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Nonprofiteer
← CREDIT UNIONS CHARTERED IN THE STATE OF COLORADO

Form 990 for tax year 2022

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF COLORADO.

Totals

Total revenue
$286,970,201
Total expenses
$200,344,282
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$271,245,768
Investment income
$15,721,907
Other revenue
$2,526
Total assets, end of year
$7,362,214,487
Total liabilities, end of year
$6,711,454,808
Net assets or fund balances, end of year
$650,759,679
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: INCOME ON LOANS

    total $231,583,805 · related or exempt $231,583,805

  • 2b · Program service revenue: FEES/CHARGES/OTHER

    total $39,020,152 · related or exempt $39,020,152

  • 2c · Program service revenue: FINANCE & INSURANCE

    total $641,811 · unrelated business $641,811

  • 3 · Investment income

    total $15,727,236 · related or exempt $15,727,236

  • 7a · Gross sales of assets other than inventory

    other assets $298,554

  • 7b · Less cost or other basis and sales expenses

    other assets $303,883

  • 7c · Gain or loss

    other assets -$5,329

  • 7d · Net gain or loss

    total -$5,329 · related or exempt -$5,329

  • 11a · Other revenue: MORTGAGE SERVICING RIG

    total $2,526 · related or exempt $2,526

  • 11e · Other revenue, total

    $2,526

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $7,279,224

  • 7 · Other salaries and wages

    total $26,247,156

  • 8 · Pension plan contributions

    total $8,375,553

  • 9 · Other employee benefits

    total $3,260,172

  • 10 · Payroll taxes

    total $2,244,351

  • 11a · Fees: management

    total $27,165,501

  • 11b · Fees: legal

    total $416,543

  • 11c · Fees: accounting

    total $571,555

  • 11g · Fees: other

    total $1,005,344

  • 12 · Advertising and promotion

    total $7,853,330

  • 13 · Office expenses

    total $5,632,243

  • 14 · Information technology

    total $14,770,949

  • 16 · Occupancy

    total $5,459,155

  • 17 · Travel

    total $202,005

  • 19 · Conferences, conventions and meetings

    total $102,985

  • 20 · Interest

    total $44,491,610

  • 22 · Depreciation, depletion and amortization

    total $4,075,239

  • 23 · Insurance

    total $221,490

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $13,523,284

  • 24b · Other expenses: ATM/CREDIT CARD

    total $12,230,208

  • 24c · Other expenses: LOAN SERVICING

    total $10,178,965

  • 24d · Other expenses: TELEPHONE AND POSTAGE

    total $2,213,342

  • 24e · All other expenses

    total $2,824,078

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $593,852,000 · end of year $582,506,850

  • 2 · Savings and temporary cash investments

    beginning of year $186,657 · end of year $198,231

  • 4 · Accounts receivable

    beginning of year $4,714,978 · end of year $2,165,089

  • 5 · Loans and receivables from officers and key people

    beginning of year $3,673,043 · end of year $4,328,953

  • 7 · Other notes and loans receivable

    beginning of year $4,886,469,452 · end of year $6,053,118,133

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,255,641 · end of year $3,764,138

  • 10a · Land, buildings and equipment: cost or other basis

    $102,617,420

  • 10b · Land, buildings and equipment: accumulated depreciation

    $63,598,624

  • 10c · Land, buildings and equipment, net

    beginning of year $33,979,097 · end of year $39,018,796

  • 11 · Investments: publicly traded securities

    beginning of year $386,047,265 · end of year $366,617,646

  • 12 · Investments: other securities

    beginning of year $54,079,865 · end of year $76,047,618

  • 15 · Other assets

    beginning of year $195,201,651 · end of year $234,449,033

  • 17 · Accounts payable and accrued expenses

    beginning of year $69,812,573 · end of year $94,946,588

  • 23 · Secured mortgages and notes payable

    beginning of year $300,000,000 · end of year $750,000,000

  • 25 · Other liabilities

    beginning of year $5,195,863,752 · end of year $5,866,508,220

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $594,783,324 · end of year $650,759,679

Mission and programs · 2022

Mission

BELLCO IS A PROGRESSIVE, MEMBER-OWNED ORGANIZATION THAT PROVIDES COMPETITIVE FINANCIAL SERVICES TO MEET EVOLVING MEMBER NEEDS. WE WILL SUSTAIN PLANNED GROWTH TO FUND THE FUTURE WHILE MAINTAINING MEMBER CONFIDENCE THROUGH FINANCIAL STABILITY. WE WILL PROVIDE A CHALLENGING AND REWARDING ENVIRONMENT FOR OUR EMPLOYEES AND CONTRIBUTE TO THE SOCIAL AND ECONOMIC WELL BEING OF OUR COMMUNITY.

  • INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jane Prancan

    BOD MEMBER/ DIRECTOR

    Total calculated
    $42,250
    From this org
    $42,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Laura Sonderup

    BOD/V. CHAIR

    Total calculated
    $42,250
    From this org
    $42,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Steven Angelier

    BOD/CHAIRMAN

    Total calculated
    $59,750
    From this org
    $59,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Walker Fleming

    BOD/DIRECTOR

    Total calculated
    $42,250
    From this org
    $42,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Douglas Ferraro

    BOD MEMBER/PRESIDENT/CEO

    Total calculated
    $1,683,029
    From this org
    $1,630,478
    From related orgs
    $0
    Other
    $52,551
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $891,543
    Bonus
    $551,200
    Other
    $187,735
    Deferred
    $31,900
    Nontaxable benefits
    $20,651
    Filer's total
    $1,683,029

  • Andrew Murray

    BOD MEMBER/DIRECTOR

    Total calculated
    $42,250
    From this org
    $42,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Mark D Goodman

    BOD MEMBER/DIRECTOR

    Total calculated
    $42,250
    From this org
    $42,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • David Powers

    BOD MEMBER

    Total calculated
    $42,250
    From this org
    $42,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Maria Alejandra Spray

    SUPERVISORY

    Total calculated
    $42,250
    From this org
    $42,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • C David Kikumoto

    BOD MEMBER/ SECRETARY/TREA

    Total calculated
    $42,250
    From this org
    $42,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Pete Kirchhof

    BOD MEMBER

    Total calculated
    $42,250
    From this org
    $42,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Daniel Kampen

    EVP/CFO

    Total calculated
    $3,887,381
    From this org
    $3,551,250
    From related orgs
    $0
    Other
    $336,131
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $642,096
    Bonus
    $401,700
    Other
    $2,507,454
    Deferred
    $324,400
    Nontaxable benefits
    $11,731
    Filer's total
    $3,887,381

  • John Rivera

    SVP/CRO

    Total calculated
    $538,353
    From this org
    $321,295
    From related orgs
    $0
    Other
    $217,058
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $312,792
    Bonus
    $4,000
    Other
    $4,503
    Deferred
    $198,437
    Nontaxable benefits
    $18,621
    Filer's total
    $538,353

  • Juan Carlos Campos

    VP GENERAL COUNSEL/COMPLIANCE OFFICER

    Total calculated
    $365,043
    From this org
    $323,913
    From related orgs
    $0
    Other
    $41,130
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $269,847
    Bonus
    $53,100
    Other
    $966
    Deferred
    $25,139
    Nontaxable benefits
    $15,991
    Filer's total
    $365,043

  • Jack Pargeon

    SVP-FINANCE

    Total calculated
    $657,967
    From this org
    $419,374
    From related orgs
    $0
    Other
    $238,593
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $293,352
    Bonus
    $123,250
    Other
    $2,772
    Deferred
    $231,684
    Nontaxable benefits
    $6,909
    Filer's total
    $657,967

  • Steven Lee

    SVP-CHIEF LENDING OFFICER

    Total calculated
    $450,245
    From this org
    $418,596
    From related orgs
    $0
    Other
    $31,649
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,114
    Bonus
    $42,100
    Other
    $154,382
    Deferred
    $10,920
    Nontaxable benefits
    $20,729
    Filer's total
    $450,245

  • Rebecca Stembel

    SVP-CMEO

    Total calculated
    $475,927
    From this org
    $310,863
    From related orgs
    $0
    Other
    $165,064
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,233
    Bonus
    $54,000
    Other
    $630
    Deferred
    $137,275
    Nontaxable benefits
    $27,789
    Filer's total
    $475,927

  • Carrie Fredenburg

    SVP-CHRO

    Total calculated
    $451,326
    From this org
    $300,468
    From related orgs
    $0
    Other
    $150,858
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,090
    Bonus
    $54,000
    Other
    $378
    Deferred
    $136,495
    Nontaxable benefits
    $14,363
    Filer's total
    $451,326

  • Susan Rice

    SVP-COMMERCIAL LENDING

    Total calculated
    $308,476
    From this org
    $277,193
    From related orgs
    $0
    Other
    $31,283
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,227
    Bonus
    $47,000
    Other
    $966
    Deferred
    $22,206
    Nontaxable benefits
    $9,077
    Filer's total
    $308,476

  • Alvin McCarthy

    COMMERCIAL BUSINESS OFFICER III

    Total calculated
    $2,770,574
    From this org
    $2,720,747
    From related orgs
    $0
    Other
    $49,827
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,386
    Bonus
    $2,582,373
    Other
    $1,988
    Deferred
    $35,688
    Nontaxable benefits
    $14,139
    Filer's total
    $2,770,574

  • Greg Lundstrom

    COMMERCIAL BUSINESS OFFICER III

    Total calculated
    $1,967,188
    From this org
    $1,928,712
    From related orgs
    $0
    Other
    $38,476
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,578
    Bonus
    $1,794,682
    Other
    $452
    Deferred
    $24,337
    Nontaxable benefits
    $14,139
    Filer's total
    $1,967,188

  • Leeann Downey

    SVP/CAO

    Total calculated
    $293,178
    From this org
    $249,697
    From related orgs
    $0
    Other
    $43,481
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $98,675
    Bonus
    $148,250
    Other
    $2,772
    Deferred
    $24,860
    Nontaxable benefits
    $18,621
    Filer's total
    $293,178

  • John M Ruby

    SVP/CLO

    Total calculated
    $352,890
    From this org
    $295,244
    From related orgs
    $0
    Other
    $57,646
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,735
    Bonus
    $138,175
    Other
    $5,334
    Deferred
    $30,007
    Nontaxable benefits
    $27,639
    Filer's total
    $352,890

  • Tim Billings

    VP TREASURY & ANALYTICS

    Total calculated
    $303,063
    From this org
    $275,743
    From related orgs
    $0
    Other
    $27,320
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $219,937
    Bonus
    $54,000
    Other
    $1,806
    Deferred
    $18,393
    Nontaxable benefits
    $8,927
    Filer's total
    $303,063

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

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
STEVEN LEE: $153,750. DOUGLAS FERRARO, JOHN M. RUBY, LEEANN DOWNEY, DAN KAMPEN, JACK PARGEON, AND JOHN RIVERA PARTICIPATE IN A NON QUALIFIED DEFERRED COMPENSATION PLAN. DURING 2022, THE FOLLOWING PARTICIPANT RECEIVED A BENEFIT PAYOUT: DAN KAMPEN: $2,500,000

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • BELLCO FOUNDATION

    501(C)(3) · TO FURTHER BELLCO CREDIT UNION'S CHARITABLE ACTIVITIES · CO · controlled entity

    Directly controlled by BELLCO CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
2 September 2023
IRS schema version
2022v5.0
Source object
202332509349300013

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