Aventa Credit Union

“Persons 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. Membership also includes persons who live or work in Saguache County, Colorado. A $5 deposit is also required to become a member.”

“The governing body is elected by the members at the Credit Union's annual meeting.”

“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.”

“The 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.”

“Annual training on conflict of interests is held every January. Once the training is completed, a conflict of interest statement is signed by each Director.”

“The 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.”

“Upon Request.”

“Client 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 2017, Aventa Credit Union is not reporting these income sources as subject to UBIT, but is filing a 2017 Form 990-T to report income from MBP insurance and ATM fees from non-members.”