2023-10-19T10:05:08-05:00 2022-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1200 PORTLAND OR 97205 990 2022-01-01 840459116 ELEVATIONS CREDIT UNION ELEV 3034434672 PO BOX 9004 BOULDER CO 803019004 MICHAEL CALCOTE CFO 3034434672 2023-10-17 1 MICHAEL CALCOTE 999009999 1 WENDY CAMPOS P00448102 5032421447 2023-10-17 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z GERRY AGNES PO BOX 9004 BOULDER CO 803019004 141101474 0 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO TOGETHER WE CREATE SOLUTIONS FOR A BETTER LIFE. 9 9 825 10 -393419 0 0 0 150663181 121882994 3951190 16596925 297880 2310720 154912251 140790639 242906 319672 0 0 83591650 73475412 0 0 0 55377184 56210289 139211740 130005373 15700511 10785266 3242277853 3294550654 2940986688 3011449917 301291165 283100737 TOGETHER WE CREATE SOLUTIONS FOR A BETTER LIFE. 0 0 ELEVATIONS CREDIT UNION SERVES ADAMS, ARAPAHOE, BOULDER, BROOMFIELD, DENVER, DOUGLAS, EL PASO, JEFFERSON, LARIMER AND WELD COUNTIES. THE CREDIT UNION OFFERS A FULL ARRAY OF PRODUCTS AND SERVICES, INCLUDING DEPOSITORY AND LOAN PRODUCTS, ATM/DEBIT PROGRAM, FINANCIAL EDUCATION, INSURANCE AND INVESTMENT SALES. WE ENDED THE YEAR WITH 176,299 MEMBERS AND 189,085 SHARE ACCOUNTS. THERE WERE 11,647 LOANS GRANTED TOTALING $1,423,743,771. ELEVATIONS CURRENTLY OFFERS 15 BRANCH LOCATIONS AND A WIDE ARRAY OF REMOTE OPTIONS THROUGH OUR COOPERATION WITH THE COOP ATM NETWORK, CUSN AND ONLINE BANKING OFFERINGS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 44656 0 1 825 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X MICHAEL CALCOTE 3034434672 PO BOX 9004 BOULDER CO 803019004 KATE BROWN BOARD OF DIRECTORS 6.00 X 50553 0 0 BARBARA BROHL BOARD OF DIRECTORS - TREASURER 6.00 X 40000 0 0 RAY MARTINEZ BOARD OF DIRECTORS - VICE CHAIR 8.00 X 46420 0 0 DON CHEYNE BOARD OF DIRECTORS - CHAIR 10.00 1.00 X 50246 0 0 NANCY HERBERT BOARD OF DIRECTORS 6.00 X 40000 0 0 CARROLL BEACH BOARD OF DIRECTORS (THRU 4/2022) 6.00 1.00 X 22747 0 0 NATALIE BAUMGARTNER BOARD OF DIRECTORS 6.00 X 40000 0 0 TODD GLEESON BOARD OF DIRECTORS 6.00 X 48214 0 0 GARRY WOODS BOARD OF DIRECTORS - SECRETARY 6.00 1.00 X 40582 0 0 MONICA COUGHLIN BOARD OF DIRECTORS 6.00 X 40000 0 0 GERRY AGNES PRESIDENT/CEO 40.00 1.00 X 1151811 0 555112 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 40.00 X 721132 0 200970 BRIAN HOLST GENERAL COUNSEL 40.00 X 1234189 0 99154 PIERRE DUPRE CIO (THRU 03/15/2022) 40.00 1.00 X 1054401 0 14147 RAYMOND LINDLEY CHIEF OPERATING OFFICER 40.00 X 596986 0 160390 TAMMY TEITSCHEID CHIEF HUMAN RESOURCE OFFICER 40.00 1.00 X 640731 0 134191 DUSTIN MONTOYA CHIEF INFORMATION OFFICER 40.00 X 175086 0 86579 WENDY BESWICK CHIEF MARKETING OFFICER 40.00 X 55769 0 10152 CAMERON WHITE-FORD VP MORTGAGE SALES 40.00 X 839889 0 29428 TODD PEYOK SVP COMMERCIAL AND BUSINESS BANKING 40.00 X 989966 0 130777 ELIZABETH MILLION SVP MORTGAGE SALES 40.00 X 1076388 0 124328 AARON STAUFER MORTGAGE SALES MANAGER 40.00 X 1181149 0 20792 BLAKE SCHAEFER MORTGAGE SALES MANAGER 40.00 X 719705 0 29428 10855964 0 1595448 192 0 1 0 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 2723972 DOVENMUEHLE (DMI) 1 CORPORATE DRIVE STE 360 LAKE ZURICH IL 60047 MORTGAGE SUBSERVICING 2375854 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE BANKING 1900443 SHI INTERNATIONAL CORP 290 DAVIDSON AVE SOMERSET NJ 08873 IT EQUIPMENT/SERVICES 1522316 NEENAN COMPANY LLLP 3325 S TIMBERLINE STE 100 FORT COLLINS CO 80525 CONSTRUCTION 1191303 89 INTEREST ON LOANS TO MEMBERS 522100 78864504 78864504 GAIN ON SALE OF LOANS 522100 16453246 16453246 INTERCHANGE INCOME 522100 14735154 14735154 FEES AND SERVICE CHARGES 522100 8078836 8029615 49221 WEALTH MANAGEMENT INCOME 522100 3751254 3751254 121882994 16478998 -442640 16921638 116620 114739 1881 1881 1881 309118 4905 177749 18347 131369 -13442 117927 117927 CONTRACT SETTLEMENT INCOME 522100 1317074 1317074 OTHER INCOME 522100 757290 757290 RECAPTURE OF LOAN LOSSES 522100 234475 234475 2308839 140790639 124142612 -393419 17041446 319672 7309562 54728888 688131 6482590 4266241 262091 600423 3785497 5618322 4811818 9703243 5191017 724826 4680758 7843666 512607 LOAN SERVICING EXPENSE 7590620 CARD SERVICE EXPENSE 3084974 MISCELLANOUS EXPENSE 1800427 130005373 14135132 15493592 850525751 23594461 1759998621 2281789785 4269552 4630235 121844365 59769919 66570357 62074446 191687502 381226051 569154246 5652582 5652582 159899807 140473805 3242277853 3294550654 54414435 60488060 46933921 60263886 25287113 2839638332 2865410858 2940986688 3011449917 X 0 0 11879721 0 289411444 283100737 301291165 283100737 3242277853 3294550654 10785266 -28975694 0 X 0 1 X 1 0 0 1 X 11964196 11964196 56509523 16038915 40470608 6993601 4959618 2033983 45770439 38771386 6999053 606606 606606 62074446 OTHER INVESTMENTS 569154246 F 569154246 REGULAR SHARES 952081723 SHARE DRAFT ACCOUNTS 843726393 MONEY MARKET ACCOUNTS 774209385 CERTIFICATES 89271034 IRA SHARES 66689530 DEPOSITS 134794157 OPERATING LEASE LIABILITY 4638636 2865410858 X PART IV, LINE 2B: AN ESCROW ACCOUNT IS MAINTAINED FOR THE TAXES AND INSURANCE PAYABLE ON REAL ESTATE SECURING THE CREDIT UNION'S MORTGAGE LOANS. THE ESCROWS MAINTAINED AT THE CREDIT UNION FOR TAXES AND INSURANCE PAYABLE INCLUDE LOANS TO FANNIE MAE, FREDDIE MAC, FEDERAL HOME LOAN BANK AND OTHER CREDIT UNIONS FOR WHICH ELEVATIONS CREDIT UNION RETAINS SERVICING. IN ADDITION, CUSTODIAL ACCOUNTS ARE ALSO MAINTAINED ON BEHALF OF FANNIE MAE AND FREDDIE MAC FOR THE TAXES AND INSURANCE PAYABLE ON THE REAL ESTATE SECURING THE LOANS SOLD TO FANNIE MAE AND FREDDIE MAC. PART X, LINE 2: THE CREDIT UNION IS STATE CHARTERED AND FEDERALLY TAX-EXEMPT UNDER THE INTERNAL REVENUE CODE 501(C)(14), EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2022 AND 2021. THE CREDIT UNION RECOGNIZES THE ACCRUAL OF INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS A TAX EXPENSE. DURING THE YEARS ENDED DECEMBER 31, 2022 AND 2021, THE CREDIT UNION RECOGNIZED NO MATERIAL INTEREST OR PENALTIES. 1 ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 501(C)(3) 176472 43200 FMV NON-REIMBURSED PAYMENT OF FOUNDATION SALARIES SUPPORT SCHOLARSHIPS, ETC. BOULDER COUNTY HOUSING & HUMAN SERVICES 3460 BROADWAY BOULDER CO 80304 840742772 115 100000 0 HELP THE VICTIMS OF THE MARSHALL FIRE THAT OCCURRED IN LATE 2021 2 0 PART I, LINE 2: THE CREDIT UNION RECEIVES AN ANNUAL REPORT INDICATING WHERE THE FUNDS HAVE BEEN DISTRIBUTED. X X 1 1 X X X 0 1 0 GERRY AGNES PRESIDENT/CEO 760441 0 391370 0 0 0 542507 0 12605 0 1706923 0 0 0 BRIAN HOLST GENERAL COUNSEL 413487 0 220702 0 600000 0 82849 0 16305 0 1333343 0 0 0 AARON STAUFER MORTGAGE SALES MANAGER 71673 0 0 0 1109476 0 12200 0 8592 0 1201941 0 0 0 ELIZABETH MILLION SVP MORTGAGE SALES 195387 0 0 0 881001 0 113650 0 10678 0 1200716 0 0 0 TODD PEYOK SVP COMMERCIAL AND BUSINESS BANKING 269265 0 0 0 720701 0 113650 0 17127 0 1120743 0 0 0 PIERRE DUPRE CIO (THRU 03/15/2022) 122794 0 206607 0 725000 0 12200 0 1947 0 1068548 0 365220 0 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 467887 0 253245 0 0 0 184665 0 16305 0 922102 0 0 0 CAMERON WHITE-FORD VP MORTGAGE SALES 119073 0 0 0 720816 0 12200 0 17228 0 869317 0 0 0 TAMMY TEITSCHEID CHIEF HUMAN RESOURCE OFFICER 435327 0 205404 0 0 0 123795 0 10396 0 774922 0 0 0 RAYMOND LINDLEY CHIEF OPERATING OFFICER 385796 0 211190 0 0 0 144085 0 16305 0 757376 0 0 0 BLAKE SCHAEFER MORTGAGE SALES MANAGER 62762 0 0 0 656943 0 12200 0 17228 0 749133 0 0 0 DUSTIN MONTOYA CHIEF INFORMATION OFFICER 175086 0 0 0 0 0 78016 0 8563 0 261665 0 0 0 PART I, LINE 1A A FORM 1099 IS ISSUED FOR TRAVEL EXPENSES INCURRED BY THE ORGANIZATION FOR A COMPANION. THE ORGANIZATION'S TRAVEL POLICY ALLOWS EMPLOYEES TO TRAVEL USING BUSINESS CLASS IF THE BUSINESS FLIGHT WILL LAST MORE THAN FOUR HOURS. IN THE CASE WHERE THE AIRLINE IS ONLY OFFERING ECONOMY OR FIRST CLASS TRAVEL FOR A FLIGHT THAT WILL LAST FOR GREATER THAN FOUR HOURS, IT IS ALLOWABLE TO BOOK FIRST CLASS TRAVEL AS THERE IS NO ALTERNATIVE BUSINESS CLASS. PART I, LINE 4B THE CREDIT UNION HAS ENTERED INTO 457(F) DEFERRED COMPENSATION AGREEMENTS WITH CERTAIN SENIOR EXECUTIVES. THE FOLLOWING WERE THE ACCRUAL BALANCES AS OF 12/31/22: GERRY AGNES: $1,487,165 MICHAEL CALCOTE: $273,070 RAYMOND LINDLEY: $538,531 TODD PEYOK: $253,625 TAMMY TEITSCHEID: $511,477 BRIAN HOLST: $27,899 ELIZABETH MILLION: $253,625 DUSTIN MONTOYA: $71,015 WENDY BESWICK: $10,145 FORM 990, PART VI, SECTION A, LINE 6 ELEVATIONS CREDIT UNION IS A MEMBER-OWNED COOPERATIVE OPERATED FOR THE BENEFIT OF INDIVIDUALS LIVING OR WORKING IN THE COUNTIES OF ADAMS, ARAPAHOE, BOULDER, BROOMFIELD, DENVER, DOUGLAS, EL PASO, JEFFERSON, LARIMER AND WELD; EMPLOYEES, RETIREES, OR STUDENTS OF THE UNIVERSITY OF COLORADO-BOULDER OR NAROPA UNIVERSITY; AND VARIOUS SELECT EMPLOYEE GROUPS AND THEIR FAMILIES. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, AS VACANCIES ARISE, OR OTHERWISE. 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 CONTROLLER PROVIDES NECESSARY RESEARCH AND DATA TO THE PREPARERS OF THE FORM 990. THE CFO REVIEWS THE FORM 990; THE BOARD OF DIRECTORS IS ALSO PROVIDED WITH A COPY OF THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C A WRITTEN ACKNOWLEDGEMENT IS FILLED OUT EACH YEAR BY THE OFFICERS, DIRECTORS, AND EMPLOYEES WHICH COULD GIVE RISE TO POTENTIAL CONFLICTS WITHIN THE ORGANIZATION. ANY POTENTIAL ISSUES ARE DISCUSSED WITH THE KEY OFFICERS AND THOSE CHARGED WITH GOVERNANCE FOR RESOLUTION. ANYONE WITH A CONFLICT CANNOT PARTICIPATE IN ANY DISCUSSION OR VOTE ON THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 HUMAN RESOURCES CONDUCTS A COMPREHENSIVE COMPENSATION MARKET ANALYSIS USING THREE DIFFERENT RESOURCES FOR ALL EMPLOYEES WITH THE EXCEPTION OF THE CEO. THE BOARD WORKS WITH AN INDEPENDENT CONSULTANT, WHO USES COMPARATIVE DATA, TO DETERMINE THE CEO'S COMPENSATION. ALL DELIBERATIONS ARE DOCUMENTED, AND THE PROCESS IS COMPLETED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 FILING OF 5300 CALL REPORT DATA IS AVAILABLE TO THE PUBLIC AT WWW.NCUA.GOV. ANNUAL REPORTS ARE AVAILABLE FOR VIEWING ON THE CREDIT UNION'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE PUBLIC. ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 COLLECT/DISTRIBUTE FUNDS TO SUPPORT CAUSES IN AREAS SERVED BY CREDIT UNION CO 501(C)(3) LINE 7 ELEVATIONS CREDIT UNION 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0