2024-10-07T16:30:47-05:00 2023-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1400 PORTLAND OR 97205 990 2023-01-01 840459116 ELEVATIONS CREDIT UNION ELEV 3034434672 PO BOX 9004 BOULDER CO 803019004 MICHAEL CALCOTE CFO 3034434672 2024-10-04 1 1 WENDY CAMPOS P00448102 5032421447 2024-10-04 2023 2024-10-15 13:58:12Z GERRY AGNES PO BOX 9004 BOULDER CO 803019004 191329106 0 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO TOGETHER WE CREATE SOLUTIONS FOR A BETTER LIFE. 11 11 748 10 26407 0 0 0 121882994 162038965 16596925 27622043 2310720 839361 140790639 190500369 319672 432231 0 0 73475412 75649952 0 0 0 56210289 86803439 130005373 162885622 10785266 27614747 3294550654 3409369591 3011449917 3100121847 283100737 309247744 TOGETHER WE CREATE SOLUTIONS FOR A BETTER LIFE. 0 0 ELEVATIONS CREDIT UNION SERVES ADAMS, ARAPAHOE, BOULDER, BROOMFIELD, CLEAR CREEK, DELTA, DENVER, DOUGLAS, EAGLE, EL PASO, GILPIN, GRAND, JEFFERSON, LARIMER, MESA, PARK, SUMMIT, AND WELD COUNTIES. THE CREDIT UNION 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 177,943 MEMBERS AND 192,089 SHARE ACCOUNTS. THERE WERE 34,955 LOANS GRANTED TOTALING $1,492,077,156. ELEVATIONS CURRENTLY OFFERS 14 BRANCH LOCATIONS, 4 LOAN PRODUCTION OFFICES, AND A WIDE ARRAY OF REMOTE OPTIONS THROUGH OUR COOPERATION WITH THE COOP ATM NETWORK, CUSN AND ONLINE BANKING OFFERINGS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 44949 0 1 748 1 1 1 0 0 0 0 0 1 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X MICHAEL CALCOTE 3034434672 PO BOX 9004 BOULDER CO 803019004 KATE BROWN BOARD OF DIRECTORS 6.00 X 50000 0 0 BARBARA BROHL BOARD OF DIRECTORS 6.00 X 12500 0 0 RAY MARTINEZ BOARD OF DIRECTORS - VICE CHAIR 8.00 X X 59337 0 0 DON CHEYNE BOARD OF DIRECTORS - CHAIR 10.00 1.00 X X 79191 0 0 NANCY HERBERT BOARD OF DIRECTORS 6.00 X 50000 0 0 NATALIE BAUMGARTNER BOARD OF DIRECTORS 6.00 X 50000 0 0 TODD GLEESON BOARD OF DIRECTORS - TREASURER 6.00 X X 51836 0 0 GARRY WOODS BOARD OF DIRECTORS - SECRETARY 6.00 1.00 X X 53371 0 0 MONICA STITT BOARD OF DIRECTORS 6.00 X 45833 0 0 MANUEL RODRIGUEZ BOARD OF DIRECTORS (BEG. 11/2023) 6.00 X 0 0 0 JENNIFER PASQUINO BOARD OF DIRECTORS (BEG. 10/2023) 6.00 X 0 0 0 GERRY AGNES PRESIDENT/CEO 40.00 1.00 X 1207116 0 27123 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 40.00 X 760651 0 31367 BRIAN HOLST GENERAL COUNSEL 40.00 X 660935 0 31367 RAYMOND LINDLEY CHIEF OPERATING OFFICER 40.00 X 1275850 0 31367 TAMMY TEITSCHEID CHIEF HUMAN RESOURCE OFFICER 40.00 1.00 X 1162474 0 31367 DUSTIN MONTOYA CHIEF INFORMATION OFFICER 40.00 X 444728 0 32482 WENDY BESWICK CHIEF MARKETING OFFICER 40.00 X 312716 0 15132 CAMERON WHITE-FORD VP MORTGAGE SALES 40.00 X 638111 0 32584 TODD PEYOK SVP COMMERCIAL AND BUSINESS BANKING 40.00 X 964845 0 32482 ELIZABETH MILLION SVP LENDING 40.00 X 674972 0 25046 AARON STAUFER MORTGAGE SALES MANAGER 40.00 X 656498 0 22434 BLAKE SCHAEFER MORTGAGE SALES MANAGER 40.00 X 429126 0 31437 9640090 0 344188 147 0 1 0 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 3140792 DOVENMUEHLE (DMI) 1 CORPORATE DRIVE STE 360 LAKE ZURICH IL 60047 MORTGAGE SUBSERVICING 2790477 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE BANKING 1640227 FACT AND FICTION 2000 CENTRAL AVENUE SUITE 100 BOULDER CO 80301 MARKETING, ADVERTISING 1545695 APPRAISAL LOGISTIC SOLUTIONS LLC 1997 ANNAPOLIS EXCHANGE PARKWAY SUI ANNAPOLIS MD 21401 APPRAISAL MANAGEMENT 1136533 95 INTEREST ON LOANS TO MEMBERS 522100 121703274 121703274 INTERCHANGE INCOME 522100 14436168 14436168 GAIN ON SALE OF LOANS 522100 14216975 14216975 FEES AND SERVICE CHARGES 522100 7922482 7871182 51300 WEALTH MANAGEMENT INCOME 522100 3760066 3760066 162038965 27781772 -24893 27806665 111656 154951 -43295 -43295 -43295 142270 371787 59091 614695 83179 -242908 -159729 -159729 OTHER INCOME 522100 846516 846516 CONTRACT SETTLEMENT INCOME 522100 36140 36140 882656 190500369 162870321 26407 27603641 432231 6476743 55684098 1923130 6905493 4660488 134016 507672 3342008 6149660 5478958 9989167 6335479 843276 30371154 7287825 767467 LOAN SERVICING EXPENSE 7458631 CARD SERVICE EXPENSE 3122455 PROVISION FOR LOAN LOSS 2883595 MISCELLANOUS EXPENSE 2132076 162885622 15493592 13951450 23594461 81543716 2281789785 2475283871 4630235 4216166 124792741 66761729 62074446 58031012 191687502 177167191 569154246 468017195 5652582 5652582 140473805 125506408 3294550654 3409369591 60488060 78201704 60263886 58668206 25287113 398159000 2865410858 2565092937 3011449917 3100121847 X 0 0 0 0 283100737 309247744 283100737 309247744 3294550654 3409369591 X 27614747 10630985 -12098725 X 0 1 X 1 0 0 1 X 11964196 11964196 57341583 18909990 38431593 8213257 5364131 2849126 47143398 42487608 4655790 130307 130307 58031012 OTHER INVESTMENTS 468017195 F 468017195 REGULAR SHARES 763235637 SHARE DRAFT ACCOUNTS 759498330 MONEY MARKET ACCOUNTS 461815602 CERTIFICATES 389609020 IRA SHARES 64352206 DEPOSITS 122417019 OPERATING LEASE LIABILITY 4165123 2565092937 X 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. THE ESCROWS MAINTAINED AT THE CREDIT UNION FOR TAXES AND INSURANCE PAYABLE INCLUDE LOANS TO FANNIE MAE, FREDDIE MAC, FEDERAL HOME LOAN BANK AND OTHER CREDIT UNIONS FOR WHICH ELEVATIONS CREDIT UNION RETAINS SERVICING. IN ADDITION, CUSTODIAL ACCOUNTS ARE ALSO MAINTAINED ON BEHALF OF FANNIE MAE AND FREDDIE MAC FOR THE TAXES AND INSURANCE PAYABLE ON THE REAL ESTATE SECURING THE LOANS SOLD TO FANNIE MAE AND FREDDIE MAC. PART X, LINE 2: THE CREDIT UNION IS STATE CHARTERED AND FEDERALLY TAX-EXEMPT UNDER THE INTERNAL REVENUE CODE 501(C)(14), EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2023 AND 2022. THE CREDIT UNION RECOGNIZES THE ACCRUAL OF INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS A TAX EXPENSE. DURING THE YEARS ENDED DECEMBER 31, 2023 AND 2022, THE CREDIT UNION RECOGNIZED NO MATERIAL INTEREST OR PENALTIES. 1 ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 501(C)(3) 389031 43200 FMV NON-REIMBURSED PAYMENT OF FOUNDATION SALARIES SUPPORT SCHOLARSHIPS, ETC. 1 0 PART I, LINE 2: THE CREDIT UNION RECEIVES AN ANNUAL REPORT INDICATING WHERE THE FUNDS HAVE BEEN DISTRIBUTED. X X 1 1 X X X 0 1 0 RAYMOND LINDLEY CHIEF OPERATING OFFICER 409175 0 216675 0 650000 0 13200 0 18167 0 1307217 0 0 0 GERRY AGNES PRESIDENT/CEO 791316 0 415800 0 0 0 13200 0 13923 0 1234239 0 0 0 TAMMY TEITSCHEID CHIEF HUMAN RESOURCE OFFICER 401732 0 210742 0 550000 0 13200 0 18167 0 1193841 0 0 0 TODD PEYOK SVP COMMERCIAL AND BUSINESS BANKING 277993 0 0 0 686852 0 13200 0 19282 0 997327 0 0 0 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 500816 0 259835 0 0 0 13200 0 18167 0 792018 0 0 0 ELIZABETH MILLION SVP LENDING 203290 0 0 0 471682 0 13200 0 11846 0 700018 0 0 0 BRIAN HOLST GENERAL COUNSEL 434518 0 226417 0 0 0 13200 0 18167 0 692302 0 0 0 AARON STAUFER MORTGAGE SALES MANAGER 74499 0 0 0 581999 0 13200 0 9234 0 678932 0 0 0 CAMERON WHITE-FORD VP MORTGAGE SALES 166429 0 0 0 471682 0 13200 0 19384 0 670695 0 0 0 DUSTIN MONTOYA CHIEF INFORMATION OFFICER 349480 0 95248 0 0 0 13200 0 19282 0 477210 0 0 0 BLAKE SCHAEFER MORTGAGE SALES MANAGER 65576 0 0 0 363550 0 13200 0 18237 0 460563 0 0 0 WENDY BESWICK CHIEF MARKETING OFFICER 312716 0 0 0 0 0 6000 0 9132 0 327848 0 0 0 PART I, LINE 1A A FORM 1099 IS ISSUED FOR TRAVEL EXPENSES INCURRED BY THE ORGANIZATION FOR A COMPANION. THE ORGANIZATION'S TRAVEL POLICY ALLOWS EMPLOYEES TO TRAVEL USING BUSINESS CLASS IF THE BUSINESS FLIGHT WILL LAST MORE THAN FOUR HOURS. BUSINESS CLASS TRAVEL HAS BEEN PROVIDED IN 2023 TO MEMBERS OF THE DIRECTOR AND OFFICER CLASS. THE BUSINESS TRAVEL IS NOT TREATED AS TAXABLE INCOME BECAUSE THE TRAVEL MET A LEGITIMATE BUSINESS PURPOSE AND FOLLOWED THE ORGANIZATION'S TRAVEL POLICY. PART I, LINE 4B THE CREDIT UNION HAS ENTERED INTO 457(F) DEFERRED COMPENSATION AGREEMENTS WITH CERTAIN SENIOR EXECUTIVES. THE FOLLOWING WERE THE ACCRUAL BALANCES AS OF 12/31/23: GERRY AGNES: $2,017,472 MICHAEL CALCOTE: $445,534 RAYMOND LINDLEY: $14,372 TODD PEYOK: $355,075 DUSTIN MONTOYA: $192,755 TAMMY TEITSCHEID: $97,054 BRIAN HOLST: $195,291 ELIZABETH MILLION: $355,075 WENDY BESWICK: $131,885 J. CARLSON: $54,952 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 ADAMS, ARAPAHOE, BOULDER, BROOMFIELD, CLEAR CREEK, DELTA, DENVER, DOUGLAS, EAGLE, EL PASO, GILPIN, GRAND, JEFFERSON, LARIMER, MESA, PARK, SUMMIT, AND WELD; EMPLOYEES, RETIREES, OR STUDENTS OF THE UNIVERSITY OF COLORADO-BOULDER OR NAROPA UNIVERSITY; AND 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 11B THE CONTROLLER PROVIDES NECESSARY RESEARCH AND DATA TO THE PREPARERS OF THE FORM 990. THE CFO REVIEWS THE FORM 990; THE BOARD OF DIRECTORS IS ALSO PROVIDED WITH A COPY OF THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C A WRITTEN ACKNOWLEDGEMENT 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. ANYONE WITH A CONFLICT CANNOT PARTICIPATE IN ANY DISCUSSION OR VOTE ON THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 HUMAN RESOURCES CONDUCTS A COMPREHENSIVE COMPENSATION MARKET ANALYSIS USING THREE DIFFERENT RESOURCES FOR ALL EMPLOYEES WITH THE EXCEPTION OF THE CEO. THE BOARD WORKS WITH AN INDEPENDENT CONSULTANT, WHO USES COMPARATIVE DATA, TO DETERMINE THE CEO'S COMPENSATION. ALL DELIBERATIONS ARE DOCUMENTED, AND THE PROCESS IS COMPLETED ANNUALLY. 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: CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLE - ASC 326 -12,098,725. ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 COLLECT/DISTRIBUTE FUNDS TO SUPPORT CAUSES IN AREAS SERVED BY CREDIT UNION CO 501(C)(3) LINE 7 ELEVATIONS CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 ELEVATIONS FOUNDATION B 384031 FMV