2016-08-15T09:50:03-05:00 2015-12-31 841474365 Holben Hay Lake Balzer CPAs LLC 1777 S Harrison Street 1000 Denver CO 80210 990 2015-01-01 840459116 Elevations Credit Union ELEV 3034434672 PO Box 9004 Boulder CO 803019004 Michael Calcote CFO 3034434672 2016-08-11 1 Sheila M Balzer P00967957 3037592727 2015 2016-09-27 15:27:22Z Gerry Agnes PO Box 9004 Boulder CO 803019004 837347417 0 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 11 11 480 16 101410 -2105 0 0 50376688 60158210 18056811 25084837 3411308 4395388 71844807 89638435 130000 62500 0 0 30959764 37952243 0 0 0 29087597 34321797 60177361 72336540 11667446 17301895 1459289806 1625576706 1317827123 1469132789 141462683 156443917 WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 0 0 ELEVATIONS CREDIT UNION SERVES ADAMS, BOULDER, BROOMFIELD, DENVER, 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 114,378 MEMBERS AND 140,947 SHARE ACCOUNTS. THERE WERE 16,150 LOANS GRANTED TOTALING $1,246,315,288. ELEVATIONS CURRENTLY OFFERS ELEVEN 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 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 1 0 0 0 0 0 1 0 0 1 34723 0 1 480 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X STEVEN SCHMIDLE 3034434672 PO BOX 9004 BOULDER CO 803019004 KATIE LARSON BOARD OF DIRECTORS - CHAIR 4.00 X 0 0 0 NANCY HERBERT BOARD OF DIRECTORS - VICE 3.00 X 0 0 0 ERIC JONES BOARD OF DIRECTORS - TREAS 3.00 X 0 0 0 TODD GLEESON BOARD OF DIRECTORS 3.00 X 0 0 0 JIM MENGHI BOARD OF DIRECTORS 3.00 X 0 0 0 CAROL KRISMANN BOARD OF DIRECTORS - SECRE 3.00 X 0 0 0 CARROLL BEACH BOARD OF DIRECTORS 3.00 X 0 0 0 DON CHEYNE BOARD OF DIRECTORS 3.00 X 0 0 0 RAY MARTINEZ BOARD OF DIRECTORS 3.00 X 0 0 0 NATALIE BAUMGARTNER BOARD OF DIRECTORS 3.00 X 0 0 0 KATE BROWN BOARD OF DIRECTORS 3.00 X 0 0 0 GERRY AGNES PRESIDENT/CEO 40.00 X 660721 0 556311 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 40.00 X 498294 0 127329 JAY CHAMPION CHIEF OPERATING OFFICER 40.00 X 480828 0 101893 ANNETTE MATTHIES CHIEF HUMAN RESOURCES OFFI 40.00 X 278800 0 70118 MARY ANN KAMMERER CHIEF ADMINISTRATIVE OFFIC 40.00 X 254863 0 66396 GREG ROLLER MORTGAGE LOAN ORIGINATOR 40.00 X 477308 0 24364 CAMERON WHITE-FORD MORTGAGE LOAN ORIGINATOR 40.00 X 903861 0 23120 MICHAEL ROTH MORTGAGE LOAN ORIGINATOR 40.00 X 485539 0 24364 IAN BENNETT MORTGAGE LOAN ORIGINATOR 40.00 X 464963 0 24493 ELIZABETH MILLION AVP MORTGAGE SALES 40.00 X 592628 0 18660 TODD KERN FORMER CHIEF MARKETING OFFICER 40.00 X 215901 0 2493 5313706 0 1039541 70 1 1 0 FIDELITY 601 RIVERSIDE AVENUE JACKSONVILLE FL 33716 CARD PROCESSING 3950110 URBAN LENDING 11802 RIDGE PKWY STE 200 BROOMFIELD CO 80021 LOAN PROCESSING 2225323 DOVENMUEHLE MORTGAGE 1 CORPORATE DR STE 360 LAKE ZURICH IL 60047 LOAN PROCESSING 1375431 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 ATM NETWORK PROCESSING 1130106 DIGITAL INSIGHT PO BOX 515306 LOS ANGELES CA 94063 ONLINE BANKING 1005188 42 INTEREST ON LOANS TO MEMBERS 522100 42932913 42932913 INTERCHANGE INCOME 522100 10695135 10695135 FEES AND SERVICE CHARGES 522100 6428752 6428752 UNRELATED BUSINESS INCOME 900099 101410 101410 60158210 5989153 5989153 317148 766487518 274905 747434077 42243 19053441 19095684 19095684 OTHER INCOME 522100 4395388 4395388 4395388 89638435 83547872 101410 5989153 62500 2389407 29726274 893860 2852410 2090292 86303 298815 462564 3282789 10726110 206191 2530511 853994 78 3069483 256410 LOAN SERVICING EXPENSE 7572709 INTEREST/DIVIDENDS PAID 2936168 MISCELLANEOUS 1525052 PROVISION FOR LOAN LOSS 514620 72336540 11603226 10840049 62524069 66835010 4252591 4462935 4620012 4468399 908900987 1140574741 1950797 1730845 53080138 29557477 21947577 23522661 390175387 313633861 553600 551900 5884985 5756318 46876575 53199987 1459289806 1625576706 24976084 10863214 15239147 19259938 1277611892 1439009637 1317827123 1469132789 X 0 0 11879720 11879720 129582963 144564197 141462683 156443917 1459289806 1625576706 17301895 -2320661 0 X X 0 1 X 1 0 0 1 X 4246352 4246352 18172126 6180933 11991193 4863031 2841757 2021274 25798629 20534787 5263842 23522661 REGULAR SHARES 430143585 SHARE DRAFT ACCOUNTS 412343236 MONEY MARKET ACCOUNTS 430706843 CERTIFICATES 151573404 IRA SHARES 14242569 1439009637 X 89697579 59144 59144 89638435 0 89638435 72336540 0 72336540 0 72336540 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. CUSTODIAL ACCOUNTS ARE MAINTAINED FOR PRINCIPAL AND INTEREST PAYABLE TO FANNIE MAE AND FREDDIE MAC FOR LOANS SOLD TO FANNIE MAE AND FREDDIE MAC FOR WHICH THE CREDIT UNION RETAINS SERVICING. CUSTODIAL ACCOUNTS ALSO ARE 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 FREDDIT MAC. Part X, Line 2: FASB ASC 740-10-25 CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE 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. AS A RESULT OF ADOPTING ASC 740-10-25, THE CREDIT UNION HAS ASSESSED ITS 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 FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2014, 2013 AND 2012 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. Part XI, Line 2d - Other Adjustments: Loss on Sale of assets (net) 59,144. 1 ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 501(c)(3) 62500 SUPPORT SCHOLARSHIPS, ETC. Part I, Line 2: THE CREDIT UNION RECEIVES AN ANNUAL REPORT FROM THE FOUNDATION INDICATING WHERE THE FUNDS HAVE BEEN DISTRIBUTED. X 1 1 X X X X 1 1 0 GERRY AGNES PRESIDENT/CEO 525083 0 135638 0 0 0 540907 0 15404 0 1217032 0 0 0 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 345261 0 153033 0 0 0 112050 0 15279 0 625623 0 0 0 JAY CHAMPION CHIEF OPERATING OFFICER 333393 0 147435 0 0 0 86688 0 15205 0 582721 0 0 0 ANNETTE MATTHIES CHIEF HUMAN RESOURCES OFFI 219010 0 59790 0 0 0 61325 0 8793 0 348918 0 0 0 MARY ANN KAMMERER CHIEF ADMINISTRATIVE OFFIC 200186 0 54677 0 0 0 52702 0 13694 0 321259 0 0 0 GREG ROLLER MORTGAGE LOAN ORIGINATOR 0 0 477308 0 0 0 10600 0 13764 0 501672 0 0 0 CAMERON WHITE-FORD MORTGAGE LOAN ORIGINATOR 42194 0 861667 0 0 0 10600 0 12520 0 926981 0 0 0 MICHAEL ROTH MORTGAGE LOAN ORIGINATOR 0 0 485539 0 0 0 10600 0 13764 0 509903 0 0 0 IAN BENNETT MORTGAGE LOAN ORIGINATOR 0 0 464963 0 0 0 10600 0 13893 0 489456 0 0 0 ELIZABETH MILLION AVP MORTGAGE SALES 106709 0 485919 0 0 0 10600 0 8060 0 611288 0 0 0 TODD KERN FORMER CHIEF MARKETING OFFICER 9901 0 206000 0 0 0 446 0 2047 0 218394 0 0 0 Part I, Lines 4a-b GERRY AGNES (ACCRUED BENEFIT OF $1,325,767 AS OF 12/31/15), MICHAEL CALCOTE (ACCRUED BENEFIT OF $460,752 AS OF 12/31/15), ANNETTE MATTHIES (ACCRUED BENEFIT OF $0.00 AS OF 12/31/15), JAY CHAMPION (ACCRUED BENEFIT OF $345,564 AS OF 12/31/15), MARY ANN KAMMERER (ACCRUED BENEFIT OF $172,606 AS OF 12/31/15), AND EVA GAUDIO (ACCRUED BENEFIT OF $431,163 AS OF 12/31/15). TODD KERN RECEIVED A SEVERANCE PAYMENT OF $206,000 FOR THE YEAR ENDED 12/31/15. CAMERON WHITE-FORD MORTGAGE SALES MANAGER FIRST MORTGAGE X 417000 382161 0 0 1 CAMERON WHITE-FORD MORTGAGE SALES MANAGER FIRST MORTGAGE X 148125 121140 0 0 1 MICHAEL ROTH MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 361236 344535 0 0 1 GERRY AGNES PRESIDENT/CEO FIRST MORTGAGE X 1182400 1130205 0 1 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 73729 61979 0 1 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 35658 35167 0 1 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 30375 4910 0 1 1 GERRY AGNES PRESIDENT/CEO AUTOMOBILE X 26543 20506 0 1 1 JAY CHAMPION COO AUTOMOBILE X 26200 7683 0 1 1 JAY CHAMPION COO AUTOMOBILE X 38811 12205 0 1 1 JAY CHAMPION COO FIRST MORTGAGE X 556000 633007 0 1 1 IAN BENNETT MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 140000 134628 0 0 1 IAN BENNETT MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 246000 210684 0 0 1 MICHAEL CALCOTE CFO FIRST MORTGAGE X 415000 310789 0 1 1 MARYANN KAMMERER CPO AUTOMOBILE X 23919 9126 0 1 1 IAN BENNETT MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 204000 194685 0 0 1 IAN BENNETT MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 221250 213908 0 0 1 MARYANN KAMMERER CPO FIRST MORTGAGE X 281000 264451 0 1 1 GREGORY ROLLER MORTGAGE LOAN ORIGINATOR FIRST MORTGAGE X 389350 376630 0 0 1 4468399 ELEVATIONS FOUNDATION FOUNDATION BOARD CONSISTS OF CREDIT UNION MANAGEMENT AND DIRECTORS 62500 CONTRIBUTION FROM CREDIT UNION TO FOUNDATION 0 Form 990, Part VI, Section A, line 4 THE BYLAWS WERE AMENDED, EFFECTIVE AND APPROVED IN 2015 TO EXPAND THE NUMBER OF BOARD OF DIRECTORS TO A MAXIMUM OF ELEVEN MEMBERS. IT WAS ALSO CHANGED TO EXPAND THE FIELD OF MEMBERSHIP TO ADD WELD, DENVER AND JEFFERSON COUNTIES. 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 COUNTIES, EMPLOYEES, RETIREES OR STUDENTS OF THE UNIVERSITY OF COLORADO-BOULDER OR NAROPA UNIVERSITY, 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 11 THE CONTROLLER PROVIDES NECESSARY RESEARCH AND DATA TO THE PREPARERS OF THE FORM 990. THE SVP OF FINANCE AND THE CFO REVIEW 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 ACKNOWLEDGMENT 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. Form 990, Part VI, Section B, line 15 HUMAN RESOURCES CONDUCTS A COMPREHENSIVE COMPENSATION MARKET ANALYSIS USING THREE DIFFERENT RESOURCES. 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 2C SELECTION OF THE AUDITORS AND OVERSIGHT OF THE AUDITORS IS DONE BY THE SUPERVISORY COMMITTEE. THERE WERE NO CHANGES TO THE SELECTION OR OVERSIGHT PRACTICES DURING 2015. ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 COLLECT/DISTRIBUTE FUNDS TO SUPPORT CAUSES IN AREAS SERVED BY CREDIT UNION CO 3 170(b)(A)(vi) 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 ELEVATIONS FOUNDATION B 62500