2025-10-15T14:19:30-05:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 805 SW BROADWAY STE 1400 PORTLAND OR 97205 990 2024-01-01 840459116 ELEVATIONS CREDIT UNION ELEV 3034434672 PO BOX 9004 BOULDER CO 803019004 MICHAEL CALCOTE CFO 3034434672 2025-10-14 1 1 MAGGIE ELLIOTT P01790721 5032421447 2025-10-14 2024 2025-03-06 01:10:19Z GERRY AGNES PO BOX 9004 BOULDER CO 803019004 216817523 0 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO TOGETHER WE CREATE SOLUTIONS FOR A BETTER LIFE. 13 13 657 0 54194 0 0 0 162038965 189396540 27622043 26669823 839361 290314 190500369 216356677 432231 531944 0 0 75649952 77310398 0 0 0 86803439 104152605 162885622 181994947 27614747 34361730 3409369591 3379866092 3100121847 3030073721 309247744 349792371 TOGETHER WE CREATE SOLUTIONS FOR A BETTER LIFE. 0 0 ELEVATIONS CREDIT UNION SERVES ADAMS, ARAPAHOE, BOULDER, BROOMFIELD, CLEAR CREEK, DELTA, DENVER, DOUGLAS, EAGLE, EL PASO, GILPIN, GRAND, JEFFERSON, LARIMER, MESA, PARK, SUMMIT, 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 176,752 MEMBERS AND 192,059 SHARE ACCOUNTS. THERE WERE 34,268 LOANS GRANTED TOTALING $1,600,190,930. ELEVATIONS CURRENTLY OFFERS 14 BRANCH LOCATIONS, 4 LOAN PRODUCTION OFFICES, 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 0 0 1 48880 0 1 657 1 1 1 0 0 0 0 0 1 0 X 13 13 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 GERRY AGNES PRESIDENT/CEO 40.00 1.00 X 3540898 0 28655 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 40.00 X 1238494 0 33203 RIO CHACON MORTGAGE LOAN ORIGINATOR 40.00 X 843825 0 32852 HERBERT JOHN MARX VP WEALTH MANAGEMENT 40.00 X 801208 0 28383 ELIZABETH MILLION SVP LENDING 40.00 X 676552 0 26426 BRIAN HOLST GENERAL COUNSEL 40.00 X 648902 0 33203 CAMERON WHITE-FORD VP MORTGAGE SALES 40.00 X 640310 0 34346 AARON STAUFER MORTGAGE SALES MANAGER 40.00 X 643941 0 23301 RAYMOND LINDLEY CHIEF OPERATING OFFICER 40.00 X 632873 0 33203 TAMMY TEITSCHEID CHIEF PEOPLE OFFICER 40.00 1.00 X 593111 0 33080 DUSTIN MONTOYA CHIEF TECHNOLOGY OFFICER 40.00 X 512968 0 34487 WENDY BESWICK CHIEF MARKETING OFFICER 40.00 1.00 X 484104 0 23347 RAY MARTINEZ CHAIR 8.00 X X 63503 0 0 GARRY WOODS VICE CHAIR 6.00 1.00 X X 52990 0 0 TODD GLEESON TREASURER 6.00 X X 52864 0 0 MONICA STITT SECRETARY 6.00 X X 50000 0 0 DON CHEYNE CHAIR UNTIL APR 2024 10.00 1.00 X X 40279 0 0 JENNIFER PASQUINO DIRECTOR 6.00 X 51980 0 0 KATE BROWN DIRECTOR 6.00 1.00 X 50000 0 0 NATALIE BAUMGARTNER DIRECTOR 6.00 X 50000 0 0 MANUEL RODRIGUEZ DIRECTOR 6.00 X 45833 0 0 NANCY HERBERT DIRECTOR UNTIL APR 2024 6.00 X 28984 0 0 ANN SCHMIESING DIRECTOR 6.00 X 0 0 0 JONATHAN GOODMAN DIRECTOR 6.00 X 0 0 0 11743619 0 364486 210 0 1 0 SHI INTERNATIONAL CORP 290 DAVIDSON AVENUE SOMERSET NJ 08873 TECHNOLOGY, EQUIPMENT & SOFTWARE 4220794 DOVENMUEHLE (DMI) 1 CORPORATE DRIVE SUITE 360 LAKE ZURICH IL 60047 MORTGAGE SUBSERVICING 2738132 ALKAMI TECHNOLOGY INC 5601 GRANITE PARKWAY SUITE 120 PLANO TX 75024 DIGITAL & ONLINE BANKING 2735624 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 2527691 FACT AND FICTION 2000 CENTRAL AVENUE SUITE 100 BOULDER CO 80301 MARKETING & ADVERTISING 1945048 9 INTEREST ON LOANS 522100 144949852 144949852 GAIN ON SALE OF LOANS 522100 18670150 18670150 INTERCHANGE INCOME 522100 13499492 13499492 FEES & SERVICE CHARGES 522100 7372199 7318005 54194 WEALTH MANAGEMENT 522100 3801039 3801039 1103808 1103808 189396540 26718221 26718221 398012 107698 290314 290314 290314 304750 353148 -48398 -48398 -48398 216356677 189342346 54194 26960137 531944 8356961 55341196 2557048 6454029 4601164 193170 441807 3511305 6078299 5172835 11186115 6585042 872069 50387230 5944746 533456 LOAN SERVICING EXPENSE 7050392 CARD SERVICE EXPENSE 3497870 MISCELLANOUS EXPENSE 1494861 PROVISION FOR LOAN LOSS 1203408 181994947 13951450 12842170 81543716 139675966 2475283871 2652216360 4216166 6683372 127323196 72554998 58031012 54768198 177167191 0 468017195 416414590 5652582 5652582 125506408 91612854 3409369591 3379866092 78201704 62583023 4402500 58668206 63622715 398159000 313159000 2565092937 2586306483 3100121847 3030073721 X 0 0 0 0 309247744 349792371 309247744 349792371 3409369591 3379866092 34361730 6182897 0 X 0 1 X 1 0 0 1 X 11964196 11964196 58105677 21916913 36188764 8122082 5829983 2292099 48439980 44808102 3631878 691261 691261 54768198 AVAILABLE FOR SALE SECURITIES 375828122 F FEDERAL HOME LOAN BANK STOCK 14874000 C OTHER INVESTMENTS 2165514 F NCUSIF DEPOSIT 23546954 F 416414590 SHARES & DEPOSITS 2579562426 OPERATING LEASE LIABILITIES 3827737 CREDIT LOSSES 2916320 2586306483 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, GINIE 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, 2024 AND 2023. 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, 2024 AND 2023, THE CREDIT UNION RECOGNIZED NO MATERIAL INTEREST OR PENALTIES. 1 ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 501(C)(3) 483744 43200 FMV NON-REIMBURSED PAYMENT OF FOUNDATION SALARIES SUPPORT SCHOLARSHIPS 1 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 0 1 0 GERRY AGNES PRESIDENT/CEO 828982 0 461916 0 2250000 0 13800 0 14855 0 3569553 0 0 0 MICHAEL CALCOTE CHIEF FINANCIAL OFFICER 526076 0 202418 0 510000 0 13800 0 19403 0 1271697 0 0 0 RIO CHACON MORTGAGE LOAN ORIGINATOR 0 0 0 0 843825 0 13800 0 19052 0 876677 0 0 0 HERBERT JOHN MARX VP WEALTH MANAGEMENT 176791 0 0 0 624417 0 13800 0 14583 0 829591 0 0 0 ELIZABETH MILLION SVP LENDING 210732 0 0 0 465820 0 13800 0 12626 0 702978 0 0 0 BRIAN HOLST GENERAL COUNSEL 472518 0 176384 0 0 0 13800 0 19403 0 682105 0 0 0 CAMERON WHITE-FORD VP MORTGAGE SALES 174490 0 0 0 465820 0 13800 0 20546 0 674656 0 0 0 AARON STAUFER MORTGAGE SALES MANAGER 79719 0 0 0 564222 0 13800 0 9501 0 667242 0 0 0 RAYMOND LINDLEY CHIEF OPERATING OFFICER 464079 0 168794 0 0 0 13800 0 19403 0 666076 0 0 0 TAMMY TEITSCHEID CHIEF PEOPLE OFFICER 428938 0 164173 0 0 0 13800 0 19280 0 626191 0 0 0 DUSTIN MONTOYA CHIEF TECHNOLOGY OFFICER 368768 0 144200 0 0 0 13800 0 20687 0 547455 0 0 0 WENDY BESWICK CHIEF MARKETING OFFICER 364104 0 120000 0 0 0 13800 0 9547 0 507451 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. BUSINESS CLASS TRAVEL HAS BEEN PROVIDED IN 2024 TO MEMBERS OF THE DIRECTOR AND OFFICER CLASS. THE BUSINESS TRAVEL IS NOT TREATED AS TAXABLE INCOME BECAUSE THE TRAVEL MET A LEGITIMATE BUSINESS PURPOSE AND FOLLOWED THE ORGANIZATION'S TRAVEL POLICY. PART I, LINE 4B THE CREDIT UNION HAS ENTERED INTO 457(F) DEFERRED COMPENSATION AGREEMENTS WITH CERTAIN SENIOR EXECUTIVES. THE FOLLOWING WERE THE ACCRUAL BALANCES AS OF 12/31/24: GERRY AGNES: $507,250 MICHAEL CALCOTE: $128,222 RAYMOND LINDLEY: $186,837 TODD PEYOK: $456,525 DUSTIN MONTOYA: $314,495 BRIAN HOLST: $362,684 TAMMY TEITSCHEID: $263,432 ELIZABETH MILLION: $456,525 WENDY BESWICK: $253,625 J. CARLSON: $120,895 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, CLEAR CREEK, DELTA, DENVER, DOUGLAS, EAGLE, EL PASO, GILPIN, GRAND, JEFFERSON, LARIMER, MESA, PARK, SUMMIT, 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 1 1 0 1 0 0 ELEVATIONS FOUNDATION B 483744 FAIR MARKET VALUE