2025-10-29T12:15:49-07:00 2024-12-31 990 2024-01-01 840417233 SunWest Educational Credit Union SUNW 7195610804 4141 Sovereign Circle Pueblo CO 81005 Amy Galassini Chief Financial Officer 7195610804 2025-10-24 1 2024 2025-03-06 01:10:19Z SunWest Credit Union Leslie Shepard 4141 Sovereign Circle Pueblo CO 81005 12177500 0 X www.sunwestecu.com X 1935 CO SunWest Credit Union will create a place where people feel they belong and can have all of their financial needs met, proactively engage with our members and our community, offer easily accessible financial products and services that meet our members' needs, and grow our financial strength so we can continuously develop offerings relevant to our members' changing lives. 8 8 47 9 10822 0 0 0 8718388 10632769 1368497 1472674 69786 72057 10156671 12177500 0 0 0 0 2814903 3051265 0 0 0 5521048 7145531 8335951 10196796 1820720 1980704 208549423 215496913 189567727 193778099 18981696 21718814 SunWest Credit Union will create a place where people feel they belong and can have all of their financial needs met, proactively engage with our members and our community, offer easily accessible financial products and services that meet our members' needs, and grow our financial strength so we can continuously develop offerings relevant to our members' changing lives. 0 0 10196796 The credit union is owned by 11,666 members. The credit union provides services such as consumer lending, deposit/checking account services, home banking, bill pay, and other financial services. 0 0 0 10196796 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3573 0 1 47 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X Amy Galassini 7195610804 4141 Sovereign Circle Pueblo CO 81005 Leslie Shepard President/CEO 45 X 180906 0 110812 Amy Galassini Executive Vice President/CFO 45 X 125227 0 52420 Jeff Meigs Director of IT 45 X 116801 0 15234 Michael Shoaf Chief Lending Officer 45 X 119806 0 6783 Amy Gasperetti VP Member Experience 45 X 70770 0 6164 Jennings Garrett VP Member Experience 45 X 31329 0 1555 Henry Roman Board Vice-Chairperson 3 X 2063 0 0 Gloria Santistevan-Feeback Board Member 3 X 1349 0 0 Lita Martinez Board Secretary 3 X 1256 0 0 David Niccoli Board Chairperson 5 X 0 0 0 Andy Beeman Board Treasurer 3 X 0 0 0 Patrick Garcia Board Member 3 X 0 0 0 Fred Ingo Board Member thru January 25, 2024 3 X 0 0 0 Michael Ingo Board Member from March 27, 2024 3 X 0 0 0 Beritt Odom Board Member 3 X 0 0 0 649507 0 192968 4 0 1 0 Jack Henry & Associates Inc 663 W Hwy 60 Monett MO 65708 Information Services 385971 Fidelity National Information Services Inc 601 Riverside Ave Jacksonville FL 32204 Card Services 275512 Visa USA Inc One Market Plaza San Francisco CA 94105 Card Services 199674 DC Private & Investigative Security Consultants 1045 W 6th Street Pueblo CO 81003 Security 136547 4 0 Interest Income/Loans 522130 8837193 8837193 0 0 Other Income 522130 1154876 1154876 0 0 Fee Income 522130 640700 640700 0 0 0 0 0 0 10632769 1472736 0 0 1472736 0 0 0 0 0 0 0 0 61235 0 0 0 61235 0 61235 0 0 61235 0 -62 0 0 0 -62 -62 0 0 -62 Non-Member ATM Fees 522130 10822 0 10822 0 0 0 0 0 10822 12177500 10632769 10822 1533909 X 0 0 0 0 708900 0 1778554 52103 307584 204124 0 15303 38500 0 0 54083 958877 385538 560118 490019 0 224079 38159 0 30213 0 0 302636 41202 Dividend and Interest Expense 2839872 Provision for Credit Losses 924607 Loan Servicing 133500 Miscellaneous Expenses 108825 10196796 0 0 0 1341046 1153367 19859984 24733869 0 0 0 0 138427063 148311843 0 288176 266349 9286157 4880968 4493904 4405189 0 0 40964314 30411608 0 0 0 0 3174936 6214688 208549423 215496913 1383609 915796 0 0 0 419748 417105 0 0 0 0 0 0 187764370 192445198 189567727 193778099 X 0 0 0 0 18981696 21718814 18981696 21718814 208549423 215496913 1980704 756414 0 0 0 0 X X 0 0 0 0 1 X 0 1055787 1055787 0 4919688 2150283 2769405 0 0 0 0 0 2979313 2432234 547079 0 331369 298451 32918 4405189 0 0 Certificates of Deposit 4217000 C Other Investments 26194608 F 30411608 0 Member Share and Deposit Accounts 192445198 192445198 Schedule D, Part IV, Line 2b The escrow liability is for escrow accounts held for members who have mortgage loans with the credit union to pay property taxes and property insurance. X 1 1 X X 0 1 0 Leslie Shepard President/CEO 164616 0 15500 0 790 0 100172 0 10640 0 291718 0 0 0 Amy Galassini Executive Vice President/CFO 117019 0 7500 0 708 0 41852 0 10568 0 177647 0 0 Schedule J, Part I, Line 1a Spouse travel was provided to board members. The spouse travel benefits were treated as taxable compensation if they exceeded $600. Schedule J, Part I, Line 4 The credit union has established a nonqualified deferred compensation plan for select members of management under Section 457(f) of the Internal Revenue Code. Each participant who is offered the plan must be continuously employed for a certain number of years to earn the deferred compensation payment. Amounts accrued under the plan for 2024 were as follows: Shepard $92,967, Galassini $36,871 Form 990, Part VI, Section A, Line 6 Member-owned not-for-profit financial institution. State Chartered Credit Union - 11,666 members Form 990, Part VI, Section A, Line 7a An annual election is held for membership to elect members of the board of directors for any open positions. Any member in good standing over 18 years of age may run for an open position on the board that is vacated due to an expiring term or other circumstance which may create a vacancy. All members in good standing over 18 years of age are eligible to vote. Each member is entitled to only one vote. Form 990, Part VI, Section A, Line 7b Certain matters are subject to the approval of the members of the credit union as they occur, such as merger opportunities or a name change. Form 990, Part VI, Section B, Line 11b The CFO completes the Form 990. It is reviewed by the CEO. A copy of the completed Form 990 is made available for the board of directors to review prior to filing. Form 990, Part VI, Section B, Line 12c All employees and volunteers are required to disclose any conflict of interest on an annual basis. Conflicts of interest are determined at an executive/board level. Actual conflicts of interest are reviewed at an executive/board level. Annual disclosure statements must be signed by all employees and volunteers. Form 990, Part VI, Section B, Line 15 The board of directors determines compensation for the President/CEO using available comparability data. The board of directors has granted the President/CEO authority to determine compensation for the other officers of the organization within the compensation budget. Compensation reviews are performed at least annually and were last conducted in 2024. Form 990, Part VI, Section C, Line 19 The governing documents, conflict of interest policy, and financial statements are available for inspection at the main office of the credit union upon request. Form 990, Part IX, Line 11g ATM Expenses $465,217, Card Services $407,671, Other Professional Fees $85,989 Form 990, Part XII The credit union has engaged an audit firm to conduct an agreed upon procedures engagement for the period of July 1, 2024 through June 20, 2025. The engagement will meet the minimum requirements established by Part 715 of the NCUA Rules and Regulations.