2023-11-15T10:43:16-06:00 2022-12-31 952302617 SINGERLEWAK LLP 10960 WILSHIRE BLVD SUITE 1100 LOS ANGELES CA 90024 990 2022-01-01 840187935 PARTNER COLORADO CREDIT UNION PART 3034226221 PO BOX 1346 ARVADA CO 800011346 JEN MEYERS CFO 3034226221 2023-11-14 1 JEN MEYERS 999009999 0 NANAZ BENYAMINI P00666808 3104773924 2023-11-14 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z JEN MEYERS PO BOX 1346 ARVADA CO 80001 100266157 0 X WWW.PARTNERCOLORADOCU.ORG X 1931 CO TO PROMOTE THRIFT AND PROVIDE LOWER COST CREDIT TO THE MEMBERS OF THE CREDIT UNION. TO PROMOTE THRIFT AMONG MEMBERS BY AFFORDING THEM THE OPPORTUNITY TO ACCUMULATE PAYMENTS ON SHARES AND MAKE LOANS FROM THESE SHARES TO ITS MEMBERS. 7 0 145 8 0 0 0 0 22561515 27654920 1554388 72583578 2547731 27659 26663634 100266157 0 0 0 0 11207077 13003651 0 0 0 7871563 36071400 19078640 49075051 7584994 51191106 575170940 695072554 514325942 561840989 60844998 133231565 X TO PROMOTE THRIFT AND PROVIDE LOWER COST CREDIT TO THE MEMBERS OF THE CREDIT UNION. TO PROMOTE THRIFT AMONG MEMBERS BY AFFORDING THEM THE OPPORTUNITY TO ACCUMULATE PAYMENTS ON SHARES AND MAKE LOANS FROM THESE SHARES TO ITS MEMBERS. 0 1 PROVIDE A WIDE VARIETY OF FINANCIAL PRODUCTS AND SERVICES TO MEMBERS OF THE CREDIT UNION. OVER 35,000 MEMBERS SERVED. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 1 0 0 1 6715 0 1 145 1 1 1 0 0 0 0 0 0 0 0 0 X 7 0 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X JEN MEYERS 3034226221 PO BOX 1346 ARVADA CO 800011346 ALVIN LUJAN DIRECTOR 10.00 X 39000 0 0 TOBY RAMPA SECRETARY/TREASURER 6.25 X X 45000 0 0 LINDA HEAD CHAIRPERSON 20.00 X X 51000 0 0 LINDA POUNDS DIRECTOR 17.00 X 22750 0 0 TRAVIS BRAY DIRECTOR 5.30 X 39000 0 0 JULIE TOWERS DIRECTOR 5.00 X 39000 0 0 RICHARD BOLLIG VICE CHAIRMAN 10.00 X X 45000 0 0 DOUG FAGAN CEO/PRESIDENT 40.00 X 403119 0 17606 DEBRA DUNNING EVP 40.00 X 236158 0 16896 CAROL WADLEIGH CIO 40.00 X 187145 0 15404 SPENCER GUILFORD COO 40.00 X 182223 0 17961 KIM CARTER VP OF SPECIAL SERVICES 40.00 X 148603 0 39776 CHOUA LY VP OF LENDING 40.00 X 154822 0 40616 KRISTA EVANS VP OF MARKETING 40.00 X 136770 0 32139 EILEEN ARNOLD VP OF ACCOUNTING 40.00 X 143629 0 38873 DANA ZAMORA VP OF HUMAN RESOURCES 40.00 X 148279 0 38672 LESLIE SPENCE VP OF MEMBER EXPERIENCE 40.00 X 115984 0 7684 JORGE PALMA AVP OF FINANCE 40.00 X 111178 0 11334 TAMRA ANDERSON VP OF DEALER RELATIONS 40.00 X 134898 0 24751 SUNDEE SEEFRIED CEO OF SAFE HARBOR FINANCIAL SERVICES, LLC 40.00 X 276040 0 38287 2659598 0 339999 13 0 1 0 VAI LLC 1707 COLE BLVD SUITE 210 GOLDEN CO 80401 LEGAL SERVICES 5061219 CORWIN TOYOTA BOULDER 2465 48TH COURT BOULDER CO 80301 INDIRECT AUTO DEALER 516041 AD MILLER SERVICES INC BLDG E-100 CENTENNIAL CO 80112 CONSTRUCTION 452912 VALUETEC FINANCIAL & COMM INDUSTRIES LL 14510 E FREMONT AVENUE CENTENNIAL CO 80112 ATM MACHINE SERVICING 385768 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 CORE SYSTEM FEES 374396 23 INTEREST ON LOANS 522100 15347925 15347925 FEES AND OTHER CHARGES 522100 8372629 8372629 OTHER OPERATING INCOME 522100 3934366 3934366 27654920 3551566 3551566 69032012 0 69032012 69032012 69032012 NON-MEMBER ATM FEES 522100 27659 27659 27659 100266157 100266157 0 0 2659597 8978075 219924 589027 557028 340220 104683 3384426 1304899 3647763 37550 1254703 52346 237029 278427 915134 207943 MISCELLANEOUS EXPENSES 19403682 OPERATING FEES 2253072 INTEREST/DIVIDENDS PAID 1371218 PROVISION FOR LOAN LOSS 939000 339305 49075051 12691392 14563632 122046429 92174248 10148352 10361954 302377638 390567501 22310761 10425545 12490370 11885216 99358988 80538127 1274010 1985510 14783761 92996366 575170940 695072554 7497540 8124130 10500000 28500000 496328402 525216859 514325942 561840989 X 0 0 6301653 6301653 54543345 126929912 60844998 133231565 575170940 695072554 X 51191106 -11015167 32210629 X 0 0 0 1111230 1111230 14744204 5221526 9522678 5392731 4376345 1016386 1062596 827674 234922 11885216 NCUA SHARE 4094269 OTHER 27185965 AUTOMOBILES 211696 CONSTRUCTION IN PROCESS 341436 OTHER RECEIVABLES 61163000 92996366 MEMBERS SHARE AND DEPOSIT ACCOUNTS 525216859 525216859 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES, EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. UNRELATED BUSINESS INCOME IS NOT SIGNIFICANT AND NO PROVISION FOR INCOME TAXES HAS BEEN MADE. THE CREDIT UNION'S WHOLLY-OWNED SUBSIDIARY IS CONSIDERED A DISREGARDED ENTITY FOR TAX PURPOSES AND IS THEREFORE NOT SUBJECT TO FEDERAL INCOME TAX. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2022 OR 2021. INTEREST ACCRUED AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS WOULD BE RECOGNIZED AS A NONINTEREST EXPENSE. DURING THE YEARS ENDED DECEMBER 31, 2022 AND 2021, THE CREDIT UNION RECOGNIZED NO TAX-RELATED INTEREST AND PENALTIES. X X X X 0 1 0 DOUG FAGAN CEO/PRESIDENT 375519 0 27600 0 0 0 17250 0 356 0 420725 0 0 0 SUNDEE SEEFRIED CEO OF SAFE HARBOR FINANCIAL SERVICE 276040 0 0 0 0 0 27000 0 11287 0 314327 0 0 0 DEBRA DUNNING EVP 221184 0 14974 0 0 0 9748 0 7148 0 253054 0 0 0 CAROL WADLEIGH CIO 174795 0 12350 0 0 0 8039 0 7365 0 202549 0 0 0 SPENCER GUILFORD COO 169963 0 12260 0 0 0 7980 0 9981 0 200184 0 0 0 CHOUA LY VP OF LENDING 147359 0 7463 0 0 0 31732 0 8884 0 195438 0 0 0 KIM CARTER VP OF SPECIAL SERVICES 140822 0 7781 0 0 0 33183 0 6593 0 188379 0 0 0 DANA ZAMORA VP OF HUMAN RESOURCES 140816 0 7463 0 0 0 31571 0 7101 0 186951 0 0 0 EILEEN ARNOLD VP OF ACCOUNTING 136166 0 7463 0 0 0 31477 0 7396 0 182502 0 0 0 KRISTA EVANS VP OF MARKETING 129344 0 7426 0 0 0 31783 0 356 0 168909 0 0 0 TAMRA ANDERSON VP OF DEALER RELATIONS 131470 0 3428 0 0 0 16667 0 8084 0 159649 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR SELECT MEMBERS OF MANAGEMENT UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. EACH MEMBER OF MANAGEMENT WHO IS OFFERED THE PLAN MUST BE CONTINUOUSLY EMPLOYED FOR A CERTAIN NUMBER OF YEARS TO EARN THE DEFERRED COMPENSATION PAYMENT. AMOUNTS ACCRUED UNDER THE PLAN FOR 2022 ARE AS FOLLOWS: KIM CARTER $26,460 KRISTA STAFFORD-EVANS $25,000 DANA ZAMORA $25,337 EILEEN ARNOLD $25,000 CHOUA LY $25,000 TAMRA ANDERSON $16,667 DEBRA DUNNING OFFICER SPLIT DOLLAR LIFE INSURANCE X 4138477 4391127 0 1 1 DOUGLAS FAGAN OFFICER SPLIT DOLLAR LIFE INSURANCE X 2277791 2416848 0 1 1 CAROL WADLEIGH OFFICER SPLIT DOLLAR LIFE INSURANCE X 2311433 2452543 0 1 1 SPENCER GUILFORD OFFICER SPLIT DOLLAR LIFE INSURANCE X 1038064 1101436 0 1 1 10361954 FORM 990, PART III, LINE 3 ON SEPTEMBER 28, 2022, THE HOLDING COMPANY SOLD APPROXIMATELY 39% OF SAFE HARBOR FINANCIAL LLC TO NORTHERN LIGHTS ACQUISITION CORP. ("NLIT"), A SPECIAL PURPOSE ACQUISITION CORPORATION ("SPAC") FOR TOTAL CONSIDERATION OF $185,000. THE CONSIDERATION CONSISTED OF $115,000 IN SHARES OF SHFS AND $70,000 IN CASH WITH $56,950 TO BE PAID ON A DEFERRED BASIS. CONCURRENT WITH THE SALE, NLIT CHANGED ITS NAME TO SHF HOLDINGS, INC. ("SHFS"). SUBSEQUENT TO THE SALE, SAFE HARBOR FINANCIAL HOLDING COMPANY, LLC CHANGED ITS NAME TO PARTNER COLORADO CREDIT UNION HOLDING COMPANY, LLC ("PCCU HOLDING CO."). IMMEDIATELY AFTER THE SALE, THE HOLDING COMPANY OWNED APPROXIMATELY 61% OF SHFS AND CONSOLIDATION OF THE ENTITY WAS REQUIRED IN ADDITION TO CONSOLIDATION OF THE HOLDING COMPANY. FROM SEPTEMBER 28, 2022 TO DECEMBER 30, 2022, SHFS ISSUED ADDITIONAL COMMON SHARES IN VARIOUS TRANSACTIONS WITH UNRELATED PARTIES, THE EFFECT OF WHICH WAS TO DILUTE THE REMAINING OWNERSHIP INTEREST OF THE HOLDING COMPANY TO 48.7% AS OF DECEMBER 30, 2022. AS A RESULT, THE HOLDING COMPANY DISCONTINUED THE CONSOLIDATION METHOD OF ACCOUNTING AS OF DECEMBER 30, 2022 AND RECOGNIZED A GAIN ON DECONSOLIDATION OF SUBSIDIARY OF $16,253 IN THE CONSOLIDATED STATEMENT OF INCOME. THE DECONSOLIDATION GAIN RESULTED FROM THE REMEASUREMENT OF THE CREDIT UNION'S REMAINING INVESTMENT IN SHFS TO FAIR VALUE, AS DETERMINED BY THE CLOSING PRICE FOR SHFS' CLASS A COMMON SHARES TRADING ON THE NASDAQ STOCK EXCHANGE AT THE DATE OF DECONSOLIDATION (A LEVEL 1 INPUT). EFFECTIVE DECEMBER 31, 2022, THE CREDIT UNION SWITCHED TO THE EQUITY METHOD OF ACCOUNTING SINCE THE CREDIT UNION NO LONGER HELD A CONTROLLING FINANCIAL INTEREST IN SHFS. FORM 990, PART VI, SECTION A, LINE 6 PARTNER COLORADO CREDIT UNION (THE CREDIT UNION) IS A MEMBER-OWNED FINANCIAL COOPERATIVE OPERATED FOR THE BENEFIT OF THE MEMBERS OF EAGLE LEGACY CREDIT UNION, DENVER WATER CREDIT UNION, AND HEALTHONE FEDERAL CREDIT UNION. THE MEMBERSHIP OF EAGLE LEGACY CONSISTS OF EMPLOYEES AND RETIREES OF THE UNITED STATES POSTAL SERVICE IN THE STATE OF COLORADO, MEMBERS AND EMPLOYEES OF MEMBERS OF THE COLORADO RESTAURANT ASSOCIATION, VARIOUS SELECT EMPLOYEE GROUPS, INDIVIDUALS LIVING OR WORKING IN THE CITIES OF ARVADA AND LITTLETON, THE COUNTY OF BROOMFIELD AND SPECIFICALLY DEFINED COMMUNITIES IN ENGLEWOOD, AURORA AND DENVER, COLORADO AND THEIR FAMILIES. THE MEMBERSHIP OF DENVER WATER CREDIT UNION CONSISTS OF EMPLOYEES, RETIREES AND THEIR FAMILIES OF THE DENVER WATER DEPARTMENT. THE MEMBERSHIP OF HEALTHONE FEDERAL CREDIT UNION CONSISTS OF EMPLOYEES, VOLUNTEERS, RETIREES OF HCA HEALTHONE, LLC OR ROSE FOUNDATION AND THEIR SPOUSES. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION ANNUALLY ELECT THE BOARD OF DIRECTORS TO SERVE FOR MULTIPLE-YEAR TERMS BY MAILING IN BALLOTS OR VOTING AT AN ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B VARIOUS DECISIONS MADE BY THE BOARD OF DIRECTORS FOR A CREDIT UNION ARE SUBJECT TO APPROVAL BY THE MEMBERS OF THE CREDIT UNION AS SET FORTH IN NCUA RULES AND REGULATIONS AND APPLICABLE STATE REGULATIONS. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER PRIOR TO FILING. THE CHIEF FINANCIAL OFFICER IS AUTHORIZED TO SIGN AND FILE THE RETURN. THE BOARD OF DIRECTORS DOES NOT REVIEW THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C A WRITTEN ACKNOWLEDGMENT IS FILLED OUT EACH YEAR BY THE OFFICERS, DIRECTORS, AND EMPLOYEES WHICH COULD GIVE RISE TO POTENTIAL CONFLICTS WITHIN THE ORGANIZATION. ANY POTENTIAL ISSUES ARE DISCUSSED WITH THE KEY OFFICERS AND THOSE CHARGED WITH GOVERNANCE FOR RESOLUTION. FORM 990, PART VI, SECTION B, LINE 15 THE VP OF HUMAN RESOURCES USES TWO FORMS OF SALARY RESEARCH PROVIDERS TO GATHER THE INFORMATION FOR EVERY POSITION IN THE CREDIT UNION YEARLY AND PROVIDES THIS INFORMATION TO THE SALARY AND WAGE COMMITTEE, CONSISTING OF THREE BOARD MEMBERS. THE BOARD APPROVES THE SALARY PERCENTAGE FOR ALL THE STAFF AFTER REVIEWING THE INFORMATION PROVIDED. THE PERCENTAGES ARE BROKEN DOWN IN THREE LEVELES AND THE INCREASE IS DETERMINED ON PERFORMANCE AND THE OVERALL RATING ON THE EMPLOYEES YEARLY EVALUATION. THE BOARD APPROVES THE CEO'S SLARY AND IT CAN BE SOMETHING OTHER THAN THE APPROVED PERCENTAGE FOR ALL THE STAFF. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE FOR REVIEW UPON REQUEST AT THE CREDIT UNION. MONTHLY FINANCIAL STATEMENTS ARE AVAILABLE AND ON DISPLAY AT THE CREDIT UNION. QUARTERLY FINANCIAL DATA IS ACCESSIBLE TO THE PUBLIC AT WWW.NCUA.GOV. FORM 990, PART XI, LINE 9: BASIS IN DEFERRED TAX ASSET OF SUBSIDIARY 26,410,629. ACQUISITION OF ABACA 4,434,000. STOCK OPTION CONVERSION 1,366,000. SAFE HARBOR FINANCIAL LLC 6221 SHERIDAN BLVD ARVADA CO 80003 852709896 CREDIT UNION SERVICE ORGANIZATION CO 1858760 SAFE HARBOR FINANCIAL HOLDING CO LLC PARTNER COLORADO CREDIT UNION HOLDING COMPANY LLC 6221 SHERIDAN BLVD ARVADA CO 80003 853129529 CREDIT UNION SERVICE ORGANIZATION CO 24975 PARTNER COLORADO CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SAFE HARBOR FINANCIAL HOLDING CO LLC A 10068 ACTUAL AMOUNT