Credit Unions Chartered In The State Of Colorado
- Assets
- $3.4b
- Revenue
- $190.5m
- Investments
- $468.0m
- Employees
- 748
- Location
- Boulder, CO
- Founding
- 08/1968
- Data as of
- 12/2023
- EIN
- 84-0459116
Organization Overview
Credit Unions Chartered In The State Of Colorado is located in Boulder, 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 12/2023, Credit Unions Chartered In The State Of Colorado employed 748 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions Chartered In The State Of Colorado 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 12/2023, Credit Unions Chartered In The State Of Colorado generated $190.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $162.9m during the year ending 12/2023. While expenses have increased by 9.4% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TOGETHER WE CREATE SOLUTIONS FOR A BETTER LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELEVATIONS CREDIT UNION SERVES ADAMS, ARAPAHOE, BOULDER, BROOMFIELD, CLEAR CREEK, DELTA, DENVER, DOUGLAS, EAGLE, EL PASO, GILPIN, GRAND, JEFFERSON, LARIMER, MESA, PARK, SUMMIT, AND WELD COUNTIES. THE CREDIT UNION 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 177,943 MEMBERS AND 192,089 SHARE ACCOUNTS. THERE WERE 34,955 LOANS GRANTED TOTALING $1,492,077,156. ELEVATIONS CURRENTLY OFFERS 14 BRANCH LOCATIONS, 4 LOAN PRODUCTION OFFICES, AND A WIDE ARRAY OF REMOTE OPTIONS THROUGH OUR COOPERATION WITH THE COOP ATM NETWORK, CUSN AND ONLINE BANKING OFFERINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kate Brown Board Of Directors | Trustee | 6 | $50,000 |
Barbara Brohl Board Of Directors | Trustee | 6 | $12,500 |
Ray Martinez Board Of Directors - Vice Chair | OfficerTrustee | 8 | $59,337 |
Don Cheyne Board Of Directors - Chair | OfficerTrustee | 10 | $79,191 |
Nancy Herbert Board Of Directors | Trustee | 6 | $50,000 |
Natalie Baumgartner Board Of Directors | Trustee | 6 | $50,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dovenmuehle (Dmi) Mortgage Subservicing | 12/30/23 | $2,790,477 |
Cu Cooperative Systems Inc Card Processing | 12/30/23 | $3,140,792 |
Fact And Fiction Marketing, Advertising | 12/30/23 | $1,545,695 |
Appraisal Logistic Solutions Llc Appraisal Management | 12/30/23 | $1,136,533 |
Ncr Corporation Online Banking | 12/30/23 | $1,640,227 |
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 | $162,038,965 |
| Investment income | $27,781,772 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$43,295 |
| Net Gain/Loss on Asset Sales | -$159,729 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $190,500,369 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $432,231 |
| 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. | $6,476,743 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $55,684,098 |
| Pension plan accruals and contributions | $1,923,130 |
| Other employee benefits | $6,905,493 |
| Payroll taxes | $4,660,488 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $134,016 |
| Fees for services: Accounting | $507,672 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,342,008 |
| Advertising and promotion | $6,149,660 |
| Office expenses | $5,478,958 |
| Information technology | $9,989,167 |
| Royalties | $0 |
| Occupancy | $6,335,479 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $843,276 |
| Interest | $30,371,154 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,287,825 |
| Insurance | $767,467 |
| All other expenses | $0 |
| Total functional expenses | $162,885,622 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,951,450 |
| Savings and temporary cash investments | $81,543,716 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,475,283,871 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,216,166 |
| Net Land, buildings, and equipment | $58,031,012 |
| Investments—publicly traded securities | $177,167,191 |
| Investments—other securities | $468,017,195 |
| Investments—program-related | $0 |
| Intangible assets | $5,652,582 |
| Other assets | $125,506,408 |
| Total assets | $3,409,369,591 |
| Accounts payable and accrued expenses | $78,201,704 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $58,668,206 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $398,159,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,565,092,937 |
| Total liabilities | $3,100,121,847 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $309,247,744 |
| Total liabilities and net assets/fund balances | $3,409,369,591 |
Grants Awarded
Over the last fiscal year, Credit Unions Chartered In The State Of Colorado has awarded $319,672 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ELEVATIONS FOUNDATION PURPOSE: SUPPORT SCHOLARSHIPS, ETC. | $219,672 |
BOULDER COUNTY HOUSING & HUMAN SERVICES PURPOSE: HELP THE VICTIMS OF THE MARSHALL FIRE THAT OCCURRED IN LATE 2021 | $100,000 |