2025-10-09T17:58:53-05:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 951209332 BLUPEAK CREDIT UNION BLUP 8587956000 10120 PACIFIC HEIGHTS BLVD 100 SAN DIEGO CA 92121 JOHN STEVENSON SVP, CHIEF FINANCIAL OFFICER 8587956000 2025-10-07 1 0 JENIFER L CHASE P01306883 5638884000 2025-10-07 2024 2025-03-06 01:10:19Z TODD THARP 10120 PACIFIC HEIGHTS BLVD 100 SAN DIEGO CA 92121 72883032 0 X WWW.BLUPEAK.COM X 1936 CA BLUPEAK CREDIT UNION IS A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE; WE EXIST TO SERVE - TO ENRICH LIVES AND BUILD BETTER FUTURES. 7 7 148 13 26251 0 0 0 46598261 45523045 15826856 17029968 -46399 910142 62378718 63463155 20700 0 0 0 16898110 15757071 0 0 0 43195799 54183538 60114609 69940609 2264109 -6477454 1472619773 1207155502 1389310887 1130756299 83308886 76399203 X WE ARE A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE; WE EXIST TO SERVE - TO ENRICH LIVES AND BUILD BETTER FUTURES. 0 0 MEMBERSHIP IN BLUPEAK CREDIT UNION ("BLUPEAK") 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, 2024, MEMBERS HELD 70,939 DEPOSIT ACCOUNTS TOTALING OVER $1,119 MILLION. THESE ACCOUNTS INCLUDED FREE CHECKING, LOW-BALANCE SAVINGS, IRA'S, HIGH-YIELD SAVINGS, 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, 2024, BLUPEAK MEMBERS HELD 15,131 MORTGAGE, HOME EQUITY, VEHICLE, AND VARIOUS OTHER PERSONAL LOANS TOTALING OVER $825 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 32,000 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) MONEY-SAVING AUTO, HOME, HEALTH AND LIFE INSURANCE PROGRAMS, 3) FREE FINANCIAL EDUCATION TOOLS, AND 4) MERCHANT AND RECREATION 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 1 0 0 0 0 0 0 0 0 1 0 0 0 1 17330 0 1 148 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 0 0 CA X JOHN STEVENSON CFO 8587956000 10120 PACIFIC HEIGHTS BLVD 100 SAN DIEGO CA 92121 MATT ADAMS CHAIR 3.00 X X 0 0 0 MIKE DANIELS DIRECTOR 3.00 X 0 0 0 DAVID ELY DIRECTOR 3.00 X 0 0 0 HARRY LE GRANDE DIRECTOR 3.00 X 0 0 0 JOSHUA LAWRENCE FORMER CHAIR 3.00 X X 0 0 0 YVONNE MARSH DIRECTOR 3.00 X 0 0 0 LES OVERMAN DIRECTOR 3.00 X 0 0 0 BEVERLY RANDEZ VICE CHAIR 3.00 X X 0 0 0 TODD THARP PRESIDENT/CEO 40.00 X 840268 0 52512 JOHN STEVENSON SVP/CFO/SECRETARY 40.00 X 239534 0 4568 MATTHEW LYONS FORMER EVP/CHIEF OPERATING OFFICER 40.00 X 174870 0 4086 CHARLES WILLIAMS SVP/CHIEF RISK OFFICER 40.00 X 266263 0 37151 KAREN SMITH SVP/CHIEF CREDIT OFFICER 40.00 X 271363 0 32255 RISHI DAVE VP ENTERPRISE TECH. & ARCHITECTURE 40.00 X 233051 0 44708 GLORIA NUNES VP/CHIEF PEOPLE OFFICER 40.00 X 183199 0 23075 VITO ZERILLI SVP/CHIEF EXPERIENCE OFFICER 40.00 X 213351 0 22979 MELVINREY DE GUZMAN FORMER VP REAL ESTATE & CAPITAL MARKETS 40.00 X 254067 0 22076 ANDREW JUDGE VP INTERNAL AUDIT 40.00 X 150503 0 39752 JAMES CREED VP OF OPERATIONS/PAYMENTS 40.00 X 169067 0 19687 NARA HARTMANN VP OF LEGAL/COMPLIANCE/RISK 40.00 X 155988 0 9512 CHRIS DE JESUS VP CORE APPLICATION EFFICIENCY 40.00 X 156126 0 19141 3307650 0 331502 41 0 1 0 THE RDI CORPORATION 4350 GLENDALE-MILFORD ROAD SUITE 2 CINCINNATI OH 45242 CALL CENTER SERVICES 1565618 NCR CORPORATION 858 SPRING STEET NW ATLANTA GA 30308 ONLINE BANKING/WEBSITE HOSTING SERVICES 973703 MASTERCARD INTERNATIONAL 2200 MASTERCARD BOULEVARD OFALLON MO 63368 CARD PROCESSING SERVICES 896430 MOMENTUM INC 109 BELL STREET SUITE B SEATTLE WA 98121 DESIGN/CONSTRUCTION SERVICES 797228 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CARD PROCESSING SERVICES 684418 18 LOAN INTEREST INCOME 522100 39328767 39328767 SERVICE CHARGES AND FEE INCOME 522100 3904570 3878319 26251 INTERCHANGE INCOME 522100 2289708 2289708 45523045 16985398 16985398 2264029 1353887 910142 910142 910142 8110560 8065990 44570 44570 44570 63463155 45496794 26251 17940110 2436960 10465137 473482 1383557 997935 222655 209694 2608499 1595791 1563898 5025289 1961905 123083 113547 207787 2466785 179159 DIVIDENDS PAID TO MEMBE 25024656 PROVISION FOR LOAN LOSS 6965433 LOAN PROGRAM/SERVICING 2226290 ATM EXPENSES 1701006 1988061 69940609 315326344 129083750 6024460 6169047 885843207 813624157 2672646 2931924 59599437 31623046 29924359 27976391 156055523 151782633 76773234 75587600 1472619773 1207155502 4021973 2499746 1431517 1244863 50000000 0 1333857397 1127011690 1389310887 1130756299 X 0 0 0 0 83308886 76399203 83308886 76399203 1472619773 1207155502 -6477454 -432229 0 X X 0 1 X 1 0 6250 0 0 6250 6250 1 CCUL PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 942329967 6250 0 PART I-A, LINE 1: BLUPEAK CREDIT UNION'S (BLUPEAK) POLITICAL ACTIVITIES ARE PRIMARILY CENTERED AROUND LEGISLATIVE BILLS OF SPECIFIC INTEREST TO BLUPEAK AND/OR THE CREDIT UNION INDUSTRY. BLUPEAK PARTICIPATES WITH THE CALIFORNIA CREDIT UNION LEAGUE AND THE CREDIT UNION NATIONAL ASSOCIATION (CUNA) BY SENDING LETTERS OF SUPPORT OR OPPOSITION TO PROPOSED LEGISLATION. 0 1 X 8257243 8257243 25798451 10891476 14906975 5196698 3890176 1306522 20234686 16841394 3393292 112359 112359 27976391 FEDERAL HOME LOAN BANK STOCK 6343200 C COLLATERALIZED MORTGAGE OBLIGATIONS 22223762 F MORTGAGE-BACKED SECURITIES 71356480 F SMALL BUSINESS ADMINISTRATION LOAN POOLS 3863811 F AGENCY NOTES & BONDS 44602670 F NCUA CENTRAL LIQUIDITY FACILITY (CLF) STOCK 3373863 F CUSIG STOCK 18847 F 151782633 ACCRUED INTEREST RECEIVABLE 3237882 NCUA SHARE INSURANCE DEPOSITS 12048856 ACH SETTLEMENT CLEARING 36677265 OTHER ASSETS 23623597 75587600 MEMBER SHARES 1119440324 OTHER LIABILITIES 4818478 OPERATING LEASE LIABILITIES 2752888 1127011690 X PART IV, LINE 2B: BLUPEAK CREDIT UNION (BLUPEAK) MAINTAINS ESCROW ACCOUNTS FOR MORTGAGE LOANS HELD BY MEMBERS. BLUPEAK ALSO HOLDS CUSTODIAL ACCOUNTS TO FACILITATE THE SERVICING OF LOANS SOLD TO ENTITIES SUCH AS FANNIE MAE. AT 12/31/2024 ESCROW BALANCES TOTALED $1,244,863, AND THE VALUE OF ASSETS FOR WHICH THE CREDIT UNION SERVED AS CUSTODIAN WAS $113,166. THE ESCROW BALANCES ARE USED TO PAY FOR REAL ESTATE TAXES AND HOMEOWNERS INSURANCE ON BEHALF OF MEMBERS. PART X, LINE 2: BLUPEAK CREDIT UNION (BLUPEAK) IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES, EXCEPT FOR TAXES ON UNRELATED BUSINESS INCOME. BLUPEAK IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14) AND, AS SUCH, IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. EXEMPTION FROM CALIFORNIA INCOME TAX IS SIMILAR. FASB ASC 740-10-65, 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" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD SHOULD 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 BLUPEAK HAS NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, BLUPEAK HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. X X X 1 0 0 TODD THARP PRESIDENT/CEO 562566 0 83475 0 194227 0 15517 0 36995 0 892780 0 0 0 KAREN SMITH SVP/CHIEF CREDIT OFFICER 218711 0 0 0 52652 0 10280 0 21975 0 303618 0 0 0 CHARLES WILLIAMS SVP/CHIEF RISK OFFICER 216590 0 22660 0 27013 0 11779 0 25372 0 303414 0 0 0 RISHI DAVE VP ENTERPRISE TECH. & ARCHITECTURE 215209 0 0 0 17842 0 12018 0 32690 0 277759 0 0 0 MELVINREY DE GUZMAN FORMER VP REAL ESTATE & CAPITAL MARK 152645 0 0 0 101422 0 11163 0 10913 0 276143 0 0 0 JOHN STEVENSON SVP/CFO/SECRETARY 219000 0 0 0 20534 0 4500 0 68 0 244102 0 0 0 VITO ZERILLI SVP/CHIEF EXPERIENCE OFFICER 209544 0 0 0 3807 0 10519 0 12460 0 236330 0 0 0 GLORIA NUNES VP/CHIEF PEOPLE OFFICER 170986 0 0 0 12213 0 9249 0 13826 0 206274 0 0 0 ANDREW JUDGE VP INTERNAL AUDIT 149765 0 0 0 738 0 7853 0 31899 0 190255 0 0 0 JAMES CREED VP OF OPERATIONS/PAYMENTS 163643 0 0 0 5424 0 6776 0 12911 0 188754 0 0 0 MATTHEW LYONS FORMER EVP/CHIEF OPERATING OFFICER 53598 0 0 0 121272 0 0 0 4086 0 178956 0 0 0 CHRIS DE JESUS VP CORE APPLICATION EFFICIENCY 155477 0 0 0 649 0 7790 0 11351 0 175267 0 0 0 NARA HARTMANN VP OF LEGAL/COMPLIANCE/RISK 145874 0 8000 0 2114 0 7773 0 1739 0 165500 0 0 0 PART I, LINE 4A BLUPEAK CREDIT UNION PAID MELVINREY DE GUZMAN, VP REAL ESTATE & CAPITAL MARKETS, $32,657 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2024. TODD THARP OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 6000000 6169047 0 1 1 6169047 FORM 990, PART VI, SECTION A, LINE 6 BLUPEAK CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A BLUPEAK CREDIT UNION MEMBERS HAVE THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B BLUPEAK CREDIT UNION MEMBERS HAVE THE POWER TO ELECT OR REMOVE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B BLUPEAK CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY BLUPEAK CREDIT UNION'S CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C BLUPEAK CREDIT UNION (BLUPEAK) 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 BLUPEAK'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 BLUPEAK CREDIT UNION (BLUPEAK) 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 DEEMED NECESSARY TO ATTRACT QUALIFIED CANDIDATES BASED UPON THEIR SKILLS AND EXPERIENCE. THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS WITH SUBSTANTIATION OF THIS PROCESS MAINTAINED IN BLUPEAK'S RECORDS. THIS PROCESS LAST OCCURRED IN JUNE 2024. FORM 990, PART VI, SECTION C, LINE 19 BLUPEAK CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, 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. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. USE FINANCIAL SERVICES LLC 10120 PACIFIC HEIGHTS BLVD SUITE 10 SAN DIEGO CA 92121 FINANCIAL SERVICES (INACTIVE) CA 0 0 BLUPEAK CREDIT UNION