2024-11-07T15:23:06-06:00 2023-12-31 840919886 JONES MERTSCHING CPAS PC 32186 CASTLE COURT SUITE 220 EVERGREEN CO 80439 990 2023-01-01 840476152 ARAPAHOE CREDIT UNION ARAP 3037407063 7201 S BROADWAY LITTLETON CO 80122 SCOTT FERNDELLI PRESIDENT/CEO 3037407063 2024-11-07 1 0 ERIC L JONES CPA P00634170 3034809090 2024-11-07 2023 2024-10-15 13:58:12Z SCOTT FERNDELLI 7201 S BROADWAY LITTLETON CO 80122 10314967 0 X WWW.ARAPAHOECU.ORG X 1938 CO ARAPAHOE CREDIT UNION, THROUGH SOUND FISCAL PRACTICE, EXISTS TO PROVIDE INNOVATIVE PRODUCTS AND QUALITY SERVICES THAT HELP MEET THE DAILY FINANCIAL NEEDS AND LONG-TERM GOALS OF ITS MEMBERS. 9 9 0 10 1713 198 0 0 10476291 9876737 197043 436517 1992 1713 10675326 10314967 5000 5000 0 0 3178966 3376002 0 0 0 6811025 9430288 9994991 12811290 680335 -2496323 173082508 164150908 159697198 153811219 13385310 10339689 ARAPAHOE CREDIT UNION, THROUGH SOUND FISCAL PRACTICE, EXISTS TO PROVIDE INNOVATIVE PRODUCTS AND QUALITY SERVICES THAT HELP MEET THE DAILY FINANCIAL NEEDS AND LONG-TERM GOALS OF ITS MEMBERS. 0 0 12811290 ACU PROVIDES CONSUMER AND REAL ESTATE LOANS TO OUR MEMBERSHIP ALONG WITH SAVINGS AND INVESTMENT ACCOUNTS. MANY DELIVERY CHANNELS ARE UTILIZED TO PROVIDE THESE PRODUCTS INCLUDING, BUT NOT LIMITED TO, TELLER LINE, SHARED BRANCHING, DEBIT AND CREDIT CARDS, ONLINE BANKING AND BILL PAY. BESIDES PROVIDING THESE PRODUCTS AND SERVICES, ARAPAHOE CREDIT UNION PARTICIPATES AND PROVIDES RESOURCES FOR OUR COMMUNITY AND ARAPAHOE COUNTY SCHOOL DISTRICT EVENTS. 12811290 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X THE CREDIT UNION 3037407063 3999 E ARAPAHOE RD CENTENNIAL CO 80122 BRUCE KARR DIRECTOR 3.00 X 0 0 0 KATHI ERBER VICE CHAIR 3.00 X 0 0 0 RON SCHUMACHER TREASURER 3.00 X 0 0 0 PAT MCINTOSH CHAIRMAN 3.00 X 0 0 0 ANDREW SEXTON SECRETARY 3.00 X 0 0 0 ANDREW ROTH DIRECTOR 3.00 X 0 0 0 WYN BARRETT DIRECTOR 3.00 X 0 0 0 JUDI GARVEY-LEFEBVRE AUDIT COMMITTEE 3.00 X 0 0 0 SCOTT FERNDELLI PRESIDENT/CEO 40.00 X 296364 0 66862 SHAUNA EXSTROM VP CORP ADMIN 40.00 X 148733 0 29568 CHRISTINE ECKHARDT COO 40.00 X 184185 0 36662 CHRISTINA ARCHULETA AVP OF FINANCE 40.00 X 108744 0 25163 738026 0 158255 4 0 1 0 BILLING TREE 8800 EAST RAINTREE DR STE 210 SCOTTSDALE AZ 85260 BILL PAY 519322 CU PRODIGY CORE SYSTEM 420 E SOUTH TEMPLE STE 520 SALT LAKE CITY UT 84111 IT 175687 PRN 5700 WASHINGTON STREET DENVER CO 80216 INFORMATION TECH 157906 3 INTEREST MEMBER LOANS 522100 8438173 8438173 FEES MEMBER SERVICE 522100 1027504 1027504 LOAN SERVICING INCOME 522100 411060 411060 9876737 436517 436517 NON-MEMBER ATM FEES 522100 1713 1713 1713 10314967 9876737 1713 436517 5000 5000 896281 896281 1959200 1959200 38465 38465 270824 270824 211232 211232 40593 40593 801469 801469 134608 134608 547769 547769 222937 222937 30219 30219 339464 339464 UBIT 22 22 PROVISION FOR LOAN LOSS 2930000 2930000 DIVIDENDS & INTEREST -M 1911895 1911895 LOAN SERVICING EXPENSE 1727744 1727744 743568 743568 12811290 12811290 0 0 456130 487697 4079864 11663951 18724 0 4027730 4081139 151756985 127977497 333015 434809 6504851 2000236 4328131 4504615 132779 131757 7949150 14869443 173082508 164150908 556698 677108 2000000 0 157140500 153134111 159697198 153811219 X 0 0 0 0 13385310 10339689 13385310 10339689 173082508 164150908 X -2496323 -549298 X 0 0 0 1096835 1096835 3940606 1243434 2697172 1467410 756802 710608 4504615 ACCRUED INTEREST RECEIVABLE 532289 NCUSIF DEPOSIT 1538649 SUSPENSE ACCOUNTS 740757 CONSTRUCTION IN PROGRESS 13748 CORPORATE MEMBERSHIP SHARES 600000 CERTIFICATES OF DEPOSIT 11444000 14869443 MEMBER SHARES, DEPOSITS AND CERTIFICATES 153134111 153134111 X X X X 0 1 0 SCOTT FERNDELLI PRESIDENT/CEO 246970 0 49394 0 0 0 51015 0 15847 0 363226 0 0 0 CHRISTINE ECKHARDT COO 167441 0 16744 0 0 0 35735 0 927 0 220847 0 0 0 SHAUNA EXSTROM VP CORP ADMIN 148733 0 0 0 0 0 28833 0 735 0 178301 0 0 0 PART I, LINE 4B CLAUDIA MILAN & SCOTT FERNDELLI SUPPLEMENTAL RETIREMENT PLAN FOR THE CREDIT UNION'S FORMER CEO & CEO SEE SCHEDULE L CLAUDIA MILAN FORMER CEO RET PLAN X 1315590 1517538 0 1 1 SCOTT FERNDELLI CEO RET PLAN X 2025000 2563601 0 1 1 4081139 FORM 990 - SCH L - PART II THE CREDIT UNION HAS ENTERED INTO SUPPLEMENTAL RETIREMENT PLANS WITH ITS CHIEF EXECUTIVE OFFICER AND PRESIDENT/CFO (THE EXECUTIVES). THE PLANS ARE STRUCTURED AS SECURED SPLIT DOLLAR AGREEMENTS IN WHICH WHOLE LIFE INSURANCE POLICIES ARE PURCHASED AS A METHOD OF PAYING FOR INSURANCE COVERAGE AND PROVIDING A SOURCE OF SUPPLEMENTAL RETIREMENT INCOME FOR THE EXECUTIVES. UNDER THE AGREEMENTS, THE EXECUTIVE IS THE OWNER OF THE POLICIES AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN EQUAL TO THE AMOUNT OF PREMIUMS PAID BY THE CREDIT UNION ON BEHALF OF THE EXECUTIVE PLUS ACCRUED INTEREST AT A SPECIFIED RATE. THE LOANS PLUS ACCRUED INTEREST ARE SECURED BY THE CASH VALUE OF THE POLICIES, TO BE REPAID BY EITHER THE CASH VALUE OF THE POLICIES, OR OUT OF THE LIFE INSURANCE PROCEEDS UPON THE DEATH OF THE EXECUTIVES. FORM 990, PART VI, SECTION A, LINE 6 LINE 6 EXPLANATION - THE FIELD OF MEMBERSHIP OF THIS CREDIT UNION SHALL BE: (A MEMBER OF THE IMMEDIATE FAMILY OF ANY PERSON WHO IS ELIGIBLE FOR MEMBERSHIP IN THE CREDIT UNION MAY ALSO BE ADMITTED TO MEMBERSHIP. "IMMEDIATE FAMILY" SHALL MEAN PERSONS RELATED BY BLOOD, BY MARRIAGE OR BY ADOPTION.) ALL EMPLOYEES AND STUDENTS OF THE PUBLIC SCHOOLS IN ARAPAHOE COUNTY; EMPLOYEES OF THE MEDICAL PROFESSION IN ARAPAHOE COUNTY; EMPLOYEES OF ARAPAHOE COMMUNITY COLLEGE; PERSONS WHO LIVE OR WORK IN ARAPAHOE COUNTY; COLORADO; ORGANIZATIONS OF SUCH PERSONS; AND ANY SMALL GROUP WHO HAS BEEN ACCEPTED IN ACCORDANCE WITH THE RULES AND REGULATIONS OF THE DIVISION OF FINANCIAL SERVICES. IN 2016, DOUGLAS AND JEFFERSON COUNTIES, COLORADO WERE ADDED TO THE CREDIT UNION'S FIELD OF MEMBERSHIP. THE REQUIREMENTS ARE AN INITIAL DEPOSIT INTO A PRIMARY SHARE ACCOUNT AND A PAR VALUE OF $5 TO BE MAINTAINED AT ALL TIMES TO REMAIN A MEMBER IN GOOD STANDING. FORM 990, PART VI, SECTION A, LINE 7A LINE 7A EXPLANATION - THE CREDIT UNION HOLDS AN ANNUAL MEETING EVERY YEAR IN MAY, DURING THAT MEETING AN ELECTION IS HELD FOR CANDIDATES RUNNING FOR OPEN POSITIONS ON THE BOARD AND SUPERVISORY COMMITTEE. NOW INCLUDE REVISIONS TO CURRENT PRACTICES TO INCLUDE ELECTRONIC MEANS. FORM 990, PART VI, SECTION A, LINE 7B LINE 7B EXPLANATION - MERGER - REQUIRES TWO THIRDS MAJORITY VOTE OF VOTING MEMBERS. CHARTER CONVERSION - REQUIRES TWO THIRDS MAJORITY VOTE OF VOTING MEMBERS. DISSOLUTION AND LIQUIDATION - REQUIRES MAJORTY VOTE OF ENTIRE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B LINE 11B EXPLANATION - THE COMPLETED FORM 990, PREPARED BY AN INDEPENDENT CPA FIRM, WILL BE REVIEWED BY THE PRESIDENT/CEO FOR REASONABLENESS. MANY OF THE SPECIFIC ITEMS/QUESTIONS WERE PREPARED BY THE RESPONSIBLE MANAGEMENT MEMBER. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ARE REQUIRED TO SIGN THE CONFLICT OF INTEREST STATEMENT ANNUALLY. THE CREDIT UNION'S INTERNAL AUDITOR ASKS FOR ALL OFFICIAL FAMILY ACCOUNTS QUARTERLY TO RANDOMLY REVIEW ACCOUNTS. THE CREDIT UNION ALSO HAS A DILIGENT VENDOR SELECTION PROCESS TO ENSURE THERE ARE NO CONFLICTS WITH DIRECTORS OR EMPLOYEES. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION USES COMPEASE STRUCTURED COMPENSATION TO DETERMINE THE GRADES AND RANGES FOR THE CEO AND ALL OTHER POSITIONS. THE BOARD OF DIRECTORS INDEPENDENTLY REVIEWS THE CEO AND THE CEO REVIEWS THE EXECUTIVE TEAM. EACH YEAR COMPEASE STRUCTURED COMPENSATION IS UPGRADED TO THE CURRENT SALARY RANGES. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST. FORM 990, PART XI, LINE 9: ADJUSTMENT REQUIRED BY ASU 2016-13 -549,298. PART IV, LINE 12A, AND PART XII, LINE 2B THE CREDIT UNION DID NOT HAVE AN AUDIT OF ITS FINANCIAL STATEMENTS FOR THE FORM 990 REPORTING YEAR. THUS, THE QUESTIONS ARE ANSWERED "NO" IN PARTS IV AND XII. HOWEVER, THE CREDIT UNION DID HAVE AN AUDIT OF ITS FINANCIAL STATEMENTS CONDUCTED BY AN INDEPENDENT ACCOUNTANT AS OF AND FOR THE YEARS ENDED JUNE 30, 2023 AND 2024. THE CREDIT UNION DOES HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THIS AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. FORM 990, PART 1,LINE 5 & PART V, LINE 2A NUMBER OF EMPLOYEES IS REPORTED AS ZERO AS THE CREDIT UNION DOES NOT FILE FORM W-3. ONEPOINT, AS A PEO (PROFESSIONAL EMPLOYERS ORGANIZATION), FILES FORM W-3 UNDER THEIR OWN FEIN TO REPORT THE COMPENSATION OF ALL CREDIT UNION EMPLOYEES.