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Options Credit Union

Not tax-deductible

Littleton, COMutual-benefit / member-servingEIN 84-0818111Revenue $357K in FY2024

On file with the IRScoloradolegal.org5935 S Zang St Unit 4, 80127-4644 · Littleton, COTax-exempt since Aug 1968

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Options Credit Union (formally legal community Credit Union of colorado) was founded in 1979 for the purpose of providing an alternative financial service, focusing on personalized customer service, for our community.

Run by 10 volunteers.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · 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
3 of 5
filings with a surplus
Average surplus $6K a year · 2% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$87K
to officers and key staff · 24% of spending
Worth a look: pay to officers and key staff is 24% of spending; over 20%.
Pt VII · Sec A
Cash reserves
15 mo
of spending, in cash
Looks good: 15.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4.4M
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$357K
+2% vs prior year
Spent
$366K
Net assets
$438K
By yearFY2020–FY2024
Revenue
$357K
FY2024▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$359K
FY2021$338K
FY2022$318K
FY2023$350K
FY2024$357K
Expenses
$366K
FY2024+0.09%
Tap a bar for its year
Expenses by fiscal year
FY2020$341K
FY2021$306K
FY2022$315K
FY2023$366K
FY2024$366K
Net assets
$438K
FY2024▼ -2%
Tap a bar for its year
Net assets by fiscal year
FY2020$429K
FY2021$461K
FY2022$464K
FY2023$448K
FY2024$438K

From the FY2024 Form 990 · see the original

Give Claim

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

6 people listed on the 990; $87K paid to officers and key staff.

Part VII, Section A · reportable compensation
$87,179Pt VII · Sec A
Dawn McNight
Director
$0Pt VII · Sec A
Carrie Hale
Secretary
$0Pt VII · Sec A
Dan Cuhlane
Vice Chair
$0Pt VII · Sec A
Tim Gaffigan
Chairman
$0Pt VII · Sec A
Alisa Steffen
Treasurer
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Sherry Espinoza$87,179$79,238$82,420$81,051$74,741

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.

See Options Credit Union executive salaries →

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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 alternative financial services with personalized customer care to the community.

Questions for Options Credit Union

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Provided by the organization

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1 program · in their own filed words · FY2024
01

The credit union is owned by approximately 700 members. The credit union provides financial services to its members, such as consumer lending, mortgage lending, checking, savings, certificate, and ira accounts, atm, debit and credit cards, and other financial services.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$357K
Ln 12
Fees for servicesLn 2g$341K
Investment incomeLn 3$14K
Other incomeLn 4–11$2K
Money outPt IX
$366K
Ln 25
Owns and owesPt X
$438K
net assets · Ln 32
Cash and savingsLn 1–2$471K
Total assetsLn 16$4.8M
LiabilitiesLn 26$4.4M
PeoplePt VI, VII
6
listed · VII A
PaidVII A1
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$341K
Investment incomeLn 3$14K
Other incomeLn 4–11$2K
Total revenueLn 12$357K
Assets in detailPt X, end of year
CashLn 1$33K
SavingsLn 2$438K
Cash and savings togetherLn 1–2$471K
InvestmentsLn 11–13$20K
Land, buildings, equipmentLn 10c$67K
Other assetsLn 15$102K
Total assetsLn 16$4.8M
LiabilitiesLn 26$4.4M
Net assetsLn 32$438K
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$551K$471K
InvestmentsLn 11–13$20K$20K
Land, buildings, equipmentLn 10c$3K$67K
Total assetsLn 16$5.5M$4.8M
LiabilitiesLn 26$5.0M$4.4M
Net assetsLn 32$448K$438K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$87K
Other salaries and wagesLn 7$38K
Other employee benefitsLn 9$20
Payroll taxesLn 10$10K
Other fees for servicesLn 11g$46K
Advertising and promotionLn 12$1K
OccupancyLn 16$34K
Conferences, conventions and meetingsLn 19$142
Depreciation, depletion and amortizationLn 22$6K
Other expenses (24a–d)Ln 24$150K
All other expensesLn 24e−$7K
Total functional expensesLn 25$366K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $357K$366K−$10K$438K 990 PDF
FY2023 $350K$366K−$17K$448K 990 PDF
FY2022 $318K$315K$3K$464K 990 PDF
FY2021 $338K$306K$33K$461K 990 PDF
FY2020 $359K$341K$18K$429K 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 FY2024 990 (6 parts)
Part I · Summary $356,928 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $334,627$340,917
I-10 Investment incomePrior year $13,816$14,011
I-11 Other revenuePrior year $1,124$2,000
I-12 Total revenuePrior year $349,567$356,928
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 $127,743$135,579
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $238,382$230,883
I-18 Total expensesPrior year $366,125$366,462
I-19 Revenue less expensesPrior year −$16,558−$9,534
Part VI · Governance 5 of 5 board members independent, 1 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $356,928 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $340,917$340,917
VIII-3 Investment incomeExcluded from tax $14,011$14,011
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,000$2,000
VIII-12 Total revenueRelated to mission $342,917 · Unrelated business $0 · Excluded from tax $14,011$356,928
Part IX · Statement of functional expenses $366,462 across 11 lines filed
IX-5 Pay of current officers, directors and key staff$87,216
IX-7 Other salaries and wages$38,467
IX-9 Other employee benefits$20
IX-10 Payroll taxes$9,876
IX-11g Other fees for services$46,230
IX-12 Advertising and promotion$1,113
IX-16 Occupancy$34,411
IX-19 Conferences, conventions and meetings$142
IX-22 Depreciation, depletion and amortization$5,876
IX-24 Other expenses (24a–d)$150,152
IX-24e All other expenses−$7,041
IX-25 Total functional expenses$366,462
Part X · Balance sheet $4,834,333 assets, 12 lines filed
Asset lines not itemized here account for $4,159,551; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $24,108$32,970
X-2 Savings and temporary cash investmentsStart of year $527,066$437,616
X-9 Prepaid expenses and deferred chargesStart of year $16,447$15,776
X-10c Land, buildings and equipment, netStart of year $3,404$66,672
X-12 Other securitiesStart of year $20,000$20,000
X-15 Other assetsStart of year $96,568$101,748
X-16 Total assetsStart of year $5,480,692$4,834,333
X-17 Accounts payable and accrued expensesStart of year $33,183$20,158
X-25 Other liabilitiesStart of year $4,999,842$4,376,042
X-26 Total liabilitiesStart of year $5,033,025$4,396,200
X-32 Total net assets or fund balancesStart of year $447,667$438,133
X-33 Total liabilities and net assetsStart of year $5,480,692$4,834,333
Part XI · Reconciliation of net assets $438,133 net assets at year end
XI-1 Total revenue$356,928
XI-2 Total expenses$366,462
XI-3 Revenue less expenses−$9,534
XI-4 Net assets at start of year$447,667
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$438,133

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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