2012-11-13T21:40:59-00:00 2011-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2011-01-01 840459116 ELEVATIONS CREDIT UNION ELEV 3034434672 PO BOX 9004 BOULDER CO 803019004 MICHAEL CALCOTE 2012-11-13 true DOUGLAS ORTH 3052328272 2012-11-13 2011 2016-02-24 21:20:13Z GERRY AGNES PO BOX 9004 BOULDER CO 803019004 221100782 false 1948 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 9 9 366 14 363440 -402073 0 45146968 45506723 7439873 8320129 3199162 2760322 55786003 56587174 0 0 16801884 20922366 0 0 29112700 26728168 45914584 47650534 9871419 8936640 970641113 1143995462 887370237 1038834956 83270876 105160506 WE PROVIDE SOLUTIONS FOR A BETTER LIFE. false false ELEVATIONS SERVES BOULDER AND BROOMFIELD COUNTIES, THE CITY LOVELAND AND THESE US CENSUS TRACTS IN CITY OF WESTMINISTER 1. 8001008528, 2. 8001009325, 3. 8001009408, 4. 8001009409, 5. 8059009826, 6. 8059009825 AND 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 95,167 MEMBERS AND 104,868 SHARE ACCOUNTS. THERE WERE 7,829 LOANS GRANTED TOTALING 336,938,534. ELEVATIONS CURRENTLY OFFERS ELEVEN BRANCH LOCATIONS AND A WIDE ARRAY OF REMOTE OPTIONS THROUGH OUR COOPERATION WITH THE COOP ATM NETWORK, CREDIT UNION SERVICE NETWORK AND ONLINE BANKING OFFERINGS. false false false false false false true false true false false false true true true false false false false false false false false false false true false true false false false false false false false false false false false false false false false true 21435 0 true 366 true true true false false false false false X 9 9 false false false false true true true true true false false true true true true true true true true false X STEVEN SCHMIDLE 3034434672 PO BOX 9004 BOULDER CO 803019004 GERRY AGNES 040.00 X 479956 0 273200 MICHAEL CALCOTE 040.00 X 270028 0 72780 JAY CHAMPION 040.00 X 239709 0 50850 CARROLL BEACH 004.00 X 0 0 0 KATIE LARSON 003.00 X 0 0 0 JIM MENGHI 003.00 X 0 0 0 JO HETHERINGTON 003.00 X 0 0 0 ERIC JONES 003.00 X 0 0 0 VINCE WAYLAND 003.00 X 0 0 0 CAROL KRISMANN 003.00 X 0 0 0 NANCY HERBERT 003.00 X 0 0 0 DON CHEYNE 003.00 X 0 0 0 MARY ANN KAMMERER 040.00 X 222016 0 22104 ANNETTE MATTHIES 040.00 X 214571 0 44142 MATT HENRY 040.00 X 214415 0 40894 CAROL WARD 040.00 X 197501 0 11002 MICHAEL ROTH 040.00 X 195737 0 16596 2033933 531568 26 false true false CIGNA HEALTHCARE 11095 VIKING DRIVE EDEN PRAIRIE MN 55344 HEALTH BENEFITS FOR EMPLOYEES 1772403 FISERV PO BOX 100893 ATLANTA GA 30384 CORE SYSTEM 525563 JACK HENRY & ASSOCIATES PO BOX 503328 ST LOUIS MO 63150 CORE SYSTEM 2055524 SETTLEMENT ONE 2605 CAMINO DEL RIO S 4TH FLOOR SAN DIEGO CA 92108 APPRAISALS/CREDIT REPORT 483235 OUTPUT SERVICES 6410 ODELL PLACE BOULDER CO 80301 STATEMENT MAILING 603981 30 INTEREST ON LOANS TO MEMBERS 522100 33562574 33562574 FEES AND SERVICE CHARGES 522100 3386822 3386822 INTERCHANGE INCOME 522100 8193887 8193887 UNRELATED BUSINESS INCOME 900099 363440 363440 45506723 5453479 5453479 167380258 164513608 2866650 2866650 2866650 OTHER INCOME 522100 2760322 2760322 2760322 56587174 56223734 363440 0 0 0 0 1044731 1044731 0 16025619 16025619 457737 457737 2070416 2070416 1323863 1323863 0 108590 108590 266545 266545 0 0 767145 767145 1775075 1775075 7292915 7292915 0 0 2265260 2265260 400352 400352 0 653278 653278 4505538 4505538 0 1488000 1488000 227880 227880 PROVISION FOR LOAN LOSSES 946445 946445 LOAN SERVICING EXPENSE 3118876 3118876 NCUSIF EXPENSE 2076225 2076225 MISCELLANEOUS 836044 836044 0 47650534 47650534 5871044 8974506 112187144 91042001 5286886 7229988 607209667 677998195 663945 1193916 41726048 18459964 18766933 23266084 198621034 295460088 904000 325962 5714962 21708498 32211722 970641113 1143995462 12538016 18733408 4581687 5542796 870250534 1014558752 887370237 1038834956 X 83270876 105160506 83270876 105160506 970641113 1143995462 X 8936640 12952990 X false true true X false false true 4576352 4576352 15897234 4133948 11763286 3336996 1820795 1516201 17915466 12505221 5410245 23266084 REGULAR SHARES 214713291 SHARE DRAFT ACCOUNTS 258424857 MONEY MARKET ACCOUNTS 332013405 CERTIFICATES 201550188 IRA CERTIFICATES 7857011 IRA 1014558752 56587174 47650534 8936640 2937495 10015495 12952990 21889630 56587174 56587174 56587174 47650534 47650534 47650534 X 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 X 2 continued... 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 2010, 2009, AND 2008 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. X 2 continued... 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. XI 8 RECLASSIFICATION ADJUSTMENT OF OTHER THAN TEMPORARY INVESTMENT LOSSES INCLUDED IN NET INCOME IN THE AMOUNT OF 265,328 PLUS EQUITY ACQUIRED THROUGH BUSINESS COMBINATION IN THE AMOUNT OF 9,750,167. true ELEVATIONS FOUNDATION PO BOX 9004 BOULDER CO 80301 273484142 501c3 102500 support scholarships, housing and environmental initiatives 1 I 2 THE CREDIT UNION RECEIVES AN ANNUAL REPORT FROM THE FOUNDATION INDICATING WHERE THE FUNDS HAVE BEEN DISTRIBUTED. X true true X X false true false GERRY AGNES 385180 94776 259800 13400 753156 MICHAEL CALCOTE 210952 59076 60967 11813 342808 JAY CHAMPION 183671 26038 30000 40625 10225 290559 MARY ANN KAMMERER 158284 63732 9097 13007 244120 ANNETTE MATTHIES 168006 46565 35908 8234 258713 MATT HENRY 169908 44507 31324 9570 255309 CAROL WARD 154800 42701 11002 208503 MICHAEL ROTH 14643 3591 177503 4325 12271 212333 I 4B PARTICIPANTS IN THE 457f PLAN GERRY AGNES ACCRUED BENEFIT OF 833,333 AS OF 12/31/2011, MICHAEL CALCOTE ACCRUED BENEFIT OF 54,167 AS OF 12/31/2011, ANNETTE MATTHIES ACCRUED BENEFIT OF 27,083 AS OF 12/31/2011, JAMES CHAMPION ACCRUED BENEFIT OF 40,625 AS OF 12/31/2011, AND MATTHEW HENRY ACCRUED BENEFIT OF 22,569 AS OF 12/31/2011 Form 990 Part VI 6 THE CREDIT UNION HAS MEMBERS. Form 990 Part VI 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY, WHETHER PERIODICALLY, AS VACANCIES ARISE, OR OTHERWISE. Form 990 Part VI 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODYS ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. Form 990 Part VI 11B THE ACCOUNTING MANAGER AND VP OF FINANCE PROVIDE NECESSARY RESEARCH AND DATA TO THE PREPARERS OF THE FORM 990. THE VP OF FINANCE AND THE CFO REVIEW THE FORM 990 THE BOARD OR DIRECTORS ARE ALSO PROVIDED WITH A COPY OF THE FORM 990. Form 990 Part VI 12C IT IS REQUIRED THAT ALL EMPLOYEES FILL OUT A CONFLICT OF INTEREST AGREEMENT ANNUALLY. Form 990 Part VI 15B HUMAN RESOURCES CONDUCTS A COMPREHENSIVE COMPENSATION MARKET ANALYSIS USING THREE DIFFERENT RESOURCES. Form 990 Part VI 19 FILING OF 5300 CALL REPORT TO NCUA IS PUBLIC AND THE ANNUAL REPORT IS AVAILABLE FOR VIEWING ON OUR WEBSITE. THE CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT PUBLIC. Form 990 Part XI 5 UNREALIZED GAIN ON AVAILABLE FOR SALE INVESTMENTS IN THE AMOUNT OF 2,937,495 PLUS RECLASSIFICATION ADJUSTMENT OF OTHER THAN TEMPORARY INVESTMENT LOSSES INCLUDED IN NET INCOME IN THE AMOUNT OF 265,328 PLUS EQUITY ACQUIRED THROUGH BUSINESS COMBINATION IN THE AMOUNT OF 9,750,167. Form 990 Part VI Section A Line 6 THE CREDIT UNION HAS MEMBERS. Form 990 Part VI Section A Line 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY, WHETHER PERIODICALLY, AS VACANCIES ARISE, OR OTHERWISE. Form 990 Part VI Section A Line 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODYS ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. Form 990 Part VI Section B Line 11B THE ACCOUNTING MANAGER AND VP OF FINANCE PROVIDE NECESSARY RESEARCH AND DATA TO THE PREPARERS OF THE FORM 990. THE VP OF FINANCE AND THE CFO REVIEW THE FORM 990 THE BOARD OR DIRECTORS ARE ALSO PROVIDED WITH A COPY OF THE FORM 990. Form 990 Part VI Section B Line 12C IT IS REQUIRED THAT ALL EMPLOYEES FILL OUT A CONFLICT OF INTEREST AGREEMENT ANNUALLY. Form 990 Part VI Section B Line 15B 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 TO NCUA IS PUBLIC AND THE ANNUAL REPORT IS AVAILABLE FOR VIEWING ON OUR WEBSITE. THE CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT PUBLIC. Form 990 Part XI Line 5 UNREALIZED GAIN ON AVAILABLE FOR SALE INVESTMENTS IN THE AMOUNT OF 2,937,495 PLUS RECLASSIFICATION ADJUSTMENT OF OTHER THAN TEMPORARY INVESTMENT LOSSES INCLUDED IN NET INCOME IN THE AMOUNT OF 265,328 PLUS EQUITY ACQUIRED THROUGH BUSINESS COMBINATION IN THE AMOUNT OF 9,750,167.