COVANTAGE CREDIT UNION: Form 990, tax year 2010
View the entire original 990 at ProPublica ↗
- Organization
- COVANTAGE CREDIT UNION (EIN 39-0945701)
- Tax period
- 2010-01-01 to 2010-12-31
- Filed
- 2011-11-10
- IRS object ID
- 201113149349300916
- Schema version
- 2010v3.4
- 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
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2011-11-10T08:40:47-06:00 | Timestamp |
| Tax Period End Date | 2010-12-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | WIPFLI LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 7601 FRANCE AVENUE SOUTH SUITE 400 | AddressLine1 |
| City | MINNEAPOLIS | City |
| State | MN | State |
| ZIP Code | 55435 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2010-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 390945701 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | COVANTAGE CREDIT UNION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | COVA | NameControl |
| Phone | 7156274336 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 723 6TH AVENUE PO BOX 107 | AddressLine1 |
| City | ANTIGO | City |
| State | WI | State |
| ZIP Code | 544090107 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | DOUG ANDERSON | Name |
| Title | CFO | Title |
| Phone | 7156274336 | Phone |
| Date Signed | 2011-11-08 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | RICHARD RUVELSON | Name |
| Phone | 9525483400 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2010 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | DOUG ANDERSON | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 723 SIXTH AVE | AddressLine1 |
| City | ANTIGO | City |
| State | WI | State |
| ZIP Code | 54409 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 54053394 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Group Exemption Number | 2157 | GroupExemptionNumber |
| Organization501c | X | Organization501c |
| Web Site | WWW.COVANTAGECU.ORG | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1953 | YearFormation |
| State Legal Domicile | WI | StateLegalDomicile |
| Activity Or Mission Description | 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. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 8 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 8 | NbrIndependentVotingMembers |
| Total Nbr Employees | 259 | TotalNbrEmployees |
| Total Nbr Volunteers | 8 | TotalNbrVolunteers |
| Total Gross UBI | 28894 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | -5481 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 41352919 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 39522073 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 2979918 | InvestmentIncomePriorYear |
| Investment Income Current Year | 2067709 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 51142 | OtherRevenuePriorYear |
| Other Revenue Current Year | 93153 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 44383979 | TotalRevenuePriorYear |
| Total Revenue Current Year | 41682935 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 9461638 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 10527010 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 29486385 | OtherExpensePriorYear |
| Other Expenses Current Year | 25016829 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 38948023 | TotalExpensesPriorYear |
| Total Expenses Current Year | 35543839 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 5435956 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 6139096 | RevenuesLessExpensesCY |
| Total Assets BOY | 784077218 | TotalAssetsBOY |
| Total Assets EOY | 861217025 | TotalAssetsEOY |
| Total Liabilities BOY | 705087991 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 775204126 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 78989227 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 86012899 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | 1 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Description | COVANTAGE HAS 62,132 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, 2010, COVANTAGE WAS STILL PAYING AN ANNUAL PERCENTAGE RATE OF 1.00% 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 2010. | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | COVANTAGE 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 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In501 C3 | 0 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 0 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 40134 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Number Of Employees | 259 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 1 | UnrelatedBusinessIncome |
| Form990-T Filed | 1 | Form990-TFiled |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributions |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 8 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 8 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 1 | MembersOrStockholders |
| Election Of Board Members | 1 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 1 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 0 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 0 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BRIAN PRUNTY PRESIDENTCEO | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 7156274336 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 723 SIXTH AVE | AddressLine1 |
| City | ANTIGO | City |
| State | WI | State |
| ZIP Code | 54409 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (15 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer | Key EmployeeKeyEmployee |
|---|---|---|---|---|---|---|---|
| THOMAS BRADLEY | |||||||
| CHAIRPERSON | 3.00 | X | 400 | 0 | 0 | ||
| ROBERT MACINTOSH | |||||||
| CHAIRPERSON | 2.00 | X | 2400 | 0 | 0 | ||
| CHARLES DALLAS | |||||||
| VICE-CHAIRPERSON | 2.00 | X | 2400 | 0 | 0 | ||
| WILLIAM P NOVAK | |||||||
| TREASURER | 2.00 | X | 2400 | 0 | 0 | ||
| JANELLE MARKGRAF | |||||||
| DIRECTOR | 2.00 | X | 2400 | 0 | 0 | ||
| DWIGHT NELSON | |||||||
| SECRETARY | 2.00 | X | 2400 | 0 | 0 | ||
| BENJAMIN ZELAZOSKI | |||||||
| CREDIT COMMITTEE | 2.00 | X | 2400 | 0 | 0 | ||
| DAVID VISSER | |||||||
| DIRECTOR | 2.00 | X | 2400 | 0 | 0 | ||
| KAREN NOVAK | |||||||
| DIRECTOR | 2.00 | X | 2400 | 0 | 0 | ||
| BRIAN PRUNTY | |||||||
| PRESIDENT CEO | 40.00 | 307074 | 0 | 37425 | X | X | |
| PAUL GRINDE | |||||||
| EXECUTIVE VP | 40.00 | 169105 | 0 | 27983 | X | X | |
| ROBERT VAN ABEL | |||||||
| CHIEF OPERATIONS OFFICER | 40.00 | 124958 | 0 | 26905 | X | X | |
| DOUG ANDERSON | |||||||
| CHIEF FINANCIAL OFFICER | 40.00 | 132652 | 0 | 31509 | X | X | |
| STEVE WILDER | |||||||
| VP COMMERCIAL LENDING | 40.00 | 125428 | 0 | 18080 | X | ||
| SHERRY AULIK | |||||||
| VP HUMAN RESOURCES/MARKETI | 40.00 | 113737 | 0 | 24175 | X | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 992554 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 166077 | TotalOtherCompensation |
| Number Individuals GT100 K | 6 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
| Number Of Contractors GT100 K | 0 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue (5 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome | Unrelated Business RevenueUnrelatedBusinessRevenue |
|---|---|---|---|---|
| INTEREST ON LOANS | 522100 | 34356582 | 34356582 | |
| CREDIT AND DEBIT CARD | 522200 | 2299655 | 2275458 | 24197 |
| SERVICE FEES | 522100 | 2066757 | 2062060 | 4697 |
| CUNA INSURANCE INCOME | 522100 | 757465 | 757465 | |
| OTHER INCOME | 524298 | 41614 | 41614 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 39522073 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 2746946 | TotalRevenueColumn |
| Exclusion | $2,746,946 | ExclusionAmount |
Royalties Revenue RoyaltiesRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 69403 | TotalRevenueColumn |
| Related Or Exempt Function Income | 69403 | RelatedOrExemptFunctionIncome |
Gross Rents GrossRents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | 23750 | Real |
Rental Income Or Loss RentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | 23750 | Real |
Net Rental Income Or Loss NetRentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 23750 | TotalRevenueColumn |
| Related Or Exempt Function Income | 23750 | RelatedOrExemptFunctionIncome |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 10731437 | Securities |
| Other | 959785 | Other |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | 11258024 | Securities |
| Other | 1112435 | Other |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -526587 | Securities |
| Other | -152650 | Other |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -679237 | TotalRevenueColumn |
| Related Or Exempt Function Income | -152650 | RelatedOrExemptFunctionIncome |
| Exclusion | -$526,587 | ExclusionAmount |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 41682935 | TotalRevenueColumn |
| Related Or Exempt Function Income | 39433682 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 28894 | UnrelatedBusinessRevenue |
| Exclusion | $2,220,359 | ExclusionAmount |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1158631 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 6857016 | Total |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 453939 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1440053 | Total |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 617371 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 13175 | Total |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 143885 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 4527 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 862393 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1512260 | Total |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 404900 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 527365 | Total |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 114915 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 76128 | Total |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 159 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1190264 | Total |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 343128 | Total |
Other Expenses OtherExpenses (5 entries)
| DescriptionDescription | TotalTotal |
|---|---|
| DIVIDENDS PAID ON MEMBE | 13306605 |
| PROVISION FOR LOAN LOSS | 2400000 |
| NCUA SHARE INSURANCE | 1673717 |
| LOAN SERVICING EXPENSE | 1609824 |
| OPERATIONAL EXPENSE | 833584 |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 35543839 | Total |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4531284 | BOY |
| EOY | 5160762 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 26681913 | BOY |
| EOY | 44182422 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 595958633 | BOY |
| EOY | 646917254 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 542899 | BOY |
| EOY | 446792 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 25037727 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 6351652 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 16902352 | BOY |
| EOY | 18686075 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 90695348 | BOY |
| EOY | 90629839 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 33982000 | BOY |
| EOY | 34668000 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 14782789 | BOY |
| EOY | 20525881 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 784077218 | BOY |
| EOY | 861217025 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1740593 | BOY |
| EOY | 1963786 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 703347398 | BOY |
| EOY | 773240340 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 705087991 | BOY |
| EOY | 775204126 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 78989227 | BOY |
| EOY | 86012899 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 78989227 | BOY |
| EOY | 86012899 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 784077218 | BOY |
| EOY | 861217025 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 6139096 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 884576 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule D IRS990ScheduleD
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 3146232 | InvestmentCostOrOtherBasis |
| Book Value | 3146232 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 14937702 | InvestmentCostOrOtherBasis |
| Depreciation | 2578563 | Depreciation |
| Book Value | 12359139 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 5877273 | InvestmentCostOrOtherBasis |
| Depreciation | 3417108 | Depreciation |
| Book Value | 2460165 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 1076520 | InvestmentCostOrOtherBasis |
| Depreciation | 355981 | Depreciation |
| Book Value | 720539 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 18686075 | TotalOfBookValueLandBuildings |
Other Liabilities OtherLiabilities (5 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| SHARE DRAFTS | $83,686,494 |
| REGULAR SHARES | $174,554,325 |
| MONEY MARKET SHARES | $199,117,339 |
| SHARE CERTIFICATES | $221,870,727 |
| IRA/KEOUGH ACCOUNTS | $94,011,455 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 773240340 | TotalOfAmounts |
| Total Revenue | 41682935 | TotalRevenue |
| Total Expenses | 35543839 | TotalExpenses |
| Excess Or Deficit For Year | 6139096 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | 926484 | NetUnrealizedGLOnInvestments |
| Other | -$41,908 | OtherAmount |
| Total Adjustments | 884576 | TotalAdjustments |
| Excess Or Deficit Per FS | 7023672 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 41682935 | TotRevenueEtcAuditedFinclStmt |
| Revenue Not Rptd F990 | 0 | RevenueNotRptdF990 |
| Revenue Subtotal | 41682935 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 41682935 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 35543839 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 35543839 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 35543839 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (2 entries)
| IdentifierIdentifier | ExplanationExplanation |
|---|---|
| PART XI, LINE 8 - OTHER ADJUSTMENTS: | OTHER COMPREHENSIVE INCOME -41,908. |
| PART XI, LINE 8: THE AMOUNT OF $-41,908 IS FROM A DECREASE TO EQUITY FROM OTHER COMPREHENSIVE INCOME |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Substantiation Required | 1 | SubstantiationRequired |
| Compensation Committee | X | CompensationCommittee |
| Written Employment Contract | X | WrittenEmploymentContract |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
Form990 Schedule J Part II Form990ScheduleJPartII (4 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BRIAN PRUNTY | |||||||||||||
| 289982 | 0 | 17092 | 0 | 0 | 0 | 0 | 0 | 37425 | 0 | 344499 | 0 | 0 | 0 |
| PAUL GRINDE | |||||||||||||
| 159616 | 0 | 9489 | 0 | 0 | 0 | 0 | 0 | 27983 | 0 | 197088 | 0 | 0 | 0 |
| ROBERT VAN ABEL | |||||||||||||
| 117900 | 0 | 7058 | 0 | 0 | 0 | 0 | 0 | 26905 | 0 | 151863 | 0 | 0 | 0 |
| DOUG ANDERSON | |||||||||||||
| 125029 | 0 | 7623 | 0 | 0 | 0 | 0 | 0 | 31509 | 0 | 164161 | 0 | 0 | 0 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (10 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| NEW PROGRAM SERVICES | FORM 990, PART III, LINE 2 | COVANTAGE CREDIT UNION BEGAN OFFERING A SHARE SECURED CREDIT CARD. THIS NEW PROGRAM OFFERS A LINE OF CREDIT UP TO 90% OF THE FUNDS PLEDGED VIA DEPOSIT HERE AT COVANTAGE. THE MAXIMUM CREDIT LINE IS $2,500 WITH A FIXED INTEREST RATE AT A LOW 8.95%. NO APPLICATION FEE OR ANNUAL FEE IS CHARGED FOR THIS PRODUCT. AS OF DECEMBER 31, 2010 COVANTAGE HAD 40 SHARE SECURED CREDIT CARDS OPENED WITH OUTSTANDING BALANCES AT $12,844.70. COVANTAGE CREDIT UNION ALSO INTRODUCED OUR NEW CREDIT BUILDER LOAN. THE PROCEEDS FROM THIS LOAN ARE DEPOSITED INTO A SAVINGS ACCOUNT HERE AT COVANTAGE. THE LOAN IS THEREFORE 100% SECURED, HOWEVER THE LOAN GIVES THE MEMBER AN OPPORTUNITY TO DEVELOP A POSITIVE CREDIT HISTORY, WHICH WILL HOPEFULLY AID IN FUTURE BORROWINGS. THIS ALSO ALLOWS THE MEMBER TO HAVE A SAVINGS ACCOUNT BALANCE AT THE END OF THE LOAN TERM. THE INTEREST RATE CHARGED FOR A CREDIT BUILDER LOAN IS ONLY 2% OVER THE RATE BEING PAID ON THE SAVINGS ACCOUNT. |
| FORM 990, PART VI, SECTION A, LINE 6 | COVANTAGE 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 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 2009 FOR THE 2010 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 5: | NET UNREALIZED GAINS ON INVESTMENTS: 926,484. OTHER COMPREHENSIVE INCOME -41,908. TOTAL TO FORM 990, PART XI, LINE 5: 884,576. |
| FORM 990, PART XII, LINE 2C | NO CHANGE IN THE PROCESS FROM THE PRIOR YEAR. |
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