Covantage Credit Union

Organization Overview

Covantage Credit Union is located in Antigo, WI. As of 12/2021, Covantage Credit Union employed 515 individuals. Covantage Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Covantage Credit Union generated $105.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $71.7m during the year ending 12/2021. While expenses have increased by 11.7% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2015, Covantage Credit Union has awarded 49 individual grants totaling $1,874,435. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

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.

Describe the Organization's Program Activity:

Part 3 - Line 4a

COVANTAGE HAS 141,259 MEMBERS, AND FOR THOSE LOOKING TO SAVE, COVANTAGE STRIVES TO PAY DIVIDEND RATES THAT ARE ABOVE MARKET RATES, EVEN IN THIS FLAT ECONOMIC RATE ENVIRONMENT. AS OF DECEMBER 31, 2021, COVANTAGE WAS PAYING AN ANNUAL PERCENTAGE RATE OF 0.25% ON REGULAR SHARE ACCOUNTS WHEN MANY OTHER FINANCIALS CONTINUED TO SIGNIFICANTLY DROP THEIR RATES AS THE ECONOMIC CONDITIONS CONTINUED TO DETERIORATE. OUR MINIMUM BALANCE OF ONLY $10 CONTINUED TO BE MAINTAINED, WHICH HELPED MANY MEMBERS IN TIMES OF HARDSHIP. MEMBERS WERE NOT ONLY ABLE TO RECEIVE THE BENEFIT OF HIGHER THAN AVERAGE RATES DURING POOR ECONOMIC CONDITIONS, BUT COVANTAGE STILL REWARDED MEMBERS WITH AN ADDITIONAL $5,076,993 IN PATRONAGE PAYMENTS IN 2021.


COVANTAGE CONTINUES TO OFFER COST-FRIENDLY PRODUCTS TO OUR MEMBERS. WE NOT ONLY DO THIS THROUGH OUR COMPETITIVE RATES, BUT ALSO BY GOING ABOVE AND BEYOND TO HELP THOSE IN NEED. WE CONTINUE TO OFFER COST-FRIENDLY OPTIONS TO PAYDAY LENDERS SUCH AS KWIK CASH OVERDRAFT PROTECTION LOANS WITH NO SERVICE CHARGE OR TRANSFER FEE, COURTESY PAY CHECKING ACCOUNT SERVICES ALSO WITHOUT HEFTY FEES, IN ADDITION TO REWARD CREDIT CARDS WITH VERY COMPETITIVE INTEREST RATES. OTHER LOW-COST OPTIONS INCLUDE OUR OWN PAYDAY ADVANCE LOANS IN ADDITION TO SHARE-SECURED CREDIT CARDS AND OTHER CREDIT BUILDER LOANS FOR THOSE MEMBERS THAT NEED TO REBUILD CREDIT. FOR THOSE LOOKING FOR HOME OWNERSHIP, COVANTAGE ALSO OFFERS ITS COVANTAGE CREATES HOMES MORTGAGE PROGRAM TO HELP THOSE THAT MIGHT NEED ASSISTANCE WITH A DOWN PAYMENT OR NEEDED HOME REPAIRS.


COVANTAGE ALSO STRIVES TO SUPPORT FINANCIAL LITERACY, INCLUDING PROVIDING ACCEL CREDIT COUNSELING AS A FREE SERVICE TO OUR MEMBERS TO ASSIST WITH BUDGETING, UNDERSTANDING CREDIT REPORTS, MONEY MANAGEMENT, AND DEBT REPAYMENT. THIS FREE SERVICE SAVES MEMBERS $25-$50 PER MONTH THAT IS COMMONLY CHARGED BY OTHER CREDIT COUNSELING AGENCIES. IN ADDITION, COVANTAGE OFFERS COMMUNITY EDUCATION EVENTS AND PROMOTES FINANCIAL LITERACY TO STUDENTS THROUGH KIDZ CREDIT UNIONS OPERATED THROUGH LOCAL MIDDLE SCHOOLS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Infopro
Insurance Monitoring
$3,109,886
Jack Henry & Associates Inc
Core System Services
$2,716,653
Burton Karstedt Advertising
Advertising
$992,503
Trace3
It Managed Service Provider
$939,094
Temenos Usa Inc
Enterprise Software
$842,296
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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $1,417,340
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$1,417,340
Total Program Service Revenue$99,370,221
Investment income $3,932,707
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $127,968
Net Gain/Loss on Asset Sales $230,416
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $105,078,652

Grants Awarded

Over the last fiscal year, Covantage Credit Union has awarded $786,500 in support to 6 organizations.

Grant RecipientAmount

COVANTAGE CARES FOUNDATION INC

Org PageRecipient Profile

Antigo, WI

PURPOSE: GENERAL SUPPORT

$650,000

LANGLADE COUNTY HISTORICAL SOCIETY

Org PageRecipient Profile

Antigo, WI

PURPOSE: GENERAL SUPPORT

$80,000

FARMING FOR THE FUTURE FOUNDATION

Org PageRecipient Profile

Hancock, WI

PURPOSE: GENERAL SUPPORT

$25,000

MAKE A WISH OF WISCONSIN

Org PageRecipient Profile

Wauwatosa, WI

PURPOSE: GENERAL SUPPORT

$15,000

Wausau, WI

PURPOSE: GENERAL SUPPORT

$9,500

BOYS & GIRLS CLUB OF THE WAUSAU AREA INC

Org PageRecipient Profile

Wausau, WI

PURPOSE: GENERAL SUPPORT

$7,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Covantage Credit Union has recieved totaling $1,500.

Awarding OrganizationAmount
Humane Society Of The United States

Washington, DC

PURPOSE: STIPEND TO ATTEND ANIMAL CARE EXPO

$1,500
View Grant Recipient Profile

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