2018-11-07T12:14:04-06:00 2017-12-31 390758449 WIPFLI LLP PO BOX 8010 WAUSAU WI 544028010 990 2017-01-01 390945701 COVANTAGE CREDIT UNION COVA 7156274336 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 DOUG ANDERSON CHEIF FINANCIAL OFFICER 7156274336 2018-10-31 1 MARY A COATES CPA P00134220 7158453111 2018-10-31 50.50.56.238 2018-10-31 10:32:15 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 591F57CCDB6768E443135B10ADA072E30A282E8B 2017 2019-02-21 02:37:17Z DOUGLAS ANDERSON 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 64682880 0 2157 X WWW.COVANTAGECU.ORG X 1953 WI 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. 10 10 427 0 53367 0 0 0 55472547 59923293 2894353 3620964 189803 194606 58556703 63738863 351209 192420 0 0 18276927 17700881 0 0 0 24646318 28756217 43274454 46649518 15282249 17089345 1366110547 1508908894 1210747327 1336187546 155363220 172721348 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. 0 0 COVANTAGE HAS 100,450 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, 2017, COVANTAGE WAS PAYING AN ANNUAL PERCENTAGE RATE OF 0.65% 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 $3,066,319 IN PATRONAGE PAYMENTS IN 2017. 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. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 47862 0 1 427 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 0 0 1 1 1 1 0 X CHARLIE ZANAYED PRESIDENTCEO 7156274336 723 SIXTH AVE ANTIGO WI 54409 CHARLES DALLAS DIRECTOR 2.00 0.00 X 3300 0 0 SUSAN GITZLAFF DIRECTOR 2.00 0.00 X 3300 0 0 BOB LAMOVEC DIRECTOR 2.00 0.00 X 3300 0 0 JANELLE MARKGRAF DIRECTOR (THRU FEBRUARY) 2.00 0.00 X 550 0 0 PAUL PAYANT DIRECTOR 2.00 0.00 X 3300 0 0 WILLIS QUALHEIM DIRECTOR 2.00 0.00 X 2750 0 0 ROBERT MACINTOSH CREDIT COMMITTEE 2.00 0.00 X 3300 0 0 MATT KOLLING CHAIRPERSON 3.00 0.00 X X 3300 0 0 LEE SILER VICE-CHAIRPERSON 2.00 0.00 X X 3300 0 0 KAREN NOVAK TREASURER 2.00 0.00 X X 3300 0 0 EUGENE SHAWANO SECRETARY 2.00 0.00 X X 3300 0 0 CHARLES ZANAYED PRESIDENT 40.00 1.00 X 376211 0 42242 DOUGLAS ANDERSON CHIEF FINANCIAL OFFICER 40.00 3.00 X 209949 0 32750 ROBERT VAN ABEL CHIEF INFORMATION OFFICER 40.00 0.00 X 200816 0 15411 STEVE WILDER CHIEF COMMERCIAL OFFICER 40.00 0.00 X 191824 0 28892 SHERRY AULIK SVP ADMINISTRATIVE OFFICER 40.00 3.00 X 193243 0 36063 STACY BOUCHE CHIEF MORTGAGE LENDING OFFICER 40.00 0.00 X 135432 0 31558 BRETT LEE CHIEF RETAIL OFFICER 40.00 0.00 X 197451 0 32077 BRIAN PRUNTY FORMER CEO 0.00 0.00 X 484113 0 24491 2022039 0 243484 13 1 1 0 ALTMANN CONSTRUCTION CO INC PO BOX 65 WISCONSIN RAPIDS WI 54495 CONSTRUCTION SERVICES 957521 JACK HENRY & ASSOCIATES INC PO BOX 609 MONET MO 65708 CORE SYSTEM SERVICES & MAINTENANCE 747278 IDSCOM 747 E WHITCOMB AVENUE MADISON HEIGHTS MI 48071 STATEMENT PROCESSING SERVICES 561804 BURTON KARSTEDT ADVERTISING 2336 HIGHPOINT DRIVE LINDENHURST IL 60046 ADVERTISING SERVICES 423694 FISERV 75 REMITTANCE DRIVE DEPT 1649 CHICAGO IL 60675 MOBILE APP TECHNOLOGY PROVIDER 392344 18 INTEREST ON LOANS 522100 45190282 45190282 CREDIT AND DEBIT CARD INTERCHANGE 522200 6463896 6416866 47030 SERVICE FEES 522100 5803752 5797415 6337 CUNA INSURANCE INCOME 522100 1444191 1444191 1021172 1021172 59923293 3694684 3694684 130335 130335 64271 0 64271 64271 64271 870297 944017 -73720 -73720 -73720 63738863 59869926 53367 3815570 192420 694152 11170924 1092566 3565328 1177911 73663 173383 2149995 1182169 1562812 976699 1867658 261292 210744 25538 2326739 361722 DIVIDENDS PAID ON MEMBE 10606253 LOAN SERVICING EXPENSE 3894073 PROVISION FOR LOAN LOSS 2650000 DUES AND SUBSCRIPTIONS 134256 299221 46649518 8523641 7230502 41792330 37656162 3099737 3602039 1055740338 1205277512 1089159 1325951 43720941 13486455 28456301 30234486 156629049 155622786 55050868 53640589 15729124 14318867 1366110547 1508908894 5111001 15939236 1205636326 1320248310 1210747327 1336187546 X 0 0 0 0 155363220 172721348 155363220 172721348 1366110547 1508908894 X 17089345 -707695 976478 X X 0 1 X 1 0 4891609 4891609 27028692 7565459 19463233 11569349 5920996 5648353 231291 231291 30234486 SHARE DRAFTS 192785745 REGULAR SHARES 370368450 MONEY MARKET SHARES 333315630 SHARE CERTIFICATES 294440822 IRA/KEOGH ACCOUNTS 116146754 OTHER SHARES 11942592 NONMEMBER DEPOSITS 1248317 1320248310 1 WAUSAU EVENTS INC 407 GRANT ST WAUSAU WI 54403 391612386 501(C)(3) 9500 GENERAL SUPPORT WAUSAU CENTRAL WISCONSIN SPORTS AUTHORITY INC 219 JEFFERSON ST WAUSAU WI 54403 811937746 501(C)(6) 10000 GENERAL SUPPORT BOYS AND GIRLS CLUB OF LANGLADE COUNTY 411 SUPERIOR ST ANTIGO WI 54409 391980025 501(C)(3) 5000 GENERAL SUPPORT COMMUNITY FOUNDATION OF NORTH CENTRAL WISCONSIN INC 500 1ST ST 2600 WAUSAU WI 54403 391577472 501(C)(3) 5000 GENERAL SUPPORT COVANTAGE CARES 723 6TH AVE PO BOX 107 ANTIGO WI 54409 811056981 501(C)(3) 113761 GENERAL SUPPORT 5 0 PART I, LINE 2: THE ORGANIZATION MONITORS THE USE OF THEIR GRANT FUNDS CLOSELY. X X X X 0 0 0 CHARLES ZANAYED PRESIDENT 348492 0 27719 0 0 0 21600 0 20642 0 418453 0 0 0 DOUGLAS ANDERSON CHIEF FINANCIAL OFFICER 192432 0 17517 0 0 0 17369 0 15381 0 242699 0 0 0 ROBERT VAN ABEL CHIEF INFORMATION OFFICER 183100 0 17716 0 0 0 13838 0 1573 0 216227 0 0 0 STEVE WILDER CHIEF COMMERCIAL OFFICER 176663 0 15161 0 0 0 12958 0 15934 0 220716 0 0 0 SHERRY AULIK SVP ADMINISTRATIVE OFFICER 175830 0 17413 0 0 0 15496 0 20567 0 229306 0 0 0 STACY BOUCHE CHIEF MORTGAGE LENDING OFFICER 123270 0 12162 0 0 0 11271 0 20287 0 166990 0 0 0 BRETT LEE CHIEF RETAIL OFFICER 187343 0 10108 0 0 0 16116 0 15961 0 229528 0 0 0 BRIAN PRUNTY FORMER CEO 457281 0 26832 0 0 0 21600 0 2891 0 508604 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 COVANTAGE CREDIT UNION IS OWNED AND OPERATED BY ITS 100,450 MEMBERS AND A VOLUNTEER BOARD OF DIRECTORS. A SAVINGS ACCOUNT WITH A MINIMAL $10 DEPOSIT MEETS THE REQUIREMENT OF BEING A MEMBER-OWNER JUST AS LONG AS THEY MEET ONE OF THE OTHER MEMBERSHIP REQUIREMENTS SUCH AS RESIDING IN THE CHARTERED AREA, A FAMILY MEMBER IS ALREADY A MEMBER, ARE A MEMBER OF SERVO FS COOPERATIVE IN ANTIGO, OR ARE A STUDENT/ALUMNI OF A POST-SECONDARY SCHOOL IN MARATHON COUNTY. OUR MEMBER-OWNERS BENEFIT FROM BELONGING TO COVANTAGE THROUGH LOWER LOAN RATES, HIGHER SAVINGS RATES, FEWER FEES, IN ADDITION TO THE INTRODUCTION OF NEW PRODUCTS AND OTHER INCENTIVES. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS WOULD NEED TO APPROVE DECISIONS SUCH AS CHANGE OF NAME OR A MERGER DECISION. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS IS PRESENTED WITH A COPY OF FORM 990 AT A MONTHLY BOARD MEETING, WHICH ALLOW THEM TO REVIEW IT PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12 ALL EMPLOYEES, IN ADDITION TO DIRECTORS AND CREDIT COMMITTEE MEMBERS. NO DIRECTOR IS ALLOWED TO BECOME AN EMPLOYEE, OR VICE-VERSA, WHILE EITHER EMPLOYED OR SERVICING ON THE BOARD, OR WITHIN ONE YEAR AFTER THEIR TERMINATION/ENDING OF BOARD TERM. IN REGARDS TO LENDING, ALL EMPLOYEE LOANS ARE REVIEWED TO ENSURE NO CONFLICTS OF INTEREST HAVE OCCURRED WITHIN THE TRANSACTION. ANY POTENTIAL CONFLICTS ARE REPORTED TO THE BOARD FOR REVIEW. ANY POTENTIAL CONFLICTS ARE REVIEWED BY THE SVP COMMERCIAL LENDING AND THEN REPORTED TO THE BOARD OF DIRECTORS. SHOULD A CONFLICT OF INTEREST ARISE, IT WOULD BE ACTED UPON ON A CASE-BY-CASE MATTER, WITH APPROPRIATE REPERCUSSIONS TAKEN AS FOUND APPROPRIATE BY COVANTAGE CU. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION FOR OFFICERS INCLUDING DOUG ANDERSON, STEVE WILDER, ROBERT VAN ABEL, SHERRY AULIK, STACY BOUCHE, BRYAN ERMELING, CHARLES ZANAYED, BRIAN MILLAR, RHONDA NORRBOM, VICKI PERROT, DANA WEIGEL, BRETT LEE AND BRIAN PRUNTY (ALSO CEO), INCLUDE AN ANNUAL COMPARABILITY SURVEY BASED OFF OF DATA FROM OTHER CREDIT UNIONS OF SIMILAR ASSET SIZE TO COVANTAGE. THIS DATA IS USED TO CREATE AN INDUSTRY AVERAGE FOR EACH POSITION. THE MIDPOINT OF OUR PAYGRADE IS TARGETED TO BE COMPARABLE TO THAT INDUSTRY AVERAGE. THESE SURVEYS ARE COMPLETED ANNUALLY, BEGINNING IN SEPTEMBER/OCTOBER. THE NEW SALARY AMOUNTS ARE THEN APPROVED BY THE BOARD IN NOVEMBER FOR THE UPCOMING YEAR. SALARIES ARE THEN ADJUSTED ON EACH INDIVIDUAL'S ANNUAL REVIEW DATE. FOR THOSE INDIVIDUALS LISTED, THIS PROCESS WAS LAST COMPLETED IN 2016 FOR THE 2017 CALENDAR YEAR. FORM 990, PART VI, SECTION C, LINE 19 COVANTAGE CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, IN ADDITION TO ITS CONFLICT OF INTEREST POLICY, AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE AVAILABLE BY VIEWING THE NCUA 5300 CALL REPORT OR BY OBTAINING AN ANNUAL STATEMENT BROCHURE AVAILABLE IN THE LOBBIES OF ALL COVANTAGE CREDIT UNION BRANCHES. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 2,461. EQUITY ACQUIRED IN MERGER 1,035,011. TRANSITION PROPERTIES - CONSOLIDATED STATEMENT -11,452. COVANTAGE CARES - CONSOLIDATED STATEMENT -49,542. FORM 990, PART XII, LINE 2C: NO CHANGE IN THE PROCESS FROM THE PRIOR YEAR. TRANSITION PROPERTIES LLC 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 461713416 OWN AND MANAGE OTHER REAL ESTATE OWNED BY COVANTAGE CREDIT UNION. WI -11452 28135 COVANTAGE CREDIT UNION COVANTAGE CARES FOUNDATION INC 723 6TH AVENUE PO BOX 107 ANTIGO WI 544090107 811056981 PROVIDE FINANCIAL ASSISTANCE TO INDIVIDUALS & ORGANIZATIONS WI 501(C)(3) LINE 7 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 COVANTAGE CARES FOUNDATION INC B 113761 FAIR MARKET VALUE (CASH)