2020-10-06T17:45:08-05:00 2019-12-31 910189318 MOSS ADAMS LLP 505 SW BROADWAY STE 1200 PORTLAND OR 97205 990 2019-01-01 840459116 ELEVATIONS CREDIT UNION ELEV 3034434672 PO BOX 9004 BOULDER CO 803019004 MICHAEL CALCOTE CFO 3034434672 2020-10-01 1 WENDY CAMPOS P00448102 5032421447 2020-10-01 104.255.16.238 2020-10-01 13:12:58 MD P 7E19F47037733FBC186AE0FE578B56B55E76EE67 794856F77D80C61DE78743BDB3D2DAA753D74C24 2019 2021-04-22 16:20:28Z GERRY AGNES PO BOX 9004 BOULDER CO 803019004 156449230 0 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 10 10 673 11 66948 -193479 0 0 92221034 130738518 27488665 12708253 3165403 5929183 122875102 149375954 228208 539489 0 0 58097252 66715118 0 0 0 49123804 54567596 107449264 121822203 15425838 27553751 2088986456 2213511736 1868998633 1964374677 219987823 249137059 WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 0 0 ELEVATIONS CREDIT UNION SERVES ADAMS, ARAPAHOE, BOULDER, BROOMFIELD, DENVER, DOUGLAS, 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 143,850 MEMBERS AND 176,692 SHARE ACCOUNTS. THERE WERE 15,580 LOANS GRANTED TOTALING $1,786,105,404. ELEVATIONS CURRENTLY OFFERS 13 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 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 34224 0 1 673 1 1 1 0 0 0 0 0 1 0 X 10 10 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 - CHAIR 10.00 X X 48519 0 0 ERIC JONES BOARD OF DIRECTORS - TREASURER 6.00 1.00 X X 39697 0 1877 RAY MARTINEZ BOARD OF DIRECTORS - SECRETARY 6.00 X X 35000 0 4337 DON CHEYNE BOARD OF DIRECTORS - VICE CHAIR 8.00 1.00 X X 37824 0 0 NANCY HERBERT BOARD OF DIRECTORS 6.00 X 46500 0 0 CARROLL BEACH BOARD OF DIRECTORS 6.00 1.00 X 38809 0 0 NATALIE BAUMGARTNER BOARD OF DIRECTORS 6.00 X 37293 0 0 KATIE COWAN BOARD OF DIRECTORS 6.00 X 36286 0 0 TODD GLEESON BOARD OF DIRECTORS 6.00 X 35689 0 0 JIM MENGHI BOARD OF DIRECTORS 6.00 X 35000 0 0 GERRY AGNES PRESIDENT/CEO 40.00 1.00 X 964616 0 553506 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 40.00 X 575171 0 178205 BRIAN HOLST GENERAL COUNSEL 40.00 X 453172 0 147770 PIERRE DUPRE CHIEF INFORMATION OFFICER 40.00 1.00 X 397099 0 140539 RAYMOND LINDLEY CHIEF OPERATING OFFICER 40.00 X 376249 0 157912 TAMMY TAYLOR CHIEF HUMAN RESOURCE OFFICER 40.00 1.00 X 366941 0 132266 DANIELLE QUATROCHI CXO-6/1/19 THROUGH 10/1/19 40.00 X 293562 0 21154 PETER REICKS CSPO 40.00 X 228833 0 47012 SUSAN GREEN CMO-THROUGH 5/31/19 40.00 X 223701 0 8125 STEVEN SCHMIDLE CSPO-THROUGH 4/5/19 40.00 X 98685 0 9365 CAMERON WHITE-FORD MORTGAGE SALES MANAGER 40.00 X 1053706 0 27300 TODD PEYOK VP COMMERCIAL LENDING 40.00 X 813426 0 78076 ELIZABETH MILLION VP MORTGAGE SALES 40.00 X 846530 0 20797 AARON STAUFER MORTGAGE LOAN ORIGINATOR 40.00 X 778950 0 19220 LAURI LARSON MORTGAGE LOAN ORIGINATOR 40.00 X 596715 0 18746 8457973 0 1566207 126 0 1 0 NEENAN COMPANY LLP 3325 S TIMBERLINE STE 100 FORT COLLINS CO 80525 CONSTRUCTION 7315121 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 2341798 DOVENMUEHLE (DMI) 1 CORPORATE DR ST 360 LAKE ZURICH IL 60047 MORTGAGE SUBSERVICING 2188700 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90067 ONLINE BANKING 1932599 AUGEO CONSUMER ENGAGEMENT SERVICES 1620 BOND ST NAPERVILLE IL 60563 CREDIT CARD REWARDS 1232935 85 INTEREST ON LOANS TO MEMBERS 522100 77475997 77475997 GAIN ON SALE OF LOANS 522100 28238715 28238715 INTERCHANGE INCOME 522100 14146172 14146172 FEES AND SERVICE CHARGES 522100 7912441 7845493 66948 WEALTH MANAGEMENT INCOME 522100 2965193 2965193 130738518 8184076 8184076 11597453 7073276 4524177 4524177 4524177 OTHER INCOME 522100 5929183 5929183 5929183 149375954 136600753 66948 12708253 539489 5770714 50761848 1511821 4978366 3692369 234697 427454 4175441 5522423 4817152 6957773 5072929 981052 3740772 6553012 554665 LOAN SERVICING EXPENSE 9142361 CARD SERVICE EXPENSE 2162411 PROVISION FOR LOAN LOSS 1779635 2445819 121822203 13070222 13770630 198410212 248141584 2123071 1917262 1503047121 1575888517 3223790 2626190 104719064 38125048 67017340 66594016 197808021 158118250 5652582 5652582 98634097 140802705 2088986456 2213511736 37138184 43494674 36652533 40332846 1795207916 1880547157 1868998633 1964374677 X 0 0 11879721 11879721 208108102 237257338 219987823 249137059 2088986456 2213511736 27553751 2290413 -694928 0 X 0 1 X 1 0 0 1 X 10876832 10876832 40320377 8145795 32174582 5400734 4100357 1300377 39218340 25878896 13339444 8902781 8902781 66594016 OTHER INVESTMENTS 158118250 C 158118250 LOANS HELD FOR SALE 56602042 MORTGAGE SERVICING RIGHTS 30363412 DEPOSIT IN NCUSIF 16935369 LIFE INSURANCE POLICIES 11846144 ACCRUED INTEREST RECEIVABLE 5778569 CUSO INVESTMENT 2884890 OTHER ASSETS 16392279 140802705 REGULAR SHARES 589003668 SHARE DRAFT ACCOUNTS 560989096 MONEY MARKET ACCOUNTS 491896516 CERTIFICATES 97682591 IRA SHARES 64352398 DEPOSITS 76622888 1880547157 X 146913270 0 146913270 2462684 2462684 149375954 119359519 0 119359519 2462684 2462684 121822203 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, 2019. THE CREDIT UNION RECOGNIZES THE ACCRUAL OF INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS A TAX EXPENSE. DURING THE YEAR ENDED DECEMBER 31, 2019, IT RECOGNIZED NO MATERIAL INTEREST OR PENALTIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSE INCLUDED IN REVENUE 2,462,684. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSE INCLUDED IN REVENUE 2,462,684. 1 ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 501(C)(3) 433391 106098 FMV NON-REIMBURSED PAYMENT OF FOUNDATION SALARIES SUPPORT SCHOLARSHIPS, ETC. 1 0 PART I, LINE 2: THE CREDIT UNION RECEIVES AN ANNUAL REPORT FROM THE FOUNDATION INDICATING WHERE THE FUNDS HAVE BEEN DISTRIBUTED. X X 1 1 X X X 0 1 0 GERRY AGNES PRESIDENT/CEO 654803 0 309813 0 0 0 541507 0 11999 0 1518122 0 0 0 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 402391 0 172780 0 0 0 163375 0 14830 0 753376 0 0 0 BRIAN HOLST GENERAL COUNSEL 347144 0 106028 0 0 0 132940 0 14830 0 600942 0 0 0 PIERRE DUPRE CHIEF INFORMATION OFFICER 338830 0 58269 0 0 0 132940 0 7599 0 537638 0 0 0 RAYMOND LINDLEY CHIEF OPERATING OFFICER 333701 0 42548 0 0 0 143085 0 14827 0 534161 0 0 0 TAMMY TAYLOR CHIEF HUMAN RESOURCE OFFICER 327066 0 39875 0 0 0 122795 0 9471 0 499207 0 0 0 DANIELLE QUATROCHI CXO-6/1/19 THROUGH 10/1/19 262145 0 31417 0 0 0 8932 0 12222 0 314716 0 0 0 PETER REICKS CSPO 210875 0 17958 0 0 0 32412 0 14600 0 275845 0 0 0 SUSAN GREEN CMO-THROUGH 5/31/19 95701 0 28000 0 100000 0 4968 0 3157 0 231826 0 0 0 CAMERON WHITE-FORD MORTGAGE SALES MANAGER 43590 0 954 0 1009162 0 11200 0 16100 0 1081006 0 0 0 TODD PEYOK VP COMMERCIAL LENDING 205046 0 19263 0 589117 0 61925 0 16151 0 891502 0 0 0 ELIZABETH MILLION VP MORTGAGE SALES 121093 0 11105 0 714332 0 11200 0 9597 0 867327 0 0 0 AARON STAUFER MORTGAGE LOAN ORIGINATOR 0 0 338 0 778612 0 11200 0 8020 0 798170 0 0 0 LAURI LARSON MORTGAGE LOAN ORIGINATOR 0 0 338 0 596377 0 11200 0 7546 0 615461 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, LINE 4B THE CREDIT UNION HAS ENTERED INTO 457(F) DEFERRED COMPENSATION AGREEMENTS WITH CERTAIN SENIOR EXECUTIVES. DURING 2019, THE FOLLOWING BENEFITS WERE ACCRUED: GERRY AGNES: $1,925,244 MICHAEL CALCOTE: $545,294 RAYMOND LINDLEY: $142,875 GARY KINDLE: $219,808 TODD PEYOK: $202,900 PETE DUPRE: $294,205 TAMMY TAYLOR: $176,692 BRIAN HOLST: $263,770 PETE REICKS: $22,826 GERALD AGNES PRESIDENT/CEO FIRST MORTGAGE X 1182400 1023884 0 1 1 PIERRE DUPRE CIO FIRST MORTGAGE X 800000 766530 0 1 1 CAMERON WHITE-FORD MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 148125 84658 0 0 1 PIERRE DUPRE CIO AUTOMOBILE X 72673 42190 0 1 1 1917262 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, BOULDER, BROOMFIELD, DENVER, 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 ARE 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 1 0 0 ELEVATIONS FOUNDATION B 539489