2022-10-20T13:25:38-05:00 2021-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1200 PORTLAND OR 97205 990 2021-01-01 840459116 ELEVATIONS CREDIT UNION ELEV 3034434672 PO BOX 9004 BOULDER CO 803019004 MICHAEL CALCOTE CFO 3034434672 2022-10-11 1 MICHAEL CALCOTE 999009999 WENDY CAMPOS P00448102 5032421447 2022-10-11 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z GERRY AGNES PO BOX 9004 BOULDER CO 803019004 165038754 0 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 10 10 756 10 -29585 0 0 0 177301013 150663181 10452970 3951190 864271 297880 188618254 154912251 500747 242906 0 0 90273226 83591650 0 0 0 60963660 55377184 151737633 139211740 36880621 15700511 2810808888 3242277853 2524001976 2940986688 286806912 301291165 WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 0 0 ELEVATIONS CREDIT UNION SERVES ADAMS, ARAPAHOE, BOULDER, BROOMFIELD, DENVER, DOUGLAS, EL PASO, JEFFERSON, LARIMER 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 175,133 MEMBERS AND 186,294 SHARE ACCOUNTS. THERE WERE 14,991 LOANS GRANTED TOTALING $2,705,192,440. ELEVATIONS CURRENTLY OFFERS 15 BRANCH LOCATIONS 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 1 1 0 1 46136 0 1 756 1 1 1 0 0 0 0 0 1 0 X 10 10 0 0 1 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 - CHAIR 10.00 X X 50000 0 0 BARBARA BROHL BOARD OF DIRECTORS - TREASURER 6.00 X X 35000 0 0 RAY MARTINEZ BOARD OF DIRECTORS - SECRETARY 6.00 X X 35000 0 0 DON CHEYNE BOARD OF DIRECTORS - VICE CHAIR 8.00 1.00 X X 40000 0 0 NANCY HERBERT BOARD OF DIRECTORS 6.00 X 35000 0 0 CARROLL BEACH BOARD OF DIRECTORS 6.00 1.00 X 35000 0 0 NATALIE BAUMGARTNER BOARD OF DIRECTORS 6.00 X 35000 0 0 KATIE COWAN BOARD OF DIRECTORS (THROUGH 4/26/21) 6.00 X 20000 0 0 TODD GLEESON BOARD OF DIRECTORS 6.00 X 35000 0 0 GARRY WOODS BOARD OF DIRECTORS 6.00 1.00 X 35000 0 0 MONICA COUGHLIN BOARD OF DIRECTORS 6.00 X 0 0 0 GERRY AGNES PRESIDENT/CEO 40.00 1.00 X 3252984 0 554271 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 40.00 X 1566466 0 191417 BRIAN HOLST GENERAL COUNSEL 40.00 X 726129 0 149206 PIERRE DUPRE CHIEF INFORMATION OFFICER 40.00 1.00 X 673765 0 141420 RAYMOND LINDLEY CHIEF OPERATING OFFICER 40.00 X 694002 0 159351 TAMMY TEITSCHEID CHIEF HUMAN RESOURCE OFFICER 40.00 1.00 X 691485 0 133250 PETER REICKS CSPO (THROUGH 5/18/21) 40.00 X 462916 0 17555 JENNIFER RAMIREZ CXO (THROUGH 8/23/21) 40.00 X 455223 0 15740 CAMERON WHITE-FORD VP MORTGAGE SALES 40.00 X 1733425 0 28209 TODD PEYOK VP COMMERCIAL LENDING 40.00 X 1033688 0 129823 ELIZABETH MILLION SVP MORTGAGE SALES 40.00 X 1626807 0 123361 AARON STAUFER MORTGAGE SALES MANAGER 40.00 X 1637211 0 19793 GREG ROLLER MORTGAGE LOAN ORIGINATOR 40.00 X 939347 0 28209 15848448 0 1691605 227 0 1 0 NEENAN COMPANY LLP 3325 S TIMBERLINE STE 100 FORT COLLINS CO 80525 CONSTRUCTION 6300168 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 3525040 DOVENMUEHLE (DMI) 1 CORPORATE DR ST 360 LAKE ZURICH IL 60047 MORTGAGE SUBSERVICING 2981962 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE BANKING 1914076 SHI INTERNATIONAL CORP 290 DAVIDSON AVE SOMERSET NJ 08873 IT EQUIPMENT/SERVICES 1828067 97 INTEREST ON LOANS TO MEMBERS 522100 61696276 61696276 GAIN ON SALE OF LOANS 522100 61649144 61649144 INTERCHANGE INCOME 522100 14095985 14095985 FEES AND SERVICE CHARGES 522100 9936624 9884173 52451 WEALTH MANAGEMENT INCOME 522100 3285152 3285152 150663181 4005066 -82036 4087102 53007 10019620 93192 10033311 -40185 -13691 -53876 -53876 OTHER INCOME 522100 297880 297880 297880 154912251 150908610 -29585 4033226 242906 10240180 62057992 675456 6211281 4406741 519590 751783 3432777 4495820 4601175 9765293 5836491 571843 4247748 7653512 559142 LOAN SERVICING EXPENSE 7905501 MISCELLANOUS EXPENSE 2388572 CARD SERVICE EXPENSE 2239567 PROVISION FOR LOAN LOSS 408370 139211740 15864796 14135132 692247008 850525751 995554 0 1588808306 1759998621 3550407 4269552 118524874 51954517 75399400 66570357 200418716 381226051 5652582 5652582 227872119 159899807 2810808888 3242277853 61223643 54414435 45348694 46933921 2417429639 2839638332 2524001976 2940986688 X 0 0 11879721 11879721 274927191 289411444 286806912 301291165 2810808888 3242277853 15700511 -1216258 0 X 0 1 X 1 0 0 1 X 11964196 11964196 55168462 13088536 42079926 6797666 4541913 2255753 44231398 34324068 9907330 363152 363152 66570357 OTHER INVESTMENTS 381226051 F 381226051 REGULAR SHARES 924587479 SHARE DRAFT ACCOUNTS 862524854 MONEY MARKET ACCOUNTS 773847006 CERTIFICATES 78554950 IRA SHARES 66992039 DEPOSITS 133132004 2839638332 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, 2021 AND 2020. 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, 2021 AND 2020, THE CREDIT UNION RECOGNIZED NO MATERIAL INTEREST OR PENALTIES. 1 ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 501(C)(3) 99706 43200 FMV NON-REIMBURSED PAYMENT OF FOUNDATION SALARIES SUPPORT SCHOLARSHIPS, ETC. COLORADO ORGANIZATION FOR VICTIM ASSISTANCE 1325 S COLORADO BLVD STE 508B DENVER CO 80222 840972509 501(C)(3) 100000 0 FMV TO ASSIST THE VICTIMS OF A LOCAL GROCERY STORE SHOOTING IN BOULDER, CO 2 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 1 1 0 GERRY AGNES PRESIDENT/CEO 850484 0 402500 0 2000000 0 541907 0 12364 0 3807255 0 0 0 CAMERON WHITE-FORD VP MORTGAGE SALES 123444 0 0 0 1609981 0 11600 0 16609 0 1761634 0 0 0 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 430260 0 386206 0 750000 0 175611 0 15806 0 1757883 0 0 0 ELIZABETH MILLION SVP MORTGAGE SALES 174075 0 0 0 1452732 0 113050 0 10311 0 1750168 0 0 0 AARON STAUFER MORTGAGE SALES MANAGER 47171 0 0 0 1590040 0 11600 0 8193 0 1657004 0 0 0 TODD PEYOK VP COMMERCIAL LENDING 271661 0 0 0 762027 0 113050 0 16773 0 1163511 0 0 0 GREG ROLLER MORTGAGE LOAN ORIGINATOR 0 0 0 0 939347 0 11600 0 16609 0 967556 0 0 0 BRIAN HOLST GENERAL COUNSEL 389553 0 336576 0 0 0 133340 0 15866 0 875335 0 0 0 RAYMOND LINDLEY CHIEF OPERATING OFFICER 371931 0 322071 0 0 0 143485 0 15866 0 853353 0 0 0 TAMMY TEITSCHEID CHIEF HUMAN RESOURCE OFFICER 378239 0 313246 0 0 0 123195 0 10055 0 824735 0 0 0 PIERRE DUPRE CHIEF INFORMATION OFFICER 358684 0 315081 0 0 0 133340 0 8080 0 815185 0 0 0 PETER REICKS CSPO (THROUGH 5/18/21) 107667 0 208394 0 146855 0 11600 0 5955 0 480471 0 0 0 JENNIFER RAMIREZ CXO (THROUGH 8/23/21) 242015 0 38208 0 175000 0 5190 0 10550 0 470963 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. IN THE CASE WHERE THE AIRLINE IS ONLY OFFERING ECONOMY OR FIRST CLASS TRAVEL FOR A FLIGHT THAT WILL LAST FOR GREATER THAN FOUR HOURS, IT IS ALLOWABLE TO BOOK FIRST CLASS TRAVEL AS THERE IS NO ALTERNATIVE BUSINESS CLASS. PART I, LINES 4A-B JENNIFER RAMIREZ RECEIVED A SEVERANCE PAYMENT OF $175,000. THE CREDIT UNION HAS ENTERED INTO 457(F) DEFERRED COMPENSATION AGREEMENTS WITH CERTAIN SENIOR EXECUTIVES. THE FOLLOWING WERE THE ACCRUAL BALANCES AS OF 12/31/21: GERRY AGNES: $956,858 MICHAEL CALCOTE: $100,605 RAYMOND LINDLEY: $406,645 TODD PEYOK: $152,175 PIERRE DUPRE: $537,685 TAMMY TEITSCHEID: $399,882 BRIAN HOLST: $507,250 ELIZABETH MILLION: $152,175 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION AMENDED ITS BYLAWS IN 2021. REVISIONS INCLUDED A PAR VALUE CHANGE, THE IMPLEMENTATION OF A ONE-TIME MEMBERSHIP FEE AND AN EXPANSION OF THE FIELD OF MEMBERSHIP. 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, DENVER, DOUGLAS, EL PASO, JEFFERSON, LARIMER 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. 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 0 0 0 ELEVATIONS FOUNDATION B 142906