2018-09-28T15:22:57-05:00 2017-12-31 841474365 HOLBEN HAY LAKE BALZER CPAS LLC 1777 S HARRISON STREET 1000 DENVER CO 80210 990 2017-01-01 840188017 CREDIT UNIONS CHARTERED IN COLORADO 20 WESTERRA CREDIT UNION CRED 3033214209 3700 E ALAMEDA AVENUE DENVER CO 802093100 JENNIFER MEYERS CFO 3039213066 2018-09-17 1 SHEILA M BALZER P00967957 3037592727 2017 2022-09-23 18:48:47Z JENNIFER MEYERS 3700 EAST ALAMEDA AVE DENVER CO 80209 217404864 0 X WWW.WESTERRACU.COM X 1934 CO TO PROMOTE THRIFT AND PROVIDE LOWER COST CREDIT TO THE MEMBERS OF THE CREDIT UNION. TO PROMOTE THRIFT AMONG MEMBERS BY AFFORDING THEM THE OPPORTUNITY TO ACCUMULATE PAYMENTS ON SHARES AND TO MAKE LOANS FROM THESE SHARES TO ITS MEMBERS. 7 7 390 13 0 -640 0 0 45919252 49637924 9485694 8965931 -57690 -39662 55347256 58564193 0 0 0 0 20536886 21435879 0 0 0 30201472 31887051 50738358 53322930 4608898 5241263 1437080760 1535005684 1264405085 1357219865 172675675 177785819 TO PROMOTE THRIFT AND PROVIDE LOWER COST CREDIT TO THE MEMBERS OF THE CREDIT UNION. TO PROMOTE THRIFT AMONG MEMBERS BY AFFORDING THEM THE OPPORTUNITY TO ACCUMULATE PAYMENTS ON SHARES AND TO MAKE LOANS FROM THESE SHARES TO ITS MEMBERS. 0 0 PROVIDE A WIDE VARIETY OF FINANCIAL PRODUCTS AND SERVICES TO THE MEMBERS OF THE CREDIT UNION. OVER 114,000 MEMBERS SERVED. 0 0 0 0 0 0 0 0 0 1 0 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 18052 0 1 390 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 X THE CREDIT UNION 3033214209 3700 EAST ALAMEDA AVE DENVER CO 802093100 ANDY RAICEVICH CHAIRMAN 2.00 X 0 0 0 LARRY OTTELE VICE CHAIRMAN 2.00 X 0 0 0 KATHY BETTS SECRETARY 2.00 X 0 0 0 BARRY BEAL JR TREASURER 2.00 X 0 0 0 WILLIAM S ABBEY DIRECTOR 2.00 X 0 0 0 JAMES KULLHEM DIRECTOR 2.00 X 0 0 0 RON WALKER DIRECTOR 2.00 X 0 0 0 JOHN MCCLOY PRESIDENT / CEO 40.00 X 539659 0 180402 BETSY GUERRERO EXECUTIVE VICE PRESIDENT 40.00 X 493200 0 116293 LEE DAMIANO EXECUTIVE VICE PRESIDENT 40.00 X 326891 0 109913 JENNIFER MEYERS CHIEF FINANCIAL OFFICER 40.00 X 447640 0 39974 LAURIE JENSEN SVP OF OPERATIONS 40.00 X 360283 0 27132 JOY MANTELLI MORTGAGE TEAM LEAD 40.00 X 155328 0 31931 MARY CHRISTINE RAMOS SVP HUMAN RESOURCES 40.00 X 212962 0 28674 ROGER LARSON SENIOR BUSINESS DEVELOPMENT OFFICER 40.00 X 168708 0 26439 NICOLE BUNKER SVP LOAN SERVICING 40.00 X 173017 0 20123 2877688 0 580881 32 0 1 0 CODA CONSTRUCTION GROUP LLC 444 LIPAN STREET DENVER CO 80204 CONSTRUCTION COMPANY 1064626 STRATEGIC RESOURCE MANAGEMENT INC 5100 POPLAR AVENUE MEMPHIS TN 38137 CREDIT AND DEBIT CARD BRANDING 448812 MOUNTAINAIRE MECHANICAL LLC 1415 E 58TH AVE DENVER CO 80216 HVAC CONTRACTOR 365546 SEMPLE FARRINGTON & EVERALL PC 1120 LINCOLN ST STE 1308 DENVER CO 80203 LEGAL SERVICES 317925 CRESA PARTNERS-DENVER INC 1001 17TH ST STE 1225 DENVER CO 80202 BUILDING MANAGEMENT 287890 33 INTEREST ON LOANS TO MEMBERS 522100 38216233 38216233 OTHER INCOME 522100 8284158 8284158 FEES AND CHARGES 522100 3137533 3137533 49637924 6214053 6214053 906767 946429 -39662 -39662 -39662 78691000 81955120 78655980 79238262 35020 2716858 2751878 2751878 58564193 52389802 0 6174391 1807390 15264985 1349564 1740536 1273404 282790 267155 2252038 2201199 3016649 2544023 453845 2822836 2419133 330628 ACCOUNT AND LOAN SERVIC 8270606 INTEREST/DIVIDENDS PAID 4985882 PROVISION FOR LOAN LOSS 2006447 CORE DEPOSIT INTANGIBLE 33820 53322930 5386203 8503865 137667785 199987107 3202766 3332404 677029 666930 1068810302 1134566781 3792127 3135057 61540788 33062158 25977988 28478630 166141009 128127002 4407378 3809363 4133375 4099555 16884798 20298990 1437080760 1535005684 15141944 20407657 35000000 20000000 1214263141 1316812208 1264405085 1357219865 X 0 0 16338071 16338071 156337604 161447748 172675675 177785819 1437080760 1535005684 5241263 -131119 0 X X 0 1 X 1 0 7479007 7479007 31037122 14428911 16608211 2660150 1527834 1132316 20364509 17105413 3259096 28478630 ESCROW ACCOUNTS 4138376 MEMBERS' SHARE AND DEPOSIT ACCOUNTS 1312673832 1316812208 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. X 1 1 X X X X X 0 1 0 JOHN MCCLOY PRESIDENT / CEO 391079 0 114345 0 34235 0 163900 0 16502 0 720061 0 0 0 BETSY GUERRERO EXECUTIVE VICE PRESIDENT 248368 0 63550 0 181282 0 91193 0 25100 0 609493 0 0 0 LEE DAMIANO EXECUTIVE VICE PRESIDENT 251474 0 62300 0 13117 0 103801 0 6112 0 436804 0 0 0 JENNIFER MEYERS CHIEF FINANCIAL OFFICER 202666 0 50750 0 194224 0 23082 0 16892 0 487614 0 0 0 LAURIE JENSEN SVP OF OPERATIONS 177766 0 34764 0 147753 0 19062 0 8070 0 387415 0 0 0 JOY MANTELLI MORTGAGE TEAM LEAD 20692 0 134636 0 0 0 17749 0 14182 0 187259 0 0 0 MARY CHRISTINE RAMOS SVP HUMAN RESOURCES 174979 0 36959 0 1024 0 19752 0 8922 0 241636 0 0 0 ROGER LARSON SENIOR BUSINESS DEVELOPMENT OFFICER 108487 0 59714 0 507 0 12563 0 13876 0 195147 0 0 0 NICOLE BUNKER SVP LOAN SERVICING 143348 0 29493 0 176 0 15215 0 4908 0 193140 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. BETSY GUERRERO EXECUTIVE VICE PRESIDENT VISA CREDIT CARD X 12215 12215 0 1 1 LEE DAMIANO EXECUTIVE VICE PRESIDENT FIRST MORTGAGE X 199900 163011 0 1 1 BETSY GUERRERO EXECUTIVE VICE PRESIDENT FIRST MORTGAGE X 226300 96683 0 1 1 JENNIFER MEYERS CHIEF FINANCIAL OFFICER FIRST MORTGAGE X 417000 395021 0 1 1 666930 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 AND JEFFERSON COUNTY SCHOOL DISTRICT, 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 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 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. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. WESTERRA SERVICES INC 3700 EAST ALAMEDA AVENUE DENVER CO 80209 205873430 PROVIDING BUSINESS MGMT. SERVICES TO OTHER CREDIT UNIONS CO WESTERRA CREDIT UNION C 5199 1.00000 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 WESTERRA SERVICES INC O 0 CORPORATE ACCOUNTING RECORDS