Novation Credit Union
To offer personalized financial solutions exclusively to 3m Employees, Mcleod county, solventum Employees, Washington county, and Novation Credit Union foundation donors and their families.
Novation Credit Union at a glance
- Total assets
- $241,762,987
- +4.0% vs 2024
- Revenue (2025)
- $14,685,519
- +9.0% vs 2024
- Net investment income (2025)
- $2,149,363
- +0.2% vs 2024
- Expenses (2025)
- $11,869,016
- +8.5% vs 2024
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated September 2026.
Who Novation Credit Union funds
How this funder distributes its grants
Grant Size Distribution
1 grant across all recorded years
The most common grant size was under $50K: 1 grant of 1 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
States
Cities
Giving History
Giving Over Time
Total grant dollars and number of grants per year
In 2023 it made 1 grant totaling $21K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Novation Credit Union Foundation Oakdale, MN | Donation | $20,878 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $241,762,987 | $14,685,519 | $11,869,016 | — | — | $2,149,363 |
| 2024 | $232,490,083 | $13,474,710 | $10,934,887 | — | — | $2,145,788 |
| 2023 | $227,086,966 | $11,293,465 | $9,770,324 | $20,878 | 1 | $1,282,080 |
| 2022 | $224,719,719 | $9,264,760 | $7,323,942 | — | — | $698,758 |
| 2021 | $218,712,368 | $8,796,633 | $6,483,200 | — | — | $134,709 |
| 2020 | $192,998,558 | $8,298,506 | $6,947,262 | — | — | $112,130 |
About Novation Credit Union
Based on IRS filings
Novation Credit Union is a public charity, based in Oakdale, MN. IRS filing data is available from 2020 through 2025. As of 2025, the organization holds $241.8M in total assets. Net investment income was $2.1M.
Leadership & Key People
Officers and directors from IRS filings
Novation Credit Union is led by Mike Kronebusch, President & CEO since 2024 (on filings since 2020); all 16 officers listed in 2025 are compensated.
Officers on the 2025 filing
Mike Kronebusch
President & CEO
Chair → Executive Vice President of Strategy, 2023
Executive Vice President of Strategy → President & CEO, 2024
On filings since 2020
50 hrs/week
$1K (2020) → $313K (2025)
Mary Edinger
Board Chair
Director → Board Chair, 2024
On filings since 2020
2 hrs/week
$1K (2020) → $4K (2025)
Dan Carlson
Director
On filings since 2020
1 hr/week
$1K (2020) → $2K (2025)
Daryl Thoennes
Director
On filings since 2020
1 hr/week
$1K (2020) → $2K (2025)
John Schwalbach
Director
On filings since 2020
1 hr/week
$900 (2020) → $2K (2025)
Joseph Paul
Director
On filings since 2022
1 hr/week
$700 (2022) → $2K (2025)
Loti Schaetzka
Director of Technology
On filings since 2024
50 hrs/week
$106K (2024) → $113K (2025)
Michelle Nephew
Director
On filings since 2024
2 hrs/week
$900 (2024) → $4K (2025)
Robert Kody
Director
On filings since 2024
1 hr/week
$900 (2024) → $2K (2025)
Erdem Olgun
Director
New on the 2025 filing
1 hr/week
$2K (2025)
Sarah Carter
Director of Member Experiance
New on the 2025 filing
50 hrs/week
$107K (2025)
Matt Juhl
Vice Chair
Director → Vice Chair, 2024
On filings since 2020
1 hr/week
$1K (2020) → $2K (2025)
Nick Altavilla
Vice President of Digital Experience & Operations
Vice President of Operations & COO → Vice President of Digital Experience & Operations, 2024
On filings since 2020
50 hrs/week
$112K (2020) → $132K (2025)
Terry Kahle
Vice President of Finance & CFO
On filings since 2020
50 hrs/week
$23K (2020) → $279K (2025)
Todd Brandel
Chief Lending Officer
On filings since 2024
50 hrs/week
$100K (2024) → $112K (2025)
Tyler Sache
Vice President of Marketing & Strategy
On filings since 2024
50 hrs/week
$170K (2024) → $196K (2025)
Former officers (8)
- Former: Dawn McGinley (2020–2024) — Chair
- Former: Kristi Mukomela (2020–2024) — Former CEO
- Former: Shawn Schow (2020–2024) — Director
- Former: Wendy Benson (2022–2024) — Secretary
- Former: Scott Henning (2020–2023) — Vice President of Marketing & CMO
- Former: Nancy Seleski (2020–2022) — Director
- Former: Michael Kronebusch (2022) — Executive Vice President Chief Strategy Officer
- Former: Sharon Hansen (2020) — Cfo-Retired
Data from IRS Form 990 filings, 2020–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $313K, to Mike Kronebusch (President/CEO). 16 officers or directors reported compensation on that filing.
Frequently asked questions about Novation Credit Union
How large is Novation Credit Union?
Novation Credit Union reported $241.8M in total assets on its 2025 IRS Form 990. Its revenue that year was $14.7M.
Where does Novation Credit Union operate?
Novation Credit Union has awarded grants in Minnesota.
What is Novation Credit Union's EIN?
Novation Credit Union's EIN (Employer Identification Number) is 41-0800081. IRS Form 990 filing data is available on this page for 2020–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings.
Data update history
(2)
When this profile's IRS filing data changed on Grantable
- Added Form 990 for fiscal year 2025 (received by the IRS July 29, 2026)
- IRS filings on file for fiscal years 2020–2024
Explore Open Grants
Browse active grant opportunities in Novation Credit Union's focus areas in our free grants database
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Novation Credit Union down — hundreds of funders to go?