Elevations Credit Union

Nonprofit profile at a glance

EIN
840459116
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-N 2012
Location
Boulder, CO, USA
Phone
3034434672
Rating confidence
Limited

Official website

Reported finances

Revenue
$216,356,677
Expenses
$181,994,947
Assets
$3,379,866,092
Liabilities
$3,030,073,721

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

24 people listed

Executive titles in this filing

  • GERRY AGNES (PRESIDENT/CEO)

Highest reported compensation

  • GERRY AGNES (PRESIDENT/CEO): $3,569,553 total reported compensation
  • MICHAEL CALCOTE (CHIEF FINANCIAL OFFICER): $1,271,697 total reported compensation
  • RIO CHACON (MORTGAGE LOAN ORIGINATOR): $876,677 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Together we create solutions for a better life.

What it reported doing in 2024

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. 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 176,752 members and 192,059 share accounts. There were 34,268 loans granted totaling $1,600,190,930. Elevations currently offers 14 branch locations, 4 loan production offices, and a wide array of remote options through our cooperation with the coop atm network, cusn and online banking offerings.

Operating model

Revenue model
Other-operating. 87% of the money available for current operations came from other operating revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 82
  • Accountability: 100
  • Sustainability: 70
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 6th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.1%; rating input score 99; 38th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 15.9%; rating input score 83; 83rd percentile among comparable filings
  • Total-asset coverage ratio: 18.57; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.9; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 6.7%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 9.6% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: 9% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 13 of 13 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $3.6M · 24 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $14.2M reported
  • Consistency: 12 of 13 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 24 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.