2016-09-26T13:21:29-05:00 2015-12-31 841474365 HOLBEN HAY LAKE BALZER CPAS LLC 1777 S HARRISON STREET 1000 DENVER CO 80210 990 2015-01-01 840188017 CREDIT UNIONS CHARTERED IN COLORADO 20 WESTERRA CREDIT UNION CRED 3033214209 3700 E ALAMEDA AVENUE DENVER CO 802093100 JENNIFER MEYERS CFO 3039213066 2016-09-22 1 SHEILA M BALZER P00967957 3037592727 2015 2017-02-10 21:41:12Z JENNIFER MEYERS 3700 EAST ALAMEDA AVE DENVER CO 80209 307822822 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 7 396 12 14400 -772 0 0 42584892 43861864 5858248 8446232 62206 141318 48505346 52449414 0 0 0 0 17292333 19888137 0 0 0 22804162 25501063 40096495 45389200 8408851 7060214 1282218975 1361036800 1120956572 1192843957 161262403 168192843 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 97,500 MEMBERS SERVED. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 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 16777 0 1 396 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 1 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 JAMES KULLHEM CHAIRMAN 2.00 X 0 0 0 ANDY RAICEVICH VICE CHAIRMAN 2.00 X 0 0 0 LARRY OTTELE 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 KATHY BETTS DIRECTOR 2.00 X 0 0 0 RON WALKER DIRECTOR 2.00 X 0 0 0 C ALAN PEPPERS PRESIDENT / CEO - EMERITUS 40.00 X 531033 0 40669 JOHN MCCLOY PRESIDENT / CEO 40.00 X 866715 0 166474 DUANE BRUNO CHIEF OPERATIONS OFFICER 40.00 X 127538 0 12598 BETSY GUERRERO EXECUTIVE VICE PRESIDENT 40.00 X 315175 0 107286 LEE DAMIANO EXECUTIVE VICE PRESIDENT 40.00 X 272105 0 81985 JENNIFER MEYERS CHIEF FINANCIAL OFFICER 40.00 X 242259 0 66482 LAURIE JENSEN SVP OF OPERATIONS 40.00 X 214881 0 59895 MARY CHRISTINE RAMOS SVP HUMAN RESOURCES 40.00 X 141272 0 15925 NICOLE BUNKER SVP LOAN SERVICING 40.00 X 140898 0 18536 JOY MANTELLI MORTGAGE TEAM LEAD 40.00 X 267934 0 28196 CAROL KRUSE MANAGER MORTGAGE SALES 40.00 X 169161 0 34074 3288971 0 632120 32 0 1 0 CALCON CONSTRUCTORS INC 2270 W BATES AVE ENGLEWOOD CO 80110 CONSTRUCTION CONTRACTOR 573349 STRATEGIC RESOURCE MANAGEMENT INC 5100 POPLAR AVE2500 MEMPHIS TN 38137 CREDIT AND DEBIT CARD BRANDING 485097 MOUNTAINAIRE MECHANICAL LLC 1415 E 58TH AVE DENVER CO 80216 HVAC CONTRACTOR 281147 SIGNET PARTNERS INC 7400 E CRESTLINE CIRCLE 150 GREENWOOD VILLAGE CO 80111 FINANCIAL & MANAGEMENT SERVICES 257875 CRESA PARTNERS-DENVER INC 1515 ARAPAHOE ST 305 DENVER CO 80202 BUILDING MANAGEMENT 235081 19 INTEREST ON LOANS TO MEMBERS 522100 34230173 34230173 OTHER INCOME 522100 6648057 6648057 FEES AND CHARGES 522100 2983634 2983634 43861864 3712102 3712102 909377 782459 126918 126918 126918 110313000 149012079 110272557 144318392 40443 4693687 4734130 4734130 MANAGEMENT FEE INCOME FROM WESTER 524298 14400 14400 14400 52449414 48595994 14400 3839020 2354825 13800800 1242245 1283976 1206291 222299 207781 1671930 2258210 3414077 2557273 410829 1843364 1202587 293489 ACCOUNT AND LOAN SERVIC 7690908 INTEREST/DIVIDENDS PAID 3886844 CORE DEPOSIT INTANGIBLE 173687 PROVISION FOR LOAN LOSS -332215 45389200 5456564 5361425 99568054 135516998 3169106 2958242 333873 798184 854947301 973734167 4322595 3471581 54034857 28374128 26195230 25660729 265903602 187325548 4559079 4381062 4407848 4234161 13355723 17594703 1282218975 1361036800 12373663 12696852 45000000 45000000 1063582909 1135147105 1120956572 1192843957 X 0 0 16338071 16338071 144924332 151854772 161262403 168192843 1282218975 1361036800 7060214 -129774 0 X X 0 1 X 1 0 7515757 7515757 27252976 12067177 15185799 2032411 1335538 696873 17233713 14971413 2262300 25660729 ESCROW ACCOUNTS 3710575 MEMBERS' SHARE AND DEPOSIT ACCOUNTS 1131436530 1135147105 X 53231873 0 53231873 -782459 -782459 52449414 46171659 0 46171659 -782459 -782459 45389200 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED AGAINST RENTAL INCOME -782,459. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED AGAINST RENTAL INCOME -782,459. X X 1 1 X X X X X 0 1 0 C ALAN PEPPERS PRESIDENT / CEO - EMERITUS 228763 0 204221 0 98049 0 29141 0 11528 0 571702 0 0 0 JOHN MCCLOY PRESIDENT / CEO 368510 0 88894 0 409311 0 149900 0 16574 0 1033189 0 384088 0 BETSY GUERRERO EXECUTIVE VICE PRESIDENT 235262 0 66388 0 13525 0 82876 0 24410 0 422461 0 0 0 LEE DAMIANO EXECUTIVE VICE PRESIDENT 234407 0 22925 0 14773 0 75600 0 6385 0 354090 0 0 0 JENNIFER MEYERS CHIEF FINANCIAL OFFICER 189498 0 43436 0 9325 0 53641 0 12841 0 308741 0 0 0 LAURIE JENSEN SVP OF OPERATIONS 171201 0 43336 0 344 0 50764 0 9131 0 274776 0 0 0 MARY CHRISTINE RAMOS SVP HUMAN RESOURCES 140533 0 0 0 739 0 8365 0 7560 0 157197 0 0 0 NICOLE BUNKER SVP LOAN SERVICING 116047 0 24766 0 85 0 13337 0 5199 0 159434 0 0 0 JOY MANTELLI MORTGAGE TEAM LEAD 2594 0 265340 0 0 0 27890 0 306 0 296130 0 0 0 CAROL KRUSE MANAGER MORTGAGE SALES 57886 0 111051 0 224 0 18849 0 15225 0 203235 0 0 0 BETSY GUERRERO EXECUTIVE VICE PRESIDENT VISA CREDIT CARD X 13491 9617 0 1 1 LEE DAMIANO EXECUTIVE VICE PRESIDENT FIRST MORTGAGE X 199900 186789 0 1 1 LAURIE JENSEN SVP OF OPERATIONS FIRST MORTGAGE X 230000 59555 0 1 1 BETSY GUERRERO EXECUTIVE VICE PRESIDENT FIRST MORTGAGE X 226300 130527 0 1 1 JENNIFER MEYERS CHIEF FINANCIAL OFFICER FIRST MORTGAGE X 417000 411696 0 1 1 798184 FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION HAS AMENDED IT BYLAWS DURING 2015 TO CHANGE ITS FIELD OF MEMBERSHIP TO ADD "PERSONS WHO LIVE OR WORK WITHIN THE BOUNDARIES OF BOULDER COUNTY, COLORADO". 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 AND BOULDER 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 11 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 2267 22287 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