Civic Intelligence

Aventa Credit Union

990 • Fiscal year 2012 • EIN 84-0485197

Jan 01, 2012 to Dec 31, 2012 • Filed on Nov 05, 2013

Organization Profilewww.aventa.com

View Organization Page

2735 Dublin Blvd80918
Siviq Scores

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Balance Sheet

Assets

Flat

$151,484,690

Flat from 2012

Net Assets

Flat

$12,746,750

Flat from 2012

Liabilities

Flat

$138,737,940

Flat from 2012

Revenue And Expenses

Revenue

-

No earlier filing loaded for comparison.

Expenses

Flat

$8,131,493

Flat from 2012

Net Income

-

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300M$200M$100M$0Assets 2010: $135,522,764Liabilities 2010: $124,776,476Net Assets 2010: $10,746,2882010Assets 2011: $134,987,536Liabilities 2011: $123,470,309Net Assets 2011: $11,517,2272011Assets 2012: $151,484,690Liabilities 2012: $138,737,940Net Assets 2012: $12,746,7502012Assets 2012: $151,484,690Liabilities 2012: $138,737,940Net Assets 2012: $12,746,7502012Assets 2013: $152,630,682Liabilities 2013: $138,300,846Net Assets 2013: $14,329,8362013Assets 2014: $158,147,477Liabilities 2014: $141,621,205Net Assets 2014: $16,526,2722014Assets 2015: $163,465,976Liabilities 2015: $145,992,338Net Assets 2015: $17,473,6382015Assets 2016: $172,081,517Liabilities 2016: $153,980,390Net Assets 2016: $18,101,1272016Assets 2017: $172,770,067Liabilities 2017: $154,029,218Net Assets 2017: $18,740,8492017Assets 2018: $193,672,835Liabilities 2018: $173,269,560Net Assets 2018: $20,403,2752018Assets 2019: $216,935,146Liabilities 2019: $195,041,892Net Assets 2019: $21,893,2542019Assets 2020: $244,373,877Liabilities 2020: $222,383,545Net Assets 2020: $21,990,3322020Assets 2021: $264,169,507Liabilities 2021: $240,652,132Net Assets 2021: $23,517,3752021Assets 2022: $288,626,631Liabilities 2022: $264,701,693Net Assets 2022: $23,924,9382022Assets 2023: $274,651,592Liabilities 2023: $251,493,898Net Assets 2023: $23,157,6942023

Highlighted filing

2012

Assets$151,484,690
Liabilities$138,737,940
Net Assets$12,746,750
Open 2012 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $11,261,6362010Revenue 2011: $9,403,461Expenses 2011: $8,666,223Net Income 2011: $737,2382011Expenses 2012: $8,131,4932012Revenue 2012: $9,366,911Expenses 2012: $8,131,493Net Income 2012: $1,235,4182012Revenue 2013: $9,665,367Expenses 2013: $8,020,447Net Income 2013: $1,644,9202013Revenue 2014: $10,750,905Expenses 2014: $8,594,182Net Income 2014: $2,156,7232014Revenue 2015: $10,751,744Expenses 2015: $9,759,132Net Income 2015: $992,6122015Revenue 2016: $10,369,631Expenses 2016: $9,717,583Net Income 2016: $652,0482016Revenue 2017: $10,440,664Expenses 2017: $9,816,558Net Income 2017: $624,1062017Revenue 2018: $11,998,587Expenses 2018: $10,296,510Net Income 2018: $1,702,0772018Revenue 2019: $13,144,301Expenses 2019: $11,734,061Net Income 2019: $1,410,2402019Revenue 2020: $13,441,963Expenses 2020: $13,384,719Net Income 2020: $57,2442020Revenue 2021: $14,432,586Expenses 2021: $12,866,195Net Income 2021: $1,566,3912021Revenue 2022: $15,058,799Expenses 2022: $14,532,338Net Income 2022: $526,4612022Revenue 2023: $17,181,265Expenses 2023: $17,839,745Net Income 2023: -$658,4802023

Highlighted filing

2012

Revenue-
Expenses$8,131,493
Net Income-
Open 2012 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2012 to Dec 31, 2012
Signed
Nov 5, 2013
Return Version
2012v2.0
Gross Receipts
$9,366,911
Mission and Program Overview

Mission

It is the mission of Aventa to become our member's life long primary financial institution by providing a system of full consumer and entrepreneurial financial services in a convenient, secure and cost competitive manner.

Filing and Contact Details

Filer

EIN
84-0485197
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IRS990ScheduleO/GeneralExplanation/Explanation0The Credit Union did not have an audit of its financial statements for the Form 990 reporting year. However, the Credit Union did have an audit of its financial statements conducted by an independent accountant as of and for the year ended June 30, 2012.
IRS990ScheduleO/GeneralExplanation/Explanation1Upon Request.
IRS990ScheduleO/GeneralExplanation/Explanation2The Board of Directors dictates the CEO salary based on written employment contract, compensation survey or study and approval by the Board.For other employees, the Credit Union has an annual review and approval by the employee's supervisor, and a completed, documented review form is filed in the employee's personnel file immediately.
IRS990ScheduleO/GeneralExplanation/Explanation3Annual training on conflict of interests is held every january. Once the training is completed, a conflict of interest statement is signed by each Director.
IRS990ScheduleO/GeneralExplanation/Explanation4The Form 990 is prepared by an independent CPA Firm and then reviewed by the Credit Union's SVP Finance/CFO and CEO before it is electronically filed.
IRS990ScheduleO/GeneralExplanation/Explanation5Merger - 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.
IRS990ScheduleO/GeneralExplanation/Explanation6The governing body is elected by the members at the Credit Union's annual meeting.
IRS990ScheduleO/GeneralExplanation/Explanation7Persons eligible for membership include employees (and their family members) of the City of Colorado Springs, Utilities Department, Police Department, Fire Department, and General City. Membership also includes employees (and their family members) of other city governments, select employee groups and members of associations in the Colorado Springs, Colorado metropolitan area. A $5 deposit is also required to become a member. In 2012 the members of Saguache County Credit Union were added to Aventa CU's field of membership.
IRS990ScheduleO/GeneralExplanation/Explanation8Bylaws were amended to add Saguache County Credit Union to the Aventa Credit Union's field of membership. The amended bylaws were approved by the Colorado Division of Financial Services in August 2012.
IRS990ScheduleO/GeneralExplanation/Explanation9Client Note 1 - UBIT REPORTING:In May 2009, a federal court jury in Wisconsin ruled in the Community First Credit Union case that credit life and disability insurance and GAP insurance coverage made available to member-borrowers by Community First Credit Union of Appleton, Wisconsin were "substantially related" to Community First's tax exempt purpose. The court granted a tax refund to Community First based on the jury's verdict, confirming that credit insurance and GAP were not subject to the unrelated business income tax (UBIT). The IRS did not appeal the case.In November 2009, in the Bellco Credit Union case, the U.S. District Court in Colorado ruled that commissions received by Bellco Credit Union of Greenwood Village, Colorado from the sale of financial products to Bellco members, were not subject to UBIT. The court ruled that the sale of those financial products to Bellco members was "substantially related" to Bellco's tax-exempt purpose of promoting thrift among its members, and the resulting income was exempt from UBIT.In April 2010, the court in Colorado issued its second and final decision in the Bellco Credit Union case, holding that (i) credit life and disability insurance was "substantially related" to Bellco's tax-exempt purpose of promoting thrift among its members, and (ii) Bellco income from AD&D insurance sold to members by an independent marketing company, where Bellco was essentially limited to allowing use of its name and brand, providing member contact information, and reviewing and approving (but not creating) the marketing materials, represented passive "royalty" income exempt from UBIT. On October 19, 2010 the U.S. Department of Justice abandoned its plan to appeal the federal judge's favorable credit union rulings in the Bellco case.The decisions in these court cases are now definitive statements of the law, are not subject to further review, and provide "substantial authority" that income from the sale of credit life and disability insurance, GAP coverage, financial products sold to credit union members, and AD&D insurance sold via direct mail is exempt from UBIT. As such, for 2012, Aventa Credit Union is not reporting these income sources as subject to UBIT, but is filing a 2012 Form 990-T to report income from MBP insurance.
IRS990ScheduleO/GeneralExplanation/Identifier0Form 990, Part VI, Line 19
IRS990ScheduleO/GeneralExplanation/Identifier1Form 990, Part VI, Line 15b
IRS990ScheduleO/GeneralExplanation/Identifier2Form 990, Part VI, Line 12c
IRS990ScheduleO/GeneralExplanation/Identifier3Form 990, Part VI, Line 11b
IRS990ScheduleO/GeneralExplanation/Identifier4Form 990, Part VI, Line 7b
IRS990ScheduleO/GeneralExplanation/Identifier5Form 990, Part VI, Line 7a
IRS990ScheduleO/GeneralExplanation/Identifier6Form 990, Part VI, Line 6
IRS990ScheduleO/GeneralExplanation/Identifier7Form 990, Part VI, Line 4
IRS990ScheduleO/GeneralExplanation/ReturnReference0Part IV, Line 12a, and Part XII, Line 2b
IRS990ScheduleO/GeneralExplanation/ReturnReference1Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/GeneralExplanation/ReturnReference2Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/GeneralExplanation/ReturnReference3Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/GeneralExplanation/ReturnReference4Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/GeneralExplanation/ReturnReference5Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/GeneralExplanation/ReturnReference6Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body
IRS990ScheduleO/GeneralExplanation/ReturnReference7Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/GeneralExplanation/ReturnReference8Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents
IRS990/ScheduleORequired0true
IRS990/School0false
IRS990/SignificantChange0false
IRS990/SignificantNewProgramServices0false
IRS990/StateLegalDomicile0CO
IRS990/SubjectToProxyTax0false
IRS990/TaxableDistributions0false
IRS990/TaxablePartyNotification0false
IRS990/TaxExemptBonds0false
IRS990/Terminated0false
IRS990/TermOrPermanentEndowments0false
IRS990/TheBooksAreInCareOf/AddressUS/AddressLine102735 Dublin Blvd
IRS990/TheBooksAreInCareOf/AddressUS/City0Colorado Springs
IRS990/TheBooksAreInCareOf/AddressUS/State0CO

Document Assets

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Filings

Displayed year

2012 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$151,484,690
Liabilities
$138,737,940
Net assets
$12,746,750
Revenue
-
Expenses
$8,131,493
Net income
-
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$275$251$23.2$17.2$17.8$0.66
2022Detailed filing. Detailed filing data is available for this year.$289$265$23.9$15.1$14.5$0.53
2021Detailed filing. Detailed filing data is available for this year.$264$241$23.5$14.4$12.9$1.57
2020Detailed filing. Detailed filing data is available for this year.$244$222$22.0$13.4$13.4$0.06
2019Detailed filing. Detailed filing data is available for this year.$217$195$21.9$13.1$11.7$1.41
2018Detailed filing. Detailed filing data is available for this year.$194$173$20.4$12.0$10.3$1.70
2017Detailed filing. Detailed filing data is available for this year.$173$154$18.7$10.4$9.82$0.62
2016Detailed filing. Detailed filing data is available for this year.$172$154$18.1$10.4$9.72$0.65
2015Detailed filing. Detailed filing data is available for this year.$163$146$17.5$10.8$9.76$0.99
2014Detailed filing. Detailed filing data is available for this year.$158$142$16.5$10.8$8.59$2.16
2013Detailed filing. Detailed filing data is available for this year.$153$138$14.3$9.67$8.02$1.64
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$151$139$12.7$8.13
2012Summary only. Only limited summary data is available for this year.$151$139$12.7$9.37$8.13$1.24
2011Summary only. Only limited summary data is available for this year.$135$123$11.5$9.40$8.67$0.74
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$136$125$10.7$11.3