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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
$237,343,960
Total expenses
$188,229,132
Contributions and grants received
$0
Grants paid
$975,381
Program service revenue
$224,044,894
Investment income
$9,476,816
Other revenue
$3,822,250
Total assets, end of year
$4,272,444,159
Total liabilities, end of year
$3,863,265,517
Net assets or fund balances, end of year
$409,178,642
Program services expenses (Part IX)
$188,229,132
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$188,229,132

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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 $181,454,935 · related or exempt $181,454,935

  • 2b · Program service revenue: PLASTICS INCOME

    total $21,978,554 · related or exempt $21,978,554

  • 2c · Program service revenue: FEES MEMBER SERVICE

    total $15,380,233 · related or exempt $15,380,233

  • 2d · Program service revenue: OTHER OPERATING INCOME

    total $4,118,989 · related or exempt $4,118,989

  • 2e · Program service revenue: SHARED BRANCH INCOME

    total $1,112,183 · related or exempt $1,112,183

  • 3 · Investment income

    total $5,412,438 · related or exempt -$165,985 · excluded $5,578,423

  • 6a · Gross rents

    real property $1,719,457

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $1,719,457

  • 6d · Net rental income or loss

    total $1,719,457 · excluded $1,719,457

  • 7a · Gross sales of assets other than inventory

    securities $62,271,047 · other assets $149,536,805

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

    securities $62,474,275 · other assets $145,269,199

  • 7c · Gain or loss

    securities -$203,228 · other assets $4,267,606

  • 7d · Net gain or loss

    total $4,064,378 · related or exempt $3,943,052 · excluded $121,326

  • 11a · Other revenue: BARGAIN PURCHASE PRICE

    total $1,259,655 · excluded $1,259,655

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

    total $446,969 · unrelated business $446,969

  • 11c · Other revenue: INSURANCE INCOME

    total $396,169 · unrelated business $396,169

  • 11e · Other revenue, total

    $2,102,793

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $975,381 · program services $975,381

  • 5 · Compensation of officers, directors and key employees

    total $10,724,910 · program services $10,724,910

  • 7 · Other salaries and wages

    total $50,585,352 · program services $50,585,352

  • 8 · Pension plan contributions

    total $789,487 · program services $789,487

  • 9 · Other employee benefits

    total $7,838,857 · program services $7,838,857

  • 10 · Payroll taxes

    total $4,040,363 · program services $4,040,363

  • 11b · Fees: legal

    total $3,087,867 · program services $3,087,867

  • 11g · Fees: other

    total $4,997,401 · program services $4,997,401

  • 12 · Advertising and promotion

    total $10,529,980 · program services $10,529,980

  • 16 · Occupancy

    total $4,903,759 · program services $4,903,759

  • 19 · Conferences, conventions and meetings

    total $1,685,682 · program services $1,685,682

  • 20 · Interest

    total $4,214,638 · program services $4,214,638

  • 22 · Depreciation, depletion and amortization

    total $5,470,779 · program services $5,470,779

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $23,669,772 · program services $23,669,772

  • 24b · Other expenses: DIVIDENDS & INTEREST -M

    total $19,816,298 · program services $19,816,298

  • 24c · Other expenses: TRANSACTION PROCESSING

    total $15,707,742 · program services $15,707,742

  • 24d · Other expenses: OFFICE OPERATIONS

    total $10,755,931 · program services $10,755,931

  • 24e · All other expenses

    total $8,434,933 · program services $8,434,933

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,829,576 · end of year $18,594,514

  • 2 · Savings and temporary cash investments

    beginning of year $426,772,483 · end of year $125,298,245

  • 4 · Accounts receivable

    beginning of year $2,300,096 · end of year $3,288,009

  • 5 · Loans and receivables from officers and key people

    beginning of year $76,433,732 · end of year $80,852,828

  • 7 · Other notes and loans receivable

    beginning of year $2,814,462,394 · end of year $3,753,933,308

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,478,711 · end of year $4,100,709

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

    $127,033,439

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

    $52,516,830

  • 10c · Land, buildings and equipment, net

    beginning of year $67,194,751 · end of year $74,516,609

  • 11 · Investments: publicly traded securities

    beginning of year $105,983,052 · end of year $92,041,895

  • 12 · Investments: other securities

    beginning of year $10,268,639 · end of year $22,855,965

  • 14 · Intangible assets

    beginning of year $3,775,091 · end of year $4,676,220

  • 15 · Other assets

    beginning of year $75,633,433 · end of year $92,285,857

  • 17 · Accounts payable and accrued expenses

    beginning of year $33,236,422 · end of year $38,710,067

  • 21 · Escrow or custodial account liability

    beginning of year $3,181,207 · end of year $3,311,009

  • 23 · Secured mortgages and notes payable

    end of year $260,000,000

  • 25 · Other liabilities

    beginning of year $3,205,304,144 · end of year $3,561,244,441

  • 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 $359,410,185 · end of year $409,178,642

Mission and programs · 2022

Mission

CANVAS CREDIT UNION WILL STRIVE TO HELP INDIVIDUALS AND FAMILIES MAKE BETTER DECISIONS AND GROW STRONGER FINANCIALLY. WE WILL PROVIDE SIMPLE AND RELEVANT PRODUCTS AND SERVICES AT A CONSISTENTLY HONEST VALUE. WE WILL HELP MEMBERS AFFORD LIFE.

  • THE CREDIT UNION IS OWNED BY APPROXIMATELY 298,000 MEMBERS. THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS, SUCH AS CONSUMER LENDING, SHARED BRANCHING SERVICES, DEPOSIT/TRANSACTIONAL SERVICES, MORTGAGE LENDING, COMMERCIAL LENDING, HOME BANKING, BILL PAYMENT AND OTHER FINANCIAL SERVICES.

    Expenses $188,229,132

As filed on the 2022 return.

Listed in Part VII

  • Tim Farrell

    DIRECTOR

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Tom Lash

    CHAIRMAN

    Total calculated
    $60,000
    From this org
    $60,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Scott Aaronson

    DIRECTOR

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rosalynn Feagins

    VICE CHAIR

    Total calculated
    $45,000
    From this org
    $45,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Tim Reed

    DIRECTOR

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Josh Burchfield

    TREASURER

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Gary Jones

    DIRECTOR

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jerome Davis

    SECRETARY

    Total calculated
    $35,000
    From this org
    $35,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Tansley Stearns

    C P&S OFFICER

    Total calculated
    $342,946
    From this org
    $309,353
    From related orgs
    $0
    Other
    $33,593
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,351
    Bonus
    $154,495
    Other
    $7,507
    Deferred
    $25,902
    Nontaxable benefits
    $7,691
    Filer's total
    $342,946

  • David Pierce

    SVP/CIO

    Total calculated
    $981,447
    From this org
    $597,222
    From related orgs
    $0
    Other
    $384,225
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $412,837
    Bonus
    $169,589
    Other
    $14,796
    Deferred
    $369,314
    Nontaxable benefits
    $14,911
    Filer's total
    $981,447

  • Stephen Ferrero

    CHIEF COMM ENG OFF

    Total calculated
    $857,606
    From this org
    $514,054
    From related orgs
    $0
    Other
    $343,552
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $357,401
    Bonus
    $140,231
    Other
    $16,422
    Deferred
    $341,486
    Nontaxable benefits
    $2,066
    Filer's total
    $857,606

  • Colleen Knoll

    CFO

    Total calculated
    $1,150,878
    From this org
    $693,326
    From related orgs
    $0
    Other
    $457,552
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $471,554
    Bonus
    $196,810
    Other
    $24,962
    Deferred
    $442,464
    Nontaxable benefits
    $15,088
    Filer's total
    $1,150,878

  • Darryl Marksberry

    CEO

    Total calculated
    $1,659,958
    From this org
    $1,190,050
    From related orgs
    $0
    Other
    $469,908
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $784,014
    Bonus
    $371,250
    Other
    $34,786
    Deferred
    $448,156
    Nontaxable benefits
    $21,752
    Filer's total
    $1,659,958

  • Chad Shane

    CHIEF LENDING OFF

    Total calculated
    $943,645
    From this org
    $583,338
    From related orgs
    $0
    Other
    $360,307
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $406,479
    Bonus
    $160,482
    Other
    $16,377
    Deferred
    $351,465
    Nontaxable benefits
    $8,842
    Filer's total
    $943,645

  • Benjamin Greiving

    GENERAL COUNSEL

    Total calculated
    $762,867
    From this org
    $429,643
    From related orgs
    $0
    Other
    $333,224
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $297,391
    Bonus
    $116,859
    Other
    $15,393
    Deferred
    $320,310
    Nontaxable benefits
    $12,914
    Filer's total
    $762,867

  • Chris Myklebust

    CHIEF TRANSFORMATION OFFIC

    Total calculated
    $715,123
    From this org
    $400,192
    From related orgs
    $0
    Other
    $314,931
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $263,687
    Bonus
    $124,020
    Other
    $12,485
    Deferred
    $298,679
    Nontaxable benefits
    $16,252
    Filer's total
    $715,123

  • Sara Ott

    CHIEF RETAIL OFFICER

    Total calculated
    $652,652
    From this org
    $328,645
    From related orgs
    $0
    Other
    $324,007
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,320
    Bonus
    $64,211
    Other
    $17,114
    Deferred
    $304,343
    Nontaxable benefits
    $19,664
    Filer's total
    $652,652

  • Carlos Vazquez

    SVP CISO

    Total calculated
    $422,256
    From this org
    $333,578
    From related orgs
    $0
    Other
    $88,678
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,009
    Bonus
    $60,000
    Other
    $11,569
    Deferred
    $77,049
    Nontaxable benefits
    $11,629
    Filer's total
    $422,256

  • Ryan Klassen

    SVP CONSUMER LENDING

    Total calculated
    $420,834
    From this org
    $330,791
    From related orgs
    $0
    Other
    $90,043
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,214
    Bonus
    $67,287
    Other
    $11,290
    Deferred
    $76,708
    Nontaxable benefits
    $13,335
    Filer's total
    $420,834

  • Steven Kitchen

    SR COMM RE LOAN OFF

    Total calculated
    $613,395
    From this org
    $563,056
    From related orgs
    $0
    Other
    $50,339
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $82,843
    Bonus
    $473,782
    Other
    $6,431
    Deferred
    $30,500
    Nontaxable benefits
    $19,839
    Filer's total
    $613,395

  • Scott Kline

    BUS SERV OFF

    Total calculated
    $541,719
    From this org
    $494,496
    From related orgs
    $0
    Other
    $47,223
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $84,833
    Bonus
    $400,209
    Other
    $9,454
    Deferred
    $27,508
    Nontaxable benefits
    $19,715
    Filer's total
    $541,719

  • Damian Jakubcyk

    VP DIGITAL INNOVATION

    Total calculated
    $344,585
    From this org
    $276,874
    From related orgs
    $0
    Other
    $67,711
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,441
    Bonus
    $44,813
    Other
    $1,620
    Deferred
    $58,950
    Nontaxable benefits
    $8,761
    Filer's total
    $344,585

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 · Written employment contract
  • 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 1A
SPOUSE TRAVEL WAS PROVIDED TO BOARD MEMBERS. THE SPOUSE TRAVEL BENEFITS WERE TREATED AS TAXABLE COMPENSATION IF EXCEEDED $600, AND ALL BENEFITS ARE APPROVED THROUGH THE ANNUAL BUDGETING PROCESS.
PART I, LINE 4B
SECTION 457(F) NON QUALIFIED DEFERRED COMPENSATION PLAN: THE CREDIT UNION HAD ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR SELECT MEMBERS OF MANAGEMENT UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. EACH MEMBER OF MANAGEMENT WHO IS OFFERED THE PLAN MUST BE CONTINUOUSLY EMPLOYED FOR A CERTAIN NUMBER OF YEARS TO EARN THE DEFERRED COMPENSATION PAYMENT. AMOUNTS ACCRUED UNDER THE PLAN FOR 2022 WERE AS FOLLOWS: PIERCE - $339,178 FERRERO - $314,117 KNOLL - $413,302 MARKSBERRY - $417,656 SHANE - $320,965 GREIVING - $289,810 MYKLEBUST - $270,364 OTT - $280,000 AMOUNTS PAID TO PLAN PARTICIANTS IN 2022 WERE AS FOLLOWS: PIERCE - $62,759 FERRERO - $43,284 KNOLL - $71,003 SHANE - $49,343 GREIVING - $17,949

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
8 October 2023
IRS schema version
2022v5.0
Source object
202313129349303386

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