TIMES, BUT COVANTAGE STILL REWARDED MEMBERS WITH AN ADDITIONAL PATRONAGE PAYMENT AGAIN IN 2012.Description

Activity2 Activity2

FieldValueIRS element (for citing)
DescriptionCOVANTAGE 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 CREDIT CARDS WITH A FIXED LOW RATE OF 7.95%. OTHER LOW-COST OPTIONS INCLUDE OUR OWN PAYDAY ADVANCE LOANS IN ADDITION TO SHARE-SECURED CREDIT CARDS FOR THOSE MEMBERS THAT MAY NEED TO REBUILD CREDIT.Description

Activity3 Activity3

FieldValueIRS element (for citing)
DescriptionCOVANTAGE 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.Description
FieldValueIRS element (for citing)
Described In501 C30DescribedIn501C3
Schedule B Required0ScheduleBRequired
Political Activities0PoliticalActivities
Subject To Proxy Tax0SubjectToProxyTax
Donor Advised Funds0DonorAdvisedFunds
Conservation Easements0ConservationEasements
Collections Of Art0CollectionsOfArt
Credit Counseling0CreditCounseling
Term Or Permanent Endowments0TermOrPermanentEndowments
Report Land Bldg Equip1ReportLandBldgEquip
Report Invest Oth Securities0ReportInvestOthSecurities
Report Prog Rel Invest0ReportProgRelInvest
Report Other Assets0ReportOtherAssets
Report Other Liabilities1ReportOtherLiabilities
Report Fin48 Footnote0ReportFin48Footnote
Independent Audit Financial Stmt1IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt0ConsolidatedAuditFinancialStmt
School0School
Foreign Office0ForeignOffice
Foreign Activities0ForeignActivities
More Than5000 K To Organizations0MoreThan5000KToOrganizations
More Than5000 K To Individuals0MoreThan5000KToIndividuals
Professional Fundraising0ProfessionalFundraising
Fundraising Activities0FundraisingActivities
Gaming0Gaming
Hospital0Hospital
Grants To Organizations0GrantsToOrganizations
Grants To Individuals0GrantsToIndividuals
Schedule J Required1ScheduleJRequired
Tax Exempt Bonds0TaxExemptBonds
Loan To Officer Or DQP0LoanToOfficerOrDQP
Grant To Related Person0GrantToRelatedPerson
Bsnss Rltnshp With Organization0BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member0BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp0OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions0DeductibleNonCashContributions
Deductible Contributions Of Art0DeductibleContributionsOfArt
Terminated0Terminated
Partial Liquidation0PartialLiquidation
Disregarded Entity0DisregardedEntity
Related Entity0RelatedEntity
Related Org Controlled Entity0RelatedOrgControlledEntity
Activities Conducted Partnership0ActivitiesConductedPartnership
Schedule O Required1ScheduleORequired
Number Forms Transmitted With109642142NumberFormsTransmittedWith1096
Number W2 G Included0NumberW2GIncluded
Compliance With Backup Witholding1ComplianceWithBackupWitholding
Number Of Employees303NumberOfEmployees
Employment Tax Returns Filed1EmploymentTaxReturnsFiled
Unrelated Business Income1UnrelatedBusinessIncome
Form990-T Filed1Form990-TFiled
Foreign Financial Account0ForeignFinancialAccount
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTrans
Taxable Party Notification0TaxablePartyNotification
Non Deductible Contributions0NonDeductibleContributions
Quid Pro Quo Contributions0QuidProQuoContributions
Form8282 Property Disposed Of0Form8282PropertyDisposedOf
Funds To Pay Premiums0FundsToPayPremiums
Premiums Paid0PremiumsPaid
Indoor Tanning Services0IndoorTanningServices
Info In Schedule O Part VIXInfoInScheduleOPartVI
Nbr Voting Governing Body Members8NbrVotingGoverningBodyMembers
Number Independent Voting Members8NumberIndependentVotingMembers
Family Or Business Relationship0FamilyOrBusinessRelationship
Delegation Of Management Duties0DelegationOfManagementDuties
Changes To Organizing Docs0ChangesToOrganizingDocs
Material Diversion Or Misuse0MaterialDiversionOrMisuse
Members Or Stockholders1MembersOrStockholders
Election Of Board Members1ElectionOfBoardMembers
Decisions Subject To Approval1DecisionsSubjectToApproval
Minutes Of Governing Body1MinutesOfGoverningBody
Minutes Of Committees1MinutesOfCommittees
Officer Mailing Address0OfficerMailingAddress
Local Chapters0LocalChapters
Form990 Provided To Governing Body1Form990ProvidedToGoverningBody
Conflict Of Interest Policy1ConflictOfInterestPolicy
Annual Disclosure Covered Persons0AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement0RegularMonitoringEnforcement
Whistleblower Policy1WhistleblowerPolicy
Document Retention Policy1DocumentRetentionPolicy
Compensation Process CEO1CompensationProcessCEO
Compensation Process Other1CompensationProcessOther
Investment In Joint Venture0InvestmentInJointVenture
Upon RequestXUponRequest

The Books Are In Care Of TheBooksAreInCareOf

Name Business NameBusiness

FieldValueIRS element (for citing)
Business Name Line1BRIAN PRUNTY PRESIDENTCEOBusinessNameLine1
FieldValueIRS element (for citing)
Telephone Number7156274336TelephoneNumber

Address US AddressUS

FieldValueIRS element (for citing)
Address Line1723 SIXTH AVEAddressLine1
CityANTIGOCity
StateWIState
ZIP Code54409ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (15 entries)

TitleTitleAverage Hours Per WeekAverageHoursPerWeekIndividual Trustee Or DirectorIndividualTrusteeOrDirectorReportable Comp From OrganizationReportableCompFromOrganizationReportable Comp From Related OrgsReportableCompFromRelatedOrgsOther CompensationOtherCompensationOfficerOfficer
ROBERT MACINTOSH
DIRECTOR2.00X270000
CHARLES DALLAS
CHAIRPERSON3.00X270000X
PAUL PAYANT
VICE-CHAIRPERSON2.00X270000X
JANELLE MARKGRAF
CREDIT COMMITTEE2.00X270000
DWIGHT NELSON
SECRETARY2.00X270000X
KAREN NOVAK
TREASURER2.00X270000X
DAVID VISSER
DIRECTOR2.00X270000
JENNY GRETZINGER
DIRECTOR2.00X270000
BRIAN PRUNTY
PRESIDENT/CEO40.00351483035114X
PAUL GRINDE
EXECUTIVE VP40.00152871011068X
ROBERT VAN ABEL
CHIEF INFORMATION OFFICER40.00142668026904X
DOUGLAS ANDERSON
CHIEF FINANCIAL OFFICER40.00154441026567X
STACY BOUCHE
CHIEF MORTGAGE LENDING OFFICER40.0096061014989X
STEVE WILDER
CHIEF COMMERCIAL OFFICER40.00146514016877X
SHERRY AULIK
SENIOR VP MARKETING/HR40.00133051025624X
FieldValueIRS element (for citing)
Total Reportable Comp From Org1198689TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs0TotalReportableCompFrmRltdOrgs
Total Other Compensation157143TotalOtherCompensation
Number Individuals GT100 K6NumberIndividualsGT100K
Formers Listed0FormersListed
Total Comp GT150 K1TotalCompGT150K
Compensation From Other Sources0CompensationFromOtherSources
Number Of Contractors GT100 K0NumberOfContractorsGT100K

Program Service Revenue ProgramServiceRevenue (5 entries)

DescriptionDescriptionBusiness CodeBusinessCodeTotal Revenue ColumnTotalRevenueColumnRelated Or Exempt Function IncomeRelatedOrExemptFunctionIncomeUnrelated Business RevenueUnrelatedBusinessRevenue
INTEREST ON LOANS5221003576521735765217
SERVICE FEES52210032769043276016888
CREDIT AND DEBIT CARD INTERCHANGE5222003091601306194729654
OTHER INCOME52429811208421120842
CUNA INSURANCE INCOME522100597264597264
FieldValueIRS element (for citing)
Total Program Service Revenue43851828TotalProgramServiceRevenue

Investment Income InvestmentIncome

FieldValueIRS element (for citing)
Total Revenue Column1541270TotalRevenueColumn
Exclusion$1,541,270ExclusionAmount

Royalties Revenue RoyaltiesRevenue

FieldValueIRS element (for citing)
Total Revenue Column82010TotalRevenueColumn
Related Or Exempt Function Income82010RelatedOrExemptFunctionIncome

Gross Rents GrossRents

FieldValueIRS element (for citing)
Real39982Real

Less Rental Expenses LessRentalExpenses

FieldValueIRS element (for citing)
Real0Real

Rental Income Or Loss RentalIncomeOrLoss

FieldValueIRS element (for citing)
Real39982Real

Net Rental Income Or Loss NetRentalIncomeOrLoss

FieldValueIRS element (for citing)
Total Revenue Column39982TotalRevenueColumn
Related Or Exempt Function Income39982RelatedOrExemptFunctionIncome

Gross Amount Sales Assets GrossAmountSalesAssets

FieldValueIRS element (for citing)
Other1237779Other

Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses

FieldValueIRS element (for citing)
Other1446471Other

Gain Or Loss GainOrLoss

FieldValueIRS element (for citing)
Other-208692Other

Net Gain Or Loss Investments NetGainOrLossInvestments

FieldValueIRS element (for citing)
Total Revenue Column-208692TotalRevenueColumn
Related Or Exempt Function Income-208692RelatedOrExemptFunctionIncome

Total Revenue TotalRevenue

FieldValueIRS element (for citing)
Total Revenue Column45306398TotalRevenueColumn
Related Or Exempt Function Income43734586RelatedOrExemptFunctionIncome
Unrelated Business Revenue30542UnrelatedBusinessRevenue
Exclusion$1,541,270ExclusionAmount

Comp Current Officers Directors CompCurrentOfficersDirectors

FieldValueIRS element (for citing)
Total1355832Total

Other Salaries And Wages OtherSalariesAndWages

FieldValueIRS element (for citing)
Total8281773Total

Pension Plan Contributions PensionPlanContributions

FieldValueIRS element (for citing)
Total535740Total

Other Employee Benefits OtherEmployeeBenefits

FieldValueIRS element (for citing)
Total1814527Total

Payroll Taxes PayrollTaxes

FieldValueIRS element (for citing)
Total757055Total

Fees For Services Legal FeesForServicesLegal

FieldValueIRS element (for citing)
Total74894Total

Fees For Services Accounting FeesForServicesAccounting

FieldValueIRS element (for citing)
Total140698Total

Fees For Services Other FeesForServicesOther

FieldValueIRS element (for citing)
Total3360Total

Advertising Advertising

FieldValueIRS element (for citing)
Total1067914Total

Office Expenses OfficeExpenses

FieldValueIRS element (for citing)
Total1396573Total

Information Technology InformationTechnology

FieldValueIRS element (for citing)
Total613816Total

Occupancy Occupancy

FieldValueIRS element (for citing)
Total1368483Total

Travel Travel

FieldValueIRS element (for citing)
Total168194Total

Conferences Meetings ConferencesMeetings

FieldValueIRS element (for citing)
Total113503Total

Interest Interest

FieldValueIRS element (for citing)
Total619Total

Depreciation Depletion DepreciationDepletion

FieldValueIRS element (for citing)
Total1412973Total

Insurance Insurance

FieldValueIRS element (for citing)
Total409604Total

Other Expenses OtherExpenses (4 entries)

DescriptionDescriptionTotalTotal
DIVIDENDS PAID ON MEMBE9141687
PROVISION FOR LOAN LOSS2976000
LOAN SERVICING EXPENSE2292877
NCUA SHARE INSURANCE763445

All Other Expenses AllOtherExpenses

FieldValueIRS element (for citing)
Total1117046Total

Total Functional Expenses TotalFunctionalExpenses

FieldValueIRS element (for citing)
Total35806613Total

Cash Non Interest Bearing CashNonInterestBearing

FieldValueIRS element (for citing)
BOY6090201BOY
EOY6860639EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

FieldValueIRS element (for citing)
BOY55076739BOY
EOY62955881EOY

Accounts Receivable AccountsReceivable

FieldValueIRS element (for citing)
EOY77534EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

FieldValueIRS element (for citing)
BOY694014278BOY
EOY744824170EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

FieldValueIRS element (for citing)
BOY599573BOY
EOY600376EOY
FieldValueIRS element (for citing)
Land Buildings Equipment Basis27292938LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec8793706LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

FieldValueIRS element (for citing)
BOY18456258BOY
EOY18499232EOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

FieldValueIRS element (for citing)
BOY77118232BOY
EOY141493138EOY

Investments Other Securities InvestmentsOtherSecurities

FieldValueIRS element (for citing)
BOY73178000BOY
EOY49471000EOY

Other Assets Total OtherAssetsTotal

FieldValueIRS element (for citing)
BOY19698009BOY
EOY20986584EOY

Total Assets TotalAssets

FieldValueIRS element (for citing)
BOY944231290BOY
EOY1045768554EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

FieldValueIRS element (for citing)
BOY2216484BOY
EOY2663679EOY

Other Liabilities OtherLiabilities

FieldValueIRS element (for citing)
BOY848637300BOY
EOY937329338EOY

Total Liabilities TotalLiabilities

FieldValueIRS element (for citing)
BOY850853784BOY
EOY939993017EOY
FieldValueIRS element (for citing)
Do Not Follow SFAS117XDoNotFollowSFAS117

Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc

FieldValueIRS element (for citing)
BOY93377506BOY
EOY105775537EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY93377506BOY
EOY105775537EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY944231290BOY
EOY1045768554EOY
FieldValueIRS element (for citing)
Info In Schedule O Part XIXInfoInScheduleOPartXI
Reconcilation Revenue Expenses9499785ReconcilationRevenueExpenses
Reconciliation Unrealized Invest-203465ReconciliationUnrealizedInvest
Reconcilation Other Changes3101711ReconcilationOtherChanges
Info In Schedule O Part XIIXInfoInScheduleOPartXII
Method Of Accounting AccrualXMethodOfAccountingAccrual
Accountant Compile Or Review0AccountantCompileOrReview
FS Audited1FSAudited

FS Audited Basis FSAuditedBasis

FieldValueIRS element (for citing)
Financial Statement SeparateXFinancialStatementSeparate
FieldValueIRS element (for citing)
Audit Committee1AuditCommittee
Federal Grant Audit Required0FederalGrantAuditRequired

Schedule D IRS990ScheduleD

Land Land

FieldValueIRS element (for citing)
Other Cost Or Other Basis3312523OtherCostOrOtherBasis
Book Value3312523BookValue

Buildings Buildings

FieldValueIRS element (for citing)
Other Cost Or Other Basis15773578OtherCostOrOtherBasis
Depreciation3509552Depreciation
Book Value12264026BookValue

Equipment Equipment

FieldValueIRS element (for citing)
Other Cost Or Other Basis7275217OtherCostOrOtherBasis
Depreciation4779567Depreciation
Book Value2495650BookValue

Other Land Buildings OtherLandBuildings

FieldValueIRS element (for citing)
Other Cost Or Other Basis931620OtherCostOrOtherBasis
Depreciation504587Depreciation
Book Value427033BookValue
FieldValueIRS element (for citing)
Total Of Book Value Land Buildings18499232TotalOfBookValueLandBuildings

Other Liabilities OtherLiabilities (7 entries)

DescriptionDescriptionAmountAmount
SHARE DRAFTS$108,323,570
REGULAR SHARES$231,577,793
MONEY MARKET SHARES$268,531,101
SHARE CERTIFICATES$213,526,424
IRA/KEOUGH ACCOUNTS$107,337,659
OTHER SHARES$7,095,071
NONMEMBER DEPOSITS$937,720
FieldValueIRS element (for citing)
Total Of Amounts937329338TotalOfAmounts
Tot Revenue Etc Audited Fincl Stmt45306399TotRevenueEtcAuditedFinclStmt
Revenue Not Rptd F9900RevenueNotRptdF990
Revenue Subtotal45306399RevenueSubtotal
Revenue Not Rptd On Fin Stmt0RevenueNotRptdOnFinStmt
Total Revenue Per Form99045306399TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt35806614TotExpensesEtcAuditedFinclStmt
Expenses Not Rptd F9900ExpensesNotRptdF990
Expenses Subtotal35806614ExpensesSubtotal
Expenses Not Rptd On Fin Stmt0ExpensesNotRptdOnFinStmt
Total Expenses Per Form99035806614TotalExpensesPerForm990

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Substantiation Required1SubstantiationRequired
Compensation CommitteeXCompensationCommittee
Written Employment ContractXWrittenEmploymentContract
Compensation SurveyXCompensationSurvey
Board Or Committee ApprovalXBoardOrCommitteeApproval
Severance Payment0SeverancePayment
Supplemental Nonqual Retire Plan0SupplementalNonqualRetirePlan
Equity Based Comp Arrangement0EquityBasedCompArrangement

Form990 Schedule J Part II Form990ScheduleJPartII (6 entries)

TitleTitleBase Compensation Filing OrgBaseCompensationFilingOrgComp Based On Related OrgsCompBasedOnRelatedOrgsBonus Filing OrgBonusFilingOrgBonus Related OrgsBonusRelatedOrgsOther Compensation Filing OrgOtherCompensationFilingOrgOther Compensation Related OrgsOtherCompensationRelatedOrgsDeferred Comp Filing OrgDeferredCompFilingOrgDeferred Comp Related OrgsDeferredCompRelatedOrgsNontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgNontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgsTotal Compensation Filing OrgTotalCompensationFilingOrgTotal Compensation Related OrgsTotalCompensationRelatedOrgsComp Report Prior990 Filing OrgCompReportPrior990FilingOrgComp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs
BRIAN PRUNTY
PRESIDENT/CEO330866020617000202890148250386597000
PAUL GRINDE
EXECUTIVE VP146020068510007787032810163939000
ROBERT VAN ABEL
CHIEF INFORMATION OFFICER13381708851000120790148250169572000
DOUGLAS ANDERSON
CHIEF FINANCIAL OFFICER14502009421000128060137610181008000
STEVE WILDER
CHIEF COMMERCIAL OFFICER137813087010009375075020163391000
SHERRY AULIK
SENIOR VP MARKETING/HR12503308018000109440146800158675000

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (11 entries)

IdentifierIdentifierReturn ReferenceReturnReferenceExplanationExplanation
NEW PROGRAM SERVICESFORM 990, PART III, LINE 2DURING THE COURSE OF 2012, COVANTAGE CREDIT UNION INTRODUCED VARIOUS SERVICES FOR OUR MEMBERS INCLUDING MOBILE BANKING, REMOTE DEPOSIT CAPTURE, AND ELECTRONIC SIGNATURES FOR LOANS.
CHANGES IN PROGRAM SERVICESFORM 990, PART III, LINE 3DURING THE COURSE OF 2012, COVANTAGE DISCONTINUED OFFERING REVERSE MORTGAGES AND OPEN-END LENDING.
FORM 990, PART VI, SECTION A, LINE 6COVANTAGE CREDIT UNION IS OWNED AND OPERATED BY ITS 74,992 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 SERVO 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 7ATHE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER.
FORM 990, PART VI, SECTION A, LINE 7BTHE MEMBERS WOULD NEED TO APPROVE DECISIONS SUCH AS CHANGE OF NAME OR A MERGER DECISION.
FORM 990, PART VI, SECTION B, LINE 11THE BOARD OF DIRECTORS WAS PRESENTED WITH A COPY OF FORM 990 AT A MONTHLY BOARD MEETING, WHICH ALLOWED THEM TO REVIEW IT AT THIS TIME ALSO.
FORM 990, PART VI, SECTION B, LINE 12THE CREDIT UNION OPERATES IN A SMALL ENOUGH ENVIRONMENT THAT THEY WOULD BE AWARE OF ANY CONFLICTS THAT WOULD ARISE.
FORM 990, PART VI, SECTION B, LINE 15THE PROCESS OF DETERMINING COMPENSATION FOR OFFICERS INCLUDING PAUL GRINDE, DOUG ANDERSON, STEVE WILDER, ROBERT VAN ABEL, SHERRY AULIK AND BRIAN PRUNTY (ALSO CEO), 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 2011 FOR THE 2012 CALENDAR YEAR.
FORM 990, PART VI, SECTION C, LINE 19COVANTAGE 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 COVANTAGE CREDIT UNION BRANCHES.
CHANGES IN NET ASSETS OR FUND BALANCES:FORM 990, PART XI, LINE 9:OTHER COMPREHENSIVE INCOME 4,494. EQUITY ACQUIRED IN MERGER 3,097,217.
FORM 990, PART XII, LINE 2CNO CHANGE IN THE PROCESS FROM THE PRIOR YEAR.

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