Canvas Credit Union
- Assets
- $3.6b
- Revenue
- $198.2m
- Investments
- $10.3m
- Employees
- 1,110
- Location
- Lone Tree, CO
- Founding
- 08/1968
- Data as of
- 12/2021
- EIN
- 84-6023137
Organization Overview
Canvas Credit Union is located in Lone Tree, 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, Canvas Credit Union employed 1,110 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Canvas 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, Canvas Credit Union generated $198.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $143.0m during the year ending 12/2021. While expenses have increased by 11.0% 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.
Since 2014, Canvas Credit Union has awarded 49 individual grants totaling $1,517,550. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CANVAS CREDIT UNION WILL STRIVE TO HELP INDIVIDUALS AND FAMILIES MAKE BETTER DECISIONS AND GROW STRONGER FINANCIALLY. WE WILL PROVIDE SIMPLE AND RELEVANT PRODUCTS AND SERVICES AT A CONSISTENTLY HONEST VALUE. WE WILL HELP MEMBERS AFFORD LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION IS OWNED BY APPROXIMATELY 269,000 MEMBERS. THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS, SUCH AS CONSUMER LENDING, SHARED BRANCHING SERVICES, DEPOSIT/TRANSACTIONAL SERVICES, MORTGAGE LENDING, COMMERCIAL LENDING, HOME BANKING, BILL PAYMENT AND OTHER FINANCIAL SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darryl Marksberry CEO | Officer | 40 | $1,040,608 |
Colleen Knoll CFO | Officer | 40 | $620,185 |
David Pierce Svp/cio | Officer | 40 | $547,120 |
Chad Shane Chief Lending Off | Officer | 40 | $502,945 |
Stephen Ferrero Chief Comm Eng Off | Officer | 40 | $451,257 |
Tansley Stearns C P&s Officer | Officer | 40 | $445,828 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cu Cooperative Systems Inc Card/atm Services | 12/30/21 | $5,506,041 |
Pro Found Recovery Solutions Asset Recovery | 12/30/21 | $1,594,631 |
Duet Media Advertising | 12/30/21 | $2,280,006 |
Precision Contractors Construction | 12/30/21 | $1,478,106 |
Financial Construction Services Construction | 12/30/21 | $1,400,834 |
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 | $184,943,200 |
| Investment income | $2,088,884 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,639,791 |
| Net Gain/Loss on Asset Sales | $8,715,179 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $198,159,456 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $597,315 |
| 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. | $5,522,309 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $44,724,504 |
| Pension plan accruals and contributions | $2,875,876 |
| Other employee benefits | $6,290,726 |
| Payroll taxes | $3,435,339 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $329,764 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,866,219 |
| Advertising and promotion | $8,491,488 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,877,569 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,101,146 |
| Interest | $963,719 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,354,924 |
| Insurance | $0 |
| All other expenses | $8,117,119 |
| Total functional expenses | $143,000,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,829,576 |
| Savings and temporary cash investments | $426,772,483 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,300,096 |
| Loans from Officers, Directors, or Controlling Persons | $76,433,732 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,814,462,394 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,478,711 |
| Net Land, buildings, and equipment | $67,194,751 |
| Investments—publicly traded securities | $105,983,052 |
| Investments—other securities | $10,268,639 |
| Investments—program-related | $0 |
| Intangible assets | $3,775,091 |
| Other assets | $75,633,433 |
| Total assets | $3,601,131,958 |
| Accounts payable and accrued expenses | $33,236,422 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,181,207 |
| 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 | $3,205,304,144 |
| Total liabilities | $3,241,721,773 |
| 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 | $359,410,185 |
| Total liabilities and net assets/fund balances | $3,601,131,958 |
Grants Awarded
Over the last fiscal year, Canvas Credit Union has awarded $567,315 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
PLAYFLY HOLDINGS LLC PURPOSE: SPONSORSHIP | $122,500 |
OUTFRONT MEDIA PURPOSE: SPONSORSHIP | $122,500 |
AMERICAN RED CROSS PURPOSE: DONATION | $100,000 |
Lone Tree, CO PURPOSE: DONATION | $70,290 |
COLORADO STATE UNIVERSITY PURPOSE: SPONSORSHIP | $55,542 |
SCRIPPS MEDIA INC PURPOSE: SPONSORSHIP | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Canvas Credit Union has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Mountain West Credit Union Foundation Denver, CO PURPOSE: LEADERSHIP IN ACTION GRANT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community America Credit Union Lenexa, KS | $4,409,299,980 | $232,446,492 |
Bellco Credit Union Greenwood Village, CO | $6,160,459,649 | $233,085,363 |
Canvas Credit Union Lone Tree, CO | $3,601,131,958 | $198,159,456 |
Elevations Credit Union Boulder, CO | $3,242,277,853 | $154,912,251 |
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 |