Aventa Credit Union
- Assets
- $264.2m
- Revenue
- $14.4m
- Investments
- $64.4k
- Employees
- 117
- Location
- Colorado Springs, CO
- Founding
- 08/1968
- Data as of
- 12/2021
- EIN
- 84-0485197
Organization Overview
Aventa Credit Union is located in Colorado Springs, CO. The organization was established in 1968. 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, Aventa Credit Union employed 117 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Aventa 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, Aventa Credit Union generated $14.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $12.9m during the year ending 12/2021. While expenses have increased by 4.0% 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
IT IS THE MISSION OF AVENTA TO BECOME OUR MEMBER'S LIFE LONG PRIMARY FINANCIAL INSTITUTION BY PROVIDING A SYSTEM OF FULL CONSUMER AND ENTREPRENEURIAL FINANCIAL SERVICES IN A CONVENIENT, SECURE AND COST COMPETITIVE MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION IS OWNED BY APPROXIMATELY 32,600 MEMBERS. THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS, SUCH AS CONSUMER LENDING, MORTGAGE LENDING, CHECKING AND SAVINGS DEPOSIT AND CERTIFICATE ACCOUNTS, ATM, DEBIT AND CREDIT CARDS, AND OTHER FINANCIAL SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gregory J Mills CEO | Officer | 40 | $253,859 |
Sandra Wells SVP Lending | Officer | 40 | $180,451 |
Karin Kovlovsky VP Marketing | Officer | 40 | $156,918 |
Sarah Henderson Svp/cfo | Officer | 40 | $156,242 |
Patrick Harrigan Chief Risk Mitigation | Officer | 40 | $135,982 |
Deborah Brown VP Hr | Officer | 40 | $112,137 |
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 | $13,586,633 |
| Investment income | $284,344 |
| 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 | $14,432,586 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,139,542 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,494,594 |
| Pension plan accruals and contributions | $96,795 |
| Other employee benefits | $157,129 |
| Payroll taxes | $311,421 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,307 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $173,650 |
| Advertising and promotion | $313,488 |
| Office expenses | $0 |
| Information technology | $261,422 |
| Royalties | $0 |
| Occupancy | $209,567 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $145,297 |
| Interest | $17 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $306,709 |
| Insurance | $0 |
| All other expenses | $80,150 |
| Total functional expenses | $12,866,195 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,084,851 |
| Savings and temporary cash investments | $38,191,901 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $351,978 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $199,862,474 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $105,777 |
| Net Land, buildings, and equipment | $2,688,022 |
| Investments—publicly traded securities | $1,714,510 |
| Investments—other securities | $64,368 |
| Investments—program-related | $0 |
| Intangible assets | $564,744 |
| Other assets | $18,540,882 |
| Total assets | $264,169,507 |
| Accounts payable and accrued expenses | $2,746,418 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,967 |
| 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 | $237,900,747 |
| Total liabilities | $240,652,132 |
| 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 | $23,517,375 |
| Total liabilities and net assets/fund balances | $264,169,507 |
Grants Awarded
Over the last fiscal year, Aventa Credit Union has awarded $10,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Pueblo, CO PURPOSE: COMMUNITY SUPPORT OF LOCAL EVENT | $5,000 |
Denver, CO PURPOSE: FOR FURNITURE PURCHASE | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Meritrust Credit Union Wichita, KS | $1,281,507,668 | $48,306,293 |
True Sky Credit Union Oklahoma City, OK | $831,301,668 | $47,281,663 |
Credit Unions In State Of Arizona Glendale, AZ | $1,059,321,576 | $47,143,966 |
Weokie Federal Credit Union Oklahoma City, OK | $1,024,486,254 | $42,986,888 |
Credit Unions In The State Of New Mexico Albuquerque, NM | $827,742,636 | $41,680,287 |
Arizona Central Credit Union Phoenix, AZ | $741,586,550 | $35,293,641 |
Del Norte Credit Union Los Alamos, NM | $967,606,971 | $36,581,378 |
Credit Unions In The State Of New Mexico Santa Fe, NM | $936,346,148 | $39,868,558 |
Golden Plains Credit Union Garden City, KS | $831,027,454 | $40,747,458 |
Credit Unions In The State Of New Mexico Albuquerque, NM | $531,040,739 | $30,802,592 |
Credit Union Of Denver Lakewood, CO | $1,142,313,148 | $39,919,680 |
Oklahomas Credit Union Oklahoma City, OK | $721,352,699 | $32,235,785 |