Novation Credit Union
- Assets
- $218.7m
- Revenue
- $8.8m
- Investments
- $0.0
- Employees
- 37
- Location
- Oakdale, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0800081
Organization Overview
Novation Credit Union is located in Oakdale, MN. The organization was established in 1944. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Novation Credit Union employed 37 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Novation 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, Novation Credit Union generated $8.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $6.5m during the year ending 12/2021. While expenses have increased by 4.5% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
NOVATION CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING 16,500 MEMBER OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING:PROVIDE VEHICLE, REAL ESTATE, STUDENT, VISA AND OTHER LOANS TO 16,500 MEMBER OWNERS.
SAVINGS:PROVIDE CHECKING AND SAVINGS PRODUCTS INCLUDING ATM, DEBIT CARDS, DIRECT DEPOSIT, ONLINE BANKING, ACH AND MOBILE PAYMENTS TO 16,500 MEMBER OWNERS.
INVESTMENT:PROVIDE COMPETITIEVE SAVINGS AND INVESTMENT OPPORTUNITIES AND RETIREMENT PLANNING SERVICES TO MEMBER OWNERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristi Mukomela President/ceo | Officer | 50 | $244,383 |
Terry Kahle VP Of Finance/cfo | Officer | 50 | $143,385 |
Scott Henning VP Of Marketing/cmo | Officer | 50 | $130,279 |
Nick Altavilla VP Of Operations/coo | Officer | 50 | $111,664 |
Mike Kronebusch Chair | OfficerTrustee | 1 | $1,200 |
Dawn Mcginley Director | Trustee | 1 | $1,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Insperity Peo Services | 12/30/21 | $565,208 |
Fpi Paving New Parking Lot | 12/30/21 | $145,602 |
Fiserv Inc Account Processing | 12/30/21 | $405,212 |
Pscu Card Processing | 12/30/21 | $554,410 |
Ncr E-services | 12/30/21 | $297,734 |
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 | $8,661,924 |
| Investment income | $134,709 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,796,633 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $331,248 |
| Compensation of current officers, directors, key employees. | $681,275 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,652,977 |
| Pension plan accruals and contributions | $158,049 |
| Other employee benefits | $524,144 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,579 |
| Fees for services: Accounting | $86,087 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $774,805 |
| Advertising and promotion | $122,017 |
| Office expenses | $1,005,873 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $185,918 |
| Travel | $54,736 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $262,170 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $6,483,200 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,946,290 |
| Savings and temporary cash investments | $42,195,487 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $43,176 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $152,378,018 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $330,627 |
| Net Land, buildings, and equipment | $2,361,120 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $12,811,597 |
| Intangible assets | $0 |
| Other assets | $6,646,053 |
| Total assets | $218,712,368 |
| Accounts payable and accrued expenses | $899,732 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $200,973,113 |
| Total liabilities | $201,872,845 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $16,839,523 |
| Total liabilities and net assets/fund balances | $218,712,368 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |
Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |
Minnco Credit Union Cambridge, MN | $474,930,178 | $17,267,094 |
Co-Op Credit Union Of Montevideo Montevideo, MN | $328,823,847 | $13,808,277 |
Anoka Hennepin Credit Union Coon Rapids, MN | $278,464,977 | $10,634,973 |
Northwoods Credit Union Cloquet, MN | $158,800,321 | $10,013,963 |
Dakota West Credit Union Watford City, ND | $299,186,425 | $10,075,740 |
Financial One Credit Union Columbia Heights, MN | $196,661,798 | $11,270,296 |