2025-05-14T11:35:09-05:00 2024-12-31 910189318 MOSS ADAMS LLP 6565 AMERICAS PARKWAY NE STE 600 ALBUQUERQUE NM 87110 990 2024-01-01 840188017 CREDIT UNIONS CHARTERED IN COLORADO 20 WESTERRA CREDIT UNION CRED 3033214209 3700 E ALAMEDA AVENUE DENVER CO 802093100 DANIEL J KUTCH CHIEF FINANCIAL OFFICER 3033214209 2025-05-13 1 1 PAMELA ALEXANDERSON P01218925 5058787200 2025-05-12 2024 2025-03-06 01:10:19Z STEVEN SCHMIDLE 3700 E ALAMEDA AVENUE DENVER CO 802093100 240856375 0 X WWW.WESTERRACU.COM X 1934 CO TO POSITIVELY IMPACT LIVES THROUGH PERSONAL ATTENTION AND FINANCIAL EDUCATION. 7 0 347 0 0 0 0 0 83473639 94348458 38172610 41939385 -396210 -495064 121250039 135792779 0 0 0 0 28100486 31742075 0 0 0 83613513 98520419 111713999 130262494 9536040 5530285 2173846808 2129888986 2010732809 1954650904 163113999 175238082 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 111,866 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 0 0 1 22251 0 1 347 1 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 DANIEL J KUTCH 3033214209 3700 EAST ALAMEDA AVE DENVER CO 802093100 ANDY RAICEVICH CHAIRMAN 16.00 X X 30000 0 0 LARRY OTTELE VICE CHAIRMAN 8.00 X X 24000 0 0 JAMES KULLHEM DIRECTOR 8.00 X 24000 0 0 BARRY BEAL JR TREASURER 10.00 X X 25800 0 0 WILLIAM ABBEY SECRETARY 8.00 X X 24000 0 0 JOHN THOMAS GAIETTO DIRECTOR 8.00 X 24000 0 0 LAURA MORALES DIRECTOR 8.00 X 24000 0 0 STEVEN SCHMIDLE CHIEF EXECUTIVE OFFICER 40.00 X 1055797 0 217291 BROOKE FLEMING CHIEF LENDING OFFICER 40.00 X 329888 0 115692 DANIEL J KUTCH CHIEF FINANCIAL OFFICER 40.00 X 218077 0 10918 ELINOR FORDYCE CHIEF PEOPLE OFFICER (THRU 07/05/24) 40.00 X 157423 0 30769 MILTON STEVENS CHIEF DIGITAL OFFICER(THRU 01/24/24) 40.00 X 71391 0 0 GERALD ANNIS SVP TECHNOLOGY 40.00 X 230100 0 41329 SAMUEL ROY-JACKSON STOOKEY COMMERCIAL LOAN OFFICER 40.00 X 327942 0 7901 KEVIN KENDALL RETAIL MORTGAGE LOAN OFFICER 40.00 X 272045 0 20298 DAVID NEFF COMMERCIAL LOAN OFFICER 40.00 X 261567 0 13638 BRIAN BERRIER VP FINANCE 40.00 X 233887 0 20009 MICHELLE BURKE VP MORTGAGE LENDING 40.00 X 232953 0 53773 3566870 0 531618 85 0 1 0 CACTUS COMMUNICATIONS INC 2128 15TH ST DENVER CO 80202 MARKETING/ ADVERTISING PRODUCTION 1439980 CODA CONSTRUCTION GROUP LLC 444 LIPAN ST DENVER CO 80204 BUILDING CONTRACTOR 830840 SEMPLE FARRINGTON EVERALL & CASE PC 1120 LINCOLN ST SUITE 1308 DENVER CO 80203 LAWYERS/PROFESSIONAL CONSULTING SERVICES 406221 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 60674 LAWYERS/PROFESSIONAL CONSULTING SERVICES 320503 SOVOS COMPLIANCE LLC 200 BALLARDVALE ST 4TH FLOOR WILMINGTON MA 01887 LAWYERS/PROFESSIONAL CONSULTING SERVICES 243898 43 INTEREST INCOME 522100 80889831 80889831 MORTGAGE SERVICE AND INTERCHANGE 522100 11290463 11290463 FEES & CHARGES 522100 2168164 2168164 94348458 41281380 41281380 536537 1031601 -495064 -495064 -495064 104690000 104031995 658005 658005 658005 135792779 94348458 0 41444321 2654473 22038537 572396 4512042 1964627 471361 415470 4963797 2766806 1894522 4615576 1420493 492368 3511250 476174 ACCOUNT & LOAN SERVICES 59702867 LOAN SERVICING EXPENSES 10008610 PROVISION FOR CREDIT LO 6900623 DUES & SUBSCRIPTIONS 486607 393895 130262494 169647554 72751759 7670818 8214748 825303 429155 1361475587 1464610780 39817277 40844400 60837973 39673496 22245986 21164477 537693059 496152447 4099555 4099555 30371669 21621665 2173846808 2129888986 36333162 25592341 1974399647 1929058563 2010732809 1954650904 X 0 0 16338071 16338071 146775928 158900011 163113999 175238082 2173846808 2129888986 5530285 6593798 0 X 0 1 X 1 0 5121991 5121991 24015292 15416003 8599289 3948059 2024035 1924024 27752631 22233458 5519173 21164477 AVAIL-FOR-SALE DEBT SECURITIES, AT FV 467727440 F FHLB STOCK 25093600 C DEF COMP 457(F) SECURITIES 1697416 F OTHER SECURITIES 1633991 F 496152447 ACCRUED DIVIDENDS/INTEREST 7556 ALLOWANCE FOR CREDIT LOSSES 507468 BORROWED FUNDS 260000000 NON-MEMBER DEPOSITS 2732898 MEMBERS SHARE AND DEPOSIT ACCOUNTS 1665810641 1929058563 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. THE FASB ASC TOPIC 740-10, INCOME TAXES, 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 ON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION SUBMITTED FOR THE EMPLOYEE RETENTION CREDIT (ERC), A CREDIT AGAINST CERTAIN PAYROLL TAXES ALLOWED TO AN ELIGIBLE EMPLOYER FOR QUALIFYING WAGES, WHICH WAS ESTABLISHED BY THE CARES ACT. THE CREDIT UNION RECEIVED A TOTAL OF APPROXIMATELY $6,487,000 IN ERC DURING 2023 AND 2022, FOR APPLICABLE 2021 AND 2020 PERIODS. APPROXIMATELY $0 AND $4,329,000 WERE RECORDED AS A REDUCTION IN COMPENSATION AND BENEFITS EXPENSE ON THE CONSOLIDATED STATEMENT OF INCOME AS OF DECEMBER 31, 2024, AND 2023, RESPECTIVELY. ADDITIONALLY, THE CREDIT UNION RECEIVED APPROXIMATELY $219,000 IN INTEREST RELATED TO THE AMOUNTS. THE CREDIT UNION HAS NO OTHER UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST OR PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. X 1 1 X X X X X X 1 1 0 STEVEN SCHMIDLE CHIEF EXECUTIVE OFFICER 471373 0 72500 0 511924 0 209390 0 7901 0 1273088 0 505924 0 BROOKE FLEMING CHIEF LENDING OFFICER 289328 0 40560 0 0 0 115692 0 0 0 445580 0 0 0 SAMUEL ROY-JACKSON STOOKEY COMMERCIAL LOAN OFFICER 145000 0 182942 0 0 0 0 0 7901 0 335843 0 0 0 KEVIN KENDALL RETAIL MORTGAGE LOAN OFFICER 39000 0 233045 0 0 0 13115 0 7183 0 292343 0 0 0 MICHELLE BURKE VP MORTGAGE LENDING 212922 0 20031 0 0 0 46490 0 7283 0 286726 0 0 0 DAVID NEFF COMMERCIAL LOAN OFFICER 145000 0 116567 0 0 0 8700 0 4938 0 275205 0 0 0 GERALD ANNIS SVP TECHNOLOGY 223171 0 6929 0 0 0 36391 0 4938 0 271429 0 0 0 BRIAN BERRIER VP FINANCE 212098 0 21789 0 0 0 12726 0 7283 0 253896 0 0 0 DANIEL J KUTCH CHIEF FINANCIAL OFFICER 218077 0 0 0 0 0 3635 0 7283 0 228995 0 0 0 ELINOR FORDYCE CHIEF PEOPLE OFFICER (THRU 07/05/24) 138199 0 19224 0 0 0 30769 0 0 0 188192 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 REPORTED ON 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 2024 ARE AS FOLLOWS: BROOKE FLEMING $75,332 STEVEN SCHMIDLE $168,350 ELINOR FORDYCE $22,987 MICHELLE BURKE $33,715 MICHELLE M BURKE VP OF MORTGAGE LENDING HELOCS X 4700 4700 0 1 1 MICHELLE M BURKE VP OF MORTGAGE LENDING FIRST MORTGAGE X 468000 424455 0 1 1 429155 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 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 PRIOR 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 CONSULTANTS 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 INDUSRY 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. 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0