EIN 39-0945701

CoVantage Credit Union

IRS 501(c) type
501(c)(14)
Num. employees
533
City
Year formed
1953
Most recent tax filings
2022-12-01
Description
CoVantage Credit Union has business lending, mortgage lending, a full service contact center, accounting, information technology/security, and marketing departments in addition to the expected teller, consumer lending, and financial service departments.
Related structure
CoVantage Credit Union is a child organization, under an unknown parent.
Total revenues
$121,730,079
2022
Total expenses
$98,996,617
2022
Total assets
$2,963,887,227
2022
Num. employees
533
2022

Program areas at CoVantage Credit Union

Covantage has 152,211 members, and for those looking to save, Covantage strives to pay dividend rates that are above market rates, even in this rising rate environment. As of december 31, 2022, Covantage was paying an annual percentage rate of 0.75% on regular share accounts when many other financials continued to keep their rates low in a rising rate environment. 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 a rising rate environment, but Covantage still rewarded members with an additional $4,934,674 in patronage payments in 2022.
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.
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.

Grants made by CoVantage Credit Union

GranteeGrant descriptionAmount
DC Everest Education FoundationGeneral Support$250,000
Covantage Cares FoundationGeneral Support$200,000
Wausau Central Wisconsin Sports AuthorityGeneral Support$10,000
...and 2 more grants made

Personnel at CoVantage Credit Union

NameTitleCompensation
Charles ZanayedPresident and Chief Executive Officer$621,952
Schwan HardiChief Financial Officer$240,084
Sean van HandelChief Information Officer$223,515
Brett LeeChief Retail Officer$309,514
Patrick CurranVice President Digital Services / Vice President Digital and Business Solutions$191,918
...and 8 more key personnel

Financials for CoVantage Credit Union

RevenuesFYE 12/2022
Total grants, contributions, etc.$548,813
Program services$104,711,370
Investment income and dividends$15,163,795
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$122,095
Net gain from sale of non-inventory assets$1,184,006
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$121,730,079

Form 990s for CoVantage Credit Union

Fiscal year endingDate received by IRSFormPDF link
2022-122023-11-08990View PDF
2021-122022-11-08990View PDF
2020-122021-11-12990View PDF
2018-122020-01-03990View PDF
2017-122019-02-21990View PDF
...and 8 more Form 990s

Organizations like CoVantage Credit Union

OrganizationLocationRevenue
Superior Choice Credit Union (SCCU)Superior, WI$30,905,234
Fox Communities Credit Union (FOXCU)Appleton, WI$104,390,989
Connexus Credit UnionWausau, WI$328,557,164
Capital Credit UnionGreen Bay, WI$96,768,342
Summit Credit UnionMadison, WI$231,091,693
Marine Credit UnionLa Crosse, WI$77,409,562
UW Credit UnionMadison, WI$206,656,356
Pioneer Credit UnionGreen Bay, WI$32,603,206
Royal Credit Union (RCU)Eau Claire, WI$198,876,123
Verve Credit UnionOshkosh, WI$63,522,788
Data update history
January 23, 2024
Updated personnel
Identified 2 new personnel
January 16, 2024
Posted financials
Added Form 990 for fiscal year 2022
January 2, 2024
Used new vendors
Identified 1 new vendor, including
July 27, 2023
Posted financials
Added Form 990 for fiscal year 2021
July 14, 2023
Used new vendors
Identified 5 new vendors, including , , , , and
Nonprofit Types
Credit unionsChapter / child organizations
Issues
No issues found
Characteristics
Receives government funding
General information
Address
723 6th Ave PO Box 107
Antigo, WI 54409
Metro area
Wausau-Weston, WI
County
Langlade County, WI
Website URL
covantagecu.org/ 
Phone
(715) 627-4336
Facebook page
covantagecreditunion 
Twitter profile
@covantagecu 
IRS details
EIN
39-0945701
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1953
Eligible to receive tax-deductible contributions (Pub 78)
No
Categorization
NTEE code, primary
W60: Financial Institutions, Credit Unions
NAICS code, primary
522130: Credit Unions
Parent/child status
Child within group exemption
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