Covantage Cares Foundation Inc
Nonprofit profile at a glance
- EIN
- 811056981
- IRS 990 coverage
- 2016–2024
- Forms available
- Form 990 2024
- Location
- Antigo, WI, USA
- Phone
- 7156274336
- Rating
- 70
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Public Foundations
Reported finances
- Revenue
- $683,046
- Expenses
- $751,444
- Assets
- $57,091
- Liabilities
- $25
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
5 people listed
Executive titles in this filing
- CHARLES ZANAYED (PRESIDENT)
- JOAN FARRELL (VICE PRESIDENT)
Highest reported compensation
- CHARLES ZANAYED (PRESIDENT): $846,549 total reported compensation
- JOAN FARRELL (VICE PRESIDENT): $357,994 total reported compensation
- JANEL THOUNE (TREASURER): $231,589 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The corporation is organized exclusively for charitable and educational purposes by providing financial assistance to individuals, especially those experiencing significant financial challenge, and to organizations working to enhance the quality of life of residents living in the communities served by covantage credit union.
What it reported doing in 2024
The corporation is organized exclusively for charitable and educational purposes by providing financial assistance to individuals, especially those experiencing significant financial challenge, and to organizations working to enhance the quality of life of residents living in the communities served by covantage credit union (cvcu).the organization gave several grants during the year to organizations that help accomplish the mission of enhancing the quality of life of residents living in the communities served by cvcu.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.
Rating breakdown
- Financial Efficiency: 89
- Transparency & Controls: 63
- Accountability: 47
- Sustainability: 21
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 99.8%; rating input score 100
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 91.7%; rating input score 92; 12th percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: 76.4%; rating input score 76; 33rd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 40%; rating input score 40; 10th percentile among comparable filings
- Governance controls: 5 of 9 controls in place; rating input score 56
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -10%; rating input score 17; 17th percentile among comparable filings
- Total-asset coverage ratio: 0.08; rating input score 4; 4th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 81; 81st percentile among comparable filings
- Officer compensation ratio: 18.2%; rating input score 17; 17th percentile among comparable filings
Growth
- Program expense growth: 14.2% per year; rating input score 100; 73rd percentile among comparable filings
- Revenue growth: 9.7% per year; rating input score 100; 65th percentile among comparable filings
- Asset growth: 10% per year; rating input score 100; 59th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 99.8% of spending went to programs
- Governance: 2 of 5 board members independent · 5 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $750K in reported program spending
- Leadership: top reported pay $847K · 5 people listed · 0 of 6 pay-setting controls reported
- Consistency: 14 of 15 current checks pass · 1 finding to review
- Schedules: 8 filed schedules · includes major donors, grants, and executive pay
- Filing history: 8 filing years from 2016 to 2024
- Contacts: How to reach this organization
- Money network: 13 filed money-flow records
- Related organizations: 14 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Moderate — Accountability: Independent voting board scored 40/100.
- Review — Accountability: Governance controls: 4 of 9 not reported.
- High — Sustainability: Operating margin scored 17/100.
- High — Sustainability: Total-asset coverage ratio scored 4/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- High — Sustainability: Officer compensation ratio scored 17/100.