Elevations Credit Union
- Assets
- $2.2b
- Revenue
- $149.4m
- Investments
- $158.1m
- Employees
- 673
- Location
- Boulder, CO
- Founding
- 08/1968
- Data as of
- 12/2019
- EIN
- 84-0459116
Organization Overview
Elevations Credit Union is located in Boulder, CO. The organization was established in 1968. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2019, Elevations Credit Union employed 673 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Elevations Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2019, Elevations Credit Union generated $149.4m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $121.8m during the year ending 12/2019. While expenses have increased by 11.0% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
WE PROVIDE SOLUTIONS FOR A BETTER LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELEVATIONS CREDIT UNION SERVES ADAMS, ARAPAHOE, BOULDER, BROOMFIELD, DENVER, DOUGLAS, JEFFERSON, LARIMER AND WELD COUNTIES. THE CREDIT UNION OFFERS A FULL ARRAY OF PRODUCTS AND SERVICES, INCLUDING DEPOSITORY AND LOAN PRODUCTS, ATM/DEBIT PROGRAM, FINANCIAL EDUCATION, INSURANCE AND INVESTMENT SALES. WE ENDED THE YEAR WITH 143,850 MEMBERS AND 176,692 SHARE ACCOUNTS. THERE WERE 15,580 LOANS GRANTED TOTALING $1,786,105,404. ELEVATIONS CURRENTLY OFFERS 13 BRANCH LOCATIONS AND A WIDE ARRAY OF REMOTE OPTIONS THROUGH OUR COOPERATION WITH THE COOP ATM NETWORK, CUSN AND ONLINE BANKING OFFERINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cameron White-Ford Mortgage Sales Manager | 40 | $1,053,706 | |
Gerry Agnes President/ceo | Officer | 40 | $964,616 |
Elizabeth Million VP Mortgage Sales | 40 | $846,530 | |
Todd Peyok VP Commercial Lending | 40 | $813,426 | |
Aaron Staufer Mortgage Loan Originator | 40 | $778,950 | |
Lauri Larson Mortgage Loan Originator | 40 | $596,715 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cu Cooperative Systems Inc Card Processing | 12/30/19 | $2,341,798 |
Dovenmuehle (Dmi) Mortgage Subservicing | 12/30/19 | $2,188,700 |
Neenan Company Llp Construction | 12/30/19 | $7,315,121 |
Ncr Corporation Online Banking | 12/30/19 | $1,932,599 |
Augeo Consumer Engagement Services Credit Card Rewards | 12/30/19 | $1,232,935 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $130,738,518 |
| Investment income | $8,184,076 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,524,177 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $149,375,954 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $539,489 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,770,714 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $50,761,848 |
| Pension plan accruals and contributions | $1,511,821 |
| Other employee benefits | $4,978,366 |
| Payroll taxes | $3,692,369 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $234,697 |
| Fees for services: Accounting | $427,454 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,175,441 |
| Advertising and promotion | $5,522,423 |
| Office expenses | $4,817,152 |
| Information technology | $6,957,773 |
| Royalties | $0 |
| Occupancy | $5,072,929 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $981,052 |
| Interest | $3,740,772 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,553,012 |
| Insurance | $554,665 |
| All other expenses | $2,445,819 |
| Total functional expenses | $121,822,203 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,770,630 |
| Savings and temporary cash investments | $248,141,584 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $1,917,262 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,575,888,517 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,626,190 |
| Net Land, buildings, and equipment | $66,594,016 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $158,118,250 |
| Investments—program-related | $0 |
| Intangible assets | $5,652,582 |
| Other assets | $140,802,705 |
| Total assets | $2,213,511,736 |
| Accounts payable and accrued expenses | $43,494,674 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $40,332,846 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,880,547,157 |
| Total liabilities | $1,964,374,677 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $11,879,721 |
| Retained earnings, endowment, accumulated income, or other funds | $237,257,338 |
| Total liabilities and net assets/fund balances | $2,213,511,736 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bellco Credit Union Greenwood Village, CO | $5,171,032,513 | $254,737,778 |
Community America Credit Union Lenexa, KS | $2,942,812,522 | $191,438,836 |
Canvas Credit Union Lone Tree, CO | $2,726,664,766 | $173,007,741 |
One Az Credit Union Phoenix, AZ | $2,608,126,699 | $106,232,415 |
Elevations Credit Union Boulder, CO | $2,213,511,736 | $149,375,954 |
Vantage West Credit Union Tucson, AZ | $2,015,563,365 | $118,310,063 |
Ttcu Federal Credit Union Tulsa, OK | $2,019,744,867 | $107,654,707 |
Meritrust Credit Union Wichita, KS | $1,215,121,922 | $75,229,939 |
Westerra Credit Union Denver, CO | $1,571,773,647 | $71,471,009 |
Truwest Credit Union Tempe, AZ | $1,368,227,248 | $69,985,415 |
Credit Union Of America Wichita, KS | $985,502,271 | $61,355,535 |
Credit Unions Chartered In The State Of Colorado Boulder, CO | $1,241,180,693 | $60,792,013 |