2015-11-12T14:41:59-06:00 2014-12-31 841474365 Holben Hay Lake Balzer CPAs LLC 1777 S Harrison Street 1000 Denver CO 80210 990 2014-01-01 840459116 Elevations Credit Union ELEV 3034434672 PO Box 9004 Boulder CO 803019004 Michael Calcote CFO 3034434672 2015-11-06 1 Sheila M Balzer P00967957 3037592727 2014 2016-02-25 16:41:14Z Gerry Agnes PO Box 9004 Boulder CO 803019004 461081541 0 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO WE PROVIDE SOLUTIONS FOR A BETTER LIFE. THE CREDIT UNION PROMOTES THRIFT AND PROVIDES LOWER COST CREDIT TO THE MEMBERS OF THE CREDIT UNION. THE CREDIT UNION PROMOTES THRIFT AMONG MEMBERS BY AFFORDING THEM THE OPPORTUNITY TO ACCUMULATE PAYMENTS ON SHARES AND TO MAKE LOANS FROM THESE SHARES TO ITS MEMBERS. 9 9 436 14 108998 -9170 0 0 45971287 50376688 20602290 18056811 3077105 3411308 69650682 71844807 78200 130000 0 0 30605801 30959764 0 0 0 29616878 29087597 60300879 60177361 9349803 11667446 1365989525 1459289806 1241528247 1317827123 124461278 141462683 X WE PROVIDE SOLUTIONS FOR A BETTER LIFE. THE CREDIT UNION PROMOTES THRIFT AND PROVIDES LOWER COST CREDIT TO THE MEMBERS OF THE CREDIT UNION. THE CREDIT UNION PROMOTES 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 ELEVATIONS SERVES BOULDER, BROOMFIELD AND LARIMER COUNTIES. THE CREDIT UNION SERVES US CENSUS TRACT 8014008520 IN ADAMS COUNTY ONLY. ELEVATIONS SERVES THE CITIES OF LOVELAND, BERTHOUD, DACONO, FIRESTONE, FREDERICK AND MEAD. ELEVATIONS SERVES THE FOLLOWING US CENSUS TRACTS IN THE CITY OF WESTMINSTER: 1) 8001008528, 2) 8001009325, 3) 8001009408, 4) 8001009409, 5) 8059009826, 6) 8059009825 AND 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 107,725 MEMBERS AND 133,135 SHARE ACCOUNTS. THERE WERE 12,921 LOANS GRANTED TOTALING $752,151,925. ELEVATIONS CURRENTLY OFFERS ELEVEN BRANCH LOCATIONS AND A WIDE ARRAY OF REMOTE OPTIONS THROUGH OUR COOPERATION WITH THE COOP ATM NETWORK, CREDIT UNION SERVICE NETWORK 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 32929 0 1 436 1 1 1 0 0 0 0 0 0 0 X 9 9 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 LARSON BOARD OF DIRECTORS - CHAIR 4.00 X 0 0 0 NANCY HERBERT BOARD OF DIRECTORS - VICE 3.00 X 0 0 0 ERIC JONES BOARD OF DIRECTORS - TREASURER 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 CAROL KRISMANN BOARD OF DIRECTORS - SECRETARY 3.00 X 0 0 0 CARROLL BEACH 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 GERRY AGNES PRESIDENT/CEO 40.00 X 763179 0 291859 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 40.00 X 522024 0 125205 JAY CHAMPION CHIEF OPERATING OFFICER 40.00 X 502870 0 99781 ANNETTE MATTHIES CHIEF HUMAN RESOURCES OFFI 40.00 X 313257 0 70393 TODD KERN CHIEF MARKETING OFFICER 40.00 X 305450 0 73571 MARY ANN KAMMERER CHIEF ADMINISTRATIVE OFFICER 40.00 X 250326 0 67221 TODD PEYOK VP COMMERCIAL LENDING 40.00 X 319371 0 18936 CAMERON WHITE-FORD MORTGAGE LOAN ORIGINATOR 40.00 X 545264 0 23988 MICHAEL ROTH MORTGAGE LOAN ORIGINATOR 40.00 X 284671 0 24374 ELIZABETH MILLION AVP MORTGAGE SALES 40.00 X 426284 0 24476 PATRICK SEAL FINANCIAL ADVISOR 40.00 X 328643 0 24132 4561339 0 843936 62 0 1 0 FIDELITY 601 RIVERSIDE AVENUE JACKSONVILLE FL 33716 CARD PROCESSING 5362074 URBAN LENDING 11802 RIDGE PKWY STE 200 BROOMFIELD CO 80021 LOAN PROCESSING 1562168 DIGITAL INSIGHT PO BOX 515306 LOS ANGELES CA 94063 ONLINE BANKING 945861 DOVENMUEHLE MORTGAGE 1 CORPORATE DR STE 360 LAKE ZURICH IL 60047 LOAN PROCESSING 915498 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 ATM NETWORK PROCESSING 787484 41 INTEREST ON LOANS TO MEMBERS 522100 34940877 34940877 INTERCHANGE INCOME 522100 9939978 9939978 FEES AND SERVICE CHARGES 522100 5386835 5386835 UNRELATED BUSINESS INCOME 900099 108998 108998 50376688 8104635 8104635 8880432 390308478 8175125 381061609 705307 9246869 9952176 9952176 OTHER INCOME 522100 3411308 3411308 3411308 71844807 63631174 108998 8104635 130000 2657106 22329122 761268 3431237 1781031 136120 253398 888281 2452591 9502092 199963 2452163 777840 3832 3014151 267473 LOAN SERVICING EXPENSE 4781679 INTEREST/DIVIDENDS PAID 2910145 MISCELLANEOUS 1139815 PROVISION FOR LOAN LOSS 308054 60177361 10336780 11603226 139836782 62524069 3771293 4252591 4620012 703282167 908900987 1349449 1950797 48780741 26833164 21307433 21947577 434259751 390175387 1243325 553600 5652582 5884985 44949963 46876575 1365989525 1459289806 24048522 24976084 12684626 15239147 1204795099 1277611892 1241528247 1317827123 X 0 0 11879720 11879720 112581558 129582963 124461278 141462683 1365989525 1459289806 X 11667446 5333960 -1 X X 0 1 X 1 0 0 1 X 4246352 4246352 16305198 5719146 10586052 4854888 2513446 2341442 23374303 18600572 4773731 21947577 REGULAR SHARES 353083263 SHARE DRAFT ACCOUNTS 355656597 MONEY MARKET ACCOUNTS 393249239 CERTIFICATES 162850318 IRA SHARES 12772475 1277611892 X 71844807 0 71844807 0 71844807 60177361 0 60177361 0 60177361 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 FOR LOANS SOLD TO FANNIE MAE FOR WHICH THE CREDIT UNION RETAINS SERVICING. CUSTODIAL ACCOUNTS ALSO ARE MAINTAINED ON BEHALF OF FANNIE MAE FOR THE TAXES AND INSURANCE PAYABLE ON THE REAL ESTATE SECURING THE LOANS SOLD TO FANNIE MAE. 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 2013, 2012 AND 2011 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) 130000 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 0 1 0 GERRY AGNES PRESIDENT/CEO 484445 0 278734 0 0 0 275553 0 16306 0 1055038 0 0 0 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 300126 0 221898 0 0 0 111850 0 13355 0 647229 0 0 0 JAY CHAMPION CHIEF OPERATING OFFICER 288778 0 214092 0 0 0 86488 0 13293 0 602651 0 0 0 ANNETTE MATTHIES CHIEF HUMAN RESOURCES OFFI 198404 0 114853 0 0 0 61125 0 9268 0 383650 0 0 0 TODD KERN CHIEF MARKETING OFFICER 193391 0 112059 0 0 0 61125 0 12446 0 379021 0 0 0 MARY ANN KAMMERER CHIEF ADMINISTRATIVE OFFICER 181005 0 69321 0 0 0 52559 0 14662 0 317547 0 0 0 TODD PEYOK VP COMMERCIAL LENDING 156056 0 163315 0 0 0 5567 0 13369 0 338307 0 0 0 CAMERON WHITE-FORD MORTGAGE LOAN ORIGINATOR 37623 0 507641 0 0 0 10400 0 13588 0 569252 0 0 0 MICHAEL ROTH MORTGAGE LOAN ORIGINATOR 0 0 284671 0 0 0 10400 0 13974 0 309045 0 0 0 ELIZABETH MILLION AVP MORTGAGE SALES 88930 0 337354 0 0 0 10400 0 14076 0 450760 0 0 0 PATRICK SEAL FINANCIAL ADVISOR 15895 0 312748 0 0 0 10400 0 13732 0 352775 0 0 0 Part I, Line 4b GERRY AGNES (ACCRUED BENEFIT OF $795,460 AS OF 12/31/14), MICHAEL CALCOTE (ACCRUED BENEFIT OF $359,302 AS OF 12/31/14), ANNETTE MATTHIES (ACCRUED BENEFIT OF $179,651 AS OF 12/31/14), JAY CHAMPION (ACCRUED BENEFIT OF $269,477 AS OF 12/31/14), TODD KERN (ACCRUED BENEFIT OF $156,402 AS OF 12/31/14), MARY ANN KAMMERER (ACCRUED BENEFIT OF $130,335 AS OF 12/31/14), AND EVA GAUDIO (ACCRUED BENEFIT OF $329,713 AS OF 12/31/14) CAMERON WHITE-FORD MORTGAGE SALES MANAGER FIRST MORTGAGE X 417000 391639 0 0 1 CAMERON WHITE-FORD MORTGAGE SALES MANAGER FIRST MORTGAGE X 148125 129544 0 0 1 MICHAEL ROTH MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 379050 352637 0 0 1 TODD PEYOK VP COMMERCIAL LENDING FIRST MORTGAGE X 372200 372200 0 0 1 TODD KERN CMO FIRST MORTGAGE X 575000 559447 0 1 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 31013 26543 0 1 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 30375 11266 0 1 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 25716 10205 0 1 1 JAY CHAMPION COO AUTOMOBILE X 26200 13229 0 1 1 JAY CHAMPION COO AUTOMOBILE X 38811 18291 0 1 1 JAY CHAMPION COO VISA X 25000 0 0 1 1 ANNETTE MATTHIES CHRO FIRST MORTGAGE X 386000 323998 0 1 1 GERRY AGNES PRESIDENT/CEO FIRST MORTGAGE X 1182400 1153910 0 1 1 MICHAEL CALCOTE CFO FIRST MORTGAGE X 415000 325018 0 1 1 JAY CHAMPION COO FIRST MORTGAGE X 556000 646971 0 1 1 MARYANN KAMMERER CPO AUTOMOBILE X 23919 13924 0 1 1 MARYANN KAMMERER FIRST MORTGAGE X 281000 271190 0 1 1 4620012 ELEVATIONS FOUNDATION FOUNDATION BOARD CONSISTS OF CREDIT UNION MANAGEMENT AND DIRECTORS 130000 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 BOULDER, BROOMFIELD AND LARIMER, THE CITY OF LOVELAND, COLORADO, SPECIFICALLY DEFINED COMMUNITIES IN THE CITY OF WESTMINSTER AND ADAMS COUNTY, EMPLOYEES, RETIREES OR STUDENTS OF THE UNIVERSITY OF COLORADO-BOULDER OR NAROPA UNIVESITY, 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 11 THE ACCOUNTING MANAGER AND VP OF FINANCE PROVIDE NECESSARY RESEARCH AND DATA TO THE PREPARERS OF THE FORM 990. THE VP 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. 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 -1. 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 2014. 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 130000