Covantage Credit Union

Covantage Credit Union Overview

Covantage Credit Union is located in Antigo, WI. As of 12/2018, Covantage Credit Union employed 445 individuals.

For the year ending 12/2018, Covantage Credit Union generated $73.2m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $55.9m during the year ending 12/2018. While expenses have increased by 11.0% per year over the past 4 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2018

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 108,006 MEMBERS, AND FOR THOSE LOOKING TO SAVE, COVANTAGE STRIVES TO PAY DIVIDEND RATES THAT ARE ABOVE MARKET RATES, EVEN IN THESE FLAT ECONOMIC RATE ENVIRONMENT. AS OF DECEMBER 31, 2018, COVANTAGE WAS PAYING AN ANNUAL PERCENTAGE RATE OF 0.80% 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 $3,414,740 IN PATRONAGE PAYMENTS IN 2018.


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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Covantage Credit Union Vendors

Vendor Name (Service)Compensation
Miron Construction
Construction Services
$3,892,935
Cdw
Phone Systems & Consulting
$1,351,601
Jack Henry & Associates Inc
Core System Services & Maintenance
$834,549
Idscom
Statement Processing Services
$580,484
Burton Karstedt Advertising
Advertising Services
$518,506
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
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$0
Total Program Service Revenue$68,853,799
Investment income $4,189,544
Tax Exempt Bond Proceeds $0
Royalties $124,657
Net Rental Income $52,581
Net Gain/Loss on Asset Sales $13,906
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $73,234,487

Covantage Credit Union Grants Awarded

Over the last fiscal year, Covantage Credit Union has awarded $209,500 in support to 6 organizations.

Grant RecipientAmount

Antigo, WI

PURPOSE: GENERAL SUPPORT

$125,000

CITY OF ANITGO

PURPOSE: GENERAL SUPPORT

$50,000

UNIFIED SCHOOL DISTRICT OF ANTIGO

PURPOSE: GENERAL SUPPORT

$10,000

WAUSAU CENTRAL WISCONSIN VISTIORS SPORTS AUTHORITY INC

Org PageRecipient Profile

Wausau, WI

PURPOSE: GENERAL SUPPORT

$10,000

WAUSAU EVENTS INC

Org PageRecipient Profile

Wausau, WI

PURPOSE: GENERAL SUPPORT

$9,500

BOYS AND GIRLS CLUB OF LANGLADE COUNTY

Org PageRecipient Profile

Antigo, WI

PURPOSE: GENERAL SUPPORT

$5,000
View Grant Profile

Covantage Credit Union 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

Covantage Credit Union Peer Organizations

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