Overview
What is Novation Credit Union?
Novation Credit Union is a not-for-profit financial cooperative, headquartered at 500 Imperial Ave, Oakdale, MN 55128. Established to serve 16,800 member-owners, this organization provides a wide array of loan services, including vehicle, real estate, student, visa, and other financial solutions. Novation Credit Union's mission is to offer personalized financial solutions, exclusively catering to 3M employees and their families. With a dedicated workforce of 34 individuals, the credit union aims to foster financial well-being within its member base.
Official website here: www.novation.org
Is Novation Credit Union legitimate?
Novation Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Novation Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $994,674
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,641,779
For more financial information, click here
Official website here: www.novation.org
What is the mission statement of Novation Credit Union?
Novation Credit Union, serving as a not-for-profit financial cooperative, is dedicated to providing personalized financial solutions exclusively to the 16,800 member-owners who are primarily associated with 3M. Its mission is to offer a range of loans, including vehicle, real estate, student, visa, and other types of financing, to cater to the financial needs of its member-owners. The credit union aims to contribute to the financial well-being of its members and their families.
Official website here: www.novation.org
Who is the CEO of Novation Credit Union?
Kristi Mukomela is the President/Ceo of Novation Credit Union. The CEO's salary of Novation Credit Union is $240,408 and their total compensation is $279,425.
Official website here: www.novation.org
What is the revenue of Novation Credit Union?
Novation Credit Union's revenue in 2022 was $9,264,760.
Official website here: www.novation.org
Who are the executives of Novation Credit Union and what are their salaries?
The average compensation at Novation Credit Union during 2022 was $77,543. There are 34 employees and 13 volunteers at Novation Credit Union.
Here are 16 key members and their salaries (Novation Credit Union's CEO's salary is $240,408 and their total compensation is $279,425):
- Compensation: $700
- Related: $0
- Other: $0
- Compensation: $1,200
- Related: $0
- Other: $0
- Compensation: $1,200
- Related: $0
- Other: $0
- Compensation: $1,200
- Related: $0
- Other: $0
- Compensation: $1,200
- Related: $0
- Other: $0
- Compensation: $1,100
- Related: $0
- Other: $0
- Compensation: $1,100
- Related: $0
- Other: $0
- Compensation: $100
- Related: $0
- Other: $0
- Compensation: $1,200
- Related: $0
- Other: $0
- Compensation: $700
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $240,408
- Related: $0
- Other: $39,017
- Compensation: $152,110
- Related: $0
- Other: $66,872
- Compensation: $220,488
- Related: $0
- Other: $12,965
- Compensation: $207,603
- Related: $0
- Other: $5,697
- Compensation: $39,166
- Related: $0
- Other: $648
Official website here: www.novation.org
Where can I find the form 990 for Novation Credit Union?
Novation Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.novation.org
Learn more at the official website: www.novation.org
Mission Statement of Novation Credit Union
Novation Credit Union, a not-for-profit financial cooperative, is dedicated to serving its 16,800 member-owners. The organization's mission is uniquely tailored to extend personalized financial solutions exclusively to the employees and their families of 3M. This commitment to its members extends to various loan services, including vehicle, real estate, student, Visa, and other types of loans. By offering these financial solutions, Novation Credit Union aims to support and empower its member-owners in managing their financial needs.
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Impact
October, 2024
Novation Credit Union plays a significant role in enhancing the financial well-being of its 16,800 member owners, particularly focusing on 3M employees and their families. By providing a range of lending options, including vehicle, real estate, student, and Visa loans, Novation equips its members with the financial resources they need to achieve their goals. The credit union’s personalized approach to financial solutions fosters a sense of community and trust, empowering individuals and families to make informed financial decisions. This accessibility to tailored financial services contributes to the overall economic stability of the Oakdale, MN area and strengthens the financial health of its member base.
This information is meant to be a general summary of Novation Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $698,758
- Program Service Revenue: $8,566,002
- Gross Receipts: $9,264,760
Assets and Liabilities:
- Total Assets: $224,719,719
- Total Liabilities: $206,635,423
- Net Assets: $18,084,296
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$5,719,882
OTHER INCOME
Revenue
$2,464,300
FEE INCOME
Revenue
$381,820
Organization Details
Founding Year
1954
Phone
(651) 739-8080Principal Officer
Kristi Mukomela
Main Address
500 IMPERIAL AVE, OAKDALE, MN, 551287151
Website
www.novation.orgNTEE Category
Code: W60 - Public benefit
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