Sooper Credit Union FY2022 filing

Not tax-deductible

Arvada, COMutual-benefit / member-servingSince 1951EIN 84-0419976Revenue $32.9M in FY2022

On file with the IRSsoopercu.org5005 W 60th Ave, 80003-6918 · Arvada, COTax-exempt since Aug 1968

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To improve our communities' quality of life by enhancing our members' financial well-being.

$3.1M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $6.1M a year · 18% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$3.1M
to officers and key staff · 13% of spending
Looks good: pay to officers and key staff is 13% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
14 mo
of spending, in cash
Looks good: 14.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$571.3M
90% of total assets
Concern: liabilities are 90% of assets; over 80%.
Pt X · Ln 26
Independent board members
0
of 11 voting members
Concern: none of 11 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$32.9M
+29% vs prior year
Spent
$23.7M
Net assets
$60.8M
By yearFY2020–FY2024
Revenue
$32.9M
FY2022▲ +29%
Tap a bar for its year
Revenue by fiscal year
FY2020$22.1M
FY2021$25.5M
FY2022$32.9M
FY2023$42.6M
FY2024$50.6M
Expenses
$23.7M
FY2022▲ +22%
Tap a bar for its year
Expenses by fiscal year
FY2020$19.6M
FY2021$19.5M
FY2022$23.7M
FY2023$34.8M
FY2024$45.5M
Net assets
$60.8M
FY2022▲ +11%
Tap a bar for its year
Net assets by fiscal year
FY2020$49.3M
FY2021$54.9M
FY2022$60.8M
FY2023$68.5M
FY2024$73.5M

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1968.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

31 people listed on the 990; $3.1M paid to officers and key staff.

Part VII, Section A · reportable compensation
CEO/President
$385,821Pt VII · Sec A
CEO/President Emeritus
$323,334Pt VII · Sec A
Chief Lending Officer
$243,984Pt VII · Sec A
Chief Strategy Officer
$212,759Pt VII · Sec A
VP Lending
$179,169Pt VII · Sec A
$168,236Pt VII · Sec A
$161,877Pt VII · Sec A
VP Retail
$157,657Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Carrie Langgard$620,045$503,694$385,821$236,298$215,001
Daniel Kester——$323,334$412,307$368,050
Darrell Mann————$317,856
Gary Robbins$304,176$277,704$243,984$170,580$126,717
Charlie Emanuel$302,696$268,408$161,877——
Nathan Rogers$285,271$259,585———
Nate Rogers——$212,759$148,660$18,406
Iain McHenry$205,927$70,178———

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II8 listed

Programs and updates

Boosts members' financial health to improve community life.

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Provided by the organization

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1 program · in their own filed words · FY2022
01

The credit union is owned by approximately 35,000 members. The creditunion provides financial services to its members. Some of theseservices include consumer lending, mortgage lending, checking andsavings accounts, and share certificates. The credit union also offersatm, debit and credit cards, in addition to other financial services.

Pt IX · col B

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$32.9M
Ln 12
Fees for servicesLn 2g$28.4M
Investment incomeLn 3$4.5M
Other incomeLn 4–11$19K
Money outPt IX
$23.7M
Ln 25
Owns and owesPt X
$60.8M
net assets · Ln 32
Cash and savingsLn 1–2$28.6M
Total assetsLn 16$632.1M
LiabilitiesLn 26$571.3M
PeoplePt VI, VII
31
listed · VII A
PaidVII A29
Voting boardVI 1a11
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$28.4M
Investment incomeLn 3$4.5M
Other incomeLn 4–11$19K
Gains on assetsLn 7$3.8M
Total revenueLn 12$32.9M
Assets in detailPt X, end of year
CashLn 1$6.1M
SavingsLn 2$22.5M
Cash and savings togetherLn 1–2$28.6M
InvestmentsLn 11–13$36.0M
Land, buildings, equipmentLn 10c$8.5M
Other assetsLn 15$15.4M
Total assetsLn 16$632.1M
LiabilitiesLn 26$571.3M
Net assetsLn 32$60.8M
OperationsPt I, VI
EmployeesI 5135
VolunteersI 69
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$25.9M$28.6M
InvestmentsLn 11–13$43.3M$36.0M
Land, buildings, equipmentLn 10c$8.9M$8.5M
Total assetsLn 16$541.4M$632.1M
LiabilitiesLn 26$486.5M$571.3M
Net assetsLn 32$54.9M$60.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$2.7M
Other salaries and wagesLn 7$6.9M
Pension plan contributionsLn 8$233K
Other employee benefitsLn 9$789K
Payroll taxesLn 10$582K
Legal feesLn 11b$24K
Accounting feesLn 11c$149K
Other fees for servicesLn 11g$508K
Advertising and promotionLn 12$320K
Office expensesLn 13$4.1M
RoyaltiesLn 15$224K
OccupancyLn 16$1.1M
Conferences, conventions and meetingsLn 19$22K
Depreciation, depletion and amortizationLn 22$813K
InsuranceLn 23$137K
Other expenses (24a–d)Ln 24$5.0M
All other expensesLn 24e$72K
Total functional expensesLn 25$23.7M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $50.6M$45.5M$5.1M$73.5M 990 PDF
FY2023 $42.6M$34.8M$7.8M$68.5M 990 PDF
FY2022 Viewing $32.9M$23.7M$9.2M$60.8M 990 PDF
FY2021 $25.5M$19.5M$6.1M$54.9M 990 PDF
FY2020 $22.1M$19.6M$2.4M$49.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $32,901,529 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $23,377,289$28,390,221
I-10 Investment incomePrior year $2,122,129$4,492,016
I-11 Other revenuePrior year $22,658$19,292
I-12 Total revenuePrior year $25,522,076$32,901,529
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $8,798,515$11,241,548
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $10,666,847$12,485,187
I-18 Total expensesPrior year $19,465,362$23,726,735
I-19 Revenue less expensesPrior year $6,056,714$9,174,794
Part VI · Governance 0 of 11 board members independent, no flags
VI-1a Voting members of the governing body11
VI-1b Independent voting members0
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $32,901,529 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $28,390,221$28,390,221
VIII-3 Investment incomeRelated to mission $737,644$737,644
VIII-7 Net gain or loss on sales of assetsRelated to mission $3,754,372$3,754,372
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $19,292$19,292
VIII-12 Total revenueRelated to mission $32,882,237 · Unrelated business $19,292 · Excluded from tax $0$32,901,529
Part IX · Statement of functional expenses $23,726,735 across 17 lines filed
IX-5 Pay of current officers, directors and key staff$2,710,392
IX-7 Other salaries and wages$6,926,781
IX-8 Pension plan contributions$232,559
IX-9 Other employee benefits$789,358
IX-10 Payroll taxes$582,458
IX-11b Legal fees$23,897
IX-11c Accounting fees$149,291
IX-11g Other fees for services$507,759
IX-12 Advertising and promotion$319,524
IX-13 Office expenses$4,058,498
IX-15 Royalties$223,999
IX-16 Occupancy$1,136,530
IX-19 Conferences, conventions and meetings$21,567
IX-22 Depreciation, depletion and amortization$813,000
IX-23 Insurance$136,819
IX-24 Other expenses (24a–d)$5,022,708
IX-24e All other expenses$71,595
IX-25 Total functional expenses$23,726,735
Part X · Balance sheet $632,073,960 assets, 15 lines filed
Asset lines not itemized here account for $541,882,490; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $5,103,659$6,122,868
X-2 Savings and temporary cash investmentsStart of year $20,775,989$22,459,405
X-4 Accounts receivableStart of year $701,847$620,634
X-9 Prepaid expenses and deferred chargesStart of year $1,128,968$1,116,032
X-10c Land, buildings and equipment, netStart of year $8,852,786$8,453,800
X-11 Publicly traded securitiesStart of year $39,477,294$30,725,863
X-12 Other securitiesStart of year $478,200$2,160,000
X-13 Program-related investmentsStart of year $3,349,722$3,084,831
X-15 Other assetsStart of year $12,922,300$15,448,037
X-16 Total assetsStart of year $541,418,878$632,073,960
X-17 Accounts payable and accrued expensesStart of year $2,951,890$4,456,057
X-25 Other liabilitiesStart of year $483,590,249$518,811,522
X-26 Total liabilitiesStart of year $486,542,139$571,267,579
X-32 Total net assets or fund balancesStart of year $54,876,739$60,806,381
X-33 Total liabilities and net assetsStart of year $541,418,878$632,073,960
Part XI · Reconciliation of net assets $60,806,381 net assets at year end
XI-1 Total revenue$32,901,529
XI-2 Total expenses$23,726,735
XI-3 Revenue less expenses$9,174,794
XI-4 Net assets at start of year$54,876,739
XI-5 Net unrealized gains (losses) on investments−$3,245,152
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$60,806,381

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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