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Nonprofiteer
← CREDIT UNIONS CHARTERED IN THE STATE OF COLORADO

Form 990 for tax year 2023

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF COLORADO.

Totals

Total revenue
$9,391,147
Total expenses
$8,040,641
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,968,843
Investment income
$3,422,304
Other revenue
$0
Total assets, end of year
$248,270,789
Total liabilities, end of year
$226,546,923
Net assets or fund balances, end of year
$21,723,866
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$22,884

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST MEMBER LOANS

    total $3,996,580 · related or exempt $3,996,580

  • 2b · Program service revenue: FEES MEMBER SERVICES

    total $1,972,989 · related or exempt $1,932,875 · unrelated business $40,114

  • 3 · Investment income

    total $3,422,304 · related or exempt $3,422,304

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $597,089

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $1,401,960

  • 8 · Pension plan contributions

    total $275,609

  • 9 · Other employee benefits

    total $190,226

  • 10 · Payroll taxes

    total $164,840

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $9,618

  • 11c · Fees: accounting

    total $202,337

  • 11d · Fees: lobbying

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $120,847

  • 13 · Office expenses

    total $638,860

  • 14 · Information technology

    total $675,783

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $247,816

  • 17 · Travel

    total $3,976

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $23,648

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $215,592

  • 23 · Insurance

    total $62,949

  • 24a · Other expenses: PLASTIC CARD EXPENSE

    total $344,750

  • 24b · Other expenses: DIVIDENDS INTEREST ON MBR ACCTS

    total $2,317,589

  • 24c · Other expenses: OTHER PROFESSIONAL SERVICES

    total $422,152

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $125,000

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,868,253 · end of year $1,184,979

  • 2 · Savings and temporary cash investments

    beginning of year $6,474,030 · end of year $9,119,303

  • 4 · Accounts receivable

    beginning of year $784,468 · end of year $846,421

  • 6 · Loans and receivables from disqualified persons

    beginning of year $1,464,514 · end of year $1,495,988

  • 7 · Other notes and loans receivable

    beginning of year $79,508,062 · end of year $84,531,832

  • 9 · Prepaid expenses and deferred charges

    beginning of year $227,975 · end of year $310,834

  • 10c · Land, buildings and equipment, net

    beginning of year $2,733,913 · end of year $2,630,243

  • 11 · Investments: publicly traded securities

    beginning of year $63,599,503 · end of year $58,720,788

  • 12 · Investments: other securities

    beginning of year $65,180,000 · end of year $76,157,000

  • 15 · Other assets

    beginning of year $11,766,332 · end of year $13,273,401

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,841,662 · end of year $1,964,437

  • 25 · Other liabilities

    beginning of year $212,693,045 · end of year $224,582,486

  • 31 · Retained earnings, endowment or other funds

    beginning of year $19,072,343 · end of year $21,723,866

Mission and programs · 2023

Mission

PROVIDE FINANCIAL SERVICES TO ITS MEMBERS IN THE FORM OF COMPETITIVE LOAN RATES, SAVINGS RATES, MORTGAGE LENDING, CHECKING ACCOUNTS, AND DEBIT AND CREDIT CARDS.

Activities or mission (Part I)

CREDIT UNION PROGRAMS THE CREDIT UNION IS OWNED BY APPROXIMATELY 13,218 MEMBERS. THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS, SUCH AS CONSUMER LENDING CONTINUED ON SCHEDULE O STATEMENT 1

  • PROVIDED TO THE MEMBERS A COMPETITIVE RATE ON FUNDS DEPOSITED AND LOWER COST LOANS TO MEMBERS FOR BORROWED FUNDS.

    Revenue $3,159,511

  • PROVIDED TO THE CREDIT UNION MEMBERS CREDIT CARDS AND DEBIT CARDS FOR THEIR FINANCIAL SERVICE BENEFITS.

    Revenue $236,839

  • PROVIDED TO THE CREDIT UNION MEMBERS SHARE DRAFT ACCOUNTS FOR THEIR FINANCIAL CONVENIENCE AND SERVICE.

    Expenses $22,884

As filed on the 2023 return.

Listed in Part VII

  • Nathan Cape

    CEO

    Total calculated
    $139,231
    From this org
    $139,231
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

  • Kim Giordano

    CEO/CFO

    Total calculated
    $127,712
    From this org
    $127,712
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $127,712
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $127,712

  • Greg Leber

    IT

    Total calculated
    $109,371
    From this org
    $109,371
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

  • David Purfield

    CFO

    Total calculated
    $105,000
    From this org
    $105,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

  • Joella Krasovic

    COO

    Total calculated
    $102,375
    From this org
    $102,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

  • Greg Smith

    CHAIRMAN OF THE BOARD

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dave Anderson

    VICE CHAIRMAN

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gloria Bowser

    SEC/TREAS

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • John Shriver

    DIRECTOR

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Marilyn Rhodes

    DIRECTOR

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ellen Mahoney

    DIRECTOR

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joey Falbo

    DIRECTOR

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jon Kinnischtzke

    DIRECTOR

    Total calculated
    $600
    From this org
    $600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $600
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $600

  • Charlie Davis

    DIRECTOR

    Total calculated
    $200
    From this org
    $200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jayne Renkosik

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Approval by the board or compensation committee
  • 9 · Followed the rebuttable-presumption procedure

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
23 April 2024
IRS schema version
2023v5.0
Source object
202441159349300904

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