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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
$3,914,556
Total expenses
$3,245,149
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,453,940
Investment income
$460,616
Other revenue
$0
Total assets, end of year
$99,303,602
Total liabilities, end of year
$87,243,044
Net assets or fund balances, end of year
$12,060,558
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 M

    total $2,745,797 · related or exempt $2,745,797

  • 2b · Program service revenue: OTHER INCOME

    total $377,527 · related or exempt $377,527

  • 2c · Program service revenue: FEES AND OTHER CHARGES

    total $330,616 · related or exempt $330,616

  • 3 · Investment income

    total $431,027 · related or exempt $431,027

  • 7a · Gross sales of assets other than inventory

    other assets $29,589

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

    other assets $0

  • 7c · Gain or loss

    other assets $29,589

  • 7d · Net gain or loss

    total $29,589 · related or exempt $29,589

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $439,199

  • 7 · Other salaries and wages

    total $644,720

  • 8 · Pension plan contributions

    total $32,346

  • 9 · Other employee benefits

    total $99,588

  • 10 · Payroll taxes

    total $79,810

  • 11b · Fees: legal

    total $1,500

  • 11c · Fees: accounting

    total $12,441

  • 11g · Fees: other

    total $343,196

  • 12 · Advertising and promotion

    total $89,174

  • 13 · Office expenses

    total $168,171

  • 16 · Occupancy

    total $91,848

  • 17 · Travel

    total $6,829

  • 19 · Conferences, conventions and meetings

    total $4,792

  • 22 · Depreciation, depletion and amortization

    total $71,774

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $469,025

  • 24b · Other expenses: DIVIDEND/INTEREST MEMBE

    total $451,555

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $195,132

  • 24d · Other expenses: MISCELLANEOUS OPERTING

    total $34,766

  • 24e · All other expenses

    total $9,283

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $190,059 · end of year $245,720

  • 2 · Savings and temporary cash investments

    beginning of year $11,613,451 · end of year $3,376,329

  • 7 · Other notes and loans receivable

    beginning of year $53,368,767 · end of year $65,730,038

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

    $2,528,066

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

    $1,076,571

  • 10c · Land, buildings and equipment, net

    beginning of year $1,520,943 · end of year $1,451,495

  • 12 · Investments: other securities

    beginning of year $28,597,654 · end of year $23,449,592

  • 15 · Other assets

    beginning of year $3,539,860 · end of year $5,050,428

  • 17 · Accounts payable and accrued expenses

    beginning of year $817,166 · end of year $1,219,884

  • 25 · Other liabilities

    beginning of year $86,622,417 · end of year $86,023,160

  • 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 $1,244,413 · end of year $1,244,413

  • 31 · Retained earnings, endowment or other funds

    beginning of year $10,146,738 · end of year $10,816,145

Mission and programs · 2022

Mission

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 MEMBERS OFTHE CREDIT UNION. OVER 5,300 MEMBERS SERVED.

As filed on the 2022 return.

Listed in Part VII

  • Deborah Sampson

    VICE CHAIR/BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Steve Sexson

    DIRECTOR/BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Andrea Suhaka

    DIRECTOR/BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Richard Flanigan

    CHAIR/BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Jennifer Oswald-Boswell

    TREASURER/BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Allen Harimon

    DIRECTOR/BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • John Barton

    SECRETARY/BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Randy Verble

    DIRECTOR/BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Brandt Peterson

    CEO

    Total calculated
    $161,459
    From this org
    $150,900
    From related orgs
    $0
    Other
    $10,559
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,600
    Bonus
    $300
    Other
    $0
    Deferred
    $3,893
    Nontaxable benefits
    $6,666
    Filer's total
    $161,459

  • Amber Bredenstein

    DIRECTOR OF LENDING

    Total calculated
    $91,480
    From this org
    $79,600
    From related orgs
    $0
    Other
    $11,880
    Hours/week
    40

  • Karen Padrevita

    DIRECTOR OF IT & MARKETING

    Total calculated
    $98,253
    From this org
    $79,749
    From related orgs
    $0
    Other
    $18,504
    Hours/week
    40

  • Jovelyn Sison

    DIRECTOR OF MEMBER SERVICE

    Total calculated
    $88,007
    From this org
    $78,832
    From related orgs
    $0
    Other
    $9,175
    Hours/week
    40

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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
THE CREDIT UNION MAINTAINS A 457(F) SUPPLEMENTAL RETIREMENT PLAN THAT CERTAIN STAFF PARTICIPATE IN. FOR CALENDAR YEAR 2022, THERE WERE NO ACCRUALS OR PAYOUTS OF BENEFITS.

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
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202313199349311126

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