2018-10-03T13:24:56-05:00 2017-12-31 841474365 HOLBEN HAY LAKE BALZER CPAS LLC 1777 S HARRISON STREET 1000 DENVER CO 80210 990 2017-01-01 840459116 ELEVATIONS CREDIT UNION ELEV 3034434672 PO BOX 9004 BOULDER CO 803019004 MICHAEL CALCOTE CFO 3034434672 2018-09-19 1 SHEILA M BALZER P00967957 3037592727 2017 2022-09-23 18:48:47Z GERRY AGNES PO BOX 9004 BOULDER CO 803019004 1076885456 0 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 10 10 574 10 82619 0 0 0 71725230 79024867 36083718 29302831 4332754 5765645 112141702 114093343 261000 310783 0 0 49090716 50151602 0 0 0 36761229 39312773 86112945 89775158 26028757 24318185 1795289631 1960301874 1613658121 1755082281 181631510 205219593 WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 0 0 ELEVATIONS CREDIT UNION SERVES ADAMS, BOULDER, BROOMFIELD, DENVER, 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 129,703 MEMBERS AND 160,110 SHARE ACCOUNTS. THERE WERE 16,063 LOANS GRANTED TOTALING $1,394,011,870. ELEVATIONS CURRENTLY OFFERS THIRTEEN 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 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 1 0 0 0 0 1 1 0 0 1 31139 0 1 574 1 1 1 0 0 0 0 0 0 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 STEVEN SCHMIDLE 3034434672 PO BOX 9004 BOULDER CO 803019004 NANCY HERBERT BOARD OF DIRECTORS - CHAIR 10.00 X 29713 0 0 KATE BROWN BOARD OF DIRECTORS - VICE 8.00 X 24833 0 0 ERIC JONES BOARD OF DIRECTORS - TREASURER 6.00 X 25613 0 0 RAY MARTINEZ BOARD OF DIRECTORS - SECRETARY 6.00 X 26837 0 0 NATALIE BAUMGARTNER BOARD OF DIRECTORS 6.00 X 22500 0 0 CARROLL BEACH BOARD OF DIRECTORS 6.00 X 23214 0 0 DON CHEYNE BOARD OF DIRECTORS 6.00 X 23068 0 0 KATIE COWAN BOARD OF DIRECTORS 6.00 X 25833 0 0 TODD GLEESON BOARD OF DIRECTORS 6.00 X 22500 0 0 JIM MENGHI BOARD OF DIRECTORS 6.00 X 25660 0 0 GERRY AGNES PRESIDENT/CEO 40.00 X 818060 0 2056223 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 40.00 X 729957 0 179330 JAY CHAMPION CHIEF OPERATING OFFICER 40.00 X 724804 0 581280 STEVEN SCHMIDLE CHIEF STRATEGY & PERFORMAN 40.00 X 320501 0 94859 DEBRA JOHNSTON CHIEF PEOPLE OFFICER 40.00 X 562534 0 11111 PIERRE DUPRE CHIEF INFORMATION OFFICER 40.00 X 346908 0 53777 RAY LINDLEY CHIEF LENDING OFFICER 40.00 X 375543 0 188183 GREG ROLLER MORTGAGE LOAN ORIGINATOR 40.00 X 498162 0 26460 CAMERON WHITE-FORD MORTGAGE LOAN ORIGINATOR 40.00 X 954574 0 26161 AARON STAUFER MORTGAGE LOAN ORIGINATOR 40.00 X 679220 0 18317 ELIZABETH MILLION AVP MORTGAGE SALES 40.00 X 829074 0 20600 TODD PEYOK VP COMMERCIAL LENDING 40.00 X 691183 0 78063 7780291 0 3334364 102 0 1 0 THE NEENAN COMPANY LLLP 3325 TIMBERLINE STE 100 FORT COLLINS CO 80525 CONSTRUCTION CONTRACTOR 5455932 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 CREDIT/DEBIT CARD PROCESSOR 3323469 DOVENMUEHLE MORTGAGE 1 CORPORATE DR STE 360 LAKE ZURICH IL 60047 LOAN PROCESSING 1830419 DIGITAL INSIGHTNCR 864 SPRING ST NW ATLANTA GA 30308 ONLINE BANKING 1393064 ELLIE MAE PO BOX 671453 DALLAS TX 75267 MORTGAGE SOFTWARE 1125289 61 INTEREST ON LOANS TO MEMBERS 522100 59241722 59241722 INTERCHANGE INCOME 522100 12062294 12062294 FEES AND SERVICE CHARGES 522100 7090691 7090691 OTHER NON-OPERATING INCOME 522100 547541 547541 UNRELATED BUSINESS INCOME 900099 82619 82619 79024867 5025417 5025417 1050543 778621 271922 271922 271922 321853 985969053 498092 961515400 -176239 24453653 24277414 24277414 OTHER INCOME 522100 5493723 5493723 5493723 114093343 108713385 82619 5297339 310783 4128078 38208782 1183796 3918847 2712099 217764 342002 2517208 4936351 10717883 141421 2859233 838923 4 3125534 351674 LOAN SERVICING EXPENSE 6943869 INTEREST/DIVIDENDS PAID 2834777 PROVISION FOR LOAN LOSS 1994235 MISCELLANEOUS 1491895 89775158 10395718 11477107 137974764 202633863 3108617 3704965 1344576616 1443036438 2340503 2494905 84653917 35534814 24096313 49119103 202165260 169775292 551900 552300 5684231 5658521 64395709 71849380 1795289631 1960301874 36602948 38875245 25919023 30482750 1551136150 1685724286 1613658121 1755082281 X 0 0 11879721 11879721 169751789 193339872 181631510 205219593 1795289631 1960301874 X 24318185 -730104 2 X X 0 1 X 1 0 0 1 X 12484845 12484845 35111589 7490381 27621208 5513702 3422256 2091446 31543781 24622177 6921604 49119103 REGULAR SHARES 543290857 SHARE DRAFT ACCOUNTS 499873981 MONEY MARKET ACCOUNTS 498231670 CERTIFICATES 127507954 IRA SHARES 16819824 1685724286 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 FREDDIT MAC. PART X, LINE 2: FASB ASC 740-10-25 CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE 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. AS A RESULT OF ADOPTING ASC 740-10-25, THE CREDIT UNION HAS ASSESSED ITS 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 FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2016, 2015 AND 2014 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. 1 ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 501(C)(3) 310783 SUPPORT SCHOLARSHIPS, ETC. 1 PART I, LINE 2: THE CREDIT UNION RECEIVES AN ANNUAL REPORT FROM THE FOUNDATION INDICATING WHERE THE FUNDS HAVE BEEN DISTRIBUTED. X 1 1 X X X X 1 1 0 GERRY AGNES PRESIDENT/CEO 590289 0 227771 0 0 0 2041107 0 15116 0 2874283 0 0 0 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 364272 0 365685 0 0 0 162975 0 16355 0 909287 0 0 0 JAY CHAMPION CHIEF OPERATING OFFICER 370393 0 354411 0 0 0 564967 0 16313 0 1306084 0 0 0 STEVEN SCHMIDLE CHIEF STRATEGY & PERFORMAN 182365 0 138136 0 0 0 78433 0 16426 0 415360 0 0 0 DEBRA JOHNSTON CHIEF PEOPLE OFFICER 216628 0 345906 0 0 0 5515 0 5596 0 573645 0 0 0 PIERRE DUPRE CHIEF INFORMATION OFFICER 126908 0 220000 0 0 0 50725 0 3052 0 400685 0 0 0 RAY LINDLEY CHIEF LENDING OFFICER 216828 0 158715 0 0 0 173120 0 15063 0 563726 0 0 0 GREG ROLLER MORTGAGE LOAN ORIGINATOR 0 0 498162 0 0 0 10800 0 15660 0 524622 0 0 0 CAMERON WHITE-FORD MORTGAGE LOAN ORIGINATOR 52000 0 902574 0 0 0 10800 0 15361 0 980735 0 0 0 AARON STAUFER MORTGAGE LOAN ORIGINATOR 0 0 679220 0 0 0 10800 0 7517 0 697537 0 0 0 ELIZABETH MILLION AVP MORTGAGE SALES 111752 0 717322 0 0 0 10800 0 9800 0 849674 0 0 0 TODD PEYOK VP COMMERCIAL LENDING 195952 0 495231 0 0 0 61525 0 16538 0 769246 0 0 0 PART I, LINES 4A-B GERRY AGNES (ACCRUED BENEFIT OF $864,631 AS OF 12/31/17), MICHAEL CALCOTE (ACCRUED BENEFIT OF $240,944 AS OF 12/31/17), STEVEN SCHMIDLE (ACCRUED BENEFIT OF $135,267 AS OF 12/31/17), JAY CHAMPION (ACCRUED BENEFIT OF $72,464 AS OF 12/31/17), TODD PEYOK (ACCRUED BENEFIT OF $101,450 AS OF 12/31/17) AND PIERRE DUPRE (ACCRUED BENEFIT OF $50,725 AS OF 12/31/17). DEBRA JOHNSTON RECEIVED A SEVERANCE PAYMENT OF $260,000 FOR THE YEAR ENDED 12/31/17. PIERRE DUPRE CIO AUTOMOBILE X 72673 70542 0 1 1 CAMERON WHITE-FORD MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 148125 103491 0 0 1 PIERRE DUPRE CIO FIRST MORTGAGE X 800000 800000 0 1 1 GERRY AGNES PRESIDENT/CEO FIRST MORTGAGE X 1182400 1078077 0 1 1 TODD PEYOK VP COMMERCIAL LENDING FIRST MORTGAGE X 372200 303191 0 0 1 JAY CHAMPION COO FIRST MORTGAGE X 650400 603846 0 1 1 STEVEN SCHMIDLE CSPO FIRST MORTGAGE X 417000 388200 0 1 1 GREGORY ROLLER MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 389350 357618 0 0 1 3704965 ELEVATIONS FOUNDATION FOUNDATION BOARD CONSISTS OF CREDIT UNION MANAGEMENT AND DIRECTORS 310783 CONTRIBUTION FROM CREDIT UNION TO FOUNDATION 0 FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION HAS AMENDED ITS BYLAWS DURING 2017 TO APPOINT AN AUDIT COMMITTEE, BY MAJORITY VOTE, IN LIEU OF A SUPERVISORY COMMITTEE TO CARRY OUT ALL OF THE DUTIES AND RESPONSIBILITIES OF THE SUPERVISORY COMMITTEE AS SPECIFIED IN THE BYLAWS AND APPLICABLE LAW. IN THE EVENT THAT AN AUDIT COMMITTEE IS APPOINTED BY THE THE BOARD OF DIRECTORS AS SET FORTH ABOVE, EVERY REFERENCE TO THE BYLAWS TO SUPERVISORY COMMITTEE SHALL APPLY TO THE AUDIT COMMMITTEE, EXCEPT THAT SECTION 2 AND 9 IN ARTICLE X OF THE CURRENT BYLAWS SHALL THEN NO LONGER APPLY. ALL VACANCIES ON THE AUDIT COMMITTEE AFTER ITS INCEPTION SHALL BE FILLED BY APPOINTMENT FROM THE CHAIR OF THE BOARD OF DIRECTORS. 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, BOULDER, BROOMFIELD, DENVER, JEFFERSON, LARIMER AND WELD COUNTIES, EMPLOYEES, RETIREES OR STUDENTS OF THE UNIVERSITY OF COLORADO-BOULDER OR NAROPA UNIVERSITY, 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 CHIEF STRATEGY AND PERFORMANCE OFFICER AND THE CFO REVIEW THE FORM 990; THE BOARD OF DIRECTORS ARE ALSO PROVIDED WITH A COPY OF THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C A WRITTEN ACKNOWLEDGMENT 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. 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. AN INDEPENDENT CONSULTANT IS USED TO DETERMINE THE CEO'S COMPENSATION. 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. FORM 990, PART XI, LINE 9: ROUNDING 2. FORM 990, PART XI, LINE 2C SELECTION OF THE AUDITORS AND OVERSIGHT OF THE AUDITORS IS DONE BY THE AUDIT COMMITTEE. THERE WERE NO CHANGES TO THE SELECTION OR OVERSIGHT PRACTICES DURING 2017. ONE ENVIRONMENTAL WAY LLC 2300 55TH STREET BOULDER CO 80301 821552939 PROPERTY MANAGEMENT CO 1050543 17652950 ELEVATIONS CREDIT UNION ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 COLLECT/DISTRIBUTE FUNDS TO SUPPORT CAUSES IN AREAS SERVED BY CREDIT UNION CO 3 170(B)(A)(VI) 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ELEVATIONS FOUNDATION B 310783