2021-11-08T11:36:08-06:00 2020-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1200 PORTLAND OR 97205 990 2020-01-01 840459116 ELEVATIONS CREDIT UNION ELEV 3034434672 PO BOX 9004 BOULDER CO 803019004 MICHAEL CALCOTE CFO 3034434672 2021-11-07 1 MICHAEL CALCOTE 999009999 WENDY CAMPOS P00448102 5032421447 2021-11-07 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z GERRY AGNES PO BOX 9004 BOULDER CO 803019004 188640239 0 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 10 10 699 10 -26845 0 0 0 130738518 177301013 12708253 10452970 5929183 864271 149375954 188618254 539489 500747 0 0 66715118 90273226 0 0 0 54567596 60963660 121822203 151737633 27553751 36880621 2213511736 2810808888 1964374677 2524001976 249137059 286806912 WE PROVIDE 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 151,314 MEMBERS AND 182,042 SHARE ACCOUNTS. THERE WERE 16,606 LOANS GRANTED TOTALING $3,081,201,294. ELEVATIONS CURRENTLY OFFERS 14 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 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 36405 0 1 699 1 1 1 0 0 0 0 0 1 0 X 10 10 0 0 1 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 - CHAIR 10.00 X X 50000 0 0 BARBARA BROHL BOARD OF DIRECTORS - TREASURER 6.00 X X 26250 0 0 ERIC JONES BOARD OF DIRECTORS - TREASURER (THROUGH MAY 2020) 6.00 1.00 X X 20865 0 0 RAY MARTINEZ BOARD OF DIRECTORS - SECRETARY 6.00 X X 35000 0 0 DON CHEYNE BOARD OF DIRECTORS - VICE CHAIR 8.00 1.00 X X 40000 0 0 NANCY HERBERT BOARD OF DIRECTORS 6.00 X 35000 0 0 CARROLL BEACH BOARD OF DIRECTORS 6.00 1.00 X 35000 0 0 NATALIE BAUMGARTNER BOARD OF DIRECTORS 6.00 X 35000 0 0 KATIE COWAN BOARD OF DIRECTORS 6.00 X 35000 0 0 TODD GLEESON BOARD OF DIRECTORS 6.00 X 35000 0 0 JIM MENGHI BOARD OF DIRECTORS (THROUGH MAY 2020) 6.00 X 20865 0 0 GARRY WOODS BOARD OF DIRECTORS 6.00 X 2917 0 0 GERRY AGNES PRESIDENT/CEO 40.00 1.00 X 1034903 0 553619 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 40.00 X 727361 0 178620 BRIAN HOLST GENERAL COUNSEL 40.00 X 655414 0 148185 PIERRE DUPRE CHIEF INFORMATION OFFICER 40.00 1.00 X 617247 0 140859 RAYMOND LINDLEY CHIEF OPERATING OFFICER 40.00 X 632182 0 158330 TAMMY TAYLOR CHIEF HUMAN RESOURCE OFFICER 40.00 1.00 X 608391 0 132540 PETER REICKS CSPO 40.00 X 376447 0 117717 JENNIFER RAMIREZ CXO 40.00 X 190334 0 19399 CAMERON WHITE-FORD MORTGAGE SALES MANAGER 40.00 X 2073741 0 27383 TODD PEYOK VP COMMERCIAL LENDING 40.00 X 1107294 0 78268 ELIZABETH MILLION VP MORTGAGE SALES 40.00 X 1529198 0 71905 AARON STAUFER MORTGAGE LOAN ORIGINATOR 40.00 X 1713475 0 19319 LAURI LARSON MORTGAGE LOAN ORIGINATOR 40.00 X 1155809 0 18955 12792693 0 1665099 191 0 1 0 NEENAN COMPANY LLP 3325 S TIMBERLINE STE 100 FORT COLLINS CO 80525 CONSTRUCTION 11896624 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 3779747 DOVENMUEHLE (DMI) 1 CORPORATE DR ST 360 LAKE ZURICH IL 60047 MORTGAGE SUBSERVICING 3037726 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90067 ONLINE BANKING 1532310 KONY INC 9225 BEE CAVE ROAD AUSTIN TX 78733 ONLINE BANKING 1361430 82 GAIN ON SALE OF LOANS 522100 83105816 83105816 INTEREST ON LOANS TO MEMBERS 522100 68536001 68536001 INTERCHANGE INCOME 522100 12297198 12297198 FEES AND SERVICE CHARGES 522100 10432359 10373116 59243 WEALTH MANAGEMENT INCOME 522100 2929639 2929639 177301013 4273472 -86088 4359560 6178483 23000 0 21985 6178483 1015 6179498 6179498 OTHER INCOME 522100 864271 864271 864271 188618254 178106041 -26845 10539058 500747 6662445 72627327 648614 5737494 4597346 209903 540575 4106483 5448782 4991321 8766590 5302678 460915 4118428 7022040 574896 LOAN SERVICING EXPENSE 7552098 PROVISION FOR LOAN LOSS 7387413 MISCELLANOUS EXPENSE 2475899 CARD SERVICE EXPENSE 2005639 151737633 13770630 15864796 248141584 692247008 1917262 995554 1575888517 1588808306 2626190 3550407 120272122 44872722 66594016 75399400 158118250 200418716 5652582 5652582 140802705 227872119 2213511736 2810808888 43494674 61223643 40332846 45348694 1880547157 2417429639 1964374677 2524001976 X 0 0 11879721 11879721 237257338 274927191 249137059 286806912 2213511736 2810808888 36880621 789232 0 X 0 1 X 1 0 0 1 X 10876832 10876832 41762779 10492003 31270776 6087041 4195686 1891355 42887963 30185033 12702930 18657507 18657507 75399400 OTHER INVESTMENTS 200418716 C 200418716 LOANS HELD FOR SALE 135163165 MORTGAGE SERVICING RIGHTS 25403427 DEPOSIT IN NCUSIF 20067007 LIFE INSURANCE POLICIES 12139844 ACCRUED INTEREST RECEIVABLE 4753902 CUSO INVESTMENT 2938919 OTHER ASSETS 27405855 227872119 REGULAR SHARES 779755543 SHARE DRAFT ACCOUNTS 771425449 MONEY MARKET ACCOUNTS 602394173 CERTIFICATES 89017018 IRA SHARES 68030727 DEPOSITS 106806729 2417429639 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, 2020 AND 2019. 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, 2020 AND 2019, THE CREDIT UNION RECOGNIZED NO MATERIAL INTEREST OR PENALTIES. 1 ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 501(C)(3) 457547 43200 FMV NON-REIMBURSED PAYMENT OF FOUNDATION SALARIES SUPPORT SCHOLARSHIPS, ETC. 1 0 PART I, LINE 2: THE CREDIT UNION RECEIVES AN ANNUAL REPORT FROM THE FOUNDATION INDICATING WHERE THE FUNDS HAVE BEEN DISTRIBUTED. X X 1 1 X X X 0 1 0 CAMERON WHITE-FORD MORTGAGE SALES MANAGER 67976 0 6351 0 1999414 0 11400 0 15983 0 2101124 0 0 0 AARON STAUFER MORTGAGE LOAN ORIGINATOR 0 0 2100 0 1711375 0 11400 0 7919 0 1732794 0 0 0 ELIZABETH MILLION VP MORTGAGE SALES 148926 0 33660 0 1346612 0 62125 0 9780 0 1601103 0 0 0 GERRY AGNES PRESIDENT/CEO 698908 0 335995 0 0 0 541707 0 11912 0 1588522 0 0 0 TODD PEYOK VP COMMERCIAL LENDING 256228 0 57257 0 793809 0 62125 0 16143 0 1185562 0 0 0 LAURI LARSON MORTGAGE LOAN ORIGINATOR 0 0 2100 0 1153709 0 11400 0 7555 0 1174764 0 0 0 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 429727 0 297634 0 0 0 163575 0 15045 0 905981 0 0 0 BRIAN HOLST GENERAL COUNSEL 386397 0 269017 0 0 0 133140 0 15045 0 803599 0 0 0 RAYMOND LINDLEY CHIEF OPERATING OFFICER 371519 0 260663 0 0 0 143285 0 15045 0 790512 0 0 0 PIERRE DUPRE CHIEF INFORMATION OFFICER 360626 0 256621 0 0 0 133140 0 7719 0 758106 0 0 0 TAMMY TAYLOR CHIEF HUMAN RESOURCE OFFICER 352847 0 255544 0 0 0 122995 0 9545 0 740931 0 0 0 PETER REICKS CSPO 227126 0 149321 0 0 0 102705 0 15012 0 494164 0 0 0 JENNIFER RAMIREZ CXO 45334 0 0 0 145000 0 16908 0 2491 0 209733 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. DURING 2020, THE FOLLOWING BENEFITS WERE ACCRUED: GERRY AGNES: $2,455,551 MICHAEL CALCOTE: $697,469 RAYMOND LINDLEY: $274,760 TODD PEYOK: $50,725 PETE DUPRE: $415,945 TAMMY TAYLOR: $288,287 BRIAN HOLST: $385,510 PETE REICKS: $114,131 ELIZABETH MILLION: $50,725 JENNIFER RAMIREZ: $16,908 GERALD AGNES PRESIDENT/CEO FIRST MORTGAGE X 1182400 995554 0 1 1 PIERRE DUPRE CIO FIRST MORTGAGE X 800000 0 0 1 1 PIERRE DUPRE CIO AUTOMOBILE X 72673 0 0 1 1 995554 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION ADDED ARAPAHOE AND EL PASO COUNTIES TO THE AREAS IT SERVES. 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 ELEVATIONS FOUNDATION B 500747