About Our Board | Elevations Credit Union
Board of Directors Compensation
The scope and complexity of the ever-changing financial services market requires Directors to have strong business acumen, diverse skills, and dedication to service in order to meet the demands of a competitive and highly regulated financial services business. The time commitments for the Directors to prepare for and attend meetings, obtain and maintain the requisite regulatory training and continuing education are significant. This warrants fair and reasonable compensation.
Elevations Credit Union has established a compensation policy to provide reasonable compensation for its Board of Directors. This policy recognizes the contributions of the Board of Directors; outlines the performance required for compensation; and provides a framework to ensure compliance with the requirements of Elevations Credit Union’s bylaws and Colorado law.
Elevations Credit Union Performance
Elevations Credit Union has consistently demonstrated strong financial performance while balancing the delivery of financial services to members with the ongoing safety and soundness of the credit union. To ensure a sound future, Elevations Credit Union has built net worth that exceeds the levels required by our regulators to fulfill our charge to be well capitalized; while achieving strong net income to maintain net worth, and managing risks within operations. For more information about the credit union's performance, please visit our About Us page and explore our Annual Reports.
The Elevations Credit Union Board of Directors, with the assistance of an expert compensation consultant, conducted comprehensive research on compensation structures and compensation levels of financial institutions of proportional size, market, complexity, mission and financial performance comparable to the credit union. Based on Elevations Credit Union’s strong performance and progressive mission, the Board established a compensation schedule for its Directors that is reasonable and consistent among peer financial institutions and other organizations.
The compensation schedule is reviewed annually to ascertain its reasonableness. The Board may make changes to the compensation schedule as needed to align with our organizational requirements and to ensure compensation is reasonable.
Compensation is paid quarterly and prorated based on positions held during the calendar year. The following annual compensation was approved for the Board Directors, beginning October 1, 2021:
Board Chair: $55,000
Board Vice Chair: $45,000
For additional information, please contact the Board by clicking here(opens in a new window).