2023-11-15T11:12:10-06:00 2022-12-31 952302617 SINGERLEWAK LLP 10960 WILSHIRE BLVD SUITE 1100 LOS ANGELES CA 90024 990 2022-01-01 840188017 CREDIT UNIONS CHARTERED IN COLORADO 20 WESTERRA CREDIT UNION CRED 3033214209 3700 E ALAMEDA AVENUE DENVER CO 802093100 STEVEN SCHMIDLE PRESIDENT/CEO 3033214209 2023-11-13 1 STEVEN SCHMIDLE 999009999 0 NANAZ BENYAMINI P00666808 3104773924 2023-11-08 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEVEN SCHMIDLE 3700 EAST ALAMEDA AVE DENVER CO 80209 221934419 0 X WWW.WESTERRACU.COM X 1934 CO TO POSITIVELY IMPACT LIVES THROUGH PERSONAL ATTENTION AND FINANCIAL EDUCATION. 7 7 442 8 0 0 0 0 47968475 57614052 11803024 15540936 315896 -480746 60087395 72674242 0 0 0 0 28815746 29225090 0 0 0 32309283 44038129 61125029 73263219 -1037634 -588977 1970586116 2204895683 1772885324 2055777122 197700792 149118561 OUR PURPOSE IS TO CARE DEEPLY, EDUCATE ENDLESSLY, AND TO ENRICH LIFE FOR A FINANCIAL COMMUNITY OF MEMBERS AND TO EMPOWER THE MEMBERS TO ACHIEVE THEIR DREAMS. 0 0 PROVIDE A WIDE VARIETY OF FINANCIAL PRODUCTS AND SERVICES TO THE 116,126 MEMBERS OF THE CREDIT UNION. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 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 21291 0 1 442 1 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 0 X STEVEN SCHMIDLE 3033214209 3700 EAST ALAMEDA AVE DENVER CO 802093100 ANDY RAICEVICH CHAIRMAN 10.00 X X 28500 0 0 LARRY OTTELE VICE CHAIRMAN 5.00 X X 23100 0 0 JIM KULLHEM DIRECTOR 5.00 X 23100 0 0 BARRY BEAL JR TREASURER 5.00 X X 24900 0 0 WILLIAM ABBEY DIRECTOR 5.00 X 23100 0 0 JOHN THOMAS GAIETTO DIRECTOR 5.00 X 23100 0 0 RON WALKER DIRECTOR 5.00 X 23100 0 0 MILTON STEVENS CHIEF DIGITAL OFFICER 40.00 X 275516 0 35275 ELINOR FORDYCE CHIEF PEOPLE OFFICER 40.00 X 256090 0 51669 BROOKE FLEMING CHIEF LENDING OFFICER 40.00 X 266259 0 20610 STEVE SCHMIDLE CHIEF FINANCIAL OFFICER 40.00 X 401067 0 59424 JAMES CHAMPION PRESIDENT/CHIEF EXECUTIVE 40.00 X 774247 0 62561 LEE PASCHALL CHIEF MARKETING OFFICER 40.00 X 281427 0 53054 MICHELLE BURKE VP MORTGAGE LENDING 40.00 X 240781 0 50510 SAMUEL ROY-JACKSON STOOKEY COMMERCIAL LOAN OFFICER 40.00 X 368539 0 36024 ANDREW GARDNER VP COMMERCIAL SRVC & BUSINESS BNKG 40.00 X 207568 0 32566 MATTHEW J DELL COMMERCIAL LOAN OFFICER 40.00 X 272236 0 35630 DAVID J NEFF COMMERCIAL LOAN OFFICER 40.00 X 356370 0 31962 3869000 0 469285 64 0 1 0 TREXIS LLC 1959 MILES LANE NE ATLANTA GA 30329 SOFTWARE IMPLEMENTATION 1665131 CACTUS COMMUNICATIONS INC 2128 15TH ST DENVER CO 80202 MARKETING/ADVERTISING PRODUCTION 1497668 BACKBASE USA INC 10TH STREET SUITE 350 ATLANTA GA 30309 SOFTWARE IMPLEMENTATION/ACCESS 972976 SALESFORCECOM INC PO BOX 203141 DALLAS TX 753203141 SOFTWARE IMPLEMENTATION 679902 SYNERGI PARTNERS INC PO BOX 5599 FLORENCE SC 29502 PROFESSIONAL CONSULTING SERVICES 454081 5 INTEREST INCOME 522100 46129377 46129377 MORTGAGE SERVICE AND INTERCHANGE 522100 10366765 10366765 FEES & CHARGES 522100 1117910 1117910 57614052 14313305 14313305 380915 861661 -480746 -480746 -480746 149626147 148398516 1227631 1227631 1227631 72674242 57133306 0 15540936 3951933 19479988 1999581 1868448 1925140 397251 406479 3006401 3369041 8713942 2671500 1695244 ACCOUNT & LOAN SERVICES 11342503 INTEREST/DIVIDENDS PAID 10145413 PROVISION FOR LOAN LOSS 2290355 73263219 383974415 231653663 3323728 6466850 1119338 1761930 998912378 1274102904 27860543 37735247 55564270 32652320 22628119 22911950 499827027 600187143 4099555 4099555 28841013 25976441 1970586116 2204895683 13116008 21307353 1759769316 2034469769 1772885324 2055777122 X 0 0 16338071 16338071 181362721 132780490 197700792 149118561 1970586116 2204895683 -588977 -47993255 0 X X 0 1 X 1 0 5364041 5364041 23592947 8985724 14607223 2210694 1330214 880480 24396588 22336382 2060206 22911950 FEDERAL AGENCY SECURITIES 582266372 C STOCK IN FEDERAL HOME LOAN BANK 15210100 C DEFERRED COMPENSATION PLAN INVESTMENTS 2710671 C 600187143 ESCROW ACCOUNTS 3265439 MEMBERS SHARE AND DEPOSIT ACCOUNTS 1701204330 BORROWED FUNDS 330000000 2034469769 X 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. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2022, 2021, AND 2020 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS). THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE DIFFERENT THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. X 1 1 X X X X X 1 1 0 JAMES CHAMPION PRESIDENT/CHIEF EXECUTIVE 543819 0 192841 0 37587 0 226262 0 37667 0 1038176 0 30621 0 STEVE SCHMIDLE CHIEF FINANCIAL OFFICER 309594 0 90988 0 485 0 144480 0 34530 0 580077 0 0 0 SAMUEL ROY-JACKSON STOOKEY COMMERCIAL LOAN OFFICER 135202 0 232847 0 490 0 10150 0 34530 0 413219 0 0 0 DAVID J NEFF COMMERCIAL LOAN OFFICER 138267 0 217616 0 487 0 15874 0 21498 0 393742 0 0 0 LEE PASCHALL CHIEF MARKETING OFFICER 233776 0 46652 0 999 0 47203 0 34917 0 363547 0 0 0 MILTON STEVENS CHIEF DIGITAL OFFICER 241773 0 32742 0 1001 0 67209 0 10709 0 353434 0 0 0 ELINOR FORDYCE CHIEF PEOPLE OFFICER 203764 0 52125 0 201 0 41916 0 33204 0 331210 0 0 0 MICHELLE BURKE VP MORTGAGE LENDING 192052 0 48451 0 278 0 48164 0 33252 0 322197 0 0 0 BROOKE FLEMING CHIEF LENDING OFFICER 266000 0 0 0 259 0 54260 0 150 0 320669 0 0 0 MATTHEW J DELL COMMERCIAL LOAN OFFICER 134048 0 138075 0 113 0 9369 0 34917 0 316522 0 0 0 ANDREW GARDNER VP COMMERCIAL SRVC & BUSINESS BNKG 178157 0 29250 0 161 0 20228 0 13884 0 241680 0 0 0 PART I, LINES 4A-B PER CONFIDENTIALITY AGREEMENTS SIGNED BY THE ORGANIZATION, SEVERANCE PACKAGES PAID TO EMPLOYEES ARE NOT OPEN FOR PUBLIC INSPECTION. THE ORGANIZATION WILL PROVIDE SUCH INFORMATION REQUESTED BY A GOVERNMENT AGENCY UPON REQUEST. THE CREDIT UNION HAS ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR SELECT MEMBERS OF MANAGEMENT UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. AMOUNTS ACCRUED UNDER THE PLAN FOR 2022 ARE AS FOLLOWS: JAMES CHAMPION $192,712 BROOKE FLEMING $33,800 STEVE SCHMIDLE $110,930 LEE PASCHALL $20,410 ELINOR FORDYCE $18,244 MILTON STEVENS $41,667 MICHELLE BURKE $25,700 PART I, LINE 1A: THE CREDIT UNION WILL COVER SPOUSAL EXPENSES RELATED TO BOARD OR SUPERVISORY/AUDIT COMMITTEE MEMBER TRAVEL FOR AIRFARE, MEALS, REGISTRATION, OR ANY ADDITIONAL ROOM CHARGE. ANY SPOUSAL EXPENSES REIMBURSED WILL BE REPORTEDON IRS FORM 1099 AS ADDITIONAL INCOME. PART I, LINE 4B: THE CREDIT UNION HAS ESTABLISHED NON-QUALIFIED DEFERRED COMPENSATION ARRAGEMENTS FOR CERTAIN MEMBERS OF MANAGEMENT WHICH DO NOT VEST UNTIL CERTAIN LENGTH OF EMPLOYMENT CONDITIONS ARE MET AS ESTABLISHED IN THE SPECIFIC DEFERRED COMPENSATION ARRANGEMENTS. DURING 2022, THERE WERE WAS A DISTRIBUTION TOTALING $30,621 FROM THE PLANS. LEE W PASCHALL EXECUTIVE AUTO LOAN X 19826 4813 0 1 1 LEE W PASCHALL EXECUTIVE 1ST MORTGAGE X 510400 482310 0 1 1 JAMES C CHAMPION CHIEF EXCECUTIVE 1ST MORTGAGE X 655100 563323 0 1 1 LEE W PASCHALL EXECUTIVE HELOC X 60000 51400 0 1 1 MILTON E STEVENS EXECUTIVE 1ST MORTGAGE X 697600 660084 0 1 1 1761930 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION AMENDED THE BYLAWS TO ALLOW FOR ATTENDANCE VIA VIDEO PRESENTATIONS AT VIRTUAL MEETINGS OF THE BOARD OF DIRECTORS ANNUAL MEETING WHEN WHEN DEFINING AN ABSENCE FOR VOTING PURPOSES. 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, JEFFERSON COUNTY SCHOOL DISTRICT, AND MAPLETON PUBLIC SCHOOLS 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, BOULDER AND BROOMFIELD 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 11B 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. FORM 990, PART XII, LINE 2C: THIS 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 3684 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 WESTERRA SERVICES INC O CORPORATE ACCOUNTING RECORDS