2022-11-15T13:13:55-06:00 2021-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2021-01-01 880059939 BOULDER DAM CREDIT UNION BOUL 7022937777 PO BOX 61530 BOULDER CITY NV 890061530 ERIC ESTES PRESIDENT & CEO 7022937777 2022-11-15 1 ERIC ESTES 999009999 JENIFER L CHASE P01306883 5638884000 2022-11-15 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z ERIC D ESTES PO BOX 61530 BOULDER CITY NV 890061530 17649432 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 23630 0 0 0 14432541 12569529 7463933 4834558 20888 23175 21917362 17427262 0 0 7989219 3375622 6121694 5541108 0 0 0 4540515 4879348 18651428 13796078 3265934 3631184 772081335 864129621 680170072 774787772 91911263 89341849 WE ARE PEOPLE HELPING PEOPLE BUILD THEIR FUTURES AND REALIZE THEIR DREAMS. 0 0 ONE OF THE CREDIT UNION'S 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 12/31/2021, THE CREDIT UNION HAD 2,563 LOANS WITH A BALANCE OF APPROXIMATELY $189.5 MILLION AND 2,421 VISA CARDS WITH A BALANCE OF APPROXIMATELY $1.937 MILLION. THE SECOND MAIN SERVICE THAT 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 MEMBER 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 12/31/2021 THE CREDIT UNION HAD 20,507 MEMBERS TOTALING $773,205,915 IN SHARE DEPOSITS. AN ANCILLARY PRODUCT OFFERED BY 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 9304 0 1 53 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X ERIC ESTES 7022937777 PO BOX 61530 BOULDER CITY NV 890061530 DOUG SCHEPPMANN CHAIR 2.00 X X 0 0 0 ROBERT MERRELL VICE CHAIR 2.00 X X 0 0 0 FRANK DISANZA TREASURER 2.00 X X 0 0 0 CHARMAINE FERRARI SECRETARY 2.00 X X 0 0 0 CYNDY ANDERSON DIRECTOR 2.00 X 0 0 0 HELENA BROADBENT DIRECTOR 2.00 X 0 0 0 TINA MULLIS DIRECTOR 2.00 X 0 0 0 ERIC ESTES PRESIDENT / CEO 40.00 X 430812 0 88075 STEELE HENDRIX EVP 40.00 X 247288 0 86405 MARY BETH CLIFT TELLER SUPERVISOR 40.00 X 154931 0 39665 BARBARA BENNETT LOAN SUPERVISOR 40.00 X 127770 0 42481 PATRICIA BUTLER COLLECTIONS SUPERVISOR 40.00 X 108411 0 35464 TERI SIMMONS CARD SERVICES COORDINATOR 40.00 X 121991 0 36408 JARON SINGLETON ACCOUNTING COORDINATOR 40.00 X 127203 0 32576 1318406 0 361074 10 0 1 0 FISERV 2601 NETWORK BLVD SUITE 600 FRISCO TX 75034 DATA PROCESSING 1886561 QUALITY CONSTRUCTION MANAGEMENT 1011 INDUSTRIAL ROAD SUITE 5 BOULDER CITY NV 89005 CONSTRUCTION AND REMODEL 199864 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STATEMENT PROCESSING AND MAILING 143440 3 LOAN INTEREST 522100 11004229 11004229 SERVICE CHARGES & OTHER FEES 522100 1194435 1170805 23630 OTHER NONINTEREST INCOME 522100 370865 370865 12569529 5056728 5056728 23175 0 23175 23175 23175 222170 -222170 -222170 -222170 17427262 12545899 23630 4857733 3375622 859911 3345974 522688 519571 292964 50589 1330649 167793 495212 531328 83883 7548 38743 444952 ATM/CARD EXPENSE 1003750 LOAN SERVICING EXPENSES 478743 ASSOCIATION DUES 82313 163845 13796078 57376774 137702307 2221970 2362547 216196033 189415888 781 3807 4475399 3371737 1098662 1103662 493580119 532056780 1606996 1484630 772081335 864129621 2089139 1581857 678080933 773205915 680170072 774787772 X 0 0 0 0 91911263 89341849 91911263 89341849 772081335 864129621 3631184 -6200598 0 X X 0 1 X 1 0 10000 150 10000 10000 1 NEVADA CREDIT UNION LEAGUE PAC 6475 W SAHARA AVENUE LAS VEGAS NV 891463036 880270264 10000 0 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 3376737 3371737 5000 1103662 ACCRUED INTEREST/INCOME 1623434 C SHARE INSURANCE DEPOSIT 9265107 C AVAILABLE FOR SALE 456160596 F US GOV'T OBLIGATIONS & FED AGENCY SECURITIES 29350176 C FED AGENCY SEC/RESIDENTIAL MTG-BACKED SEC/SBA POOLS/COLLATERALIZED MTG 25644230 C CU COOPERATIVE SYSTEMS STOCK 20000 C FHLB DEPOSIT / CAPITAL ACCOUNT 9993237 C 532056780 MEMBER SHARES AND DEPOSITS 773205915 773205915 X 15831829 -1595433 -1595433 17427262 0 17427262 12200645 0 12200645 1595433 1595433 13796078 PART X, LINE 2: 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, 2021 AND 2020 MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST REFUND TO MEMBERS RECLASSIFIED TO FUNCTIONAL EXPENSE -1,595,433. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST REFUND TO MEMBERS RECLASSIFIED TO FUNCTIONAL EXPENSE 1,595,433. X X X 0 0 0 ERIC ESTES PRESIDENT / CEO 429522 0 0 0 1290 0 58000 0 33399 0 522211 0 0 0 STEELE HENDRIX EVP 246464 0 0 0 824 0 49846 0 40566 0 337700 0 0 0 MARY BETH CLIFT TELLER SUPERVISOR 151411 0 0 0 3520 0 30477 0 11741 0 197149 0 0 0 BARBARA BENNETT LOAN SUPERVISOR 125278 0 0 0 2492 0 25600 0 18883 0 172253 0 0 0 JARON SINGLETON ACCOUNTING COORDINATOR 127001 0 0 0 202 0 24842 0 9863 0 161908 0 0 0 TERI SIMMONS CARD SERVICES COORDINATOR 121155 0 0 0 836 0 24303 0 14176 0 160470 0 0 0 ERIC ESTES OFFICER OF CREDIT UNION FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 2100000 2362547 0 1 1 2362547 FORM 990, PART II, LOANS TO INTERESTED PERSONS THE CREDIT UNION HAS ENTERED INTO COLLATERAL SPLIT-DOLLAR LIFE INSURANCE AGREEMENTS FOR A KEY EMPLOYEE. THE CREDIT UNION PROVIDED A LOAN TO THE KEY EMPLOYEE TO FUND THE PURCHASE OF A LIFE INSURANCE POLICY, WHICH IS OWNED AND CONTROLLED BY THE KEY EMPLOYEE. BY WAY OF THE COLLATERAL ASSIGNMENT AND SIDE ACCOUNT ASSIGNMENT FROM THE KEY EMPLOYEE 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 KEY EMPLOYEE AND THE KEY EMPLOYEE'S 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 I, LINE 6, VOLUNTEERS: THE 9 VOLUNTEERS REPORTED IN PART I, LINE 6 CONSISTS OF 7 BOARD MEMBERS AND 2 SUPERVISORY COMMITTEE MEMBERS. FORM 990, PART VI THE COMPLETED 990 IS REVIEWED BY THE CEO/PRESIDENT, EVP, AND APPROVED BY THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED 990 IS REVIEWED BY THE CEO/PRESIDENT, EVP, AND APPROVED BY THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE MEMBERS ARE REQUIRED TO SIGN A CONFLICT OF INTEREST POLICY. BOULDER DAM CREDIT UNION OFFICIALS ARE PROHIBITED FROM ENGAGING IN ANY ACT, EITHER DIRECTLY OR INDIRECTLY, WHICH MAY CONFLICT WITH THEIR DUTIES AND STATUS AS AN ELECTED OR APPOINTED VOLUNTEER; THIS INCLUDES USING THEIR POSITION WITH THE CREDIT UNION FOR PERSONAL ADVANTAGE OR PROFIT, PREFERENTIAL TREATMENT OR LACK OF IMPARTIALITY, AND HINDERING CREDIT UNION PERFORMANCE. BUSINESS DECISIONS MUST BE EXECUTED IN THE BEST INTEREST OF BOULDER DAM CREDIT UNION AND ITS MEMBERSHIP. ALL DIRECTORS AND COMMITTEE MEMBERS MUST DISCLOSE TO THE BOARD ACTUAL OR POTENTIAL CONFLICTS OF INTEREST INVOLVING ANY PERSONAL BUSINESS TRANSACTION. IN ADDITION, NO BOULDER DAM CREDIT UNION OFFICIAL SHALL IN ANY MANNER, EITHER DIRECTLY OR INDIRECTLY, PARTICIPATE IN THE CONSIDERATION OF CREDIT UNION BUSINESS MATTERS AFFECTING HIS OR HER OWN FINANCIAL INTEREST, OR THE FINANCIAL INTEREST OF ANY CORPORATION, PARTNERSHIP, OR ASSOCIATION IN WHICH HE OR SHE IS DIRECTLY OR INDIRECTLY ENGAGED. FORM 990, PART VI, SECTION B, LINE 15A THE CEO'S COMPENSATION IS ESTABLISHED AND APPROVED BY THE ENTIRE BOARD OF DIRECTORS. SENIOR MANAGEMENT SALARIES ARE SUBJECT TO GENERAL INDEX INCREASES APPLIED TO ALL STAFF AND RECOMMENDED BY THE CEO TO THE BOARD OF DIRECTORS FOR APPROVAL. THE BOARD OF DIRECTORS DOCUMENTS THE PROCESS USED TO ESTABLISH THE CEO'S COMPESATION. FORM 990, PART VI, SECTION C, LINE 19 QUARTERLY FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF THE CREDIT UNION'S OFFICE. GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 2C THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED.