Novation Credit Union
- Assets
- $227.1m
- Revenue
- $11.3m
- Investments
- $0.0
- Employees
- 41
- Location
- Oakdale, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- 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 12/2023, Novation Credit Union employed 41 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 12/2023, Novation Credit Union generated $11.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $9.8m during the year ending 12/2023. While expenses have increased by 8.3% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
NOVATION CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING 17,000 MEMBER OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING:PROVIDE VEHICLE, REAL ESTATE, STUDENT, VISA AND OTHER LOANS TO 17,000 MEMBER OWNERS.
SAVINGS:PROVIDE CHECKING AND SAVINGS PRODUCTS INCLUDING ATM, DEBIT CARDS, DIRECT DEPOSIT, ONLINE BANKING, ACH AND MOBILE PAYMENTS TO 17,000 MEMBER OWNERS.
INVESTMENT:PROVIDE COMPETITIVE SAVINGS AND INVESTMENT OPPORTUNITIES AND RETIREMENT PLANNING SERVICES TO MEMBER OWNERS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Kronebusch Evp Of Strategy | OfficerTrustee | 50 | $194,475 |
Mary Edinger Director | Trustee | 1 | $1,200 |
Dan Carlson Director | Trustee | 1 | $1,200 |
Daryl Thoennes Director | Trustee | 1 | $1,200 |
Dawn Mcginley Chair | OfficerTrustee | 1 | $1,200 |
John Schwalbach Director | Trustee | 1 | $1,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Card Processing | 12/30/23 | $700,002 |
Ncr E_services | 12/30/23 | $331,169 |
Fiserv Inc Account Processing | 12/30/23 | $228,997 |
Rsm Us Llp It/network Managed Services | 12/30/23 | $218,405 |
G&a Outsourcing Llc Peo Services | 12/30/23 | $602,710 |
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 | $10,011,385 |
| Investment income | $1,282,080 |
| 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 | $11,293,465 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,878 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,233,645 |
| Compensation of current officers, directors, key employees. | $953,665 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,009,400 |
| Pension plan accruals and contributions | $168,864 |
| Other employee benefits | $554,054 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $810 |
| Fees for services: Accounting | $102,263 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $820,857 |
| Advertising and promotion | $143,334 |
| Office expenses | $1,101,457 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $231,827 |
| Travel | $86,784 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $18 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $316,644 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $9,770,324 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,611,302 |
| Savings and temporary cash investments | $32,894,175 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $51,847 |
| Loans from Officers, Directors, or Controlling Persons | $2,829,414 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $159,762,932 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $351,412 |
| Net Land, buildings, and equipment | $2,114,832 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $20,874,521 |
| Intangible assets | $0 |
| Other assets | $6,596,531 |
| Total assets | $227,086,966 |
| Accounts payable and accrued expenses | $1,341,838 |
| 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 | $206,102,579 |
| Total liabilities | $207,444,417 |
| 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 | $19,642,549 |
| Total liabilities and net assets/fund balances | $227,086,966 |