January 2024 News

A Great Time to Remodel Your Home’s Interior

With Colorado’s winter wonderland in full swing, it’s a great time to upgrade your home’s interior spaces. Whether you’re looking for a total redesign or a simple refresh, updating your kitchen can be incredibly fulfilling—and also a wise investment. 

For a full kitchen redesign, homeowners might expect to spend up to 10–15% of their home’s value. If you’re looking to just do a little refresh like new cabinets or appliances, those smaller investments can also make a big difference. Whatever your goals, the equity in your home may be able to help pay for those improvements.

With the amount of equity that’s been gained over the past several years here in Colorado, many homeowners could benefit from a home equity line of credit (HELOC), which would provide them access to the funds needed to update their homes. They simply borrow against the increased value in their home to fund the improvements, which can be a smart move as those updates can also add to the overall value of the home. 

Limited-Time ChoiceLine Offer

Even better news is that for a limited time, homeowners can get a fixed rate as low as 6.99% APR on a new or existing Home Equity ChoiceLine advance of $10,000 or more*—a much better option than paying with high-interest credit cards. And lines of credit make it easy to access the funds as you need them for your projects. 

To learn more, visit Bellco.org/ChoiceLine or stop by any Bellco branch.

*The 6.99% APR for the Fixed Rate promotion is available to anyone who qualifies and advances at least $10,000.00 from the available line of credit at the time the Fixed Rate Subaccount is opened. Conditions and restrictions, including those related to CLTV and credit score, apply. This offer can end at any time. If you don’t qualify for the promotional rate, the APR for fixed-rate advances will be set using the fixed rate Bellco is offering at the time you fix the rate based on your credit score, combined loan to value, and lien position at the time the loan is closed. The fixed rate will be in effect for the whole term of the applicable fixed-rate subaccount, which cannot exceed the remaining term of the loan. Membership eligibility required. All loans subject to approval by Bellco. Variable Annual Percentage Rate (APR) for well-qualified borrowers as of 01/01/2024 is 6.99% and is subject to change without notice. Maximum APR for variable rate advance is 21%. Variable rate may change after account opening. Property must be insured, owner occupied (primary or secondary), and located in Colorado.

When to Expect Bellco Year-End Tax Forms

With a new year upon us, many people take this opportunity to start getting their finances in order, particularly when it comes to gathering all their year-end tax documents. To help set expectations, below are some answers to frequently asked questions about our year-end tax forms.

When can I expect my year-end tax forms from Bellco?
Depending on which forms you’re looking for, a majority of them will be mailed out by January 31. Below is a list of tax forms and when you can expect to receive them.

Mailed by January 31:
• Form 1098
• Forms 1099-R, 1099-SA, 1099-Q, 1099-INT, 1099-A, 1099-C

Mailed by March 15:
• Form 1042-S

Mailed by April 30:
• Forms 5498, 5498-SA, 5498-ESA

Will I receive my year-end tax forms in the mail or online?
As soon as the specific forms generate, you can access them by signing in to Online Banking and selecting Statements & Tax Forms from the “Accounts” dropdown menu.

If you still receive paper statements, copies of any necessary forms will be mailed to you. If you’d like to receive your statements sooner, you can switch from printed statements to electronic statements. It’s a simple process, which you can update anytime on the Statements & Tax Forms page after signing in to Online Banking.

How do I verify my contact information, so I can receive my tax forms quickly?
You can confirm and/or update your contact information anytime on Bellco.org. Just sign in to Online Banking, click on your name in the top right corner, and select “Contact Information” from the dropdown menu.

If preferred, you can also update your information by visiting any Bellco branch or by calling Member Services at 1-800-BELLCO-1.

Who should I reach out to if I have tax questions?
Since Bellco employees are not tax advisors, we are unable to advise members on tax-related issues. We recommend you work with a certified tax advisor.

If you are looking for assistance with tax preparation services, you can visit our Tax Preparation Services page, which provides discounts on some of our preferred vendors’ services.

Bellco 2024 Board of Directors Nominations

Every year, the Bellco Board of Directors selects a Nominating Committee that nominates candidates for election to the Board. The members of the Board ensure that the credit union is following federal and state credit union laws and any other applicable government regulations and that the credit union adheres to the organization’s bylaws. The Board also maintains Bellco’s financial stability by following good business practices, and it sets the general direction of the credit union.

There are three seats up for nomination in 2024, and the Nominating Committee has nominated three incumbents for those seats. The incumbent Board Members who have been nominated are:

Douglas Ferraro – Board Member since 1991

Doug has been president/CEO of Bellco Credit Union since 1991. He serves on the boards of Open Technology Solutions, NISCUE Foundation, and S3 Shared Service Solutions. He has previously served on the boards of CO-OP Financial Services and the Colorado Division of Financial Services. Doug formerly served on the Kansas City Federal Reserve Community Depository Institutions Advisory Council and the Thrift Institutions Advisory Council to the Board of Governors of the Federal Reserve Bank. He was the chief financial officer of Vystar Credit Union, in Jacksonville, Florida. Doug is a graduate of the University of Central Florida and a Certified Public Accountant (inactive).

Laura Sonderup – Board Member since 2014

Laura is the managing director at Heinrich Marketing, Inc., a full-service advertising agency headquartered in Denver, Colorado. She is a nationally recognized multicultural marketing expert, published author, and cultural-competency trainer. Laura’s background in diversity, equity, and inclusion allows her to contribute unique insights pertinent to the rapidly evolving business environment. In addition to her responsibilities with Bellco, Laura serves her community as a member of the Denver Art Museum’s Latino Alliance and the Colorado Task Force on Drunk and Impaired Driving. Numerous organizations have recognized her community leadership, including the Colorado Rockies Hispanic Leadership Award and the Colorado Women’s Chamber of Commerce ATHENA Award. She is also a recipient of the Dr. Robert E. Weltzer Outstanding Dedication to Traffic Safety award, presented by MADD and the Colorado Department of Transportation, and is an Appointee to the National Academies of Sciences, Engineering, and Medicine’s Behavioral Traffic Safety Program Panel.

Pete Kirchhof – Board Member since 2021

Pete recently retired but was the founder and president of Kirchhof Group, Inc., which provided professional consulting services to clients who need assistance with regulatory, legislative, and political issues. His clients have included over 120 Colorado CEOs, credit unions, gaming/daily fantasy sports/sports betting companies, rural and satellite broadband providers, plumbing and mechanical contractors, an economic development corporation, and business leaders for education reform. Pete previously served as senior vice president of government affairs for the Credit Union Associations of Colorado and Wyoming. He worked for Qwest/US West/Mountain Bell for more than 23 years, focusing on regulatory and government affairs. Pete has a bachelor’s degree in political science from Western State College.

If you are interested in being nominated for a Bellco Board of Directors position, you may do so by petition. The election will not be conducted by ballot, and there will be no nominations from the floor when there is only one nominee for each position to be filled. Please send any questions regarding the nomination process to nominatingcommittee@bellco.org.

Your nomination by petition must include the following: (1) signatures of members in good standing that make up at least one percent (1%; 3,649 signatures as of October 31, 2023) of all Bellco members, as well as their addresses and daytime phone numbers; (2) a signed certificate from the nominee or nominees stating that they are agreeable to nomination and will serve if elected to office; and (3) a 50-word statement of qualifications and biographical data from each nominee. Send this information to the following address via U.S. mail: Bellco Credit Union, Nominating Committee, P.O. Box 6611, Greenwood Village, CO 80155-6611.

Nominations by petition must be received no later than 5 p.m. on February 5, 2024.

Member Discounts on Tax Preparation Services

By LoveMyCreditUnion.org

Whether you are looking to meet with a tax pro in-person or take advantage of tax preparation services offered online, Bellco members can now get the tax help they need in addition to special member savings with TurboTax® and H&R Block®.

TurboTax – Get a bigger discount this tax season with savings of up to 20% on TurboTax federal products. Get Started with TurboTax today!

H&R Block – Get the best-in-market offer with savings of up to $25 on H&R Block professional tax prep. Get your H&R Block coupon now and save!

Learn more on our Tax Preparation Services page.

Intuit TurboTax is a registered trademark and/or service marks of Intuit Inc. in the United States and other countries. H&R Block and Tax Identity Shield are registered trademarks of HRB Innovations, Inc.