COVANTAGE CREDIT UNION

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1953

Legal Domicile

Principal Officer

CHARLES ZANAYED

Phone

7156274336

Tax Period

2024-01-01 to 2024-12-31

COVANTAGE CREDIT UNION, founded in 1953, is a major nonprofit that reported $234.4M in total revenue in fiscal year 2024. Revenue surged 23% from the prior year, signaling strong growth momentum. Expenses of $210.1M left a modest 10% surplus.

Mission

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.

Program Service Accomplishments

Program 1

COVANTAGE HAS 171,890 MEMBERS, AND PASSES VALUE BACK TO THE MEMBERSHIP THROUGH HIGHER DEPOSIT RATES, LOWER LOAN RATES, AND MINIMAL FEES. AS OF DECEMBER 31, 2024, COVANTAGE WAS PAYING AN ANNUAL...

COVANTAGE HAS 171,890 MEMBERS, AND PASSES VALUE BACK TO THE MEMBERSHIP THROUGH HIGHER DEPOSIT RATES, LOWER LOAN RATES, AND MINIMAL FEES. AS OF DECEMBER 31, 2024, COVANTAGE WAS PAYING AN ANNUAL PERCENTAGE RATE OF 2.78% ON REGULAR SHARE ACCOUNTS WHEN MANY OTHER FINANCIALS CONTINUED TO KEEP THEIR RATES LOWER IN AN UNCERTAIN INTEREST RATE ENVIRONMENT. COVANTAGE IS ONE OF A FEW FINANCIAL INSTITUTIONS IN THE NATION THAT DO NOT CHARGE NSF OR OVERDRAFT FEES ON CHECKING ACCOUNTS WHICH SAVES OUR MEMBERS OVER 8 MILLION DOLLARS ANNUALLY. COVANTAGE REWARDED MEMBERS WITH AN ADDITIONAL $6,976,426 IN PATRONAGE PAYMENTS IN 2024.

Program 2

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. COVANTAGE WELCOMES ALL REGARDLESS OF WEALTH AND MADE ALMOST 10,000 LOANS OF $5,000 OR LESS. THESE SMALL DOLLAR LOANS ARE NOT ABOUT PROFIT, BUT ABOUT SERVING OUR COMMUNITIES. COVANTAGE OFFERS FREE CREDIT SCORE TRACKING TO HELP OUR MEMBERS BUILD AND MONITOR CREDIT. FOR THOSE LOOKING FOR HOME OWNERSHIP, COVANTAGE ALSO OFFERED ITS COVANTAGE CREATES HOMES MORTGAGE PROGRAM TO HELP THOSE THAT MIGHT NEED ASSISTANCE WITH A DOWN PAYMENT OR NEEDED HOME REPAIRS.

Program 3

COVANTAGE ALSO STRIVES TO SUPPORT FINANCIAL LITERACY, INCLUDING PROVIDING GREENPATH CREDIT COUNSELING AS A FREE SERVICE TO OUR MEMBERS TO ASSIST WITH BUDGETING, UNDERSTANDING CREDIT REPORTS, MONEY...

COVANTAGE ALSO STRIVES TO SUPPORT FINANCIAL LITERACY, INCLUDING PROVIDING GREENPATH 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 REALITY FAIRS.

🔒

Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

Sign in to view Trantor Score and financial metrics

Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $181,669,244

Investment Income $52,772,006

Other Revenue $-60,221

TOTAL REVENUE $234,381,029

Expense Breakdown

Grants Paid $762,717

Salaries & Benefits $39,994,225

Fundraising Expenses $0

Other Expenses $169,381,983

TOTAL EXPENSES $210,138,925

Year-over-Year Comparison

	2024	2023	Change
Revenue	$234,381,029	$190,206,603	+0.2%
Expenses	$210,138,925	$170,991,216	+0.2%
Net Income	$24,242,104	$19,215,387	+0.3%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

🔒

Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

573

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,178,030

Total Directors

$115,000

Key Employees

$1,398,519

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DENNIS HALTINNER	CHAIR	2.00	Officer Director	$11,500	$0	$11,500
MICHAEL WINDBERG	VICE CHAIR	2.00	Officer Director	$11,500	$0	$11,500
WILLIS QUALHEIM	TREASURER	2.00	Officer Director	$11,500	$0	$11,500
LEE SILER	SECRETARY	2.00	Officer Director	$11,500	$0	$11,500
JULIE BERNDT	DIRECTOR	2.00	Director	$11,500	$0	$11,500
ANGIE CLOSE	DIRECTOR	2.00	Director	$11,500	$0	$11,500
SUSAN GITZLAFF	DIRECTOR	2.00	Director	$11,500	$0	$11,500
MATT KOLLING	DIRECTOR	2.00	Director	$11,500	$0	$11,500
PAUL PAYANT	DIRECTOR	2.00	Director	$11,500	$0	$11,500
EUGENE SHAWANO	DIRECTOR	2.00	Director	$11,500	$0	$11,500
CHARLES ZANAYED	PRESIDENT	40.00	Officer	$796,005	$50,544	$846,549
MARY PRUNTY	CHIEF FINANCIAL OFFICER	40.00	Officer	$273,573	$11,908	$285,481
STACY BOUCHE	CHIEF MORTGAGE LENDING OFFICER	40.00	Key Emp	$258,437	$22,648	$281,085
BRETT LEE	EVP CHIEF RETAIL OFFICER	40.00	Key Emp	$374,272	$44,633	$418,905
JOAN FARRELL	SVP CHIEF RISK STR PA OFFICER	40.00	Key Emp	$309,624	$48,370	$357,994
SEAN VAN HANDEL	SVP CHIEF INFORMATION OFFICER	40.00	Key Emp	$295,994	$44,541	$340,535
SHERRY AULIK	SPECIAL PROJECTS OFFICER	40.00	Highest	$548,074	$38,396	$586,470
PATRICK CURRAN	VP DIGITAL SERVICES	40.00	Highest	$218,636	$34,779	$253,415
CHERYL FANNING	SVP RETAIL SALES SRV OPS	40.00	Highest	$201,367	$32,337	$233,704
JANEL THOUNE	SVP OF MARKETING AND MISSION	40.00	Highest	$193,517	$38,072	$231,589
BRYAN EMERLING	SVP BUILDINGS AND MARKETS	40.00	Highest	$196,894	$25,092	$221,986

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$234,381,029	$210,138,925	$3,725,346,803	$24,242,104
2023	$190,206,603	$170,991,216	$3,537,015,111	$19,215,387
2022	$121,730,079	$98,996,617	$2,963,887,227	$22,733,462
2021	$105,078,652	$71,718,273	$2,634,029,543	$33,360,379
2020	$100,317,089	$75,643,212	$2,308,873,736	$24,673,877
2019	$87,658,851	$68,720,086	$1,905,407,431	$18,938,765
2018	$73,234,487	$55,893,023	$1,645,093,652	$17,341,464