Red Rocks Credit Union

“Red Rocks Federal Credit Union was established in 1979 to serve the employees of Lockheed Martin. Red Rocks' field of membership was expanded in 1994 to serve those that live, work, worship or attend school in Douglas County, Colorado. As a result of a conversion to a state-chartered credit union in August 2006, the credit union's name changed slightly to Red Rocks Credit Union. In 2013, Arapahoe and Jefferson Counties, Colorado were added to the field of membership.”

“The Credit Union members elect on an annual basis the members of the Board of Directors.”

“Any proposed merger must be approved by the majority of the membership.”

“Robert Epper - 9288 Cactus Bluff Way, Highlands Ranch, CO 80126Todd Kemp - 877 Brixham Place, Castle Rock, CO 80108Patrick Shannon - 502 N. Jackson, Golden, CO 80403Jeffrey Rudolph - 1303 Meyerwood Circle, Highlands Ranch, CO 80129Jason Kolaczkowski - 26493 E Caley Drive, Aurora, CO 80016Andrea Price-Valenzuela - 6909 Ponderosa Drive, Parker, CO 80138”

“Management provides the required information to the Credit Union's independent CPA Firm for completion of the Form 990. The Form 990 in then reviewed and approved by the CEO and CFO before it is filed. An electronic copy of the completed Form 990 is uploaded into the Red Rocks Board Portal for their review at any time.”

“A Conflict of Interest Disclosure Statement is signed, received and filed from each Board member annually.”

“The CEO's compensation is determined by the Executive Committee of the Board and agreed to by the CEO. All compensation is based upon industry comparison data received and is reviewed each year.”

“The CEO sets other officer compensation. All compensation is based upon industry comparison data received and reviewed each year.”

“CPA Certified Financial Statements are available electronically via the Credit Union's Website. Other documents would require a written request and determination regarding the release of data.”

“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 2018, Red Rocks Credit Union is not reporting income from the sale of credit life and disability insurance and GAP coverage as subject to UBIT, but is filing a 2018 Form 990-T to report non-member ATM fees and auto warranty income as subject to UBIT.”

“Number of employees is reported as zero as the credit union does not file form w-3. Adp total source, as common paymaster, files form w-3 under their own fein to report the compensation of all credit union employees.”