2017-11-13T16:48:07-06:00 2016-12-31 841474365 Holben Hay Lake Balzer CPAs LLC 1777 S Harrison Street 1000 Denver CO 80210 990 2016-01-01 840459116 Elevations Credit Union ELEV 3034434672 PO Box 9004 Boulder CO 803019004 Michael Calcote CFO 3034434672 2017-11-13 1 Sheila M Balzer P00967957 3037592727 199.189.170.18 2017-11-13 10:24:34 MS P 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 B64BBC76E68E34C88954DB314195C2AC838F48D8 2016 2017-02-10 21:41:12Z Gerry Agnes PO Box 9004 Boulder CO 803019004 1305045005 0 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 10 10 514 15 91531 0 0 0 60158210 71725230 25084837 36083718 4395388 4332754 89638435 112141702 62500 261000 0 0 37952243 49090716 0 0 0 34321797 36761229 72336540 86112945 17301895 26028757 1625576706 1795289631 1469132789 1613658121 156443917 181631510 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 121,747 MEMBERS AND 150,078 SHARE ACCOUNTS. THERE WERE 17,148 LOANS GRANTED TOTALING $1,692,370,151. ELEVATIONS CURRENTLY OFFERS ELEVEN 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 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 1 0 0 0 0 0 1 0 0 1 38240 0 1 514 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 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 KATIE COWAN BOARD OF DIRECTORS - CHAIR 4.00 X 0 0 0 NANCY HERBERT BOARD OF DIRECTORS - VICE CHAIR 3.00 X 0 0 0 KATE BROWN BOARD OF DIRECTORS - SECRETARY 3.00 X 0 0 0 ERIC JONES BOARD OF DIRECTORS - TREAS 3.00 X 0 0 0 TODD GLEESON BOARD OF DIRECTORS 3.00 X 0 0 0 JIM MENGHI BOARD OF DIRECTORS 3.00 X 0 0 0 DON CHEYNE BOARD OF DIRECTORS 3.00 X 0 0 0 RAY MARTINEZ BOARD OF DIRECTORS 3.00 X 0 0 0 NATALIE BAUMGARTNER BOARD OF DIRECTORS 3.00 X 0 0 0 CAROLL BEACH BOARD OF DIRECTORS 3.00 X 0 0 0 GERRY AGNES PRESIDENT/CEO 40.00 X 814341 0 555071 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 40.00 X 579972 0 653019 JAY CHAMPION CHIEF OPERATING OFFICER 40.00 X 563843 0 102199 DEBRA JOHNSTON CHIEF PEOPLE OFFICER 40.00 X 105128 0 103140 STEVEN SCHMIDLE CHIEF STRATEGY & PERFORMANCE OFFICER 40.00 X 239037 0 93506 GREG ROLLER MORTGAGE LOAN ORIGINATOR 40.00 X 590244 0 26260 CAMERON WHITE-FORD MORTGAGE LOAN ORIGINATOR 40.00 X 1069331 0 25175 AARON STAUFER MORTGAGE LOAN ORIGINATOR 40.00 X 677840 0 18117 EVA GAUDIO SVP STUDENT & GOVT AFFAIRS 40.00 X 244145 0 518464 ELIZABETH MILLION AVP MORTGAGE SALES 40.00 X 823565 0 20131 ANNETTE MATTHIES FORMER CHIEF HUMAN RESOURCES OFFI 40.00 X 530065 0 1538 MARY ANN KAMMERER FORMER CHIEF ADMINISTRATIVE OFFIC 40.00 X 525653 0 225662 6763164 0 2342282 81 1 1 0 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 CREDIT/DEBIT CARD PROCESSOR 3508519 THE NEENAN COMPANY LLLP 2607 MIDPOINT DRIVE FORT COLLINS CO 80525 CONSTRUCTION CONTRACTOR 1694590 DOVENMUEHLE MORTGAGE 1 CORPORATE DR STE 360 LAKE ZURICH IL 60047 LOAN PROCESSING 1644984 URBAN LENDING SOLUTIONS APPRAISALS LLC 260 Airside Drive MOON TOWNSHIP PA 15108 MORTGAGE APPRAISAL 1556150 LAND GORILLA 1241 JOHNSON AVE 154 SAN LUIS OBISPO CA 93401 MORTGAGE APPRAISAL 1511124 57 INTEREST ON LOANS TO MEMBERS 522100 52631795 52631795 INTERCHANGE INCOME 522100 11813314 11813314 FEES AND SERVICE CHARGES 522100 7188590 7188590 UNRELATED BUSINESS INCOME 900099 91531 91531 71725230 4782131 4782131 47423414 1176781476 45938155 1146965148 1485259 29816328 31301587 31301587 OTHER INCOME 522100 4332754 4332754 4332754 112141702 107268040 91531 4782131 261000 3358039 38624449 1116360 3494415 2497453 135410 322999 1178336 4394206 10313024 181265 2760525 875660 80013 3247103 298982 LOAN SERVICING EXPENSE 6608799 INTEREST/DIVIDENDS PAID 2882754 PROVISION FOR LOAN LOSS 2283843 MISCELLANEOUS 1198310 86112945 10840049 10395718 66835010 137974764 4462935 4468399 3108617 1140574741 1344576616 1730845 2340503 56783335 32687022 23522661 24096313 313633861 202165260 551900 551900 5756318 5684231 53199987 64395709 1625576706 1795289631 10863214 10683925 19259938 25919023 1439009637 1577055173 1469132789 1613658121 X 0 0 11879720 11879721 144564197 169751789 156443917 181631510 1625576706 1795289631 26028757 -841164 0 X X 0 1 X 1 0 0 1 X 3995126 3995126 18074762 6650075 11424687 4895709 3160463 1735246 29817738 22876484 6941254 24096313 REGULAR SHARES 450899739 SHARE DRAFT ACCOUNTS 495851707 MONEY MARKET ACCOUNTS 474111912 CERTIFICATES 140319536 IRA SHARES 15872279 1577055173 X 112043954 0 112043954 97748 97748 112141702 86015196 -97749 -97749 86112945 0 86112945 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. CUSTODIAL ACCOUNTS ARE MAINTAINED FOR PRINCIPAL AND INTEREST PAYABLE TO FANNIE MAE AND FREDDIE MAC FOR LOANS SOLD TO FANNIE MAE AND FREDDIE MAC FOR WHICH THE CREDIT UNION RETAINS SERVICING. CUSTODIAL ACCOUNTS ALSO ARE 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 2015, 2014 AND 2013 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. Part XI, Line 4b - Other Adjustments: GAIN ON SALE OF ASSETS (NET) 97,748. Part XII, Line 2d - Other Adjustments: GAIN ON SALE OF ASSETS (NET) -97,748. ROUNDING -1. 1 ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 501(c)(3) 261000 SUPPORT SCHOLARSHIPS, ETC. 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 536904 0 277437 0 0 0 540907 0 14164 0 1369412 0 0 0 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 358674 0 221298 0 0 0 637413 0 15606 0 1232991 0 0 0 JAY CHAMPION CHIEF OPERATING OFFICER 350638 0 213205 0 0 0 86688 0 15511 0 666042 0 0 0 DEBRA JOHNSTON CHIEF PEOPLE OFFICER 80128 0 25000 0 0 0 101450 0 1690 0 208268 0 0 0 STEVEN SCHMIDLE CHIEF STRATEGY & PERFORMANCE OFFICER 175053 0 63984 0 0 0 77496 0 16010 0 332543 0 0 0 GREG ROLLER MORTGAGE LOAN ORIGINATOR 0 0 590244 0 0 0 10600 0 15660 0 616504 0 0 0 CAMERON WHITE-FORD MORTGAGE LOAN ORIGINATOR 52400 0 1016931 0 0 0 10600 0 14575 0 1094506 0 0 0 AARON STAUFER MORTGAGE LOAN ORIGINATOR 0 0 677840 0 0 0 10600 0 7517 0 695957 0 0 0 EVA GAUDIO SVP STUDENT & GOVT AFFAIRS 188203 0 55942 0 0 0 510600 0 7864 0 762609 0 0 0 ELIZABETH MILLION AVP MORTGAGE SALES 107286 0 716279 0 0 0 10600 0 9531 0 843696 0 0 0 ANNETTE MATTHIES FORMER CHIEF HUMAN RESOURCES OFFI 19143 0 510922 0 0 0 790 0 748 0 531603 0 0 0 MARY ANN KAMMERER FORMER CHIEF ADMINISTRATIVE OFFIC 171742 0 353911 0 0 0 212312 0 13350 0 751315 0 0 0 Part I, Lines 4a-b GERRY AGNES (ACCRUED BENEFIT OF $1,856,074 AS OF 12/31/16), MICHAEL CALCOTE (ACCRUED BENEFIT OF $88,769 AS OF 12/31/16), STEVEN SCHMIDLE (ACCRUED BENEFIT OF $67,633 AS OF 12/31/16), JAY CHAMPION (ACCRUED BENEFIT OF $421,652 AS OF 12/31/16) AND DEBRA JOHNSON (ACCRUED BENEFIT OF $33,817 AS OF 12/31/16). ANNETTE MATTHIES RECEIVED A SEVERANCE PAYMENT OF $510,922 FOR THE YEAR ENDED 12/31/16. MARYANN KAMMERER RECEIVED A SEVERANCE PAYMENT OF $290,000 FOR THE YEAR ENDED 12/31/16. CAMERON WHITE-FORD MORTGAGE SALES MANAGER FIRST MORTGAGE X 417000 372715 0 0 1 CAMERON WHITE-FORD MORTGAGE SALES MANAGER FIRST MORTGAGE X 148125 112458 0 0 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 35658 28304 0 1 1 GERRY AGNES PRESIDENT/CEO FIRST MORTGAGE X 1182400 1105657 0 1 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 73729 47572 0 1 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 25716 14328 0 1 1 JAY CHAMPION COO FIRST MORTGAGE X 556000 618636 0 1 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 45302 43270 0 1 1 STEVEN SCHMIDLE CSPO FIRST MORTGAGE X 417000 397809 0 1 1 GREGORY ROLLER MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 389350 367868 0 0 1 3108617 ELEVATIONS FOUNDATION FOUNDATION BOARD CONSISTS OF CREDIT UNION MANAGEMENT AND DIRECTORS 261000 CONTRIBUTION FROM CREDIT UNION TO FOUNDATION 0 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 SVP OF FINANCE 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 2C SELECTION OF THE AUDITORS AND OVERSIGHT OF THE AUDITORS IS DONE BY THE SUPERVISORY COMMITTEE. THERE WERE NO CHANGES TO THE SELECTION OR OVERSIGHT PRACTICES DURING 2016. 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 1 1 0 0 0 0 ELEVATIONS FOUNDATION B 261000