2011-10-10T18:10:20-05:00 2010-12-31 HOLBEN HAY LAKE BALZER CPAS LLC 1777 S HARRISON STREET 1000 DENVER CO 80210 990 2010-01-01 840188017 CREDIT UNIONS CHARTERED IN COLORADO 20 WESTERRA CREDIT UNION CRED 3033214209 3700 EAST ALAMEDA AVE DENVER CO 802093100 JENNIFER MEYERS 7209213066 2011-10-07 1 SHEILA M BALZER 3037592727 2010 2016-03-07 17:11:31Z BETSY GUERRERO 3700 EAST ALAMEDA AVE DENVER CO 80209 144823099 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 7 306 12 28800 -277 0 0 59683091 56569950 3540003 6865211 404554 197404 63627648 63632565 0 0 0 0 15769599 15782238 0 0 0 48057415 43164974 63827014 58947212 -199366 4685353 1179652534 1175882854 1053021867 1045304015 126630667 130578839 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 84,000 MEMBERS SERVED. 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 1 20631 0 1 306 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 KATHY BETTS 2.00 X 0 0 0 KEVIN MCCASKY 2.00 X 0 0 0 KARIN A RIGGINS 2.00 X 0 0 0 JAMES KULLHEM 2.00 X 0 0 0 LARRY OTTELE 2.00 X 0 0 0 VI MARTINEZ 2.00 X 0 0 0 MICHAEL ROBINSON 2.00 X 0 0 0 LOYAL DARR 2.00 X 0 0 0 CONNIE EPHLAND 2.00 X 0 0 0 BERT PEDRI 2.00 X 0 0 0 C ALAN PEPPERS 40.00 X 962012 0 112281 JOHN MCCLOY 40.00 X 446083 0 91340 DUANE BRUNO 40.00 X 239717 0 69697 BETSY GUERRERO 40.00 X 229364 0 101212 STEVE LEUGERS 40.00 X 138744 0 15542 JEFF WILKINS 40.00 X 138018 0 26677 LAURIE JENSEN 40.00 X 137304 0 18989 LEE DAMIANO 40.00 X 136684 0 19950 WANDA MATSUDA 40.00 X 134033 0 21463 DARRICK WEEKS 40.00 X 91060 0 0 2561959 0 477151 17 0 1 0 0 INTEREST ON LOANS TO M 522100 47603219 47603219 OTHER INCOME 522100 4807317 4807317 FEES AND CHARGES 522100 4159414 4159414 56569950 5367696 5367696 705653 537049 168604 168604 168604 82151000 80653485 1497515 1497515 1497515 MANAGEMENT FEE INCOME 524298 28800 28800 28800 63632565 58067465 28800 5536300 1968236 10461660 1093465 1332050 926827 159455 66900 1023431 1260598 2302074 2510049 216584 2603168 1460828 262868 INTEREST/DIVIDENDS PAID 11135869 PROVISION FOR LOAN LOSS 9830468 ACCOUNT AND LOAN SERVIC 6817631 NCUSIF/CORPORATE STABIL 2267125 CORE DEPOSIT INTANGIBLE 938812 309114 58947212 3623255 3948796 70071542 57129154 6788665 7808755 812871129 728487302 3207073 3488873 50642326 24237515 27128980 26404811 192195282 305159354 45495738 25118089 7463714 6524903 10807156 11812817 1179652534 1175882854 9626833 8036271 66500000 65000000 976895034 972267744 1053021867 1045304015 X 0 0 20765596 20765596 105865071 109813243 126630667 130578839 1179652534 1175882854 X 4685353 -737181 X X 0 1 1 X 0 8450698 8450698 23012905 9133028 13879877 1906482 1130895 775587 17272241 13973592 3298649 26404811 ESCROW ACCOUNTS 3089008 MEMBERS' SHARE AND DEPOSIT ACCOUNTS 969178736 972267744 63632565 58947212 4685353 -737181 -737181 3948172 65359997 0 65359997 -1727432 -1727432 63632565 60674644 0 60674644 -1727432 -1727432 58947212 PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED AGAINST RENTAL INCOME -537,049. GAIN/LOSS ON DISPOSAL OF ASSETS -1,190,383. PART XIII, LINE 4B - OTHER ADJUSTMENTS: GAIN/LOSS ON DISPOSAL OF ASSETS -1,190,383. RENTAL EXPENSES NETTED AGAINST RENTAL INCOME -537,049. X X 1 1 X X X X X 0 1 0 C ALAN PEPPERS 352794 0 136799 0 472419 0 95350 0 16931 0 1074293 0 294666 0 JOHN MCCLOY 184208 0 42968 0 218907 0 82256 0 9084 0 537423 0 196000 0 DUANE BRUNO 186120 0 42968 0 10629 0 65034 0 4663 0 309414 0 0 0 BETSY GUERRERO 176291 0 42636 0 10437 0 83506 0 17706 0 330576 0 0 0 STEVE LEUGERS 120855 0 17800 0 89 0 10435 0 5107 0 154286 0 0 0 JEFF WILKINS 119122 0 18675 0 221 0 8972 0 17705 0 164695 0 0 0 LAURIE JENSEN 119371 0 17800 0 133 0 13063 0 5926 0 156293 0 0 0 LEE DAMIANO 118029 0 18056 0 599 0 13441 0 6509 0 156634 0 0 0 WANDA MATSUDA 117464 0 16259 0 310 0 11999 0 9464 0 155496 0 0 0 CUNA MUTUAL CEO ALSO SERVES AS CHAIR OF BOARD OF CUNA MUTUAL 158199 PURCHASE OF INSURANCE POLICIES 0 FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION'S GOVERNING DOCUMENTS WERE AMENDED TO EXPAND THE CREDIT UNION'S FIELD OF MEMBERSHIP. 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 JEFFCO PUBLIC SCHOOLS, 2)EMPLOYEES OF SAFEWAY STORES, INC. AND SUBSIDIARIES AND AFFILIATED COMPANIES IN THE DENVER DIVISION OF SAFEWAY STORES, INC. 3)PERSONS WHO LIVE OR WORK WITHIN THE BOUNDARIES OF ARAPAHOE, JEFFERSON, ADAMS, DOUGLAS AND DENVER COUNTIES, 4)ALL PERSONS WHO WERE MEMBERS OF THE SAFEWAY ROCKY MOUNTAIN FEDERAL CREDIT UNION, GATEWAY CREDIT UNION OR JEFFCO 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 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 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 OR 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 CEO'S COMPENSATION IS REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE BOARD OF DIRECTORS. COLLECTION OF COMPARATIVE MARKET DATA FOR THE CEO'S POSITION IS OUTSOURCED TO AN INDEPENDENT THIRD PARTY HR CONSULTING FIRM TO ENSURE THE VALIDITY OF THE DATA. THE INDEPENDENT HR CONSULTING FIRM WORKS DIRECTLY WITH THE BOARD OF DIRECTORS IN MAKING RECOMMENDATIONS REGARDING THE CEO'S COMPENSATION. THE CEO HAS OVERALL RESPONSIBILITY FOR APPROVING MANAGEMENT COMPENSATION. HUMAN RESOURCES UTILIZES MARKET DATA GATHERED FROM SEVERAL INDEPENDENT THIRD PARTY HR CONSULTING FIRMS IN MAKING RECOMMENDATIONS WITH RESPECT TO COMPENSATION FOR OTHER KEY MEMBERS OF MANAGEMENT. EACH YEAR, THE BOARD OF DIRECTORS APPROVES THE BUDGET FOR THE ENTIRE ORGANIZATION, WHICH INCLUDES OVERALL COMPENSATION EXPENSE. MARKET DATA AND THE CREDIT UNION'S COMPENSATION PHILOSOPHY ARE UTILIZED BY THE CEO AND THE BOARD OF DIRECTORS IN THIS PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -737,181. 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 39094 152148 1.00000 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 WESTERRA SERVICES INC N 25505 CORPORATE ACCOUNTING RECORDS