NOVATION CREDIT UNION (EIN 410800081) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1954

Legal Domicile

Principal Officer

MICHAEL KRONEBUSCH

Phone

6517398080

Tax Period

2023-01-01 to 2023-12-31

NOVATION CREDIT UNION, founded in 1954, is a mid-sized nonprofit that reported $11.3M in total revenue in fiscal year 2023. Revenue surged 22% from the prior year, signaling strong growth momentum. Expenses of $9.8M left a modest 13% surplus.

Mission

NOVATION CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING 17,000 MEMBER OWNERS.

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Trantor Score

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

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $10,011,385

Investment Income $1,282,080

Other Revenue $0

TOTAL REVENUE $11,293,465

Expense Breakdown

Grants Paid $20,878

Salaries & Benefits $3,685,983

Fundraising Expenses $0

Other Expenses $3,829,818

TOTAL EXPENSES $9,770,324

Year-over-Year Comparison

	2023	2022	Change
Revenue	$11,293,465	$9,264,760	+0.2%
Expenses	$9,770,324	$7,323,942	+0.3%
Net Income	$1,523,141	$1,940,818	-0.2%

Key Indicators

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

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Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

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

Governance

Voting Members

Independent Members

Employees

Volunteers

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

$944,065

Total Directors

$223,291

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MIKE KRONEBUSCH	EVP OF STRATEGY	50.00	Officer Director	$194,475	$18,016	$212,491
MARY EDINGER	DIRECTOR	1.00	Director	$1,200	$0	$1,200
DAN CARLSON	DIRECTOR	1.00	Director	$1,200	$0	$1,200
DARYL THOENNES	DIRECTOR	1.00	Director	$1,200	$0	$1,200
DAWN MCGINLEY	CHAIR	1.00	Officer Director	$1,200	$0	$1,200
JOHN SCHWALBACH	DIRECTOR	1.00	Director	$1,200	$0	$1,200
MATT JUHL	DIRECTOR	1.00	Director	$1,200	$0	$1,200
SHAWN SCHOW	DIRECTOR	1.00	Director	$1,200	$0	$1,200
JOSEPH PAUL	DIRECTOR	1.00	Director	$1,200	$0	$1,200
WENDY BENSON	DIRECTOR	1.00	Director	$1,200	$0	$1,200
KRISTI MUKOMELA	PRESIDENT/CEO	50.00	Officer	$267,082	$20,636	$287,718
TERRY KAHLE	VP OF FINANCE/CFO	50.00	Officer	$165,978	$26,506	$192,484
NICK ALTAVILLA	VP OF OPERATIONS/COO	50.00	Officer	$117,744	$14,600	$132,344
SCOTT HENNING	VP OF MARKETING/CMO	50.00	Officer	$104,475	$13,353	$117,828

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	No data	No data	No data	No data
2023	$11,293,465	$9,770,324	$227,086,966	$1,523,141
2022	$9,264,760	$7,323,942	$224,719,719	$1,940,818
2021	$8,796,633	$6,483,200	$218,712,368	$2,313,433
2020	$8,298,506	$6,947,262	$192,998,558	$1,351,244
2019	$8,044,478	$7,119,026	$162,517,262	$925,452
2018	$7,079,455	$6,026,862	$144,238,783	$1,052,593

NOVATION CREDIT UNION