2023-11-08T10:47:09-06:00 2022-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2022-01-01 880059939 BOULDER DAM CREDIT UNION BOUL 7022937777 PO BOX 61530 BOULDER CITY NV 890061530 ERIC ESTES PRESIDENT & CEO 7022937777 2023-11-06 1 ERIC ESTES 999009999 0 JENIFER L CHASE P01306883 5638884000 2023-11-06 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ERIC D ESTES PO BOX 61530 BOULDER CITY NV 890061530 24897762 0 X WWW.BOULDERDAMCU.ORG X 1940 NV WE ARE PEOPLE HELPING PEOPLE BUILD THEIR FUTURES AND REALIZE THEIR DREAMS BY PROVIDING SHARE AND LOAN ACCOUNTS AND OTHER FINANCIAL SERVICES. 7 7 53 9 26950 0 0 0 12569529 12350288 4834558 10599563 23175 441940 17427262 23391791 0 0 0 0 5541108 5918250 0 0 0 8254970 9335827 13796078 15254077 3631184 8137714 864129621 835531285 774787772 760437757 89341849 75093528 WE ARE PEOPLE HELPING PEOPLE BUILD THEIR FUTURES AND REALIZE THEIR DREAMS. 0 0 ONE OF BOULDER DAM CREDIT UNION'S (THE CREDIT UNION) TWO PRIMARY PURPOSES IS TO PROVIDE CREDIT TO ITS MEMBERS AT A COMPETITIVE RATE. THE CREDIT UNION PROVIDES REAL ESTATE, AUTO, BOAT, RV, AND SIGNATURE AND VISA LOANS TO ELIGIBLE MEMBERS. AS OF 12/31/2022, THE CREDIT UNION HAD 2,630 LOANS WITH A BALANCE OF APPROXIMATELY $224 MILLION AND 2,362 VISA CARDS WITH A BALANCE OF APPROXIMATELY $1.943 MILLION. THE SECOND MAIN SERVICE THAT BOULDER DAM CREDIT UNION (THE CREDIT UNION) OFFERS IS DEPOSIT SERVICES TO ELIGIBLE MEMBERS. THE CREDIT UNION OFFERS SAVINGS ACCOUNTS, CHECKING ACCOUNTS, AND INDIVIDUAL RETIREMENT ACCOUNTS TO ALL MEMBERS. IN ORDER TO MAINTAIN A SHARE ACCOUNT AN INDIVIDUAL MUST BE ELIGIBLE FOR MEMBERSHIP. ELIGIBILITY REQUIRES THAT A PERSON LIVE OR WORK IN BOULDER CITY, NEVADA. DUE TO THE EXCEPTIONAL SERVICE LEVEL PROVIDED BY THE CREDIT UNION, APPROXIMATELY 90% OF ELIGIBLE MEMBERS ARE MEMBERS OF THE CREDIT UNION. ONCE AGAIN, THE CREDIT UNION DOES NOT CHARGE FEES FOR DEPOSIT ACCOUNTS; OTHER THAN PUNITIVE FEES FOR OVERDRAFTS AND INSUFFICIENT FUND ITEMS. AT 12/31/2022, THE CREDIT UNION HAD 20,334 MEMBERS TOTALING $758,887,302 IN SHARE DEPOSITS. AN ANCILLARY PRODUCT OFFERED BY BOULDER DAM CREDIT UNION (THE CREDIT UNION) IS THE ELECTRONIC DELIVERY OF SERVICES. THE CREDIT UNION OFFERS DEBIT CARDS, VISA CREDIT CARDS, ATM ACCESS, PHONE ACCOUNT ACCESS AND INTERNET ACCOUNT ACCESS. ALL SERVICES ARE OFFERED AT NO COST TO ELIGIBLE MEMBERS. ADDITIONALLY, THE CREDIT UNION BELONGS TO THE CO-OP ATM NETWORK, WHICH ENABLES MEMBER TO USE NETWORK RELATED ATMS NATIONWIDE WITH NO SURCHARGE. APPROXIMATELY 60% OF OUR MEMBERS UTILIZE SOME TYPE OF ELECTRONIC DELIVERY SERVICE. 0 0 1 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 9913 0 1 53 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 0 1 1 1 0 0 X ERIC ESTES 7022937777 PO BOX 61530 BOULDER CITY NV 890061530 CYNDY ANDERSON DIRECTOR 2.00 X 0 0 0 HELENA BROADBENT FORMER DIRECTOR 2.00 X 0 0 0 FRANK DISANZA TREASURER 2.00 X X 0 0 0 CHARMAINE FERRARI SECRETARY 2.00 X X 0 0 0 ROBERT MERRELL VICE CHAIR 2.00 X X 0 0 0 TINA MULLIS DIRECTOR 2.00 X 0 0 0 DOUG SCHEPPMANN CHAIR 2.00 X X 0 0 0 TERRY STEVENS DIRECTOR 2.00 X 0 0 0 ERIC ESTES PRESIDENT / CEO 40.00 X 441504 0 95708 STEELE HENDRIX EVP 40.00 X 276500 0 100693 MARY BETH CLIFT TELLER SUPERVISOR 40.00 X 164922 0 44298 TERI SIMMONS CARD SERVICES COORDINATOR 40.00 X 151452 0 45731 BARBARA BENNETT LOAN SUPERVISOR 40.00 X 139555 0 47933 KYLE JOHNSON RISK MANAGEMENT COORDINATOR 40.00 X 119944 0 49516 JARON SINGLETON ACCOUNTING COORDINATOR 40.00 X 123896 0 40297 1417773 0 424176 11 0 1 0 FISERV 2601 NETWORK BLVD SUITE 600 FRISCO TX 75034 DATA PROCESSING 1849424 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STATEMENT PROCESSING AND MAILING 156898 MICROFACS INC 3406 LIBRARY LANE MINNEAPOLIS MN 55426 DOCUMENT PRESERVATION 110271 3 LOAN INTEREST 522100 10158390 10158390 SERVICE CHARGES & OTHER FEES 522100 1191898 1164948 26950 PROVISION FOR LOAN LOSSES 522100 1000000 1000000 12350288 10835410 10835410 23100 0 23100 23100 23100 1270124 1505971 -235847 -235847 -235847 OTHER NONINTEREST INCOME 522100 418840 418840 418840 23391791 12742178 26950 10622663 X 914405 3595834 568819 524751 314441 35362 1607115 229240 698929 295460 210146 30036 1 469294 DIVIDENDS PAID TO MEMBE 4009437 ATM/CARD EXPENSE 1077234 LOAN SERVICING EXPENSES 340294 ASSOCIATION DUES 79423 253856 15254077 137702307 49424500 2362547 6525640 189415888 224809064 3807 3802 4557090 3453294 1103662 1103796 532056780 553650181 1484630 14302 864129621 835531285 1581857 1550455 773205915 758887302 774787772 760437757 X 0 0 0 0 89341849 75093528 89341849 75093528 864129621 835531285 8137714 -22386035 0 X X 0 1 X 1 0 10000 150 10000 10000 1 NEVADA CREDIT UNION LEAGUE PAC 6475 W SAHARA AVE LAS VEGAS NV 89146 880270264 10000 PART I-A, LINE 1: BOULDER DAM CREDIT UNION MAKES AN ANNUAL CONTRIBUTION TO THE NEVADA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE (PAC). THIS PAC MAKES CONTRIBUTIONS TO STATE LEVEL CANDIDATES WHO ARE FRIENDS OF CREDIT UNIONS. 1098662 1098662 3453294 3453294 0 5134 5134 1103796 ACCRUED INTEREST/INCOME 2503829 C SHARE INSURANCE DEPOSIT 10501748 C AVAILABLE FOR SALE 453160116 F US GOV'T OBLIGATIONS & FED AGENCY SECURITIES 51234468 C FED AGENCY SEC/RESIDENTIAL MTG-BACKED SEC/SBA POOLS/COLLATERALIZED MTG 16672063 C CU COOPERATIVE SYSTEMS STOCK 20000 C FHLB DEPOSIT / CAPITAL ACCOUNT 19557957 C 553650181 MEMBER SHARES AND DEPOSITS 758887302 758887302 X 22309468 0 22309468 1082323 1082323 23391791 14171754 0 14171754 1082323 1082323 15254077 PART X, LINE 2: BOULDER DAM CREDIT UNION (THE CREDIT UNION) IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. THE CREDIT UNION IS A NEVADA STATE-CHARTERED CREDIT UNION DESCRIBED IN THE INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). FASB CODIFICATION TOPIC 740, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED, AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES AN EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITION IS MORE-LIKELY-THAN-NOT "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2022, AND 2021 MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: INTEREST REFUND TO MEMBERS RECLASSIFIED TO FUNCTIONAL EXPENSE 1,082,323. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST REFUND TO MEMBERS RECLASSIFIED TO FUNCTIONAL EXPENSE 1,082,323. X X X 0 0 0 ERIC ESTES PRESIDENT / CEO 438150 0 0 0 3354 0 61000 0 34708 0 537212 0 0 0 STEELE HENDRIX EVP 275161 0 0 0 1339 0 53598 0 47095 0 377193 0 0 0 MARY BETH CLIFT TELLER SUPERVISOR 161338 0 0 0 3584 0 31537 0 12761 0 209220 0 0 0 TERI SIMMONS CARD SERVICES COORDINATOR 150034 0 0 0 1418 0 29047 0 16684 0 197183 0 0 0 BARBARA BENNETT LOAN SUPERVISOR 136758 0 0 0 2797 0 27124 0 20809 0 187488 0 0 0 KYLE JOHNSON RISK MANAGEMENT COORDINATOR 119378 0 0 0 566 0 25827 0 23689 0 169460 0 0 0 JARON SINGLETON ACCOUNTING COORDINATOR 123672 0 0 0 224 0 25805 0 14492 0 164193 0 0 0 ERIC ESTES OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 2100000 2325640 0 1 1 STEELE HENDRIX KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 4200000 4200000 0 1 1 6525640 FORM 990, PART II, LOANS TO INTERESTED PERSONS: BOULDER DAM CREDIT UNION (THE CREDIT UNION) HAS ENTERED INTO COLLATERAL SPLIT-DOLLAR LIFE INSURANCE AGREEMENTS FOR AN OFFICER AND KEY EMPLOYEE. THE CREDIT UNION PROVIDED A LOAN TO THE INDIVIDUALS TO FUND THE PURCHASE OF A LIFE INSURANCE POLICY, WHICH IS OWNED AND CONTROLLED BY THE INDIVIDUALS. BY WAY OF THE COLLATERAL ASSIGNMENT AND SIDE ACCOUNT ASSIGNMENT FROM THE INDIVIDUALS TO THE CREDIT UNION, THE LOAN IS COLLATERALIZED BY THE LIFE INSURANCE POLICY, BEARS AN INTEREST RATE OF 2.48%, AND IS NON-RECOURSE. THE INDIVIDUALS AND THE INDIVIDUALS' ESTATE AND BENEFICIARIES ARE NOT PERSONALLY OBLIGATED TO PAY THE OUTSTANDING BALANCE. THE POLICY, PREMIUM DEPOSIT ACCOUNT, AND SIDE ACCOUNT, WHICH TOGETHER COMPRISE THE TOTAL ASSET VALUE, ARE THE SOLE SOURCES FOR THE LOAN PAYMENTS. FORM 990, PART VI, SECTION A, LINE 6 BOULDER DAM CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A BOULDER DAM CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CHIEF EXECUTIVE OFFICER/PRESIDENT, EXECUTIVE VICE PRESIDENT, AND IS APPROVED BY THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 15A THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS ESTABLISHED AND APPROVED BY THE ENTIRE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS REVIEWS COMPENSATION DATA FROM INDUSTRY SURVEYS LIKE, THE CUNA STAFF SALARY REPORT OR THE NAFCUGALLAGHER EXECUTIVE COMPENSATION AND BENEFITS SURVEY. THIS COMPENSATION DISCUSSION IS CONTEMPORANEOUSLY DOCUMENTED IN THE EXECUTIVE MEETING'S MINUTES. EXECUTIVE COMPENSATION AND BENEFIT REVIEW TAKES PLACE ANNUALLY AND WAS LAST COMPLETED IN 2023. SENIOR MANAGEMENT SALARIES ARE SUBJECT TO GENERAL INDEX INCREASES APPLIED TO ALL STAFF AND RECOMMENDED BY THE CHIEF EXECUTIVE OFFICER TO THE BOARD OF DIRECTORS FOR APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 BOULDER DAM CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104(D). FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 1,607,115. FORM 990, PART XI, LINE 2C THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PREVIOUS TAX YEAR. FORM 990, PART I, LINES 14 & 17: IN 2022, BOULDER DAM CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN THE PRIOR YEAR COLUMN FOR LINE 17 (OTHER EXPENSES) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990, PART IX, IN LINE 4 (BENEFITS PAID TO OR FOR MEMBERS). CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE CURRENT YEAR AMOUNTS LISTED IN THE CURRENT YEAR COLUMN OF PART I AND PART IX.