2025-11-13T08:08:48-06:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 880059939 BOULDER DAM CREDIT UNION BOUL 7022937777 PO BOX 61530 BOULDER CITY NV 890061530 STEELE HENDRIX PRESIDENT & CEO 7022937777 2025-11-10 1 0 JENIFER L CHASE P01306883 5638884000 2025-11-10 2024 2025-03-06 01:10:19Z STEELE HENDRIX PO BOX 61530 BOULDER CITY NV 890061530 38822882 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 11 130799 0 0 0 13625441 17362881 21572107 21445714 575545 14287 35773093 38822882 0 0 0 0 6003288 6123708 0 0 0 22823139 22810371 28826427 28934079 6946666 9888803 808419660 829187256 724453384 730626722 83966276 98560534 X OUR MISSION IS TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS BY PROVIDING EXCEPTIONAL SERVICE, INSTITUTIONAL INTEGRITY AND FINANCIAL STABILITY. WE ARE COMMITTED TO DELIVERING COMPETITIVE PRODUCTS, INNOVATIVE SERVICES AND TIMELY EDUCATION WHILE OFFERING OUR EMPLOYEES A PROFESSIONAL, CHALLENGING AND REWARDING CAREER. 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 12/31/2024, THE CREDIT UNION HAD 3,430 LOANS WITH A TOTAL BALANCE OF APPROXIMATELY $316.6 MILLION AND 2,211 VISA CARDS WITH A BALANCE OF APPROXIMATELY $1.92 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 12/31/2024, THE CREDIT UNION HAD 20,103 MEMBERS TOTALING $729,259,899 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, MOBILE APP ACCESS, ZELLE, 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 13295 0 1 53 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 1 0 1 1 1 1 0 0 0 1 0 1 1 1 0 0 X STEELE HENDRIX 7022937777 PO BOX 61530 BOULDER CITY NV 890061530 CYNDY ANDERSON 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 TERRY STEVENS DIRECTOR 2.00 X 0 0 0 DOUG SCHEPPMAN CHAIR 2.00 X X 0 0 0 STEELE HENDRIX PRESIDENT / CEO 40.00 X 342043 0 114656 JARON SINGLETON VICE-PRESIDENT / CFO 40.00 X 156329 0 59981 KYLE JOHNSON VICE-PRESIDENT / RISK MANAGEMENT 40.00 X 156143 0 69093 MARY BETH CLIFT MEMBER SERVICES COORDINATOR 40.00 X 170883 0 48268 TERI SIMMONS ASSISTANT OPERATIONS COORDINATOR 40.00 X 127513 0 43679 BARBARA BENNETT LOAN COORDINATOR 40.00 X 139414 0 50837 NANCY WARD FORMER ACCOUNT ADMINISTRATOR 40.00 X 139035 0 12891 KIM DENNETT ASSISTANT LOAN COORDINATOR 40.00 X 115989 0 42179 1347349 0 441584 10 0 1 0 FISERV 2601 NETWORK BLVD SUITE 600 FRISCO TX 75034 DATA PROCESSING 1899587 QUALITY CONSTRUCTION MANAGERS 1011 INDUSTRIAL RD STE 5 BOULDER CITY NV 89005 CONSTRUCTION 530148 BUSINESS DATA INC PO BOX 91218 LOS ANGELES CA 90009 STATEMENT PROCESSING AND MAILING 145945 DIEBOLD NIXDORF PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICES AND SUPPORT 123872 4 LOAN INTEREST 522100 15644329 15644329 SERVICE CHARGES & OTHER FEES 522100 1188013 1170503 17510 OTHER NONINTEREST INCOME 522100 530539 417250 113289 17362881 21445714 21445714 14287 0 14287 14287 14287 38822882 17232082 130799 21460001 898246 3620533 630329 633774 340826 63822 1699017 223099 413525 743818 235362 38213 14 34812 3652 DIVIDENDS PAID TO MEMBE 17768265 ATM/CARD EXPENSE 1000132 LOAN SERVICING EXPENSES 301662 ASSOCIATION DUES 21887 263091 28934079 46772203 90056818 6681752 5419095 271173158 316278228 4398 256322 6235230 5136568 1098662 1098662 482675229 413549944 14258 2528187 808419660 829187256 1210980 1366823 723242404 729259899 724453384 730626722 X 0 0 0 0 83966276 98560534 83966276 98560534 808419660 829187256 9888803 4705455 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 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 4853483 4853483 0 283085 283085 0 1098662 ACCRUED INTEREST/INCOME 2330662 C SHARE INSURANCE DEPOSIT 9852190 C AVAILABLE FOR SALE 338144123 F US GOV'T OBLIGATIONS & FED AGENCY SECURITIES 40898929 C FED AGENCY SEC/RESIDENTIAL MTG-BACKED SEC/SBA POOLS/COLLATERALIZED MTG 8421186 C CU COOPERATIVE SYSTEMS STOCK 20000 C FHLB DEPOSIT / CAPITAL ACCOUNT 13490854 C FISERV RESERVE SETTLEMENT ACCOUNT 392000 C 413549944 MEMBER SHARES AND DEPOSITS 729259899 729259899 X 38233577 0 38233577 589305 589305 38822882 28344774 0 28344774 589305 589305 28934079 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, 2024, AND 2023 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 589,305. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST REFUND TO MEMBERS RECLASSIFIED TO FUNCTIONAL EXPENSE 589,305. X X 0 0 0 STEELE HENDRIX PRESIDENT / CEO 340332 0 0 0 1711 0 67000 0 47656 0 456699 0 0 0 KYLE JOHNSON VICE-PRESIDENT / RISK MANAGEMENT 155425 0 0 0 718 0 31000 0 38093 0 225236 0 0 0 MARY BETH CLIFT MEMBER SERVICES COORDINATOR 168411 0 0 0 2472 0 33993 0 14275 0 219151 0 0 0 JARON SINGLETON VICE-PRESIDENT / CFO 155861 0 0 0 468 0 31000 0 28981 0 216310 0 0 0 BARBARA BENNETT LOAN COORDINATOR 137350 0 0 0 2064 0 28040 0 22797 0 190251 0 0 0 TERI SIMMONS ASSISTANT OPERATIONS COORDINATOR 125969 0 0 0 1544 0 24875 0 18804 0 171192 0 0 0 KIM DENNETT ASSISTANT LOAN COORDINATOR 113505 0 0 0 2484 0 22641 0 19538 0 158168 0 0 0 NANCY WARD FORMER ACCOUNT ADMINISTRATOR 139035 0 0 0 0 0 9686 0 3205 0 151926 0 0 0 STEELE HENDRIX OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 4200000 4231764 0 1 1 STEELE HENDRIX OFFICER VEHICLE X 43030 35503 0 1 1 STEELE HENDRIX OFFICER VEHICLE X 20000 18006 0 1 1 KYLE JOHNSON KEY EMPLOYEE SIGNATURE LOAN X 6000 5868 0 1 1 KYLE JOHNSON KEY EMPLOYEE SHARE SECURED LOAN X 65000 60108 0 1 1 KYLE JOHNSON KEY EMPLOYEE 2ND TD HELOC X 185000 184979 0 1 1 KYLE JOHNSON KEY EMPLOYEE 1ST TD RESIDENTIAL X 395000 381791 0 1 1 JARON SINGLETON OFFICER VEHICLE LOAN X 70750 40450 0 1 1 JARON SINGLETON OFFICER SHARE SECURED LOAN X 6800 5500 0 1 1 JARON SINGLETON OFFICER 1ST TD RESIDENTIAL X 567000 455126 0 1 1 5419095 FORM 990, PART II, LOANS TO INTERESTED PERSONS: BOULDER DAM CREDIT UNION (THE CREDIT UNION) HAS ENTERED INTO A COLLATERAL SPLIT-DOLLAR LIFE INSURANCE AGREEMENT FOR ONE OFFICER. THE CREDIT UNION PROVIDED A LOAN TO THE OFFICER TO FUND THE PURCHASE OF A LIFE INSURANCE POLICY, WHICH IS OWNED AND CONTROLLED BY THE OFFICER. BY WAY OF THE COLLATERAL ASSIGNMENT AND SIDE ACCOUNT ASSIGNMENT FROM THE OFFICER TO THE CREDIT UNION, THE LOAN BEARS AN INTEREST RATE OF 3.43%, REFLECTING THE APPLICABLE FEDERAL RATE AT THE TIME THE LOAN WAS MADE. THE LOAN IS COLLATERALIZED BY THE LIFE INSURANCE POLICY AND IS NON-RECOURSE. THE OFFICER AND THE OFFICER'S ESTATE AND BENEFICIARIES ARE NOT PERSONALLY OBLIGATED TO PAY THE OUTSTANDING BALANCE. THE NEWER LOAN, WHICH WAS MADE IN OCTOBER 2022 IS COLLATERALIZED BY THE POLICY, PREMIUM DEPOSIT ACCOUNT, AND SIDE ACCOUNT.THE DEATH BENEFIT OF THE LIFE INSURANCE POLICY IS INTENDED TO BE THE PRIMARY SOURCE OF LOAN REPAYMENT, WITH THE PROCEEDS UPON DEATH TO BE ALLOCATED FIRST TO THE OUTSTANDING BALANCE OF THE LOAN TO THE CREDIT UNION, SECONDLY TO THE OFFICER'S ESTATE FOR THE AMOUNT (IF ANY) OF THE VESTED PERCENTAGE EXCEEDING THE AMOUNTS BORROWED, AND THIRDLY (IF ANY) TO BE DIVIDED EQUALLY BETWEEN THE CREDIT UNION AND THE OFFICER'S ESTATE. FORM 990, PART VI, SECTION A, LINE 4 BOULDER DAM CREDIT UNION UPDATED ITS BYLAWS TO FURTHER SPECIFY THE AUTHORITY AND DUTIES OF THE GOVERNING BODY'S VOTING MEMBERS. 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 A, LINE 7B BOULDER DAM CREDIT UNION MEMBERS HAVE THE POWER TO ELECT OR REMOVE THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B BOULDER DAM CREDIT UNION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CHIEF EXECUTIVE OFFICER/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 NAFCU GALLAGHER EXECUTIVE COMPENSATION AND BENEFITS SURVEY. THIS COMPENSATION DISCUSSION IS CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MEETING'S MINUTES. EXECUTIVE COMPENSATION AND BENEFIT REVIEWS TAKES PLACE ANNUALLY AND WAS LAST COMPLETED IN JANUARY 2025. FORM 990, PART VI, SECTION C, LINE 19 BOULDER DAM CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AND AUDITED 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). BOULDER DAM CREDIT UNION DOES NOT HAVE A FORMAL CONFLICT OF INTEREST POLICY. FORM 990, PART XI, LINE 2C: BOULDER DAM CREDIT UNION'S OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PREVIOUS TAX YEAR.