Westerra Credit Union
- Assets
- $2.0b
- Revenue
- $60.1m
- Investments
- $499.8m
- Employees
- 418
- Location
- Denver, CO
- Founding
- 08/1968
- Data as of
- 12/2021
- EIN
- 84-0188017
Organization Overview
Westerra Credit Union is located in Denver, CO. The organization was established in 1968. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Westerra Credit Union employed 418 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Westerra Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Westerra Credit Union generated $60.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $61.1m during the year ending 12/2021. While expenses have increased by 4.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO POSITIVELY IMPACT LIVES THROUGH PERSONAL ATTENTION AND FINANCIAL EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE A WIDE VARIETY OF FINANCIAL PRODUCTS AND SERVICES TO THE 111,672 MEMBERS OF THE CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Champion President/chief Executive | Officer | 40 | $597,489 |
Jason Sasena Chief Lending Officer | Officer | 40 | $391,666 |
Joy Mantelli Retail Mortgage Loan Officer | 40 | $376,594 | |
Steve Schmidle Chief Financial Officer | Officer | 40 | $363,730 |
Michelle Burke VP Mortgage Lending | 40 | $295,740 | |
Melissa Anne Bowman Retail Mortgage Loan Officer | 40 | $259,066 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lrxd Marketing/advertising Production | 12/30/21 | $754,699 |
Trexis Llc Software Implementation | 12/30/21 | $904,150 |
Blue Sage Solutions Software Implementation | 12/30/21 | $545,000 |
Fivefifty Ltd Advertising Services | 12/30/21 | $519,975 |
Backbase Usa Inc Software Implementation/access | 12/30/21 | $508,735 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $47,968,475 |
| Investment income | $4,432,700 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $315,896 |
| Net Gain/Loss on Asset Sales | $7,370,324 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $60,087,395 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,923,347 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,602,626 |
| Pension plan accruals and contributions | $1,605,561 |
| Other employee benefits | $1,872,857 |
| Payroll taxes | $1,811,355 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $366,815 |
| Fees for services: Accounting | $356,155 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,781,873 |
| Advertising and promotion | $3,594,506 |
| Office expenses | $6,625,037 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,230,490 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,363,906 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $61,125,029 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $383,974,415 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,323,728 |
| Loans from Officers, Directors, or Controlling Persons | $1,119,338 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $998,912,378 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $27,860,543 |
| Net Land, buildings, and equipment | $22,628,119 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $499,827,027 |
| Investments—program-related | $0 |
| Intangible assets | $4,099,555 |
| Other assets | $28,841,013 |
| Total assets | $1,970,586,116 |
| Accounts payable and accrued expenses | $13,116,008 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,759,769,316 |
| Total liabilities | $1,772,885,324 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $16,338,071 |
| Retained earnings, endowment, accumulated income, or other funds | $181,362,721 |
| Total liabilities and net assets/fund balances | $1,970,586,116 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
One Az Credit Union Phoenix, AZ | $3,043,080,305 | $105,409,190 |
Ttcu Federal Credit Union Tulsa, OK | $2,611,508,582 | $123,227,030 |
Vantage West Credit Union Tucson, AZ | $2,536,511,128 | $106,118,675 |
Westerra Credit Union Denver, CO | $1,970,586,116 | $60,087,395 |
Truwest Credit Union Tempe, AZ | $1,519,187,668 | $64,029,017 |
Credit Union Of America Wichita, KS | $1,284,661,575 | $72,395,937 |
Credit Unions Chartered In The State Of Colorado Broomfield, CO | $1,586,159,504 | $57,634,628 |
Meritrust Credit Union Wichita, KS | $1,281,507,668 | $48,306,293 |
True Sky Credit Union Oklahoma City, OK | $831,301,668 | $47,281,663 |
Credit Unions In State Of Arizona Glendale, AZ | $1,059,321,576 | $47,143,966 |
Weokie Federal Credit Union Oklahoma City, OK | $1,024,486,254 | $42,986,888 |
Credit Unions In The State Of New Mexico Albuquerque, NM | $827,742,636 | $41,680,287 |