COVANTAGE CREDIT UNION: Form 990, tax year 2011

View the entire original 990 at ProPublica ↗

Organization
COVANTAGE CREDIT UNION (EIN 39-0945701)
Tax period
2011-01-01 to 2011-12-31
Filed
2012-11-02
IRS object ID
201223079349300632
Schema version
2011v1.2
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)
Timestamp2012-11-02T12:45:04-05:00Timestamp
Tax Period End Date2011-12-31TaxPeriodEndDate

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 Line17601 FRANCE AVENUE SOUTH SUITE 400AddressLine1
CityMINNEAPOLISCity
StateMNState
ZIP Code55435ZIPCode
FieldValueIRS element (for citing)
Return Type990ReturnType
Tax Period Begin Date2011-01-01TaxPeriodBeginDate

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 Signed2012-10-31DateSigned
Authorize Third Party1AuthorizeThirdParty

Preparer Preparer

FieldValueIRS element (for citing)
NameRICHARD RUVELSONName
PTINP00234075PTIN
Phone9525483400Phone
Date Prepared2012-10-31DatePrepared
FieldValueIRS element (for citing)
Tax Year2011TaxYear
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 Receipts44541532GrossReceipts
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 Employees246TotalNbrEmployees
Total Nbr Volunteers8TotalNbrVolunteers
Total Gross UBI28075TotalGrossUBI
Net Unrelated Business Txbl Income-45NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year0ContributionsGrantsPriorYear
Contributions Grants Current Year0ContributionsGrantsCurrentYear
Program Service Revenue Prior Year39522073ProgramServiceRevenuePriorYear
Program Service Revenue CY41392972ProgramServiceRevenueCY
Investment Income Prior Year2067709InvestmentIncomePriorYear
Investment Income Current Year1729866InvestmentIncomeCurrentYear
Other Revenue Prior Year93153OtherRevenuePriorYear
Other Revenue Current Year120404OtherRevenueCurrentYear
Total Revenue Prior Year41682935TotalRevenuePriorYear
Total Revenue Current Year43243242TotalRevenueCurrentYear
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 Year10527010SalariesEtcPriorYear
Salaries Etc Current Year11511074SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year0TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY0TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year0TotalFundrsngExpCurrentYear
Other Expense Prior Year25016829OtherExpensePriorYear
Other Expenses Current Year24191506OtherExpensesCurrentYear
Total Expenses Prior Year35543839TotalExpensesPriorYear
Total Expenses Current Year35702580TotalExpensesCurrentYear
Revenues Less Expenses Prior Year6139096RevenuesLessExpensesPriorYear
Revenues Less Expenses CY7540662RevenuesLessExpensesCY
Total Assets BOY861217025TotalAssetsBOY
Total Assets EOY944231290TotalAssetsEOY
Total Liabilities BOY775204126TotalLiabilitiesBOY
Total Liabilities EOY850853784TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY86012899NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY93377506NetAssetsOrFundBalancesEOY
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 Services0SignificantNewProgramServices
Significant Change0SignificantChange
DescriptionCOVANTAGE HAS 66,346 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, 2011, COVANTAGE WAS STILL PAYING AN ANNUAL PERCENTAGE RATE OF 0.75% ON REGULAR SHARE ACCOUNTS WHEN MANY OTHER FINANCIALS DROPPED SIGNIFICANTLY AS THE ECONOMIC CONDITIONS CHANGED. OUR MINIMUM BALANCE OF ONLY $10 WAS STILL MAINTAINED, WHICH HELPED MANY IN TIMES OF HARDSHIP. MEMBERS WERE NOT ONLY ABLE TO RECEIVE THE BENEFIT OF HIGHER THAN AVERAGE RATES DURING THESE TOUGH TIMES, BUT COVANTAGE STILL REWARDED MEMBERS WITH AN ADDITIONAL PATRONAGE PAYMENT AGAIN IN 2011.Description

Activity2 Activity2

FieldValueIRS element (for citing)
DescriptionCOVANTAGE CONTINUES TO OFFER COST-FRIENDLY LOAN 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 8.95%. 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 Securities1ReportInvestOthSecurities
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
Transaction Related Entity0TransactionRelatedEntity
Activities Conducted Partnership0ActivitiesConductedPartnership
Schedule O Required1ScheduleORequired
Number Forms Transmitted With109641084NumberFormsTransmittedWith1096
Number W2 G Included0NumberW2GIncluded
Number Of Employees246NumberOfEmployees
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 (14 entries)

TitleTitleAverage Hours Per WeekAverageHoursPerWeekIndividual Trustee Or DirectorIndividualTrusteeOrDirectorOfficerOfficerReportable Comp From OrganizationReportableCompFromOrganizationReportable Comp From Related OrgsReportableCompFromRelatedOrgsOther CompensationOtherCompensation
ROBERT MACINTOSH
CHAIRPERSON3.00XX265000
CHARLES DALLAS
VICE-CHAIRPERSON2.00XX265000
WILLIAM P NOVAK
TREASURER2.00XX265000
PAUL PAYANT
DIRECTOR2.00X225000
JANELLE MARKGRAF
CREDIT COMMITTEE2.00X265000
DWIGHT NELSON
SECRETARY2.00XX265000
BENJAMIN ZELAZOSKI
CREDIT COMMITTEE2.00X40000
KAREN NOVAK
DIRECTOR2.00X265000
BRIAN PRUNTY
PRESIDENT/CEO40.00X326648037732
PAUL GRINDE
EXECUTIVE VP40.00X179557028154
ROBERT VAN ABEL
CHIEF INFORMATION OFFICER40.00X131997029265
DOUG ANDERSON
CHIEF FINANCIAL OFFICER40.00X140479028690
STEVE WILDER
CHIEF COMMERCIAL OFFICER40.00X134355017102
SHERRY AULIK
SENIOR VP MARKETING/HR40.00X120315024636
FieldValueIRS element (for citing)
Total Reportable Comp From Org1051901TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs0TotalReportableCompFrmRltdOrgs
Total Other Compensation165579TotalOtherCompensation
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 LOANS5221003540077835400778
CREDIT AND DEBIT CARD5222002591214256636524849
SERVICE FEES522100254986125466353226
CUNA INSURANCE INCOME522100571325571325
OTHER INCOME524298279794279794
FieldValueIRS element (for citing)
Total Program Service Revenue41392972TotalProgramServiceRevenue

Investment Income InvestmentIncome

FieldValueIRS element (for citing)
Total Revenue Column1971449TotalRevenueColumn
Exclusion$1,971,449ExclusionAmount

Royalties Revenue RoyaltiesRevenue

FieldValueIRS element (for citing)
Total Revenue Column98901TotalRevenueColumn
Related Or Exempt Function Income98901RelatedOrExemptFunctionIncome

Gross Rents GrossRents

FieldValueIRS element (for citing)
Real21503Real

Less Rental Expenses LessRentalExpenses

FieldValueIRS element (for citing)
Real0Real

Rental Income Or Loss RentalIncomeOrLoss

FieldValueIRS element (for citing)
Real21503Real

Net Rental Income Or Loss NetRentalIncomeOrLoss

FieldValueIRS element (for citing)
Total Revenue Column21503TotalRevenueColumn
Related Or Exempt Function Income21503RelatedOrExemptFunctionIncome

Gross Amount Sales Assets GrossAmountSalesAssets

FieldValueIRS element (for citing)
Other1056707Other

Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses

FieldValueIRS element (for citing)
Other1298290Other

Gain Or Loss GainOrLoss

FieldValueIRS element (for citing)
Other-241583Other

Net Gain Or Loss Investments NetGainOrLossInvestments

FieldValueIRS element (for citing)
Total Revenue Column-241583TotalRevenueColumn
Related Or Exempt Function Income-241583RelatedOrExemptFunctionIncome

Total Revenue TotalRevenue

FieldValueIRS element (for citing)
Total Revenue Column43243242TotalRevenueColumn
Related Or Exempt Function Income41243718RelatedOrExemptFunctionIncome
Unrelated Business Revenue28075UnrelatedBusinessRevenue
Exclusion$1,971,449ExclusionAmount

Comp Current Officers Directors CompCurrentOfficersDirectors

FieldValueIRS element (for citing)
Total1217480Total

Other Salaries And Wages OtherSalariesAndWages

FieldValueIRS element (for citing)
Total7416210Total

Pension Plan Contributions PensionPlanContributions

FieldValueIRS element (for citing)
Total493827Total

Other Employee Benefits OtherEmployeeBenefits

FieldValueIRS element (for citing)
Total1723552Total

Payroll Taxes PayrollTaxes

FieldValueIRS element (for citing)
Total660005Total

Fees For Services Legal FeesForServicesLegal

FieldValueIRS element (for citing)
Total20038Total

Fees For Services Accounting FeesForServicesAccounting

FieldValueIRS element (for citing)
Total81779Total

Fees For Services Other FeesForServicesOther

FieldValueIRS element (for citing)
Total4152Total

Advertising Advertising

FieldValueIRS element (for citing)
Total1088620Total

Office Expenses OfficeExpenses

FieldValueIRS element (for citing)
Total1226211Total

Information Technology InformationTechnology

FieldValueIRS element (for citing)
Total458853Total

Occupancy Occupancy

FieldValueIRS element (for citing)
Total1187716Total

Travel Travel

FieldValueIRS element (for citing)
Total150568Total

Conferences Meetings ConferencesMeetings

FieldValueIRS element (for citing)
Total91537Total

Interest Interest

FieldValueIRS element (for citing)
Total318Total

Depreciation Depletion DepreciationDepletion

FieldValueIRS element (for citing)
Total1319982Total

Insurance Insurance

FieldValueIRS element (for citing)
Total318237Total

Other Expenses OtherExpenses (4 entries)

DescriptionDescriptionTotalTotal
DIVIDENDS PAID ON MEMBE11090049
PROVISION FOR LOAN LOSS2703350
LOAN SERVICING EXPENSE1871827
NCUA SHARE INSURANCE1791509

All Other Expenses AllOtherExpenses

FieldValueIRS element (for citing)
Total786760Total

Total Functional Expenses TotalFunctionalExpenses

FieldValueIRS element (for citing)
Total35702580Total

Cash Non Interest Bearing CashNonInterestBearing

FieldValueIRS element (for citing)
BOY5160762BOY
EOY6090201EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

FieldValueIRS element (for citing)
BOY44182422BOY
EOY55076739EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

FieldValueIRS element (for citing)
BOY646917254BOY
EOY694014278EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

FieldValueIRS element (for citing)
BOY446792BOY
EOY599573EOY
FieldValueIRS element (for citing)
Land Buildings Equipment Basis25999490LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec7543232LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

FieldValueIRS element (for citing)
BOY18686075BOY
EOY18456258EOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

FieldValueIRS element (for citing)
BOY90629839BOY
EOY77118232EOY

Investments Other Securities InvestmentsOtherSecurities

FieldValueIRS element (for citing)
BOY34668000BOY
EOY73178000EOY

Other Assets Total OtherAssetsTotal

FieldValueIRS element (for citing)
BOY20525881BOY
EOY19698009EOY

Total Assets TotalAssets

FieldValueIRS element (for citing)
BOY861217025BOY
EOY944231290EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

FieldValueIRS element (for citing)
BOY1963786BOY
EOY2216484EOY

Other Liabilities OtherLiabilities

FieldValueIRS element (for citing)
BOY773240340BOY
EOY848637300EOY

Total Liabilities TotalLiabilities

FieldValueIRS element (for citing)
BOY775204126BOY
EOY850853784EOY
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)
BOY86012899BOY
EOY93377506EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY86012899BOY
EOY93377506EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY861217025BOY
EOY944231290EOY
FieldValueIRS element (for citing)
Info In Schedule O Part XIXInfoInScheduleOPartXI
Reconcilation Revenue Expenses7540662ReconcilationRevenueExpenses
Reconcilation Other Changes-176055ReconcilationOtherChanges
Info In Schedule O Part XIIXInfoInScheduleOPartXII
Method Of Accounting AccrualXMethodOfAccountingAccrual
Accountant Compile Or Review0AccountantCompileOrReview
FS Audited1FSAudited
Audit Committee1AuditCommittee
Financial Statement SeparateXFinancialStatementSeparate
Federal Grant Audit Required0FederalGrantAuditRequired

Schedule D IRS990ScheduleD

Land Land

FieldValueIRS element (for citing)
Other Cost Or Other Basis3146232OtherCostOrOtherBasis
Book Value3146232BookValue

Buildings Buildings

FieldValueIRS element (for citing)
Other Cost Or Other Basis15379603OtherCostOrOtherBasis
Depreciation2999685Depreciation
Book Value12379918BookValue

Equipment Equipment

FieldValueIRS element (for citing)
Other Cost Or Other Basis6571752OtherCostOrOtherBasis
Depreciation4115491Depreciation
Book Value2456261BookValue

Other Land Buildings OtherLandBuildings

FieldValueIRS element (for citing)
Other Cost Or Other Basis901903OtherCostOrOtherBasis
Depreciation428056Depreciation
Book Value473847BookValue
FieldValueIRS element (for citing)
Total Of Book Value Land Buildings18456258TotalOfBookValueLandBuildings

Other Securities OtherSecurities

FieldValueIRS element (for citing)
DescriptionCERTIFICATES OF DEPOSITDescription
Book Value73178000BookValue
Method Of ValuationFMethodOfValuation
FieldValueIRS element (for citing)
Total Of Book Value Securities73178000TotalOfBookValueSecurities

Other Liabilities OtherLiabilities (7 entries)

DescriptionDescriptionAmountAmount
SHARE DRAFTS$92,753,585
REGULAR SHARES$193,580,487
MONEY MARKET SHARES$238,774,237
SHARE CERTIFICATES$214,192,523
IRA/KEOUGH ACCOUNTS$100,658,839
OTHER SHARES$6,315,709
NONMEMBER DEPOSITS$2,361,920
FieldValueIRS element (for citing)
Total Of Amounts848637300TotalOfAmounts
Total Revenue43243242TotalRevenue
Total Expenses35702580TotalExpenses
Excess Or Deficit For Year7540662ExcessOrDeficitForYear
Net Unrealized GL On Investments-143075NetUnrealizedGLOnInvestments
Other-$32,980OtherAmount
Total Adjustments-176055TotalAdjustments
Excess Or Deficit Per FS7364607ExcessOrDeficitPerFS
Tot Revenue Etc Audited Fincl Stmt43243242TotRevenueEtcAuditedFinclStmt
Revenue Not Rptd F9900RevenueNotRptdF990
Revenue Subtotal43243242RevenueSubtotal
Revenue Not Rptd On Fin Stmt0RevenueNotRptdOnFinStmt
Total Revenue Per Form99043243242TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt35702580TotExpensesEtcAuditedFinclStmt
Expenses Not Rptd F9900ExpensesNotRptdF990
Expenses Subtotal35702580ExpensesSubtotal
Expenses Not Rptd On Fin Stmt0ExpensesNotRptdOnFinStmt
Total Expenses Per Form99035702580TotalExpensesPerForm990

Form990 Schedule D Part XIV Form990ScheduleDPartXIV (2 entries)

IdentifierIdentifierExplanationExplanation
PART XI, LINE 8 - OTHER ADJUSTMENTS:OTHER COMPREHENSIVE INCOME -32,980.
PART XI, LINE 8: THE AMOUNT OF $-32,980 IS FROM A DECREASE TO EQUITY FROM OTHER COMPREHENSIVE INCOME

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 (5 entries)

Base 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
311271015377000196000181320364380000
PAUL GRINDE
17097308584000135900145640207711000
ROBERT VAN ABEL
12551306484000110470182180161262000
DOUG ANDERSON
13349206987000114240172660169169000
STEVE WILDER
127961063940008929081730151457000

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (9 entries)

Return ReferenceReturnReferenceExplanationExplanationIdentifierIdentifier
FORM 990, PART VI, SECTION A, LINE 6COVANTAGE CREDIT UNION IS OWNED AND OPERATED BY ITS 62,132 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 20109 FOR THE 2011 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.
FORM 990, PART XI, LINE 5:NET UNREALIZED LOSSES ON INVESTMENTS: -143,075. OTHER COMPREHENSIVE INCOME -32,980. TOTAL TO FORM 990, PART XI, LINE 5: -176,055.CHANGES IN NET ASSETS OR FUND BALANCES:
FORM 990, PART XII, LINE 2CNO CHANGE IN THE PROCESS FROM THE PRIOR YEAR.

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