2014-11-12T09:00:00-08:00 2013-12-31 Tinucci Jones & Company PC 31207 Keats Way Suite 201 Evergreen CO 80439 990 2013-01-01 840186846 CREDIT UNION OF DENVER CRED 3032341700 9305 W ALAMEDA AVE LAKEWOOD CO 80226 Scott Collins CFO 2014-11-06 true Eric L Jones P00634170 3034809090 2013 2015-11-30 17:44:51Z KEITH COWLING 9305 W ALAMEDA AVE LAKEWOOD CO 80226 24172502 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 9 138 21 51591 30170 0 20599878 21345552 3132087 2775359 51591 23731965 24172502 13400 9000 0 6915675 7336037 0 0 12791227 12078398 19720302 19423435 4011663 4749067 553038461 572764341 493492383 511049765 59546078 61714576 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 54,000 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 almost $2.8 million in the form of interest and dividends by offering competitive savings products. false 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 false false false false false false true false false false false false true false false false false true 8629 0 true 138 true true false false false false false false false false false false X 9 9 false false true false true true true true true false false false false false false false false true true false X Credit Union of Denver 3032341700 9305 W Alameda Ave Denver CO 80226 RUSSEL SMITH JR Chairman 4.00 0.00 X 0 0 0 KATHLEEN A LECLERC Vice Chair 2.00 0.00 X 0 0 0 LARRY GRATZ Sec/Treasurer 3.00 0.00 X 2400 0 0 JESSICA MEYER Director 2.00 0.00 X 0 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 VOLUNTIR Director 2.00 0.00 X 0 0 0 KRISTINA SAPP Former Director 2.00 0.00 X 0 0 0 KEITH COWLING CEO 40.00 0.00 X 274065 0 26381 PATTIE MILLER COO 40.00 0.00 X 173763 0 22836 SCOTT COLLINS CFO 40.00 0.00 X 131577 0 15010 DONNA RILEY VP IT / Fin Sys 40.00 0.00 X 104124 0 7034 BENJAMIN SHUMAKER VP IT / ISO 40.00 0.00 X 91802 0 12335 SHERAH ERICKSON Financial Services 40.00 0.00 X 129288 0 9123 907019 92719 5 false true false Fiserv Solutions Inc 75 Remittance Dr Suite 6945 Chicago IL 60675 Core System Process 528326 Datamail Servics Inc 747 E Whitcomb Ave Madison Heights MI 48071 Stmt proc & mailing 200325 Connect Financial LLC 64 E Winchester St Suite 300 Murray UT 84107 Online banking 173272 3 0 Fees Member Service 522100 2139794 2139794 Interest Member Loans 522100 15237585 15237585 Other Operating Income 522100 711337 711337 Plastics & Outlet Income 522100 3256836 3256836 21345552 2775359 2775359 0 0 0 0 0 0 0 Mechanical Repair Insuran 524298 33871 33871 Non-Member ATM Fees 522100 17720 17720 51591 24172502 21345552 51591 2775359 X 1000 8000 0 0 861327 0 5101658 192355 761511 419186 0 159913 0 0 0 0 2277171 497196 0 0 0 156574 0 0 83042 103 0 476851 0 Dividends & Interest -Members 2785400 Provision for Loan Losses 1855000 Office Operations 1553314 Loan Servicing Expense 1442342 791492 19423435 0 0 0 1150949 1330388 45687958 37537220 0 258814 790411 0 0 263252577 310776708 0 491625 472968 11136732 8135510 2942794 3001222 229391591 208290806 2022680 2375079 0 0 7839473 8189539 553038461 572764341 2305317 2840482 491187066 508209283 493492383 511049765 X 59546078 61714576 59546078 61714576 553038461 572764341 4749067 -2580569 X false true X true false 615000 615000 5389726 3918463 1471263 92853 82683 10170 5039153 4134364 904789 3001222 CO-OP 128723 C Member Shares, Deposits and Certificates 508209283 508209283 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 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 2012, 2011, and 2010 federal income tax returns are open for examination by the IRS. true 0 0 Scholarships for College 4 8000 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 false false false KEITH COWLING CEO 259065 15000 15888 10493 300446 PATTIE MILLER COO 167513 6250 11057 11779 196599 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. CUILA LLC See Schedule O 224490 Indirect Lending Fees false 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 2013, Credit Union of Denver is not reporting these income sources as subject to UBIT, but is filing a 2013 Form 990-T to report income from mechanical breakdown insurance adn non-member ATM fees. Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents The Credit Union's bylaws were amended in 2013 to add Denver County to the Credit Union's field of membership. 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 and Denver 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 requied 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. 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 56767 1.00000 false false false false false false false false false false false false false false true true false false false false