2017-11-14T15:26:43-06:00 2016-12-31 841474365 Holben Hay Lake Balzer CPAs LLC 1777 S Harrison Street 1000 Denver CO 80210 990 2016-01-01 840500890 Premier Members Credit Union PREM 3036577000 5505 Arapahoe Avenue Boulder CO 80303 Mark Wiete Chief Financial Officer 3036577276 2017-11-09 1 Sheila M Balzer P00967957 3037592727 199.189.170.18 2017-11-09 15:28:12 MS P 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 B64BBC76E68E34C88954DB314195C2AC838F48D8 2016 2021-01-29 14:40:06Z Mark Wiete 5505 Arapahoe Ave Boulder CO 80303 44987938 0 X www.pmcu.org X 1950 CO To promote thrift and provide lower cost credit to the members of the credit union by affording them the opportunity to accumulate payments on shares and to make loans from these shares to its members. 15 15 313 22 23233 -10707 0 0 30289817 42582211 1767259 2093594 12083 23233 32069159 44699038 0 0 0 0 11399085 17139467 0 0 0 18170974 19304326 29570059 36443793 2499100 8255245 874762687 926220200 773834542 817328910 100928145 108891290 To promote thrift and provide lower cost credit to the members of the credit union by affording them the opportunity to accumulate payments on shares and make loans from these shares to its members. 0 0 Provide a wide variety of financial products and services to members of the credit union. Over 64,000 members served. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 16075 0 1 313 1 1 1 0 0 0 0 0 0 0 X 15 15 1 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 0 1 1 1 0 X The Organization 3036577000 5505 Arapahoe Avenue Boulder CO 80303 Wayne Turnacliff Co-Chair Person 2.00 X 0 0 0 Jim Clemmer Treasurer 2.00 X 0 0 0 Ken Black Co-Secretary 2.00 X 0 0 0 Wade Payne Director 2.00 X 0 0 0 Lynel Vallier Director 2.00 X 0 0 0 Joanne Tilley Director 2.00 X 0 0 0 Mark Gisi Chair Person 2.00 X 0 0 0 Janet Beaver Vice-Chair Person 2.00 X 0 0 0 Harvey A Kamionka Co-Treasurer 2.00 X 0 0 0 Michael Meyers Secretary 2.00 X 0 0 0 Jim Ellis Director 2.00 X 0 0 0 Brian Gisi Director 2.00 X 0 0 0 Elaine Hutchings Director 2.00 X 0 0 0 Peter Jansky Director 2.00 X 0 0 0 Harvey E Kamionka Director 2.00 X 0 0 0 Carlos Pacheco Chief Executive Officer 40.00 X 443989 0 29994 Rick Allen CEO/President 40.00 X 435311 0 30926 Brian Resch Chief Administrative Offic 40.00 X 209196 0 25943 Jason Bauer Chief Marketing Officer 40.00 X 141962 0 22973 Matt Rarden Chief Operating Officer 40.00 X 200141 0 13511 Mark Rowan Chief Information Officer 40.00 X 170616 0 18273 Lindsay Sandham Chief Lending Officer 40.00 X 191408 0 18135 Mark Wiete Chief Financial Officer 40.00 X 263823 0 22246 Claire Lindley VP Finance 40.00 X 154527 0 13487 Jessica Hoyle SVP Retail Delivery 40.00 X 130279 0 11742 Danielle DeCamillis VP Mortgage Operations 40.00 X 124122 0 8408 Steven Shrader VP Retail Operations 40.00 X 123830 0 11215 Chad Wilcox SVP Lending Operations 40.00 X 129061 0 11495 2718265 0 238348 18 0 1 0 Jack Henry & Associates PO Box 609 Monett MO 65708 Data Processor 1004305 FISERV PO Box 99924 Grapevine TX 76099 Data Processor 747860 247 Networks 7000 S Yosemite Ste 250 Englewood CO 80112 Communication Network 442449 Doctus Partner LLC 4232 Wadsworth Blvd Wheat Ridge CO 80033 Building Rents 363725 Holst & Boettcher LLP PO Box 298 Longmont CO 80502 Legal Services 250604 21 Interest on Loans to Members 522100 29262119 29262119 Other Income 522100 6265824 6265824 Fees and Other Charges to Members 522100 5002340 5002340 Misc Other Operating Income 522100 2051928 2051928 42582211 2016899 2016899 365595 288900 76695 76695 76695 Non-Member ATM Fees 522100 23233 23233 23233 44699038 42658906 23233 2016899 2056446 11464554 944626 1720451 953390 39807 192818 2743113 887935 3540176 1646850 405272 1774 1350753 105616 Provision for Loan Loss 3256827 Interest/Dividends Paid 2007844 Account/Loan Servicing 1927253 Goodwill Amortization E 1079292 118996 36443793 5342073 4890734 66975884 69641872 2374417 2761858 589697069 681799130 26444869 12201283 10834684 14243586 167488404 122658879 10073387 8994096 21976769 21230045 874762687 926220200 11940666 14531076 761893876 802797834 773834542 817328910 X 0 0 3629465 3629465 97298680 105261825 100928145 108891290 874762687 926220200 8255245 -292100 0 X X 0 1 X 1 0 3138595 3138595 12533148 4074156 8458992 564660 562229 2431 10208466 7564898 2643568 14243586 Nonperpetual Capital at Corporate CU 500005 C Perpetual Capital at Corporate CU 1268886 C Available-for-sale Securities 113861600 F Held-to-maturity Securities 3337743 C Other Investments 3690645 C 122658879 Members' Share and Deposit Accounts 802797834 802797834 X 44782904 83866 83866 44699038 0 44699038 36527659 83866 83866 36443793 0 36443793 Part X, Line 2: The Credit Union is exempt, by statute, from federal and state income taxes on income related to its core purpose. The Credit Union pays tax on any unrelated business taxable income. The Credit Union had no significant tax liability for the year ended December 31, 2016. All income from the CUSO flows into the Credit Union and, as a result, is also tax exempt. ASC 740, Accounting for Uncertainty in Income Taxes prescribes a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. It also provides guidance for de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Credit Union and its wholly-owned subsidiary are under regular audit by the tax authorities. The Credit Union believes that it has appropriate support for the positions taken on its tax returns and that its annual tax provision includes amounts sufficient to pay any assessments. Further, management believes that the Credit Union's tax-exempt status would be upheld in an examination. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. The Credit Union and its CUSO file income tax returns in the United States federal and Colorado state jurisdictions. The Credit Union and its CUSO are no longer subject to income tax examinations for Colorado state income taxes before 2013 or for United States federal income taxes before 2013. The Credit Union classifies any interest on underpayments of income tax as 'Interest Expense', and classifies penalties in connection with underpayments of tax as 'Other Expense'. Part XI, Line 2d - Other Adjustments: Gain on sale of building 83,866. Part XII, Line 2d - Other Adjustments: Gain on sale of building 83,866. X 1 1 X X X 0 1 0 Carlos Pacheco Chief Executive Officer 413943 0 29346 0 700 0 12440 0 17554 0 473983 0 0 0 Rick Allen CEO/President 405965 0 29346 0 0 0 12472 0 18454 0 466237 0 0 0 Brian Resch Chief Administrative Offic 171639 0 37557 0 0 0 8981 0 16962 0 235139 0 0 0 Jason Bauer Chief Marketing Officer 116820 0 25142 0 0 0 6011 0 16962 0 164935 0 0 0 Matt Rarden Chief Operating Officer 162938 0 37203 0 0 0 8118 0 5393 0 213652 0 0 0 Mark Rowan Chief Information Officer 137697 0 32919 0 0 0 7179 0 11094 0 188889 0 0 0 Lindsay Sandham Chief Lending Officer 157443 0 33965 0 0 0 8094 0 10041 0 209543 0 0 0 Mark Wiete Chief Financial Officer 218083 0 45740 0 0 0 10116 0 12130 0 286069 0 0 0 Claire Lindley VP Finance 130180 0 24347 0 0 0 6519 0 6968 0 168014 0 0 0 Carlos Pacheco FIRST MORTGAGE X 608000 533412 0 1 1 Brian Resch FIRST MORTGAGE X 308000 245129 0 0 1 Jason Bauer FIRST MORTGAGE X 364000 325800 0 0 1 Mark Rowan FIRST MORTGAGE X 294000 258731 0 0 1 Mark Wiete FIRST MORTGAGE X 383920 373128 0 0 1 Matt Rarden FIRST MORTGAGE X 286500 272133 0 0 1 Lindsay Sandham FIRST MORTGAGE X 225001 219221 0 0 1 Mark Wiete HOME EQUITY LINE OF CREDIT X 65000 64333 0 0 1 Mark Rowan HOME EQUITY LINE OF CREDIT X 100000 47229 0 0 1 Lindsay Sandham FIRST MORTGAGE X 280000 279559 0 0 1 Matt Rarden AUTO LOAN X 36000 36000 0 0 1 Mark Wiete AUTO LOAN X 42424 42092 0 0 1 Matt Rarden HOME EQUITY LINE OF CREDIT X 25000 9807 0 0 1 Lindsay Sandham AUTO LOAN X 31174 31174 0 0 1 Lindsay Sandham AUTO LOAN X 27541 24110 0 0 1 2761858 Form 990, Part VI, Section A, line 2 Mark Gisi, Chair Person of the Board of Directors, and Brian Gisi, Board of Director-Member, have a family relationship. Harvey A. Kamionka, Treasurer of the Board of Directors, and Harvey E. Kamionka, Board of Director-Member, also have a family relationship. Form 990, Part VI, Section A, line 6 Premier Members Credit Union, formerly doing business as Boulder Valley Credit Union is a member-owned financial cooperative that is operated for the benefit of the employees and retirees of the Boulder Valley School District, the employees and retirees of the International Business Machines (IBM) Corporation, and certain related organizations, who work in Colorado, Wyoming, Montana, Idaho and Utah, teachers and retirees of the Adams County School District, various approved select employee groups and their families and the individuals who joined the Credit Union by contributing to select charitable organizations. Form 990, Part VI, Section A, line 7a The members of the credit union annually elect the Board of Directors to serve for multiple-year terms by mailing in ballots or voting at an 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 completed Form 990 is reviewed by the Chief Executive Officer/President, the Chief Executive Officer and the Chief Financial Officer prior to filing. The President/CEO and Chief Executive Officer are both authorized to sign and file the return. Form 990, Part VI, Section B, line 12c At time of hire and at least once each year, all employees are asked to complete a written acknowledgment to disclose any potential conflicts of interest. Credit union volunteers are similarly requested to disclose any such conflicts of interest upon taking office. The Board of Directors reviews the Code of Conduct Policy annually. Form 990, Part VI, Section B, line 15 For President/CEO compensation, the Board Chair Person annually conducts research on executive compensation, utilizing industry survey data from organizations such as CUES and D. Hilton. The Board approves the recommended compensation structure for the CEO position. For top management compensation, the credit union utilized BalancedComp as an independent compensation consultant, and also validates BalancedComp's data against industry surveys such as CUES. Form 990, Part VI, Section C, line 19 The organization's governing documents and conflict of interest policy are are available for review upon request at the credit union. Monthly financial statements are available and on display at the credit union. Quarterly financial data is accessible to the public at www.ncua.gov. 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. Holben Hay Lake Balzer, CPAs LLC was engaged to perform the Credit Union's December 31, 2016 opinion audit.