2024-11-15T14:11:13-06:00 2023-12-31 952302617 SINGERLEWAK LLP 10960 WILSHIRE BLVD SUITE 1100 LOS ANGELES CA 90024 990 2023-01-01 840188017 CREDIT UNIONS CHARTERED IN COLORADO 20 WESTERRA CREDIT UNION CRED 3033214209 3700 E ALAMEDA AVENUE DENVER CO 802093100 DANIEL J KUTCH CFO 3033214209 2024-11-14 1 0 NANAZ BENYAMINI P00666808 3104773924 2024-11-14 2023 2024-10-15 13:58:12Z STEVEN SCHMIDLE 3700 EAST ALAMEDA AVE DENVER CO 80209 148661129 0 X WWW.WESTERRACU.COM X 1934 CO TO POSITIVELY IMPACT LIVES THROUGH PERSONAL ATTENTION AND FINANCIAL EDUCATION. 7 0 391 0 0 0 0 0 57614052 83473639 15540936 38172610 -480746 -396210 72674242 121250039 0 0 0 0 29225090 28100486 0 0 0 44038129 83613513 73263219 111713999 -588977 9536040 2204895683 2173846808 2055777122 2010732809 149118561 163113999 OUR PURPOSE IS TO CARE DEEPLY, EDUCATE ENDLESSLY, AND TO ENRICH LIFE FOR A FINANCIAL COMMUNITY OF MEMBERS AND TO EMPOWER THE MEMBERS TO ACHIEVE THEIR DREAMS. 0 0 PROVIDE A WIDE VARIETY OF FINANCIAL PRODUCTS AND SERVICES TO THE 111,665 MEMBERS OF THE CREDIT UNION. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 24165 0 1 391 1 0 0 0 0 0 0 0 0 0 0 X 7 0 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X STEVEN SCHMIDLE 3033214209 3700 EAST ALAMEDA AVE DENVER CO 802093100 ANDY RAICEVICH CHAIRMAN 10.00 X X 30000 0 0 LARRY OTTELE VICE CHAIRMAN 5.00 X X 24000 0 0 JIM KULLHEM DIRECTOR 5.00 X 24000 0 0 BARRY BEAL JR TREASURER 5.00 X X 25800 0 0 WILLIAM ABBEY SECRETARY 5.00 X X 24000 0 0 JOHN THOMAS GAIETTO DIRECTOR 5.00 X 24000 0 0 RON WALKER DIRECTOR (UNTIL 05/23) 5.00 X 8000 0 0 LAURA MORALES DIRECTOR 5.00 X 11697 0 0 MILTON STEVENS CHIEF DIGITAL OFFICER 40.00 X 250526 0 55368 ELINOR FORDYCE CHIEF PEOPLE OFFICER 40.00 X 219904 0 47757 BROOKE FLEMING CHIEF LENDING OFFICER 40.00 X 311485 0 73653 STEVE SCHMIDLE CHIEF FINANCIAL OFFICER 40.00 X 424234 0 72156 JAMES CHAMPION PRESIDENT/CHIEF EXECUTIVE 40.00 X 851231 0 93828 LEE PASCHALL CHIEF MARKETING OFFICER 40.00 X 280313 0 49828 MICHELLE BURKE VP MORTGAGE LENDING 40.00 X 223255 0 38340 SAMUEL ROY-JACKSON STOOKEY COMMERCIAL LOAN OFFICER 40.00 X 579641 0 18237 ANDREW GARDNER VP COMMERCIAL SRVC & BUSIN 40.00 X 226092 0 26831 MATTHEW J DELL COMMERCIAL LOAN OFFICER 40.00 X 311566 0 26794 DAVID J NEFF COMMERCIAL LOAN OFFICER 40.00 X 283583 0 32528 4133327 0 535320 86 0 1 0 CACTUS COMMUNICATIONS INC 2128 15TH ST DENVER CO 80202 MARKETING/ADVERTISING PRODUCTION 1714595 CODA CONSTRUCTION GROUP LLC 444 LIPAN ST DENVER CO 80204 BUILDING CONTRACTOR 968835 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 SECURITY AND CASH MACHINE MAINTENANCE 631970 SEMPLE FARRINGTON EVERALL & CASE PC 1120 LINCOLN ST SUITE 1308 DENVER CO 80203 LAWYERS/ PROFESSIONAL CONSULTING SERVICE 452373 RHINO SIGN WORKS INC 2065 S OSAGE ST DENVER CO 80223 PERONSALIZE BUILDING SIGNAGE 329667 42 INTEREST INCOME 522100 71752923 71752923 MORTGAGE SERVICE AND INTERCHANGE 522100 10724539 10724539 FEES & CHARGES 522100 996177 996177 83473639 37843425 37843425 460212 856422 -396210 -396210 -396210 26883853 26554668 329185 329185 329185 121250039 83473639 0 37776400 3350158 18068250 751737 3934023 1996318 482895 297983 7255303 2504601 7684782 3509142 440202 2471773 433182 ACCOUNT & LOAN SERVICES 47098327 LOAN SERVICING EXPENSE 6530637 PROVISION FOR CREDIT LO 4843273 ALL OTHER EXPENSES 61413 111713999 231653663 169647554 6466850 7670818 1761930 825303 1274102904 1361475587 37735247 39817277 58463289 36217303 22911950 22245986 600187143 537693059 4099555 4099555 25976441 30371669 2204895683 2173846808 21307353 36333162 2034469769 1974399647 2055777122 2010732809 X 0 0 16338071 16338071 132780490 146775928 149118561 163113999 2204895683 2173846808 X 9536040 8934398 -4475000 X 0 1 X 1 0 5364041 5364041 23865748 14746297 9119451 2775012 1495487 1279525 26458488 19975519 6482969 22245986 FEDERAL AGENCY SECURITIES 514615852 C STOCK IN FEDERAL HOME LOAN BANK 20581400 C DEFERRED COMPENSATION PLAN - 457(B) 1311337 C SECURITIES 1184470 C 537693059 MEMBERS SHARE AND DEPOSIT ACCOUNTS 1685229655 BORROWED FUNDS 285000000 NON-MEMBER DEPOSITS 3626380 ALLOWANCE FOR CREDIT LOSSES 533421 ACCRUED DIVIDENDS/INTEREST 10191 1974399647 X PART X, LINE 2: THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFININED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2023, 2022, AND 2021 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS). THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE DIFFERENT THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. X 1 1 X X X X X X 1 1 0 JAMES CHAMPION PRESIDENT/CHIEF EXECUTIVE 624522 0 192841 0 33868 0 68825 0 33659 0 953715 0 0 0 SAMUEL ROY-JACKSON STOOKEY COMMERCIAL LOAN OFFICER 145035 0 434116 0 490 0 0 0 24732 0 604373 0 0 0 STEVE SCHMIDLE CHIEF FINANCIAL OFFICER 332603 0 90988 0 643 0 45000 0 35813 0 505047 0 0 0 BROOKE FLEMING CHIEF LENDING OFFICER 311238 0 0 0 247 0 44990 0 37319 0 393794 0 0 0 MATTHEW J DELL COMMERCIAL LOAN OFFICER 147808 0 163645 0 113 0 11596 0 25119 0 348281 0 0 0 LEE PASCHALL CHIEF MARKETING OFFICER 232803 0 46652 0 858 0 26793 0 32253 0 339359 0 0 0 DAVID J NEFF COMMERCIAL LOAN OFFICER 145108 0 137988 0 487 0 22481 0 15458 0 321522 0 0 0 MILTON STEVENS CHIEF DIGITAL OFFICER 216783 0 32742 0 1001 0 25542 0 37271 0 313339 0 0 0 ELINOR FORDYCE CHIEF PEOPLE OFFICER 219703 0 0 0 201 0 23672 0 37244 0 280820 0 0 0 MICHELLE BURKE VP MORTGAGE LENDING 174526 0 48451 0 278 0 22464 0 21082 0 266801 0 0 0 ANDREW GARDNER VP COMMERCIAL SRVC & BUSIN 196681 0 29250 0 161 0 20228 0 8149 0 254469 0 0 0 PART I, LINE 1A THE CREDIT UNION WILL COVER SPOUSAL EXPENSES RELATED TO BOARD OR SUPERVISORY/AUDIT COMMITTEE MEMBER TRAVEL FOR AIRFARE, MEALS, REGISTRATION, OR ANY ADDITIONAL ROOM CHARGE. ANY SPOUSAL EXPENSES REIMBURSED WILL BE REPORTEDON IRS FORM 1099 AS ADDITIONAL INCOME. PART I, LINES 4A-B PER CONFIDENTIALITY AGREEMENTS SIGNED BY THE ORGANIZATION, SEVERANCE PACKAGES PAID TO EMPLOYEES ARE NOT OPEN FOR PUBLIC INSPECTION. THE ORGANIZATION WILL PROVIDE SUCH INFORMATION REQUESTED BY A GOVERNMENT AGENCY UPON REQUEST. THE CREDIT UNION HAS ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR SELECT MEMBERS OF MANAGEMENT UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. AMOUNTS ACCRUED UNDER THE PLAN FOR 2023 ARE AS FOLLOWS: JAMES CHAMPION $63,936 BROOKE FLEMING $67,600 STEVE SCHMIDLE $121,827 LEE PASCHALL $16,328 ELINOR FORDYCE $21,893 MILTON STEVENS $50,000 MICHELLE BURKE $31,868 ANDREW RAICEVICH CHAIRMAN CREDIT CARDS X 20000 2502 0 1 1 BARRY BEAL JR TREASURER CREDIT CARDS X 13000 1009 0 1 1 ELINOR FORDYCE EXECUTIVE 1ST MORTGAGE X 214300 176839 0 1 1 MILTON STEVENS EXECUTIVE 1ST MORTGAGE X 697600 644953 0 1 1 825303 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE THAT IS OPERATED FOR THE BENEFIT OF: 1)EMPLOYEES, PENSIONERS, STUDENTS AND GRADUATES OF DENVER SCHOOLS DISTRICT NO. 1, JEFFERSON COUNTY SCHOOL DISTRICT, AND MAPLETON PUBLIC SCHOOLS 2)EMPLOYEES OF SAFEWAY STORES, INC. AND SUBSIDIARY AND AFFILIATED COMPANIES IN THE DENVER DIVISION OF SAFEWAY STORES, INC. 3)PERSONS WHO LIVE OR WORK WITHIN THE BOUNDARIES OF THE CITY OF AURORA, THE CITY AND COUNTY OF DENVER, AND ARAPAHOE, JEFFERSON, ADAMS, DOUGLAS, BOULDER AND BROOMFIELD COUNTIES, 4)ALL PERSONS WHO WERE MEMBERS OR QUALIFIED TO BE MEMBERS OF THE SAFEWAY ROCKY MOUNTAIN FEDERAL CREDIT UNION, GATEWAY CREDIT UNION, JEFFCO CREDIT UNION AND SMW NO. 9 FEDERAL CREDIT UNION AT THE TIME OF THEIR MERGERS WITH WESTERRA CREDIT UNION, 5)VARIOUS SELECT EMPLOYEE GROUPS, 6)ORGANIZATIONS OF THE ABOVE NAMED MEMBERS, AND 7)MEMBERS OF THE IMMEDIATE FAMILY OR HOUSEHOLD OF ANY PERSON WHO IS ELIGIBLE FOR MEMBERSHIP IN THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION ELECT THE BOARD OF DIRECTORS AT THE ANNUAL MEETING OR BY MAIL BALLOT TO FILL EACH VACANCY; HOWEVER, IF ONLY ONE QUALIFIED MEMBER IS NOMINATED FOR EACH EXPIRED TERM TO BE FILLED, THE CHAIRMAN MAY TAKE A VOICE VOTE OR DECLARE EACH NOMINEE ELECTED BY GENERAL CONSENT OR ACCLAMATION AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B VARIOUS DECISIONS MADE BY THE BOARD OF DIRECTORS FOR A CREDIT UNION ARE SUBJECT TO APPROVAL BY THE MEMBERS OF THE CREDIT UNION AS SET FORTH IN NCUA RULES AND REGULATIONS AND APPLICABLE STATE REGULATIONS. FORM 990, PART VI, SECTION B, LINE 11B THE CREDIT UNION HAS CONTRACTED WITH A CERTIFIED PUBLIC ACCOUNTING FIRM FOR ASSISTANCE IN COMPLETION OF THE FORM 990. AS PART OF THE FIRM'S PROCESSES, THE FORM 990 IS REVIEWED BY TWO PARTNERS. THE COMPLETED FORM 990 IS ALSO REVIEWED BY CREDIT UNION MANAGEMENT PRIOR TO FILING. THE CHIEF FINANCIAL OFFICER PRESENTS THE FORM 990 TO THE BOARD OF DIRECTORS AT A MONTHLY MEETING SUBSEQUENT TO FILING THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A WRITTEN ETHICS POLICY WHICH ADDRESSES CONFLICTS OF INTEREST. DIRECTORS, VOLUNTEERS AND MANAGEMENT ARE REQUIRED TO MAKE THE CREDIT UNION AWARE OF ANY POTENTIAL CONFLICTS. ANY ISSUES ARE DISCUSSED WITH THE KEY OFFICERS AND THOSE CHARGED WITH GOVERNANCE FOR RESOLUTION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS CONDUCTS AN ANNUAL PERFORMANCE REVIEW OF THE PRESIDENT/CHIEF EXECUTIVE OFFICER AND SETS THE COMPENSATION. THE BOARD OF DIRECTORS AND THE BOARD'S COMPENSATION COMMITTEE WORKS CLOSELY WITH AN INDEPENDENT AND NATIONALLY RECOGNIZED OUTSIDE COMPENSATION CONSULTANT TO PROVIDE THE BOARD WITH EXPERTISE ON REASONABLE, SOUND AND COMPETITIVE COMPENSATION PRACTICES TO HELP IT EVALUATE AND COMPARE THE CREDIT UNION'S COMPENSATION PROGRAM WITH THAT OF ITS PEERS. IN ADDITION, THE CREDIT UNION UTILIZES LOCAL INDEPENDENT THIRD-PARTY RESOURCES INSIDE AND OUTSIDE THE CREDIT UNION INDUSTRY TO OBTAIN LOCAL AND NATIONAL MARKET DATA FOR ALL MANAGEMENT POSITIONS IN THE CREDIT UNION. WORKING WITHIN THE BUDGET PARAMETERS ESTABLISHED BY THE BOARD OF DIRECTORS AND UTILIZING INDEPENDENT MARKET DATA AND OUTSIDE COMPENSATION CONSULTANTS, THE PRESIDENT/CHIEF EXECUTIVE OFFICER APPROVES THE COMPENSATION FOR ALL OTHER MANAGEMENT POSITIONS WITHIN THE CREDIT UNION. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES MAY BE AVAILABLE FOR REVIEW UPON REQUEST AT THE CREDIT UNION. MONTHLY FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. SUMMARIZED FINANCIAL INFORMATION IS AVAILABLE ON THE CREDIT UNION'S WEBSITE. QUARTERLY FINANCIAL DATA IS ACCESSIBLE TO THE PUBLIC AT WWW.NCUA.GOV. FORM 990, PART XI, LINE 9: ADJUSTMENT DUE TO EARLY ADOPTION OF CECL -4,475,000. WESTERRA SERVICES INC 3700 EAST ALAMEDA AVENUE DENVER CO 80209 205873430 PROVIDING BUSINESS MGMT. SERVICES TO OTHER CREDIT UNIONS CO WESTERRA CREDIT UNION C 3684 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 WESTERRA SERVICES INC O CORPORATE ACCOUNTING RECORDS