Elevations Credit Union FY2023 filing

Not tax-deductible

Broomfield, COMutual-benefit / member-servingSince 1952Mutual / membership EIN 84-0459116Revenue $190.5M in FY2023

On file with the IRSelevationscu.com1 Environmental Way, 80021-3415 · Broomfield, COTax-exempt since Aug 1968

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$9.6M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2023 · 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 $25.1M a year · 14% 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
$9.6M
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
7 mo
of spending, in cash
Plus $645.2M in investments, Pt X · Ln 11–13
Looks good: 7.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $6K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$3.1B
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$190.5M
+35% vs prior year
Spent
$162.9M
Net assets
$309.2M
By yearFY2020–FY2024
Revenue
$190.5M
FY2023▲ +35%
Tap a bar for its year
Revenue by fiscal year
FY2020$188.6M
FY2021$154.9M
FY2022$140.8M
FY2023$190.5M
FY2024$216.4M
Expenses
$162.9M
FY2023▲ +25%
Tap a bar for its year
Expenses by fiscal year
FY2020$151.7M
FY2021$139.2M
FY2022$130.0M
FY2023$162.9M
FY2024$182.0M
Net assets
$309.2M
FY2023▲ +9%
Tap a bar for its year
Net assets by fiscal year
FY2020$286.8M
FY2021$301.3M
FY2022$283.1M
FY2023$309.2M
FY2024$349.8M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

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

23 people listed on the 990; $9.6M paid to officers and key staff.

Part VII, Section A · reportable compensation
Chief Operating Officer
$1,275,850Pt VII · Sec A
President/CEO
$1,207,116Pt VII · Sec A
Chief Human Resource Officer
$1,162,474Pt VII · Sec A
SVP Commercial and Business Banking
$964,845Pt VII · Sec A
Chief Financial Officer
$760,651Pt VII · Sec A
$674,972Pt VII · Sec A
General Counsel
$660,935Pt VII · Sec A
Mortgage Sales Manager
$656,498Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
Gerry Agnes$3,540,898$1,207,116$1,151,811$3,252,984$1,034,903
Cameron White-Ford$640,310$638,111$839,889$1,733,425$2,073,741
Aaron Staufer$643,941$656,498$1,181,149$1,637,211$1,713,475
Elizabeth Million$676,552$674,972$1,076,388$1,626,807$1,529,198
Michael Calcote$1,238,494$760,651$721,132$1,566,466$727,361
Raymond Lindley$632,873$1,275,850$596,986$694,002$632,182
Brian Holst$648,902$660,935$1,234,189$726,129$655,414
Tammy Teitscheid$593,111$1,162,474$640,731$691,485—

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

Programs and updates

Offers solutions to improve people's lives.

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1 program · in their own filed words · FY2023
01

Elevations credit union serves adams, arapahoe, boulder, broomfield, clear creek, delta, denver, douglas, eagle, el paso, gilpin, grand, jefferson, larimer, mesa, park, summit, and weld counties.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 1 funder$6K
Grants paid · 7 grants · $1.8M · 2020–2024
Elevations Foundation INCCO · FY2024$483,744
Elevations Foundation INCCO · FY2023$389,031
Elevations Foundation INCCO · FY2022$176,472
Boulder County Housing & Human ServicesFY2022$100,000
Elevations Foundation INCCO · FY2021$99,706
Elevations Foundation INCCO · FY2020$457,547

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$190.5M
Ln 12
Fees for servicesLn 2g$162.0M
Investment incomeLn 3$27.6M
Other incomeLn 4–11$839K
Money outPt IX
$162.9M
Ln 25
Owns and owesPt X
$309.2M
net assets · Ln 32
Cash and savingsLn 1–2$95.5M
Total assetsLn 16$3.4B
LiabilitiesLn 26$3.1B
PeoplePt VI, VII
23
listed · VII A
PaidVII A21
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$162.0M
Investment incomeLn 3$27.6M
Other incomeLn 4–11$839K
Gains on assetsLn 7−$160K
Total revenueLn 12$190.5M
Assets in detailPt X, end of year
CashLn 1$14.0M
SavingsLn 2$81.5M
Cash and savings togetherLn 1–2$95.5M
InvestmentsLn 11–13$645.2M
Land, buildings, equipmentLn 10c$58.0M
Other assetsLn 15$125.5M
Total assetsLn 16$3.4B
LiabilitiesLn 26$3.1B
Net assetsLn 32$309.2M
OperationsPt I, VI
EmployeesI 5756
VolunteersI 610
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 FY23End FY23
Cash and savingsLn 1–2$39.1M$95.5M
InvestmentsLn 11–13$760.8M$645.2M
Land, buildings, equipmentLn 10c$62.1M$58.0M
Total assetsLn 16$3.29B$3.41B
LiabilitiesLn 26$3.01B$3.10B
Net assetsLn 32$283.1M$309.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$432K
Pay of current officers, directors and key staffLn 5$6.5M
Other salaries and wagesLn 7$55.7M
Pension plan contributionsLn 8$1.9M
Other employee benefitsLn 9$6.9M
Payroll taxesLn 10$4.7M
Legal feesLn 11b$134K
Accounting feesLn 11c$508K
Other fees for servicesLn 11g$3.3M
Advertising and promotionLn 12$6.1M
Office expensesLn 13$5.5M
Information technologyLn 14$10.0M
OccupancyLn 16$6.3M
Conferences, conventions and meetingsLn 19$843K
InterestLn 20$30.4M
Depreciation, depletion and amortizationLn 22$7.3M
InsuranceLn 23$767K
Other expenses (24a–d)Ln 24$15.6M
Total functional expensesLn 25$162.9M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $216.4M$182.0M$34.4M$349.8M 990 PDF
FY2023 Viewing $190.5M$162.9M$27.6M$309.2M 990 PDF
FY2022 $140.8M$130.0M$10.8M$283.1M 990 PDF
FY2021 $154.9M$139.2M$15.7M$301.3M 990 PDF
FY2020 $188.6M$151.7M$36.9M$286.8M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $190,500,369 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $121,882,994$162,038,965
I-10 Investment incomePrior year $16,596,925$27,622,043
I-11 Other revenuePrior year $2,310,720$839,361
I-12 Total revenuePrior year $140,790,639$190,500,369
I-13 Grants and similar amounts paidPrior year $319,672$432,231
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $73,475,412$75,649,952
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $56,210,289$86,803,439
I-18 Total expensesPrior year $130,005,373$162,885,622
I-19 Revenue less expensesPrior year $10,785,266$27,614,747
Part VI · Governance 11 of 11 board members independent, no flags
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
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 $190,500,369 across 6 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $161,987,665 · Unrelated business $51,300$162,038,965
VIII-3 Investment incomeUnrelated business −$24,893 · Excluded from tax $27,806,665$27,781,772
VIII-6 Net rental income or lossExcluded from tax −$43,295−$43,295
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$159,729−$159,729
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $882,656$882,656
VIII-12 Total revenueRelated to mission $162,870,321 · Unrelated business $26,407 · Excluded from tax $27,603,641$190,500,369
Part IX · Statement of functional expenses $162,885,622 across 18 lines filed
IX-1 Grants to domestic organizations$432,231
IX-5 Pay of current officers, directors and key staff$6,476,743
IX-7 Other salaries and wages$55,684,098
IX-8 Pension plan contributions$1,923,130
IX-9 Other employee benefits$6,905,493
IX-10 Payroll taxes$4,660,488
IX-11b Legal fees$134,016
IX-11c Accounting fees$507,672
IX-11g Other fees for services$3,342,008
IX-12 Advertising and promotion$6,149,660
IX-13 Office expenses$5,478,958
IX-14 Information technology$9,989,167
IX-16 Occupancy$6,335,479
IX-19 Conferences, conventions and meetings$843,276
IX-20 Interest$30,371,154
IX-22 Depreciation, depletion and amortization$7,287,825
IX-23 Insurance$767,467
IX-24 Other expenses (24a–d)$15,596,757
IX-25 Total functional expenses$162,885,622
Part X · Balance sheet $3,409,369,591 assets, 14 lines filed
Asset lines not itemized here account for $2,475,283,871; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $15,493,592$13,951,450
X-2 Savings and temporary cash investmentsStart of year $23,594,461$81,543,716
X-9 Prepaid expenses and deferred chargesStart of year $4,630,235$4,216,166
X-10c Land, buildings and equipment, netStart of year $62,074,446$58,031,012
X-11 Publicly traded securitiesStart of year $191,687,502$177,167,191
X-12 Other securitiesStart of year $569,154,246$468,017,195
X-14 Intangible assetsStart of year $5,652,582$5,652,582
X-15 Other assetsStart of year $140,473,805$125,506,408
X-16 Total assetsStart of year $3,294,550,654$3,409,369,591
X-17 Accounts payable and accrued expensesStart of year $60,488,060$78,201,704
X-25 Other liabilitiesStart of year $2,865,410,858$2,565,092,937
X-26 Total liabilitiesStart of year $3,011,449,917$3,100,121,847
X-32 Total net assets or fund balancesStart of year $283,100,737$309,247,744
X-33 Total liabilities and net assetsStart of year $3,294,550,654$3,409,369,591
Part XI · Reconciliation of net assets $309,247,744 net assets at year end
XI-1 Total revenue$190,500,369
XI-2 Total expenses$162,885,622
XI-3 Revenue less expenses$27,614,747
XI-4 Net assets at start of year$283,100,737
XI-5 Net unrealized gains (losses) on investments$10,630,985
XI-9 Other changes in net assets−$12,098,725
XI-10 Net assets at end of year$309,247,744

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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