2013-11-07T11:39:39-06:00 2012-12-31 390758449 WIPFLI LLP PO BOX 8010 WAUSAU WI 544028010 990 2012-01-01 390945701 COVANTAGE CREDIT UNION COVA 7156274336 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 DOUG ANDERSON 7156274336 2013-11-04 1 MARY A COATES CPA P00134220 7158453111 2013-11-04 2012 2016-02-24 21:20:13Z DOUG ANDERSON 723 SIXTH AVE ANTIGO WI 54409 46752869 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. 8 8 303 8 30542 -1458 0 0 41392972 43851828 1729866 1332578 120404 121992 43243242 45306398 0 0 0 0 11511074 12744927 0 0 0 24191506 23061686 35702580 35806613 7540662 9499785 944231290 1045768554 850853784 939993017 93377506 105775537 X 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. 1 1 COVANTAGE 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. 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 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. 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 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 42142 0 1 303 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 1 1 0 0 1 1 1 1 0 X BRIAN PRUNTY PRESIDENTCEO 7156274336 723 SIXTH AVE ANTIGO WI 54409 ROBERT MACINTOSH 2.00 X 2700 0 0 CHARLES DALLAS 3.00 X X 2700 0 0 PAUL PAYANT 2.00 X X 2700 0 0 JANELLE MARKGRAF 2.00 X 2700 0 0 DWIGHT NELSON 2.00 X X 2700 0 0 KAREN NOVAK 2.00 X X 2700 0 0 DAVID VISSER 2.00 X 2700 0 0 JENNY GRETZINGER 2.00 X 2700 0 0 BRIAN PRUNTY 40.00 X 351483 0 35114 PAUL GRINDE 40.00 X 152871 0 11068 ROBERT VAN ABEL 40.00 X 142668 0 26904 DOUGLAS ANDERSON 40.00 X 154441 0 26567 STACY BOUCHE 40.00 X 96061 0 14989 STEVE WILDER 40.00 X 146514 0 16877 SHERRY AULIK 40.00 X 133051 0 25624 1198689 0 157143 6 0 1 0 0 INTEREST ON LOANS 522100 35765217 35765217 SERVICE FEES 522100 3276904 3276016 888 CREDIT AND DEBIT CARD INTERCHANGE 522200 3091601 3061947 29654 OTHER INCOME 524298 1120842 1120842 CUNA INSURANCE INCOME 522100 597264 597264 43851828 1541270 1541270 82010 82010 39982 0 39982 39982 39982 1237779 1446471 -208692 -208692 -208692 45306398 43734586 30542 1541270 1355832 8281773 535740 1814527 757055 74894 140698 3360 1067914 1396573 613816 1368483 168194 113503 619 1412973 409604 DIVIDENDS PAID ON MEMBE 9141687 PROVISION FOR LOAN LOSS 2976000 LOAN SERVICING EXPENSE 2292877 NCUA SHARE INSURANCE 763445 1117046 35806613 6090201 6860639 55076739 62955881 77534 694014278 744824170 599573 600376 27292938 8793706 18456258 18499232 77118232 141493138 73178000 49471000 19698009 20986584 944231290 1045768554 2216484 2663679 848637300 937329338 850853784 939993017 X 0 0 0 0 93377506 105775537 93377506 105775537 944231290 1045768554 X 9499785 -203465 3101711 X X 0 1 X 1 0 3312523 3312523 15773578 3509552 12264026 7275217 4779567 2495650 931620 504587 427033 18499232 SHARE DRAFTS 108323570 REGULAR SHARES 231577793 MONEY MARKET SHARES 268531101 SHARE CERTIFICATES 213526424 IRA/KEOUGH ACCOUNTS 107337659 OTHER SHARES 7095071 NONMEMBER DEPOSITS 937720 937329338 45306399 0 45306399 0 45306399 35806614 0 35806614 0 35806614 1 X X X X 0 0 0 BRIAN PRUNTY 330866 0 20617 0 0 0 20289 0 14825 0 386597 0 0 0 PAUL GRINDE 146020 0 6851 0 0 0 7787 0 3281 0 163939 0 0 0 ROBERT VAN ABEL 133817 0 8851 0 0 0 12079 0 14825 0 169572 0 0 0 DOUGLAS ANDERSON 145020 0 9421 0 0 0 12806 0 13761 0 181008 0 0 0 STEVE WILDER 137813 0 8701 0 0 0 9375 0 7502 0 163391 0 0 0 SHERRY AULIK 125033 0 8018 0 0 0 10944 0 14680 0 158675 0 0 0 NEW PROGRAM SERVICES FORM 990, PART III, LINE 2 DURING 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 SERVICES FORM 990, PART III, LINE 3 DURING THE COURSE OF 2012, COVANTAGE DISCONTINUED OFFERING REVERSE MORTGAGES AND OPEN-END LENDING. FORM 990, PART VI, SECTION A, LINE 6 COVANTAGE 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 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 11 THE 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 12 THE 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 15 THE 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 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 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 2C NO CHANGE IN THE PROCESS FROM THE PRIOR YEAR.