2012-11-14T14:45:28-06:00 2011-12-31 420714325 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2011-01-01 840174408 COLORADO STATE EMPLOYEES CREDIT UNION COLO 3038324816 1390 LOGAN STREET DENVER CO 80203 JAMES W SMART 3038324816 2012-11-12 1 GERALD B KISSELL P00092658 6123324300 2011 2016-02-24 21:20:13Z CREDIT UNION OF COLORADO TERRANCE LEIS 1390 LOGAN STREET DENVER CO 80203 67180501 0 X WWW.CUOFCO.ORG X 1934 CO THE CREDIT UNION IS A MEMBER-OWNED NOT-FOR-PROFIT FINANCIAL INSTITUTION WHICH EXISTS TO SERVE THE FINANCIAL NEEDS OF ITS MEMBERS. 11 11 295 16 280519 85116 0 0 44606482 42989994 6433558 5218447 777606 536635 51817646 48745076 0 0 0 0 14898148 16503512 0 0 0 35557526 24094217 50455674 40597729 1361972 8147347 945533080 988349976 832549396 868159611 112983684 120190365 X THE CREDIT UNION IS A MEMBER-OWNED NOT-FOR-PROFIT FINANCIAL INSTITUTION WHICH EXISTS TO SERVE THE FINANCIAL NEEDS OF ITS MEMBERS. 0 0 AT YEAR-END 2011, COLORADO STATE EMPLOYEES CREDIT UNION SERVED 90,783 MEMBERS BY PROVIDING A FULL SPECTRUM OF FINANCIAL PRODUCTS AND SERVICES, RETURNING PROFIT TO ITS MEMBERS IN THE FORM OF LOWER LOAN RATES AND HIGHER SAVINGS RATES, LOW FEES AND INNOVATIVE PRODUCTS AND SERVICES. DEPOSIT PRODUCTS INCLUDE CHECKING, SAVINGS, MONEY MARKET, CERTIFICATE OF DEPOSIT, IRA, ESA, HOLIDAY AND YOUTH ACCOUNTS. LOAN PRODUCTS INCLUDE NEW AND USED VEHICLES, RECREATIONAL VEHICLES AND BOATS, FIRST AND SECOND MORTGAGES, RENTAL REAL ESTATE MORTGAGE, HOME EQUITY, NEW AND USED MOBILE HOMES, SHARE SAVINGS SECURED, CERTIFICATE OF DEPOSIT SECURED, CREDIT CARDS AND OVERDRAFT PROTECTION. IN 2011, LOAN VOLUME WAS 13,841 LOANS AMOUNTING TO $208,233,623. MEMBERS ARE SERVED BY STAFF AT FIFTEEN LOCATIONS IN COLORADO AND THROUGH ONLINE BANKING AND AN AUTOMATED TELEPHONE SYSTEM. 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 23109 0 295 1 1 1 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X X JAMES SMART 3038121863 1390 LOGAN STREET DENVER CO 80203 WILL FLECKENSTEIN 2.00 X X 0 0 0 RUSS VANNOSTRAND 2.00 X X 0 0 0 JOANN VONDRACEK 2.00 X X 0 0 0 MARY ANN ADAMS 2.00 X 0 0 0 JOANNE CHRISTENSEN 2.00 X 0 0 0 JAN COTTER 2.00 X 0 0 0 JIM DIXON 2.00 X 0 0 0 DANN MILNE 2.00 X 0 0 0 WENDELL PRYOR 2.00 X 0 0 0 JOHN VAN SCIVER 2.00 X 0 0 0 LLOYD WICKE 2.00 X 0 0 0 JOE MONTOYA 2.00 X 0 0 0 TERRANCE W LEIS 50.00 X 469518 0 165865 PHILLIP J SMITH 50.00 X 177425 0 52103 JAMES W SMART 50.00 X 230037 0 183567 ERNEST J ARTERBURN 50.00 X 180565 0 120961 CONNIE B MCCANN 50.00 X 897908 0 44248 KAMELA PANCROFT 50.00 X 164121 0 65604 DOUGLAS S SCHNEIDER 50.00 X 185077 0 123342 MARYSELA RUEDA 50.00 X 112966 0 28117 CHRISTA HART 50.00 X 100631 0 35646 JACQUELINE POE 50.00 X 100521 0 21953 JOHN W GLOYD 50.00 X 115354 0 33590 2734123 0 874996 11 0 1 0 FIDELITY NATIONAL INFORMATION SERVICE 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 DEBIT/CREDIT CARD PROCESSING 1430832 CUILA LLC DBA CUDC 6377 S REVERE PKWY 200 CENTENNIAL CO 80111 INDIRECT LENDING SERVICES 855095 ELAN FINANCIAL SERVICES 1255 CORPORATE DRIVE SUITE 600 IRVING TX 75038 ATM NETWORK PROVIDER 495250 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICES 350034 DOVEMUEHLE MORTGAGE INC 1 CORPORATE DRIVE SUITE 360 LAKE ZURICH IL 60047 LOAN SERVICING 298914 21 INTEREST ON MEMBER LOA 522100 29495828 29495828 FEES - MEMBER SERVICES 525990 6842935 6842935 PLASTIC/ATM INCOME 522200 5841595 5841595 INSURANCE COMMISSIONS 524298 809636 809636 42989994 4935305 4935305 44069 0 44069 44069 44069 18718567 18435425 283142 283142 283142 INSURANCE COMMISSIONS 524298 196686 196686 MEMBER FINANCIAL SERVI 525990 92858 92858 203022 119189 83833 492566 48745076 43202041 280519 5262516 2335142 10773319 770224 1569304 1055523 67992 72736 34206 639777 1230997 2016267 1208878 2377379 297442 122018 5729250 1556322 2323844 PLASTIC CARDS 3306317 PROVISION FOR LOAN LOSS 1546073 LOAN SERVICING 819098 OTHER EXPENSES 555306 190315 40597729 10123789 11044217 125037177 201928407 6768539 8558050 515445334 527769219 65254 1169099 3001416 2617301 27005979 17719665 9139281 9286314 135329389 178145935 129134092 36570034 11488809 11261400 945533080 988349976 8717071 10664824 1473640 1855891 822358685 855638896 832549396 868159611 X 0 0 0 0 112983684 120190365 112983684 120190365 945533080 988349976 X 8147347 -940666 X 0 1 1 X 0 0 1 3772979 3772979 5805327 3120629 2684698 1561300 1114102 447198 15866373 13484934 2381439 9286314 MEMBER SHARE ACCOUNTS 192504251 MEMBER CHECKING ACCOUNTS 147977410 MEMBER MONEY MARKET ACCOUNTS 241098251 MEMBER IRA ACCOUNTS 64216255 MEMBER CERTIFICATE ACCOUNTS 209842729 855638896 48745076 40597729 8147347 -940666 -940666 7206681 48745076 0 48745076 0 48745076 40597729 0 40597729 0 40597729 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 IN BEHALF OF FANNIE MAE FOR THE TAXES AND INSURANCE PAYABLE ON THE REAL ESTATE SECURING THE LOANS SOLD TO FANNIE MAE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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 FINANCIAL STATEMENTS. X 1 1 X X X X 0 1 0 TERRANCE W LEIS 422870 0 46200 0 448 0 149000 0 16865 0 635383 0 0 0 PHILLIP J SMITH 177170 0 0 0 255 0 32761 0 19342 0 229528 0 0 0 JAMES W SMART 214564 0 15042 0 431 0 159976 0 23591 0 413604 0 0 0 ERNEST J ARTERBURN 167825 0 12491 0 249 0 97297 0 23664 0 301526 0 0 0 CONNIE B MCCANN 160103 0 11695 0 726110 0 33691 0 10557 0 942156 0 725199 0 KAMELA PANCROFT 152953 0 10971 0 197 0 49680 0 15924 0 229725 0 0 0 DOUGLAS S SCHNEIDER 171869 0 12491 0 717 0 103130 0 20212 0 308419 0 0 0 PART I, LINE 1A MEALS ARE PROVIDED FOR SPOUSES ACCOMPANYING THE VOLUNTEERS TO BUSINESS PLANNING OR EDUCATIONAL SESSIONS. PART I, LINE 4B CONNIE MCCANN RECEIVED A PAYMENT OF $725,199 FROM THE EXECUTIVE RETIREMENT PLAN. JAMES SMART, DOUGLAS SCHNEIDER, ERNEST ARTERBURN, KAMELA PANCROFT AND PHIL SMITH ARE PARTICIPANTS IN A 457(F) PLAN. THE ECONOMIC BENEFIT OF THE EXECUTIVE RETIREMENT PLAN CONTRIBUTIONS ARE INCLUDED IN COLUMN C, DEFERRED COMPENSATION, OF SCHEDULE J, PART II FOR THE FOLLOWING INDIVIDUALS: JAMES SMART $116,991 DOUGLAS SCHNEIDER 68,370 ERNEST ARTERBURN 62,089 KAMELA PANCROFT 36,775 PHILLIP SMITH 25,636 A CONTRIBUTION OF $100,000 WAS MADE TO A SEPARATE 457(F) PLAN FOR TERRANCE LEIS AND IS INCLUDED IN COLUMN C, DEFERRED COMPENSATION, OF SCHEDULE J, PART II. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE DIVIDENDS BASED ON THEIR SHARE DEPOSITS. FORM 990, PART VI, SECTION A, LINE 7A ANNUALLY, THE MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11 THE INITIAL DRAFT OF FORM 990 IS PREPARED BY STAFF OF THE ACCOUNTING DEPARTMENT UNDER THE DIRECTION OF THE ACCOUNTING MANAGER. FORM 990 IS THEN REVIEWED BY THE EXECUTIVE VICE PRESIDENT/CFO AND THE PRESIDENT/CEO. THE DRAFT IS THEN FORWARDED TO MCGLADREY, LLP. MCGLADREY REVIEWS THE DRAFT VERSION AND RECOMMENDS ANY CHANGES. MCGLADREY THEN PREPARES A FINAL VERSION OF FORM 990 FOR AN ADDITIONAL REVIEW BY THE ACCOUNTING MANAGER, THE EVP/CFO AND THE PRESIDENT/CEO. THE BOARD OF DIRECTORS IS MADE AWARE THAT FORM 990 HAS BEEN FILED AND HOW IT MAY BE VIEWED ON-LINE. ANY DIRECTOR REQUESTING A WRITTEN COPY IS PROVIDED WITH SUCH. FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BOARD OF DIRECTORS ARE REQUIRED ANNUALLY TO SIGN A COMMITMENT TO A CODE OF ETHICS. AS PART OF THE CODE OF ETHICS, THE DIRECTOR AGREES TO DISCLOSE TO THE CHAIRMAN AND THE PRESIDENT ANY POTENTIAL CONFLICTS OF INTEREST. THE DIRECTOR ALSO AGREES TO TAKE A NEUTRAL STANCE AND NOT TAKE ANY ACTION TOWARD APPROVAL OR DISAPPROVAL ON ANY ISSUE THAT MAY INVOLVE A POTENTIAL CONFLICT. ALL EMPLOYEES ARE REQUIRED TO ANNUALLY SIGN A CONFLICT OF INTEREST POLICY ACKNOWLEDGING THAT THE CREDIT UNION PROHIBITS EMPLOYEES FROM ENGAGING IN ANY ACTIVITY, PRACTICE OR ACT WHICH CONFLICTS WITH, OR APPEARS TO CONFLICT WITH, THE INTEREST OF THE CREDIT UNION, ITS MEMBERS OR SUPPLIERS. THE EMPLOYEE ACKNOWLEDGES THAT ANY VIOLATION OF THIS POLICY MAY BE CONSIDERED GROUNDS FOR DISCHARGE. FORM 990, PART VI, SECTION B, LINE 15 SALARY RANGES FOR OFFICERS AND KEY EMPLOYEES ARE SET IN ACCORDANCE WITH SALARY SURVEY DATA FROM THE CREDIT UNION EXECUTIVE SOCIETY SALARY SURVEY, THE MOUNTAIN STATES EMPLOYERS COUNCIL COLORADO FINANCIAL INDUSTRY SURVEY OR OTHER APPROPRIATE SURVEY DATA AS DETERMINED BY MANAGEMENT. THE SALARY ADMINISTRATION PROGRAM AND THE RANGES ARE APPROVED BY THE VOLUNTEER BOARD OF DIRECTORS. INDIVIDUAL SALARIES ARE SET WITHIN THESE RANGES BASED ON EXPERIENCE AND PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. MONTHLY STATEMENTS OF FINANCIAL POSITION ARE POSTED IN THE LOBBIES OF ALL BRANCHES. ANNUAL FINANCIAL STATEMENTS ARE PROVIDED AT THE ANNUAL MEETING OR UPON REQUEST. REGULATORY FINANCIAL REPORTS ARE AVAILABLE ON LINE AT NCUA.GOV. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -940,666.