2011-08-12T13:19:56-00:00 2010-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2010-01-01 840459116 ELEVATIONS CREDIT UNION ELEV 3034434672 PO BOX 9004 BOULDER CO 803019004 MICHAEL CALCOTE 3034434672 2011-08-10 true DOUGLAS ORTH 3052328272 2011-08-12 2010 2016-02-24 21:20:13Z GERRY AGNES PO BOX 9004 BOULDER CO 803019004 229288097 false 1948 X WWW.ELEVATIONSCU.COM X CREDIT UNION 1952 CO WE PROVIDE SOLUTIONS FOR A BETTER LIFE. WE PROVIDE SOLUTIONS FOR A BETTER LIFE. 7 7 306 15 390401 -167754 0 51345563 45146968 7179502 7439873 3456500 3199162 61981565 55786003 0 0 16260247 16801884 0 0 34251655 29112700 50511902 45914584 11469663 9871419 937235144 970641113 866125363 887370237 71109781 83270876 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 84,527 MEMBERS AND 94,590 SHARE ACCOUNTS. THERE WERE 8,570 LOANS GRANTED TOTALING 298,423,505. ELEVATIONS CURRENTLY OFFERS NINE 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 false true false false false false false false false false false false false false true false false false false false false false false false false false false false false false true 20410 0 306 true true true false false false false false X 7 7 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 388063 0 22726 MICHAEL CALCOTE 040.00 X 203749 0 13576 CRAIG BURKHARD 040.00 X 334662 0 17126 ERIC JONES 004.00 X 0 0 0 KATIE LARSON 003.00 X 0 0 0 CARROLL BEACH 003.00 X 0 0 0 JO HETHERINGTON 003.00 X 0 0 0 JIM MENGHI 003.00 X 0 0 0 VINCE WAYLAND 003.00 X 0 0 0 CAROL KRISMANN 003.00 X 0 0 0 PATRICK SEAL 003.00 X 201312 0 19743 MARY KAMMERER 040.00 X 181995 0 20085 ANNETTE MATTHIES 040.00 X 170058 0 15031 MICHAEL ROTH 040.00 X 154013 0 8348 GREG ROLLER 040.00 X 144582 0 17828 1778434 134463 8 false true false CIGNA HEALTHCARE 11095 VIKING DRIVE EDEN PRAIRIE MN 55344 HEALTH BENEFITS FOR EMPLOYEES 1660848 FISERV PO BOX 100893 ATLANTA GA 30384 CORE SYSTEM 691453 FINANCIAL CONSTRUCTION 3655 WALNUT ST DENVER CO 802052434 BRANCH CONSTRUCTION 576440 SETTLEMENT ONE 2605 CAMINO DEL RIO S 4TH FLOOR SAN DIEGO CA 92108 APPRAISALS/CREDIT REPORT 564395 CORNERSTONE ADVISORS 4725 N SCOTTSDALE RD SCOTTSDALE AZ 852517622 CONSULTING 552654 29 INTEREST ON LOANS TO MEMBERS 522100 33834976 33834976 FEES AND SERVICE CHARGES 522100 3465859 3465859 INTERCHANGE INCOME 522100 7455732 7455732 UNRELATED BUSINESS INCOME 900099 390401 390401 45146968 4295797 4295797 5868874 170777296 5643831 167858263 225043 2919033 3144076 3144076 OTHER INCOME 522100 3046872 3046872 INCREASE IN MTC PRICE PER SHARE 522100 152290 152290 3199162 55786003 55395602 390401 0 0 0 0 1912897 1912897 0 11798785 11798785 416376 416376 1624217 1624217 1049609 1049609 0 78602 78602 235057 235057 0 0 1258496 1258496 899258 899258 8411147 8411147 0 0 2217721 2217721 341414 341414 0 557274 557274 5875400 5875400 0 1445889 1445889 0 PROVISION FOR LOAN LOSSES 3342554 3342554 LOAN SERVICING EXPENSE 1081800 1081800 NCUSIF EXPENSE 2072112 2072112 LOSS ON DISPOSAL OF FIXED ASSETS OREO WRITEDOWN 443709 443709 OTHER THAN TEMPORARY IMPAIRMENT - AFS 409228 409228 443039 443039 45914584 45914584 5377385 5871044 145474764 112187144 4307617 5286886 621168614 607209667 767794 663945 34677863 15910930 17907227 18766933 119991823 198621034 325962 22239920 21708498 937235144 970641113 6249237 12538016 3835532 4581687 856040594 870250534 866125363 887370237 X 71109781 83270876 71109781 83270876 937235144 970641113 X 9871419 2289676 X false true true X false false true 3651888 3651888 14502096 3657583 10844513 3263009 1551770 1711239 13260870 10701577 2559293 18766933 REGULAR SHARES 156083930 SHARE DRAFT ACCOUNTS 208033396 MONEY MARKET ACCOUNTS 316553462 CERTIFICATES 135650087 IRA CERTIFICATES 47254609 IRA 6675050 870250534 55786003 45914584 9871419 606008 1683668 2289676 12161095 55566457 157787 157787 55408670 377333 377333 55786003 45695038 157787 157787 45537251 377333 377333 45914584 XI 8 EQUITY ACQUIRED THROUGH BUSINESS COMBINATION OF 1,499,483 LESS RECLASSIFICATION AJDUSTMENT FOR GAINS INCLUDED IN NET INCOME OF 225,043 PLUS RECLASSIFICATION OF OTTI LOSSES INCLUDED IN NET INCOME OF 409,228. X 2 FIN 48 IS NOT APPLICABLE. XII 2D LOSS ON SALE OF OREO. XII 4B GAIN ON LOANS SOLD TO FNMA OF 225,043 PLUS GAIN ON CUSO INVESTMENT OF 152,290. XIII 2D LOSS ON SALE OF OREO. XIII 4B GAIN ON LOANS SOLD TO FNMAOF 225,043 PLUS GAIN ON CUSO INVESTMENT OF 152,290. X true true X X true true false GERRY AGNES 350552 37511 9800 12926 410789 MICHAEL CALCOTE 183416 15333 5000 3385 10191 217325 CRAIG BURKHARD 202400 22404 109858 9206 7920 351788 PATRICK SEAL 18498 2457 180357 8273 11470 221055 MARY KAMMERER 149794 16496 15705 7524 12561 202080 ANNETTE MATTHIES 153360 16698 6992 8039 185089 MICHAEL ROTH 24527 2159 127327 8348 162361 GREG ROLLER 22132 2384 120066 6042 11786 162410 I 4A SEVERANCE PAYMENT MADE TO CRAIG BURKHARD 109,858. I 4B A 457F PLAN WAS IN PLACE FOR THE CEO, GERRY AGNES. THE PLAN BEGAN DURING SEPTEMBER 2008 AND THE PAYOUT IS DEPENDENT UPON PERFORMANCE AND EMPLOYMENT OVER A FIVE YEAR PERIOD ENDING IN AUGUST 2013. AS OF DECEMBER 31, 2010, THE ACCRUED LIABILITY RELATED TO THE 457F FOR MR. AGNES WAS 583,333, THE BOOK VALUE OF THE INVESTMENT. 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 EQUITY ACQUIRED THROUGH BUSINESS COMBINATION OF 1,499,483 PLUS NET UNREALIZED GAIN ON INVESTMENTS CLASSIFIED AS AVAILABLE FOR SALE OF 606,008 LESS RECLASSIFICATION ADJUSTMENT FOR GAINS INCLUDED IN NET INCOME OF 225,043 PLUS RECLASSIFICATION OF OTTI LOSSES INCLUDED IN NET INCOME OF 409,228.