Elevations Credit Union
- Assets
- $3.2b
- Revenue
- $154.9m
- Investments
- $381.2m
- Employees
- 756
- Location
- Boulder, CO
- Founding
- 08/1968
- Data as of
- 12/2021
- 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 12/2021, Elevations Credit Union employed 756 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 12/2021, Elevations Credit Union generated $154.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $139.2m during the year ending 12/2021. While expenses have increased by 9.8% per year over the past 7 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
2021
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, EL PASO, 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 175,133 MEMBERS AND 186,294 SHARE ACCOUNTS. THERE WERE 14,991 LOANS GRANTED TOTALING $2,705,192,440. ELEVATIONS CURRENTLY OFFERS 15 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 |
|---|---|---|---|
Gerry Agnes President/ceo | Officer | 40 | $3,252,984 |
Cameron White-Ford VP Mortgage Sales | 40 | $1,733,425 | |
Aaron Staufer Mortgage Sales Manager | 40 | $1,637,211 | |
Elizabeth Million SVP Mortgage Sales | 40 | $1,626,807 | |
Michael Calcote Chief Financial Officer | Officer | 40 | $1,566,466 |
Todd Peyok VP Commercial Lending | 40 | $1,033,688 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Neenan Company Llp Construction | 12/30/21 | $6,300,168 |
Cu Cooperative Systems Inc Card Processing | 12/30/21 | $3,525,040 |
Shi International Corp It Equipment/services | 12/30/21 | $1,828,067 |
Ncr Corporation Online Banking | 12/30/21 | $1,914,076 |
Dovenmuehle (Dmi) Mortgage Subservicing | 12/30/21 | $2,981,962 |
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 | $150,663,181 |
| Investment income | $4,005,066 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$53,876 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $154,912,251 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $242,906 |
| 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. | $10,240,180 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $62,057,992 |
| Pension plan accruals and contributions | $675,456 |
| Other employee benefits | $6,211,281 |
| Payroll taxes | $4,406,741 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $519,590 |
| Fees for services: Accounting | $751,783 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,432,777 |
| Advertising and promotion | $4,495,820 |
| Office expenses | $4,601,175 |
| Information technology | $9,765,293 |
| Royalties | $0 |
| Occupancy | $5,836,491 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $571,843 |
| Interest | $4,247,748 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,653,512 |
| Insurance | $559,142 |
| All other expenses | $0 |
| Total functional expenses | $139,211,740 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,135,132 |
| Savings and temporary cash investments | $850,525,751 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,759,998,621 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,269,552 |
| Net Land, buildings, and equipment | $66,570,357 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $381,226,051 |
| Investments—program-related | $0 |
| Intangible assets | $5,652,582 |
| Other assets | $159,899,807 |
| Total assets | $3,242,277,853 |
| Accounts payable and accrued expenses | $54,414,435 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $46,933,921 |
| 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 | $2,839,638,332 |
| Total liabilities | $2,940,986,688 |
| 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 | $289,411,444 |
| Total liabilities and net assets/fund balances | $3,242,277,853 |
Grants Awarded
Over the last fiscal year, Elevations Credit Union has awarded $242,906 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Boulder, CO PURPOSE: SUPPORT SCHOLARSHIPS, ETC. | $142,906 |
Denver, CO PURPOSE: TO ASSIST THE VICTIMS OF A LOCAL GROCERY STORE SHOOTING IN BOULDER, CO | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community America Credit Union Lenexa, KS | $4,409,299,980 | $232,446,492 |
Bellco Credit Union Greenwood Village, CO | $6,160,459,649 | $233,085,363 |
Canvas Credit Union Lone Tree, CO | $3,601,131,958 | $198,159,456 |
Elevations Credit Union Boulder, CO | $3,242,277,853 | $154,912,251 |
One Az Credit Union Phoenix, AZ | $3,043,080,305 | $105,409,190 |
Ttcu Federal Credit Union Tulsa, OK | $2,611,508,582 | $123,227,030 |
Vantage West Credit Union Tucson, AZ | $2,536,511,128 | $106,118,675 |
Westerra Credit Union Denver, CO | $1,970,586,116 | $60,087,395 |
Truwest Credit Union Tempe, AZ | $1,519,187,668 | $64,029,017 |
Credit Union Of America Wichita, KS | $1,284,661,575 | $72,395,937 |
Credit Unions Chartered In The State Of Colorado Broomfield, CO | $1,586,159,504 | $57,634,628 |
Meritrust Credit Union Wichita, KS | $1,281,507,668 | $48,306,293 |