2019-11-14T14:58:57-08:00 2018-12-31 840919886 Jones Mertsching CPAs PC 32186 Castle Ct Suite 220 Evergreen CO 80439 990 2018-01-01 840186846 CREDIT UNION OF DENVER CRED 3032341700 9305 W ALAMEDA AVE LAKEWOOD CO 80226 Scott Collins CFO 2019-11-14 true Eric L Jones P00634170 3034809090 2018 2020-03-31 21:24:44Z KEITH COWLING 9305 W ALAMEDA AVE LAKEWOOD CO 80226 36016721 false false X www.cudenver.com X 1931 CO Credit Union of Denver is committed to being a leader in: Providing quality financial service, Exceeding members' expectations, and Achieving a loyal relationship with members and staff 9 9 164 21 21682 11408 0 27494773 30954128 4441316 5040911 21434 21682 31957523 36016721 10000 10000 0 9082170 9626350 0 0 14804131 17201533 23896301 26837883 8061222 9178838 753712524 797284098 667913331 703693375 85799193 93590723 Credit Union of Denver is committed to being a leader in: Providing quality financial service, Exceeding members' expectations, and Achieving a loyal relationship with members and staff false false The Credit Union is owned by approximately 61,000 members. The Credit Union provides financial services to its members, such as consumer lending, mortgage lending, checking, savings, certificate, and IRA accounts, ATM, debit and credit cards, and other financial services. The Credit Union returned approximately $5.3 million in the form of interest and dividends by offering competitive savings products. false false false false false false false false false true false false false true true false true false false false false false false false false false false true true false false false false true false false false true false false false false false true false false true 12020 0 true 164 true true true false false false false false false false false false false false false X 9 9 false false false false true true true true true false false false false false false true false true true false X Credit Union of Denver 3032341700 9305 W Alameda Ave Denver CO 80226 KATHLEEN A LECLERC Vice Chiar 2.00 0.00 X 0 0 0 LEE ALLEN Director 2.00 0.00 X 0 0 0 MICHAEL CHEVARRIA Sec/Treasurer 3.00 0.00 X 2400 0 0 GARY GRIMSTVEDT Director 2.00 0.00 X 0 0 0 C KENNETH BEEBE Director 2.00 0.00 X 0 0 0 JOSEPH WALCHUK Director 2.00 0.00 X 0 0 0 GEORGE VOLENTIR Chairman 4.00 0.00 X 0 0 0 KRISTINA SAPP Director 2.00 0.00 X 0 0 0 DONNA PIAZZA Director 2.00 0.00 X 0 0 0 KEITH COWLING CEO 40.00 0.00 X 360197 0 31474 PATTIE MILLER COO 40.00 0.00 X 236021 0 21848 SCOTT COLLINS CFO 40.00 0.00 X 176362 0 23225 DONNA RILEY VP IT / Fin Sys 40.00 0.00 X 128349 0 19692 BENJAMIN SHUMAKER NETWORK SECURITY 40.00 0.00 X 113546 0 14102 DAVID DILLEY VP LENDING 40.00 0.00 X 127486 0 18332 DEBRA MEYER VP E-COMMERCE 40.00 0.00 X 118091 0 13659 1262452 142332 7 false true false Fiserv Solutions Inc PO BOX 99924 GRAPE VINE TX 760999724 Core System Process 406451 idsCOM 747 E Whitcomb Ave Madison Heights MI 48071 Stmt proc & mailing 225879 Connect Financial LLC 64 E Winchester St Suite 300 Murray UT 84107 Online banking 285599 AD Miller Services Inc 7006 S Alton Way Bldg E Suite 100 Centennial CO 801122019 General contractor 1080475 MeridianLink 1600 Sunflower Ave Suite 200 Costa Mesa CA 926261544 Loan Svc Provider 114103 5 0 Fees Member Service 522100 2657580 2657580 Interest Member Loans 522100 23215215 23215215 Other Operating Income 522100 1270162 1270162 Plastics & Outlet Income 522100 3811171 3811171 30954128 5040911 5040911 0 0 0 0 0 0 0 Mechanical Repair Insuran 524298 10948 10948 Non-Member ATM Fees 522100 10734 10734 21682 36016721 30954128 21682 5040911 X 0 10000 0 0 999568 0 6990612 262242 805650 568278 0 357489 0 0 0 0 2963386 741462 0 0 0 172900 0 0 159035 55 0 462160 0 Dividends & Interest -Members 5285663 Provision for Loan Losses 2738000 Office Operations 1929479 Loan Servicing Expense 1746481 645423 26837883 0 0 0 1237554 1303286 44477529 60865457 0 926097 889756 11825910 11877032 0 450251785 494128761 0 637013 463107 15743986 10076933 4228739 5667053 226751889 208112276 4021015 4162009 0 0 9354993 9815361 753712524 797284098 3451318 3724499 664462013 699968876 667913331 703693375 X 85799193 93590723 85799193 93590723 753712524 797284098 9178838 -1387308 X false true X true false 875000 875000 8636600 4803932 3832668 92853 92850 3 6139533 5180151 959382 5667053 CO-OP 228090 C Member Shares, Deposits and Certificates 699968876 699968876 X Part X : FIN48 Footnote The Credit Union's accounting policy under FASB ACS 740-10 Accounting for Uncertainty in Income Taxes is to recognize in its financial statements only those tax benefits (reported or to be reported in its tax returns) when it is more likely than not that the tax position will be sustained on examination by the relevant taxing authority. Management currently believes that it is more likely than not that all of its significant tax positions, including positions related to the unrelated business income tax (UBIT), would be sustained on examination by relevant taxing authorities. Additionally, no interest and penalties have been recorded in the accompanying financial statements related to uncertain tax positions. Currently the 2017, 2016, and 2015 federal income tax returns are open for examination by the IRS. true 0 0 Scholarships for College 4 10000 Grantmaker's Description of How Grants are Used Sponsorships and scholarships are included in the Credit Union's business development plan and approved in conjunction with annual budget. X true true X X X X X false true false KEITH COWLING CEO 336197 24000 15650 15824 391671 PATTIE MILLER COO 223021 13000 14023 7825 257869 SCOTT COLLINS CFO 164362 12000 11022 12203 199587 Part I, Line 1a: Relevant information in regards to selections on 1a. Travel for companions - The Board of Directors approves volunteer training requests as submitted. Amounts are reported as taxable if exceed $600. Donna Riley Officer Ret Plan X 1700000 1711098 false true true Pattie Miller Officer Ret Plan X 3800000 3824808 false true true Keith Cowling Officer Ret Plan X 4300000 4328070 false true true Scott Collins Officer Ret Plan X 2000000 2013056 false true true 11877032 CUILA LLC See Schedule O 364253 Indirect Lending Fees false Schedule L, Part V Supplemental Information The Credit Union has entered into supplemental retirement plans with certain members of management (the executives). The Plans are structured as a secured split dollar agreement in which whole life insurance policies are purchased as a method of paying for insurance coverage and providing a source of supplemental retirement income for the executives. Under the agreements, the executives are the owners of the policies and make a collateral assignment to the Credit Union in return for a loan equal to the amount of premiums paid by the Credit Union on behalf of the executives plus accrued interest at a specified rate. The loans plus accrued interest are secured by the cash value of the policies, to be repaid by either the cash value of the policies, or out of the life insurance proceeds upon the death of the executives. Client Note 1 Client Note 1 - UBIT REPORTING:In May 2009, a federal court jury in Wisconsin ruled in the Community First Credit Union case that credit life and disability insurance and GAP insurance coverage made available to member-borrowers by Community First Credit Union of Appleton, Wisconsin were "substantially related" to Community First's tax exempt purpose. The court granted a tax refund to Community First based on the jury's verdict, confirming that credit insurance and GAP were not subject to the unrelated business income tax (UBIT). The IRS did not appeal the case.In November 2009, in the Bellco Credit Union case, the U.S. District Court in Colorado ruled that commissions received by Bellco Credit Union of Greenwood Village, Colorado from the sale of financial products to Bellco members, were not subject to UBIT. The court ruled that the sale of those financial products to Bellco members was "substantially related" to Bellco's tax-exempt purpose of promoting thrift among its members, and the resulting income was exempt from UBIT.In April 2010, the court in Colorado issued its second and final decision in the Bellco Credit Union case, holding that (i) credit life and disability insurance was "substantially related" to Bellco's tax-exempt purpose of promoting thrift among its members, and (ii) Bellco income from AD&D insurance sold to members by an independent marketing company, where Bellco was essentially limited to allowing use of its name and brand, providing member contact information, and reviewing and approving (but not creating) the marketing materials, represented passive "royalty" income exempt from UBIT. On October 19, 2010 the U.S. Department of Justice abandoned its plan to appeal the federal judge's favorable credit union rulings in the Bellco case.The decisions in these court cases are now definitive statements of the law, are not subject to further review, and provide "substantial authority" that income from the sale of credit life and disability insurance, GAP coverage, financial products sold to credit union members, and AD&D insurance sold via direct mail is exempt from UBIT. As such, for 2018, Credit Union of Denver is not reporting these income sources as subject to UBIT, but is filing a 2018 Form 990-T to report income from mechanical breakdown insurance and non-member ATM fees. Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder Persons eligible to become a member include anyone who lives or works in Jefferson, Denver, Arapahoe, Boulder, Adams, and Douglas Counties, Colorado, employees (and family members) of the U.S. Department of the Interior, other select government agencies, and other select businesses (SEGs). A $5 deposit is required for membership. Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body Members elect the governing body through a mail ballot process. Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders Merger - Requires two thirds majority vote of voting members.Charter conversion - Requires two thirds majority vote of voting members.Dissolution and liquidation - Requires majorty vote of entire membership. Form 990, Part VI, Line 11b: Form 990 Review Process The Form 990 is prepared by an independent CPA Firm, and the CEO and CFO perform a review for reasonableness prior to filing with the IRS. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees For the CEO there is a compensation committee of the Board that reviews industry salary comparisons and a salary administration program provided by a third party and documents their decision.For all other Key employees, similar data is reviewed and decided upon by the CEO.The above compensation committee of the Board reviews and approves the split dollar agreements of all key employees. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available No documents available to the public other than call reports made available on NCUA's website. Members can review non-confidential Board meeting minutes upon request Form 990 - Part VI - Line 12 CONFLICT OF INTEREST POLICY:Each Director signs oath of office but there is no formal conflict of interest disclosure or specific policy. Form 990 - Sch L - Part IV Credit Union of Denver participates in an indirect lending program that allows a member to obtain financing of a purchased automobile at the point of purchase at the dealership. CUILA, LLC (dba CU Direct Connect) is the entity that facilitates the indirect program for participating credit unions. The Credit Union's CEO is on the Board of Directors of CUILA, LLC. The fees paid to CUILA, LLC are the same fees that are paid by all participants in the program. CU ACCESS CORPORATION 9305 W ALAMEDA AVE LAKEWOOD CO 80226 841450564 Financial Services CO N/A C Corp 56797 1.00000 false false false false false false false false false false false false false false false false false false false false