2011-11-11T08:57:45-06:00 2010-12-31 RSM MCGLADREY INC 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2010-01-01 840174408 COLORADO STATE EMPLOYEES CREDIT UNION D/B/A CREDIT UNION OF COLORADO COLO 3038324816 1390 LOGAN STREET DENVER CO 80203 JAMES W SMART 3038324816 2011-11-10 1 COLLIN F BUZZELL 6125738750 2010 2016-03-07 17:11:31Z CREDIT UNION OF COLORADO TERRANCE LEIS 1390 LOGAN STREET DENVER CO 80203 87151291 0 X WWW.CUOFCO.ORG X 1934 CO THE CREDIT UNION IS A MEMBER-OWNED NOT-FOR-PROFIT FINANCIAL INSTITUTION WHICH EXISTS TO SERVE THE FINANCIAL NEEDS OF ITS MEMBERS. 11 11 288 16 195434 51238 0 0 44483216 44606482 8040234 6433558 5999362 777606 58522812 51817646 0 0 0 0 14150503 14898148 0 0 0 33890800 35557526 48041303 50455674 10481509 1361972 940875355 945533080 829734984 832549396 111140371 112983684 X THE CREDIT UNION IS A MEMBER-OWNED NOT-FOR-PROFIT FINANCIAL INSTITUTION WHICH EXISTS TO SERVE THE FINANCIAL NEEDS OF ITS MEMBERS. 0 0 AT YEAR-END 2010, COLORADO STATE EMPLOYEES CREDIT UNION SERVED 89,258 MEMBERS BY PROVIDING A FULL SPECTRUM OF FINANCIAL PRODUCTS AND SERVICES, RETURNING PROFIT TO ITS MEMBERS IN THE FORM OF LOWER LOAN RATES AND HIGHER SAVINGS RATES, LOW FEES AND INNOVATIVE PRODUCTS AND SERVICES. DEPOSIT PRODUCTS INCLUDE CHECKING, SAVINGS, MONEY MARKET, CERTIFICATE OF DEPOSIT, IRA, ESA, HOLIDAY AND YOUTH ACCOUNTS. LOAN PRODUCTS INCLUDE NEW AND USED VEHICLES, RECREATIONAL VEHICLES AND BOATS, FIRST AND SECOND MORTGAGES, RENTAL REAL ESTATE MORTGAGE, HOME EQUITY, NEW AND USED MOBILE HOMES, SHARE SAVINGS SECURED, CERTIFICATE OF DEPOSIT SECURED, CREDIT CARDS AND OVERDRAFT PROTECTION. IN 2010, LOAN VOLUME WAS 12,630 LOANS AMOUNTING TO $191,930,737. MEMBERS ARE SERVED BY STAFF AT FIFTEEN LOCATIONS IN COLORADO AND THROUGH ONLINE BANKING AND AN AUTOMATED TELEPHONE SYSTEM. 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 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 0 1 27394 0 1 288 1 1 1 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X X JAMES SMART 3038121863 1390 LOGAN STREET DENVER CO 80203 WILL FLECKENSTEIN 2.00 X X 0 0 0 RUSS VANNOSTRAND 2.00 X X 0 0 0 JOANN VONDRACEK 2.00 X X 0 0 0 MARY ANN ADAMS 2.00 X 0 0 0 JOANNE CHRISTENSEN 2.00 X 0 0 0 JAN COTTER 2.00 X 0 0 0 JIM DIXON 2.00 X 0 0 0 DANN MILNE 2.00 X 0 0 0 WENDELL PRYOR 2.00 X 0 0 0 JOHN VAN SCIVER 2.00 X 0 0 0 LLOYD WICKE 2.00 X 0 0 0 TERRANCE W LEIS 50.00 X 351438 0 214808 PHILLIP J SMITH 50.00 X 12795 0 252 JAMES W SMART 50.00 X 232130 0 175390 DOUGLAS S SCHNEIDER 50.00 X 193661 0 119795 ERNEST J ARTERBURN 50.00 X 185846 0 116713 CONNIE B MCCANN 50.00 X 184567 0 180998 KAMELA PANCROFT 50.00 X 153223 0 24489 MICHELLE K BALES 50.00 X 160737 0 10493 JOHN W GLOYD 50.00 X 116097 0 29927 MARYSELA RUEDA 50.00 X 116386 0 21815 CHRISTA HART 50.00 X 105066 0 33737 JACQUELINE POE 50.00 X 104592 0 15835 1916538 0 944252 11 0 1 0 FIDELITY NATIONAL INFORMATION SERVICE 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 DEBIT/CREDIT CARD PROCESSING 1446942 CUILA LLC DBA CUDC 6377 S REVERE PKWY 200 CENTENNIAL CO 80111 INDIRECT LENDING SERVICES 668052 ELAN FINANCIAL SERVICES 1255 CORPORATE DRIVE SUITE 600 IRVING TX 75038 ATM NETWORK PROVIDER 489038 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICES 465064 SKYLINE-ATS 490 DIVISION STREET CAMPBELL CA 95008 IT PHONE SERVICES 434626 34 INTEREST ON MEMBER LOA 522100 32258910 32258910 FEES - MEMBER SERVICES 525990 6378975 6378975 PLASTIC/ATM INCOME 522200 5403902 5403902 INSURANCE COMMISSIONS 524298 564695 564695 44606482 6027738 -1260 6028998 42812 42812 42812 42812 35739465 35333645 405820 405820 405820 INSURANCE COMMISSIONS 524298 182993 182993 MEMBER FINANCIAL SERVI 525990 99874 99874 451927 438226 13701 734794 51817646 45144582 195434 6477630 2317335 9637177 644640 1406059 892937 71701 66908 21343 745687 1019255 2135364 1022246 2414483 307958 150301 9396347 1849024 2418011 PROVISION FOR LOAN LOSS 9271477 PLASTIC CARDS 2947337 LOAN SERVICING 747441 OTHER EXPENSES 678821 SHARE DRAFT PROCESSING 198903 94919 50455674 6973534 10123789 84476493 125037177 8807133 6768539 535666793 515445334 56828 65254 3332559 3001416 26110800 16971519 9239433 9139281 172316134 135329389 108013721 129134092 11992727 11488809 940875355 945533080 8135710 8717071 1183839 1473640 820415435 822358685 829734984 832549396 X 0 0 0 0 111140371 112983684 111140371 112983684 940875355 945533080 X 1361972 481341 X 0 1 1 X 0 0 1 3772979 3772979 6389634 3591297 2798337 1574739 861111 713628 14373448 12519111 1854337 9139281 SUNCORP CCU - MEMBER SHARES 763284 C SUNCORP CCU - CERTIFICATES OF DEPOSIT 120000000 C CUSOS 341072 C EB PLANS 8029736 F 129134092 -2284 MEMBER SHARE ACCOUNTS 173834083 MEMBER CHECKING ACCOUNTS 134844450 MEMBER MONEY MARKET ACCOUNTS 217419070 MEMBER IRA ACCOUNTS 64848750 MEMBER CERTIFICATE ACCOUNTS 231411413 STATE INCOME TAXES` 3203 822358685 51817646 50455674 1361972 481341 481341 1843313 51920338 102692 102692 51817646 0 51817646 50558366 102692 102692 50455674 0 50455674 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. CUSTODIAL ACCOUNTS ARE MAINTAINED FOR PRINCIPAL AND INTEREST PAYABLE TO FANNIE MAE FOR LOANS SOLD TO FANNIE MAE FOR WHICH THE CREDIT UNION RETAINS SERVICING. CUSTODIAL ACCOUNTS ALSO ARE MAINTAINED IN BEHALF OF FANNIE MAE FOR THE TAXES AND INSURANCE PAYABLE ON THE REAL ESTATE SECURING THE LOANS SOLD TO FANNIE MAE. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ADOPTION OF FIN 48 DID NOT HAVE A MATERIAL IMPACT ON THE CREDIT UNION'S FINANCIAL POSITION, RESULTS OF OPERATIONS, OR CASH FLOWS. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES RECLASSED AS REVENUE 102,692. PART XIII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES RECLASSED AS REVENUE 102,692. X 1 1 X X X X 1 1 0 TERRANCE W LEIS 313990 0 37000 0 448 0 199000 0 15808 0 566246 0 0 0 JAMES W SMART 208092 0 21859 0 2179 0 154094 0 21296 0 407520 0 0 0 DOUGLAS S SCHNEIDER 168042 0 23183 0 2436 0 103196 0 16599 0 313456 0 0 0 ERNEST J ARTERBURN 164773 0 19722 0 1351 0 95474 0 21239 0 302559 0 0 0 CONNIE B MCCANN 162066 0 17255 0 5246 0 171214 0 9784 0 365565 0 0 0 KAMELA PANCROFT 142675 0 10336 0 212 0 12176 0 12313 0 177712 0 0 0 MICHELLE K BALES 105750 0 15108 0 39879 0 5856 0 4637 0 171230 0 0 0 PART I, LINE 1A MEALS ARE PROVIDED FOR SPOUSES ACCOMPANYING THE VOLUNTEERS TO BUSINESS PLANNING OR EDUCATIONAL SESSIONS. PART I, LINES 4A-B MICHELLE BALES RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $39,879. JAMES SMART, DOUGLAS SCHNEIDER, ERNEST ARTERBURN, AND CONNIE MCCANN ARE PARTICIPANTS IN A 457(F) PLAN. THE ECONOMIC BENEFIT OF THE EXECUTIVE RETIREMENT PLAN CONTRIBUTIONS ARE INCLUDED IN COLUMN C, DEFERRED COMPENSATION, OF SCHEDULE J, PART II FOR THE FOLLOWING INDIVIDUALS: JAMES SMART $112,061 DOUGLAS SCHNEIDER 86,506 ERNEST ARTERBURN 61,382 CONNIE MCCANN 139,713 A CONTRIBUTION OF $150,000 WAS MADE TO A SEPARATE 457(F) PLAN FOR TERRANCE LEIS AND IS INCLUDED IN COLUMN C, DEFERRED COMPENSATION, OF SCHEDULE J, PART II. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE DIVIDENDS BASED ON THEIR SHARE DEPOSITS. FORM 990, PART VI, SECTION A, LINE 7A ANNUALLY, THE MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S 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 11 THE INITIAL DRAFT OF FORM 990 IS PREPARED BY STAFF OF THE ACCOUNTING DEPARTMENT UNDER THE DIRECTION OF THE ACCOUNTING MANAGER. FORM 990 IS THEN REVIEWED BY THE EXECUTIVE VICE PRESIDENT/CFO AND THE PRESIDENT/CEO. THE DRAFT IS THEN FORWARDED TO RSM MCGLADREY, INC., AN INDEPENDENT MEMBER FIRM OF RSM INTERNATIONAL, AN AFFILIATION OF INDEPENDENT ACCOUNTING AND CONSULTING FIRMS. RSM MCGLADREY REVIEWS THE DRAFT VERSION AND RECOMMENDS ANY CHANGES. RSM MCGLADREY THEN PREPARES A FINAL VERSION OF FORM 990 FOR AN ADDITIONAL REVIEW BY THE ACCOUNTING MANAGER, THE EVP/CFO AND THE PRESIDENT/CEO. AFTER THIS FINAL REVIEW, FORM 990 IS MADE AVAILABLE TO THE BOARD OF DIRECTORS PRIOR TO BEING ELECTRONICALLY FILED BY RSM MCGLADREY. THE BOARD OF DIRECTORS ARE MADE AWARE THAT FORM 990 HAS BEEN FILED AND HOW IT MAY BE VIEWED ON-LINE. ANY DIRECTOR REQUESTING A WRITTEN COPY IS PROVIDED WITH SUCH. FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BOARD OF DIRECTORS ARE REQUIRED ANNUALLY TO SIGN A COMMITMENT TO A CODE OF ETHICS. AS PART OF THE CODE OF ETHICS, THE DIRECTOR AGREES TO DISCLOSE TO THE CHAIRMAN AND THE PRESIDENT ANY POTENTIAL CONFLICTS OF INTEREST. THE DIRECTOR ALSO AGREES TO TAKE A NEUTRAL STANCE AND NOT TAKE ANY ACTION TOWARD APPROVAL OR DISAPPROVAL ON ANY ISSUE THAT MAY INVOLVE A POTENTIAL CONFLICT. ALL EMPLOYEES ARE REQUIRED TO ANNUALLY SIGN A CONFLICT OF INTEREST POLICY ACKNOWLEDGING THAT THE CREDIT UNION PROHIBITS EMPLOYEES FROM ENGAGING IN ANY ACTIVITY, PRACTICE OR ACT WHICH CONFLICTS WITH, OR APPEARS TO CONFLICT WITH, THE INTEREST OF THE CREDIT UNION, ITS MEMBERS OR SUPPLIERS. THE EMPLOYEE ACKNOWLEDGES THAT ANY VIOLATION OF THIS POLICY MAY BE CONSIDERED GROUNDS FOR DISCHARGE. FORM 990, PART VI, SECTION B, LINE 15 SALARY RANGES FOR OFFICERS AND KEY EMPLOYEES ARE SET IN ACCORDANCE WITH SALARY SURVEY DATA FROM THE CREDIT UNION EXECUTIVE SOCIETY SALARY SURVEY, THE MOUNTAIN STATES EMPLOYERS COUNCIL COLORADO FINANCIAL INDUSTRY SURVEY OR OTHER APPROPRIATE SURVEY DATA AS DETERMINED BY MANAGEMENT. THE SALARY ADMINISTRATION PROGRAM AND THE RANGES ARE APPROVED BY THE VOLUNTEER BOARD OF DIRECTORS. INDIVIDUAL SALARIES ARE SET WITHIN THESE RANGES BASED ON EXPERIENCE AND PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. MONTHLY STATEMENTS OF FINANCIAL POSITION ARE POSTED IN THE LOBBIES OF ALL BRANCHES. ANNUAL FINANCIAL STATEMENTS ARE PROVIDED AT THE ANNUAL MEETING OR UPON REQUEST. REGULATORY FINANCIAL REPORTS ARE AVAILABLE ON LINE AT NCUA.GOV. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 481,341.