Form 990 for tax year 2022
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF COLORADO.
Totals
- Total revenue
- $20,539,634
- Total expenses
- $18,410,903
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $18,407,536
- Investment income
- $2,091,738
- Other revenue
- $40,360
- Total assets, end of year
- $437,413,993
- Total liabilities, end of year
- $392,426,218
- Net assets or fund balances, end of year
- $44,987,775
- 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: INTEREST ON LOANS TO MEMBERS
total $11,298,791 · related or exempt $11,298,791
-
2b · Program service revenue: OTHER INCOME
total $4,367,238 · related or exempt $4,367,238
-
2c · Program service revenue: FEES AND CHARGES
total $2,741,507 · related or exempt $2,741,507
-
3 · Investment income
total $1,606,995 · related or exempt $1,606,995
-
7a · Gross sales of assets other than inventory
other assets $7,758,053
-
7b · Less cost or other basis and sales expenses
other assets $7,273,310
-
7c · Gain or loss
other assets $484,743
-
7d · Net gain or loss
total $484,743 · related or exempt $484,743
-
11a · Other revenue: NON-MEMBER ATM FEES
total $40,360 · unrelated business $40,360
-
11e · Other revenue, total
$40,360
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $1,795,165
-
6 · Compensation of disqualified persons
total $4,824,372
-
8 · Pension plan contributions
total $272,369
-
9 · Other employee benefits
total $637,364
-
10 · Payroll taxes
total $465,417
-
11b · Fees: legal
total $19,089
-
11c · Fees: accounting
total $176,227
-
11g · Fees: other
total $225,241
-
12 · Advertising and promotion
total $530,808
-
13 · Office expenses
total $2,029,161
-
16 · Occupancy
total $1,097,698
-
17 · Travel
total $118,960
-
22 · Depreciation, depletion and amortization
total $422,281
-
24a · Other expenses: LOAN SERVICING EXPENSES
total $3,764,758
-
24b · Other expenses: INTEREST AND DIVIDENDS
total $1,301,743
-
24c · Other expenses: MISCELLANEOUS OTHER EXP
total $718,288
-
24d · Other expenses: PROVISION FOR LOAN LOSS
total $134,835
-
24e · All other expenses
total -$122,873
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,050,215 · end of year $2,318,003
-
2 · Savings and temporary cash investments
beginning of year $68,125,704 · end of year $25,716,698
-
4 · Accounts receivable
beginning of year $3,925,161 · end of year $805,251
-
5 · Loans and receivables from officers and key people
beginning of year $4,026,385 · end of year $6,999,149
-
7 · Other notes and loans receivable
beginning of year $282,725,409 · end of year $296,525,518
-
10a · Land, buildings and equipment: cost or other basis
$15,400,558
-
10b · Land, buildings and equipment: accumulated depreciation
$8,839,929
-
10c · Land, buildings and equipment, net
beginning of year $7,074,800 · end of year $6,560,629
-
11 · Investments: publicly traded securities
beginning of year $57,616,792 · end of year $79,961,770
-
12 · Investments: other securities
beginning of year $2,937,000 · end of year $2,512,200
-
13 · Investments: program-related
beginning of year $1,000,903 · end of year $1,000,904
-
14 · Intangible assets
beginning of year $19,027
-
15 · Other assets
beginning of year $13,522,884 · end of year $15,013,871
-
17 · Accounts payable and accrued expenses
beginning of year $3,075,550 · end of year $6,193,224
-
25 · Other liabilities
beginning of year $393,100,074 · end of year $386,232,994
-
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 $3,454,043 · end of year $3,454,043
-
31 · Retained earnings, endowment or other funds
beginning of year $44,394,613 · end of year $41,533,732
Mission and programs · 2022
Mission
TO PROMOTE THRIFT AND PROVIDE LOWER COST CREDIT TO THE MEMBERS OF THECREDIT UNION. TO PROMOTE THRIFT AMONG MEMBERS BY AFFORDING THEM THEOPPORTUNITY TO ACCUMULATE PAYMENTS ON SHARES AND TO MAKE LOANS FROMTHESE SHARES TO ITS MEMBERS.
Activities or mission (Part I)
TO PROMOTE THRIFT AND PROVIDE LOWER COST CREDIT TO THE MEMBERS OF THE CREDIT UNION. TO PROMOTE THRIFT AMONG MEMBERS BY AFFORDING THEM THE OPPORTUNITY TO ACCUMULATE PAYMENTS ON SHARES AND TO MAKE LOANS FROM THESE SHARES TO ITS MEMBERS.
-
PROVIDE A WIDE VARIETY OF FINANCIAL PRODUCTS AND SERVICES TO THEMEMBERS OF THE CREDIT UNION. OVER 36,000 MEMBERS SERVED.
As filed on the 2022 return.
Listed in Part VII
-
James DipaoloJAMES DIPAOLO
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Toni SheltonTONI SHELTON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Carolyn LawsonCAROLYN LAWSON
SECRETARY/TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Janice M CornellJANICE M CORNELL
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Morris E MurrayMORRIS E MURRAY
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 2
-
Andy BluntANDY BLUNT
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Helen GonzalesHELEN GONZALES
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Teressa BonfanteTERESSA BONFANTE
CO-CEO
- Total calculated
- $477,709
- From this org
- $453,532
- From related orgs
- $0
- Other
- $24,177
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $362,376
- Bonus
- $40,354
- Other
- $50,802
- Deferred
- $18,300
- Nontaxable benefits
- $5,877
- Filer's total
- $477,709
-
Shane SilvernaleSHANE SILVERNALE
CO-CEO
- Total calculated
- $484,302
- From this org
- $460,725
- From related orgs
- $0
- Other
- $23,577
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $353,284
- Bonus
- $40,354
- Other
- $67,087
- Deferred
- $18,300
- Nontaxable benefits
- $5,277
- Filer's total
- $484,302
-
Joseph TassanoJOSEPH TASSANO
VP OF BRANCHES
- Total calculated
- $246,340
- From this org
- $219,720
- From related orgs
- $0
- Other
- $26,620
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $174,785
- Bonus
- $18,700
- Other
- $26,235
- Deferred
- $12,030
- Nontaxable benefits
- $14,590
- Filer's total
- $246,340
-
Barbara RashBARBARA RASH
VP HUMAN RESOURCES
- Total calculated
- $192,853
- From this org
- $174,443
- From related orgs
- $0
- Other
- $18,410
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $136,436
- Bonus
- $13,700
- Other
- $24,307
- Deferred
- $9,523
- Nontaxable benefits
- $8,887
- Filer's total
- $192,853
-
Helen GibsonHELEN GIBSON
VP - STRATEGIC OUTREACH
- Total calculated
- $149,707
- From this org
- $132,411
- From related orgs
- $0
- Other
- $17,296
- Hours/week
- 40
-
Theresa SherryTHERESA SHERRY
VP - FINANCE
- Total calculated
- $191,638
- From this org
- $173,842
- From related orgs
- $0
- Other
- $17,796
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $140,554
- Bonus
- $13,500
- Other
- $19,788
- Deferred
- $7,701
- Nontaxable benefits
- $10,095
- Filer's total
- $191,638
-
Patrick KellyPATRICK KELLY
VP - INFORMATION TECHNOLOG
- Total calculated
- $178,292
- From this org
- $163,402
- From related orgs
- $0
- Other
- $14,890
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $133,558
- Bonus
- $13,000
- Other
- $16,844
- Deferred
- $9,013
- Nontaxable benefits
- $5,877
- Filer's total
- $178,292
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 · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 1A
- A COMPANION WAS ALLOWED TO TRAVEL WITH A VOLUNTEER FOR ONE CONFERENCE DURING THE YEAR. THE COMPANIONS ARE EXPECTED TO REPRESENT THE CREDIT UNION FOR THE SAME BUSINESS PURPOSE FOR WHICH THE VOLUNTEER WAS ATTENDING THE CONFERENCE.
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.
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
CREDIT UNION LENDING SOURCE LLC
FIRST MORTGAGE LOAN ORIGINATION SERVICES · CO · income $0 · assets $96,940
Directly controlled by DENVER COMMUNITY CREDIT UNION
-
DENVER COMMUNITY INSURANCE SERVICES LLC
INSURANCE SERVICES · CO · income $0 · assets $0
Directly controlled by DENVER COMMUNITY CREDIT UNION
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 13 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202323199349308902
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