2022-11-10T14:40:21-06:00 2021-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2021-01-01 951209332 BLUPEAK CREDIT UNION BLUP 8587956000 10120 PACIFIC HEIGHTS BLVD 100 SAN DIEGO CA 92121 MARGARITA GUERRA SVP/CHIEF FINANCIAL OFFICER 8587956000 2022-11-08 1 MARGARITA GUERRA 999009999 JENIFER L CHASE P01306883 5638884000 2022-11-08 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z X TODD THARP 10120 PACIFIC HEIGHTS BLVD 100 SAN DIEGO CA 92121 104255869 0 X WWW.BLUPEAK.COM X 1936 CA WE TRANSFORM LIVES BY MAKING DREAMS HAPPEN! 8 8 227 14 98120 0 0 0 36745482 35979143 4305376 5015115 237528 -395778 41288386 40598480 0 0 3620188 2760705 18327643 18753358 0 0 0 17420523 18537494 39368354 40051557 1920032 546923 1176783982 1264438336 1071119565 1162077824 105664417 102360512 X WE ARE A MEMBER OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE; WE EXIST TO SERVE - TO ENRICH LIVES AND BUILD BETTER FUTURES. 0 0 EFFECTIVE OCTOBER 28, 2022 UNIVERSITY & STATE EMPLOYEES CREDIT UNION CHANGED ITS NAME TO BLUPEAK CREDIT UNION. MEMBERSHIP IN BLUPEAK CREDIT UNION PROVIDES ACCESS TO A ROBUST ARRAY OF QUALITY FINANCIAL SERVICES AND PRODUCTS INCLUDING CHECKING AND SAVINGS ACCOUNTS. UNLIKE BANKS, WHICH RETURN THEIR PROFITS TO SHAREHOLDERS, BLUPEAK CREDIT UNION RETURNS ITS PROFITS TO MEMBERS IN THE FORM OF HIGHER RATES ON DEPOSITS AND A HOST OF FREE AND LOW-COST SERVICES. AS OF DECEMBER 31, 2021, CREDIT UNION MEMBERS HELD 72,483 DEPOSIT ACCOUNTS TOTALING OVER $1,142 MILLION. THESE ACCOUNTS INCLUDED FREE CHECKING, LOW-BALANCE SAVINGS, IRA'S, AND HIGH-YIELD MONEY MARKET AND TERM INVESTMENT ACCOUNTS. AS A MEMBER-OWNED, NOT-FOR-PROFIT COOPERATIVE, BLUPEAK CREDIT UNION ("BLUPEAK") IS DEDICATED TO PROVIDING THE FINANCIAL PRODUCTS AND SERVICES MEMBERS NEED AT EVERY STAGE OF LIFE. WHETHER IT'S BUYING A FIRST CAR, FINANCING A NEW HOME, OR SEEKING A HIGHER EDUCATION, BLUPEAK OFFERS MEMBERS LOW-COST HOME, VEHICLE, AND PERSONAL LOANS, AS WELL AS, FREE FINANCIAL SEMINARS TO ASSIST THEM IN MAKING SOUND FINANCIAL CHOICES. AS OF DECEMBER 31, 2021, BLUPEAK MEMBERS HELD 30,183 MORTGAGE, HOME EQUITY, VEHICLE, CREDIT CARD, AND VARIOUS OTHER PERSONAL LOANS TOTALING OVER $751 MILLION. SINCE 1936, BLUPEAK CREDIT UNION ("BLUPEAK") HAS BEEN HELPING PEOPLE ACHIEVE THEIR MOST IMPORTANT FINANCIAL GOALS. AS ONE OF CALIFORNIA'S LARGEST CREDIT UNIONS, BLUPEAK OFFERS FULL-SERVICE BANKING INCLUDING FREE AND LOW-COST E-SERVICES. MEMBERS CAN MANAGE THEIR PERSONAL FINANCES ANYTIME, ANYWHERE WITH TELEPHONE, ONLINE AND WIRELESS INTERNET BANKING. AS AN ADDITIONAL CONVENIENCE, BLUPEAK OFFERS BILLPAY SERVICES TO MEMBERS WITH QUALIFYING CHECKING ACCOUNTS AT NO COST. EACH MONTH, APPROXIMATELY 31,000 MEMBERS UTILIZE THE E-SERVICES AVAILABLE 24 HOURS PER DAY. IN ADDITION, BLUPEAK HAS PARTNERED WITH OTHER CREDIT UNIONS TO FORM THE CO-OP ATM NETWORK. THIS NETWORK PROVIDES MEMBERS ACCESS TO APPROXIMATELY 30,000 NO-FEE ATM'S THROUGHOUT THE UNITED STATES, INCLUDING LOCATIONS AT POPULAR RETAILERS. ADDITIONAL BLUPEAK CREDIT UNION MEMBERSHIP BENEFITS INCLUDE: 1) PROFESSIONAL BROKERAGE AND INVESTMENT SERVICES, 2) TAX PREPARATION SERVICES, 3) MONEY-SAVING AUTO, HOME, HEALTH AND LIFE INSURANCE PROGRAMS, 4) FREE FINANCIAL EDUCATION SEMINARS, AND 5) MERCHANT, RECREATION AND TRAVEL DISCOUNTS. 0 0 1 0 0 0 0 1 0 1 1 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 14999 0 1 227 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 CA X MARGARITA GUERRA SVPCHIEF FINANCIAL OFFICER 8587956000 10120 PACIFIC HEIGHTS BLVD 100 SAN DIEGO CA 92121 JOSHUA LAWRENCE CHAIR 3.00 X X 0 0 0 MATT ADAMS VICE CHAIR 3.00 X X 0 0 0 TONY CHERIN DECEASED DIRECTOR (UNTIL 1/1/21) 3.00 X 0 0 0 SCOT EINSENDRATH DIRECTOR (UNTIL 6/8/21) 3.00 X 0 0 0 DAVID ELY DIRECTOR 3.00 X 0 0 0 STEVE ST MARIE DIRECTOR (UNTIL 1/28/21) 3.00 X 0 0 0 YVONNE MARSH DIRECTOR 3.00 X 0 0 0 LES OVERMAN DIRECTOR 3.00 X 0 0 0 HARRY LE GRANDE DIRECTOR 3.00 X 0 0 0 STEVEN LEI DIRECTOR 3.00 X 0 0 0 BEVERLY RANDEZ DIRECTOR 3.00 X 0 0 0 TODD THARP PRESIDENT/CEO 40.00 X 377891 0 78838 MARGARITA GUERRA SVP/CFO/SECRETARY 40.00 X 174382 0 21831 MATTHEW LYONS EVP/CHIEF OPERATING OFFICER 40.00 X 346430 0 61842 LAURA YOUNG SVP/CHIEF HR OFFICER (UNTIL 12/31/21) 40.00 X 559602 0 54947 PARIS CHEVALIER SVP/CHIEF EXPERIENCE OFFICER (UNTIL 7/23/21) 40.00 X 188131 0 27158 AMBER FIELDER SVP/CHIEF MARKETING OFFICER 40.00 X 165209 0 28171 CHARLES WILLIAMS SVP/CHIEF RISK OFFICER 40.00 X 175179 0 21019 SHELLY DUCKART SR COMMUNITY MORTGAGE SPECIALIST 40.00 X 307826 0 21025 KATHLEEN DALLAS-ORR SR COMMUNITY MORTGAGE SPECIALIST 40.00 X 243761 0 16131 KAREN SMITH VP LENDING 40.00 X 211971 0 26987 NATHANIEL FRICHTEL VP BUSINESS TECHNOLOGY (UNITL 6/24/22) 40.00 X 180295 0 37769 JOHANNA CRAIN VP RETAIL NETWORK (UNTIL 3/1/22) 40.00 X 173453 0 13521 JAMES HARRIS FORMER OFFICER 40.00 X 581624 0 105383 3685754 0 514622 36 1 1 0 MOMENTUM INC 109 BELL STREET SUITE B SEATTLE WA 98121 DESIGN / CONSTRUCTION SERVICES 1452644 WORLDPAY HOLDING LLC 8500 GOVERNORS HILL DRIVE SYMMES TOWNSHIP OH 45249 CARDHOLDER SERVICES 1328680 NCR CORPORATION 858 SPRING STEET NW ATLANTA GA 30308 ONLINE BANKING / WEBSITE HOSTING SERVICE 919416 MASTERCARD INTERNATIONAL 2200 MASTERCARD BOULEVARD OFALLON MO 63368 CARDHOLDER SERVICES 842250 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CUSTOMER PHONE SUPPORT SERVICES 569901 21 LOAN INTEREST INCOME 522100 28942995 28942995 SERVICE CHARGES AND FEE INCOME 522100 3972051 3873931 98120 INTERCHANGE INCOME 522100 2682537 2682537 RECOVERY OF LOAN LOSSES 522100 381560 381560 35979143 3868738 3868738 444602 840380 -395778 -395778 -395778 63963386 62817009 1146377 1146377 1146377 40598480 35881023 98120 4619337 2760705 2280629 13291572 485434 1567501 1128222 538585 275963 1404344 1768307 2012748 3229827 2466604 67131 90438 158800 2599986 118612 ATM EXPENSES 1616713 LOAN PROGRAM/SERVICING 1238319 CREDIT CARD PROGRAM COS 655057 MISCELLANEOUS 296060 40051557 276105865 181217272 694957446 746960156 1712829 1825891 52934834 26884489 24482175 26050345 102809787 232030926 76715880 76353746 1176783982 1264438336 2175226 2119509 37000000 5000000 1031944339 1154958315 1071119565 1162077824 X 0 0 0 0 105664417 102360512 105664417 102360512 1176783982 1264438336 546923 -3850828 0 X X 0 1 X 1 0 6500 0 0 6500 6500 1 CCUL PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 942329967 5000 0 SAN DIEGO CREDIT UNIONS' PAC 1127 11TH STREET SUITE 300 SACRAMENTO CA 95814 743032876 1500 0 PART I-A, LINE 1: BLUPEAK CREDIT UNION'S POLITICAL ACTIVITIES ARE PRIMARILY CENTERED AROUND SPECIFIC LEGISLATIVE BILLS OF SPECIFIC INTEREST TO USE AND/OR THE CREDIT UNION INDUSTRY. WE PARTICIPATE WITH THE CALIFORNIA/NEVADA CREDIT UNION LEAGUE AND CUNA BY SENDING LETTERS OF SUPPORT OR OPPOSITION TO PROPOSED LEGISLATION. WE ALSO, ON AN INDIVIDUAL BASIS, ATTEND FUNDRAISERS TO SUPPORT CREDIT UNION FRIENDLY LEGISLATORS. FINANCIAL CONTRIBUTIONS ARE MADE PERIODICALLY BY EITHER PERSONAL FUNDS OR THROUGH PAC CONTRIBUTIONS. 0 1 X 8257243 8257243 19018894 9007071 10011823 6655555 4422822 2232733 17572483 13454596 4117887 1430659 1430659 26050345 FEDERAL HOME LOAN BANK STOCK 5070500 C FEDERAL AGENCIES SECURITIES 42819546 F MORTGAGE-BACKED SECURITIES 107492101 F SMALL BUSINESS ADMINISTRATION LOAN POOLS 17384089 F AGENCY NOTES & BONDS 59264690 F 232030926 ACCRUED INTEREST RECEIVABLE 2723371 NCUA SHARE INSURANCE DEPOSITS 9972109 ACH SETTLEMENT CLEARING 33536778 INSURANCE CONTRACTS 22147508 OTHER ASSETS 7973980 76353746 MEMBER SHARES 1142128024 OTHER LIABILITIES 12830291 1154958315 X PART IV, LINE 2B: THE CREDIT UNION MAINTAINS ESCROW ACCOUNTS FOR MORTGAGE LOANS HELD BY MEMBERS. THE CREDIT UNION ALSO HOLDS CUSTODIAL ACCOUNTS TO FACILITATE THE SERVICING OF LOANS SOLD TO ENTITIES SUCH AS FANNIE MAE. AT 12/31/2021 ESCROW BALANCES TOTALED $2,119,509 AND THE VALUE OF ASSETS FOR WHICH THE CREDIT UNION SERVES AS CUSTODIAN WAS $99,779. PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION, AS DESCRIBED IN 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, EXCEPT FOR UNRELATED BUSINESS INCOME, AS DEFINED IN IRC SECTION 512 AND IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007 TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE INTERNAL REVENUE SERVICE RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. MANAGEMENT HAS DETERMINED THAT ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S CONSOLIDATED FINANCIAL CONDITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S WHOLLY OWNED SUBSIDIARY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. OPERATIONS OF THE SUBSIDIARY RESULTED IN IMMATERIAL INCOME TAXES PAID FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020. FASB CODIFICATION TOPIC 740, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED, AND PRESENTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THIS REQUIRES THE 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 POSITIONS ARE MORE-LIKELY-THAN-NOT TO BE SUSTAINED "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 DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. X X X 0 1 0 JAMES HARRIS FORMER OFFICER 448219 0 71663 0 61742 0 79221 0 26163 0 687008 0 0 0 LAURA YOUNG SVP/CHIEF HR OFFICER (UNTIL 12/31/21 265155 0 228937 0 65510 0 40526 0 14421 0 614549 0 33404 0 TODD THARP PRESIDENT/CEO 307641 0 47087 0 23163 0 45253 0 33584 0 456728 0 0 0 MATTHEW LYONS EVP/CHIEF OPERATING OFFICER 254295 0 40730 0 51405 0 41179 0 20663 0 408272 0 0 0 SHELLY DUCKART SR COMMUNITY MORTGAGE SPECIALIST 94699 0 208194 0 4933 0 12118 0 8907 0 328851 0 0 0 KATHLEEN DALLAS-ORR SR COMMUNITY MORTGAGE SPECIALIST 88104 0 150859 0 4798 0 6056 0 10075 0 259892 0 0 0 KAREN SMITH VP LENDING 195657 0 0 0 16314 0 8877 0 18110 0 238958 0 0 0 NATHANIEL FRICHTEL VP BUSINESS TECHNOLOGY (UNITL 6/24/2 165692 0 0 0 14603 0 9553 0 28216 0 218064 0 0 0 PARIS CHEVALIER SVP/CHIEF EXPERIENCE OFFICER (UNTIL 135223 0 22422 0 30486 0 9184 0 17974 0 215289 0 0 0 MARGARITA GUERRA SVP/CFO/SECRETARY 154223 0 0 0 20159 0 8898 0 12933 0 196213 0 0 0 CHARLES WILLIAMS SVP/CHIEF RISK OFFICER 172768 0 0 0 2411 0 8783 0 12236 0 196198 0 0 0 AMBER FIELDER SVP/CHIEF MARKETING OFFICER 146698 0 0 0 18511 0 8785 0 19386 0 193380 0 0 0 JOHANNA CRAIN VP RETAIL NETWORK (UNTIL 3/1/22) 159105 0 0 0 14348 0 8273 0 5248 0 186974 0 0 0 PART I, LINE 4B IN 2019, THE CREDIT UNION ADOPTED A LONG-TERM INCENTIVE PLAN (LTIP) FOR CERTAIN SENIOR EXECUTIVES (COLLECTIVELY, THE "LTIP PARTICIPANTS"). THE LTIP PROVIDES FOR PAYMENTS TO THE LTIP PARTICIPANTS BASED ON EMPLOYMENT DATE MILESTONES WITH THE CREDIT UNION. PARTICIPANTS ARE ENTITLED TO PAYMENT IF ACTIVELY EMPLOYED AT THE TIME OF PAYOUT OR IF TERMINATED BY THE CREDIT UNION BEFORE THE END OF THE MEASUREMENT PERIOD. THE FOLLOWING ARE PARTICIPANTS IN THE LTIP: JAMES HARRIS - $65,843 BENEFIT EXPENSE TODD THARP - $31,621 BENEFIT EXPENSE LAURA YOUNG - $31,839 BENEFIT EXPENSE; $152,081 DISTRIBUTION MATTHEW LYONS - $29,340 BENEFIT EXPENSE 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. 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 FORM 990 IS REVIEWED BY THE CREDIT UNION'S CEO AND CFO PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION REQUIRES THAT ALL ELECTED OFFICIALS, COMMITTEE MEMBERS, MANAGEMENT, AND STAFF OF BLUPEAK CREDIT UNION AND ITS SUBSIDIARIES DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST ON AN ANNUAL BASIS. HUMAN RESOURCES AND RISK MANAGEMENT PERSONNEL MONITOR AND ENFORCE COMPLIANCE WITH THE CREDIT UNION'S CONFLICT OF INTEREST POLICY. IN THE EVENT AN ACTUAL CONFLICT IS IDENTIFIED, RISK MANAGEMENT PERSONNEL IN PARTNERSHIP WITH HUMAN RESOURCES DETERMINE THE APPROPRIATE ACTIONS NECESSARY TO MITIGATE SUCH CONFLICTS. SUCH ACTIONS INCLUDE RESTRICTION OR EXCLUSION FROM VOTING OR PARTICIPATING IN GOVERNING DELIBERATIONS AND DECISION MAKING. FORM 990, PART VI, SECTION B, LINE 15A THE CREDIT UNION UTILIZES COMPEASE, A SOFTWARE APPLICATION LINKED TO SALARY SURVEY DATA, TO ESTABLISH COMPENSATION LEVELS FOR EACH CREDIT UNION POSITION. COMPENSATION FOR EXECUTIVES, OFFICERS AND KEY EMPLOYEES IS BASED UPON COMPEASE EVALUATIONS, OTHER INDUSTRY COMPENSATION DATA, A CANDIDATE'S SALARY HISTORY, AND THE SALARY JUDGED NECESSARY TO ATTRACT QUALIFIED CANDIDATES BASED UPON THEIR SKILLS AND EXPERIENCE. THE CEO'S COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS WITH SUBSTANTIATION OF THIS PROCESS MAINTAINED IN CREDIT UNION RECORDS. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE PROVIDED TO THE MEMBERSHIP AT EACH ANNUAL MEETING. UNAUDITED FINANCIAL STATEMENTS ARE POSTED MONTHLY AT EACH BRANCH LOCATION FOR PUBLIC VIEWING. GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE PROVIDED UPON REQUEST. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. FORM 990, SCHEDULE O, ADDITIONAL INFORMATION - NAME CHANGE EFFECTIVE OCTOBER 28, 2022 THE NAME OF THE CORPORATION IS BLUPEAK CREDIT UNION. USE FINANCIAL SERVICES LLC 10120 PACIFIC HEIGHTS BLVD SUITE 10 SAN DIEGO CA 92121 FINANCIAL SERVICES (INACTIVE) CA 0 0 BLUPEAK EMPLOYEES CREDIT UNION