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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
$22,622,759
Total expenses
$22,221,479
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$19,700,644
Investment income
$2,883,560
Other revenue
$38,555
Total assets, end of year
$413,726,444
Total liabilities, end of year
$367,897,888
Net assets or fund balances, end of year
$45,828,556
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 $12,741,054 · related or exempt $12,741,054

  • 2b · Program service revenue: OTHER INCOME

    total $5,283,277 · related or exempt $5,283,277

  • 2c · Program service revenue: FEES AND CHARGES

    total $1,676,313 · related or exempt $1,676,313

  • 3 · Investment income

    total $2,859,150 · related or exempt $2,859,150

  • 7a · Gross sales of assets other than inventory

    other assets $24,410

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

    other assets $0

  • 7c · Gain or loss

    other assets $24,410

  • 7d · Net gain or loss

    total $24,410 · related or exempt $24,410

  • 11a · Other revenue: NON-MEMBER ATM FEES

    total $38,555 · unrelated business $38,555

  • 11e · Other revenue, total

    $38,555

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,848,493

  • 6 · Compensation of disqualified persons

    total $4,674,910

  • 8 · Pension plan contributions

    total $268,899

  • 9 · Other employee benefits

    total $630,876

  • 10 · Payroll taxes

    total $470,488

  • 11b · Fees: legal

    total $19,177

  • 11c · Fees: accounting

    total $122,814

  • 11g · Fees: other

    total $288,621

  • 12 · Advertising and promotion

    total $458,497

  • 13 · Office expenses

    total $2,522,335

  • 16 · Occupancy

    total $1,500,688

  • 17 · Travel

    total $150,149

  • 22 · Depreciation, depletion and amortization

    total $382,703

  • 24a · Other expenses: INTEREST AND DIVIDENDS

    total $4,264,857

  • 24b · Other expenses: LOAN SERVICING EXPENSES

    total $3,578,263

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $629,328

  • 24d · Other expenses: MISCELLANEOUS OTHER EXP

    total $410,381

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,318,003 · end of year $2,297,157

  • 2 · Savings and temporary cash investments

    beginning of year $25,716,698 · end of year $41,506,338

  • 4 · Accounts receivable

    beginning of year $805,251 · end of year $1,305,481

  • 5 · Loans and receivables from officers and key people

    beginning of year $6,999,149 · end of year $6,943,661

  • 7 · Other notes and loans receivable

    beginning of year $296,525,518 · end of year $267,259,711

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

    $15,495,626

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

    $9,204,875

  • 10c · Land, buildings and equipment, net

    beginning of year $6,560,629 · end of year $6,290,751

  • 11 · Investments: publicly traded securities

    beginning of year $79,961,770 · end of year $67,965,804

  • 12 · Investments: other securities

    beginning of year $2,512,200 · end of year $2,318,200

  • 13 · Investments: program-related

    beginning of year $1,000,904 · end of year $1,000,904

  • 15 · Other assets

    beginning of year $15,013,871 · end of year $16,838,437

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,193,224 · end of year $4,433,878

  • 25 · Other liabilities

    beginning of year $386,232,994 · end of year $363,464,010

  • 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 $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $41,533,732 · end of year $45,828,556

Mission and programs · 2023

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 2023 return.

Listed in Part VII

  • James Dipaolo

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Toni Shelton

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Carolyn Lawson

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Janice M Cornell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Morris E Murray

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Andy Blunt

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Helen Gonzales

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Teressa Bonfante

    CO-CEO

    Total calculated
    $503,803
    From this org
    $476,812
    From related orgs
    $0
    Other
    $26,991
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $396,323
    Bonus
    $42,121
    Other
    $38,368
    Deferred
    $19,800
    Nontaxable benefits
    $7,191
    Filer's total
    $503,803

  • Shane Silvernale

    CO-CEO

    Total calculated
    $483,480
    From this org
    $457,778
    From related orgs
    $0
    Other
    $25,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $396,323
    Bonus
    $42,121
    Other
    $19,334
    Deferred
    $19,800
    Nontaxable benefits
    $5,902
    Filer's total
    $483,480

  • Joseph Tassano

    VP OF BRANCHES

    Total calculated
    $250,180
    From this org
    $222,073
    From related orgs
    $0
    Other
    $28,107
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,372
    Bonus
    $16,000
    Other
    $9,701
    Deferred
    $12,327
    Nontaxable benefits
    $15,780
    Filer's total
    $250,180

  • Barbara Rash

    VP HUMAN RESOURCES

    Total calculated
    $199,641
    From this org
    $178,174
    From related orgs
    $0
    Other
    $21,467
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,027
    Bonus
    $12,000
    Other
    $14,147
    Deferred
    $9,938
    Nontaxable benefits
    $11,529
    Filer's total
    $199,641

  • Rachael Calderon

    VP - STRATEGIC OUTREACH

    Total calculated
    $145,791
    From this org
    $126,065
    From related orgs
    $0
    Other
    $19,726
    Hours/week
    40

  • Theresa Sherry

    VP - FINANCE

    Total calculated
    $225,425
    From this org
    $201,194
    From related orgs
    $0
    Other
    $24,231
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,714
    Bonus
    $12,000
    Other
    $10,480
    Deferred
    $11,543
    Nontaxable benefits
    $12,688
    Filer's total
    $225,425

  • Patrick Kelly

    VP - INFORMATION TECHNOLOG

    Total calculated
    $203,240
    From this org
    $186,395
    From related orgs
    $0
    Other
    $16,845
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,957
    Bonus
    $13,000
    Other
    $3,438
    Deferred
    $10,335
    Nontaxable benefits
    $6,510
    Filer's total
    $203,240

  • Holly Vanderpool

    AVP - RETAIL

    Total calculated
    $126,162
    From this org
    $113,275
    From related orgs
    $0
    Other
    $12,887
    Hours/week
    40

  • Emery A Harris

    IT MANAGER

    Total calculated
    $120,516
    From this org
    $107,644
    From related orgs
    $0
    Other
    $12,872
    Hours/week
    40

  • Alan Lang

    AVP - FINANCE

    Total calculated
    $122,750
    From this org
    $106,148
    From related orgs
    $0
    Other
    $16,602
    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

  • 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 $96,930

    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
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433209349313433

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