7 6 5 4 3 2 1 8 - Elevations Credit Union

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TABLE OF CONTENTS INDEPENDENT AUDITOR’S REPORT ............................................................................................. 23 1 STATEMENTS OF FINANCIAL CONDITION...................................................................................... 24 2 STATEMENTS OF OPERATIONS ................................................................................................... 25 3 STATEMENTS OF COMPREHENSIVE (LOSS)INCOME ..................................................................... 26 4 STATEMENTS OF MEMBERS’EQUITY........................................................................................... 27 5 STATEMENTS OF CASH FLOWS................................................................................................... 28 6 NOTES TO FINANCIAL STATEMENTS............................................................................................ 29 7 ELEVATIONS Credit Union 2008 annual report 22
Independent Auditor’s Report Supervisory Committee Elevations Credit Union Boulder, Colorado We have audited the accompanying statements of financial condition of Elevations Credit Union (hereafter “the Credit Union”) (a Colorado state chartered credit union) as of December 31, 2008 and 2007 and the related statements of operations, comprehensive (loss) income, members’ equity, and cash flows for the years then ended. These financial statements are the responsibility of the Credit Union’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial condition of Elevations Credit Union as of December 31, 2008 and 2007 and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. As disclosed in Note 15 to the consolidated financial statements, the Credit Union wrote-off all of its $7,241,194 corporate credit union capital based on announcements that the corporate credit union’s losses exceed the capital in the organization. The Credit Union has not recorded any impairment or expenses related to the industry matters described in Note 15. Phoenix, Arizona June 1, 2009 McGladrey & Pullen, LLP is an independent member firm of RSM International an affiliation of separate and independent accounting and consulting firms. ELEVATIONS Credit Union 2008 annual report 23
Page 1 and 2: safe. sound. local. 2008 Annual Rep
Page 3 and 4: table of contents Joseph Wilson Mor
Page 5 and 6: letter from the president Dear Memb
Page 7 and 8: Pictured page 4 Eric Jones Chair Er
Page 9 and 10: The Supervisory Committee ensures t
Page 11 and 12: community relations committee Pictu
Page 13 and 14: kids fair Hundreds of fun-loving ki
Page 15 and 16: mortgages Elevations side-stepped t
Page 17 and 18: community relations Broomfi eld Com
Page 19 and 20: “I am equally passionate about wo
Page 21 and 22: anch managers 5 4 2 3 1 Mary Ann Ka
Page 23: fi nancials Elevations Credit Union
Page 27 and 28: Elevations Credit Union Statements
Page 29 and 30: Elevations Credit Union Statements
Page 31 and 32: Elevations Credit Union Notes to Fi
Page 47 and 48: senior leadership team Gerry Agnes

7 6 5 4 3 2 1 8 - Elevations Credit Union

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