2024-09-09T12:58:02-05:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 840146595 BELLCO CREDIT UNION BELL 3036897800 7600 E ORCHARD ROAD 400N GREENWOOD VILLAGE CO 80111 DANIEL KAMPEN EVP/CFO 3036897800 2024-09-09 1 0 JOHN J MURNANE JR P03021572 3052328272 2024-09-09 2023 2024-08-08 14:25:15Z DOUGLAS A FERRARO 7600 E ORCHARD ROAD STE 400N GREENWOOD VILLAGE CO 80111 415522794 0 1948 X WWW.BELLCO.ORG X 1936 CO BELLCO IS A PROGRESSIVE, MEMBER-OWNED ORGANIZATION THAT PROVIDES COMPETITIVE FINANCIAL SERVICES TO MEET EVOLVING MEMBER NEEDS. WE WILL SUSTAIN PLANNED GROWTH TO FUND THE FUTURE WHILE MAINTAINING MEMBER CONFIDENCE THROUGH FINANCIAL STABILITY. WE WILL PROVIDE A CHALLENGING AND REWARDING ENVIRONMENT FOR OUR EMPLOYEES AND CONTRIBUTE TO THE SOCIAL AND ECONOMIC WELL BEING OF OUR COMMUNITY. 10 9 372 10 680116 0 0 0 271245768 354757651 15721907 56953961 2526 29260 286970201 411740872 0 465029 0 0 47406456 43563065 0 0 0 152937826 324095374 200344282 368123468 86625919 43617404 7362214487 8259004929 6711454808 7558607166 650759679 700397763 X BELLCO IS A PROGRESSIVE, MEMBER-OWNED ORGANIZATION THAT PROVIDES COMPETITIVE FINANCIAL SERVICES TO MEET EVOLVING MEMBER NEEDS. WE WILL SUSTAIN PLANNED GROWTH TO FUND THE FUTURE WHILE MAINTAINING MEMBER CONFIDENCE THROUGH FINANCIAL STABILITY. WE WILL PROVIDE A CHALLENGING AND REWARDING ENVIRONMENT FOR OUR EMPLOYEES AND CONTRIBUTE TO THE SOCIAL AND ECONOMIC WELL BEING OF OUR COMMUNITY. 0 0 INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 253742 0 1 372 1 1 1 0 0 0 0 0 1 0 X 10 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 CO X DAN KAMPEN 3036897800 7600 E ORCHARD ROAD STE 400N GREENWOOD VILLAGE CO 80111 MARIA SPRAY BOD/DIRECTOR/SUPERVISORY 6.00 X 43000 0 0 MARK GOODMAN BOD/DIRECTOR 4.00 X 38500 0 0 DAVID POWERS BOD/DIRECTOR 4.00 X 60000 0 0 ANDREW MURRAY BOD/DIRECTOR 4.00 X 43000 0 0 WALKER FLEMING BOD/DIRECTOR 4.00 X 43000 0 0 PETER KIRCHHOF BOD/DIRECTOR 4.00 X 43000 0 0 LAURA SONDERUP BOD/VICE CHAIR 5.00 X 43000 0 0 C DAVID KIKUMOTO BOD/SECRETARY/TREASURER 5.00 X 43000 0 0 JANE PRANCAN BOD/DIRECTOR 4.00 X 43000 0 0 STEVEN ANGELIER BOD/CHAIRMAN 5.00 X 63000 0 0 DOUGLAS FERRARO PRESIDENT/CEO/DIRECTOR 40.00 X X 1515404 0 55853 DANIEL KAMPEN EVP/CFO 40.00 X 1093822 0 338008 TIM BILLINGS VP TREASURY & ANALYTICS 40.00 X 291063 0 29275 JACK PARGEON SVP-FINANCE 40.00 X 460618 0 246706 REBECCA STEMBEL SVP-CMEO 40.00 X 396355 0 171315 CARRIE FREDENBURG SVP-CHRO 40.00 X 286932 0 129850 SUSAN RICE SVP-COMMERCIAL LENDING 40.00 X 306160 0 39785 JUAN CARLOS CAMPOS VP GENERAL COUNSEL/COMPLIANCE OFFICER 40.00 X 359302 0 53206 JOHN RIVERA SVP/CRO 40.00 X 480924 0 223135 MATT KAHN SVP-CONSUMER LENDING 40.00 X 317165 0 38869 GREGORY LUNDSTROM COMMERCIAL BUSINESS OFFICER 40.00 X 1277544 0 53335 ALVIN MCCARTHY COMMERCIAL BUSINESS OFFICER 40.00 X 1564363 0 47912 JENNA MCFARLANE VP-MARKETING 40.00 X 257437 0 27930 STACIE ZIDAN VP-RETAIL DELIVERY 40.00 X 239355 0 33968 MELANIE LEIKER-BUSCEMI SR. DIRECTOR- ASSISTANT CONTROLLER 40.00 X 201802 0 26982 9510746 0 1516129 76 0 1 0 NEWGROUND INTERNATIONAL INC PO BOX 6228 CAROL STREAM IL 60197 BRANCH DESIGN SERVICES 11555032 AUDACY INC 4700 S SYRACUSE ST SUITE 1050 DENVER CO 80237 MARKETING SERVICES 3694398 FISERV INC PO BOX 208457 DALLAS TX 75320 FINANCIAL SERVICE TECHNOLOGY 2842491 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 15264 ATM EQUIPMENT 1958623 STANDARD REGISTER INC DBA TAYLOR COMMUNI PO BOX 840655 DALLAS TX 75284 STATEMEMENT PROCESSING 1840277 86 INCOME ON LOANS 522100 305166882 305166882 FEES/CHARGES/OTHER 522100 48910653 48910653 FINANCE & INSURANCE 520000 680116 680116 354757651 57379119 57379119 3356764 3781922 -425158 -425158 -425158 MORTGAGE SERVICING RIGHTS CAPITAL 522100 29260 29260 29260 411740872 411060756 680116 0 X 465029 7296247 27420218 3146775 3232713 2467112 30509972 180457 592650 1192554 8495493 6288658 16360033 6401016 243593 188946 177930667 4410033 258040 PROVISION FOR LOAN LOSS 41621707 ATM/CREDIT CARD 13832313 LOAN SERVICING 9863147 TELEPHONE AND POSTAGE 2429415 3296680 368123468 582506850 828761950 198231 105024367 2165089 3038762 4328953 3696521 6053118133 6562536569 3764138 965030 102123533 58913082 39018796 43210451 366617646 385129356 76047618 68520462 234449033 258121461 7362214487 8259004929 94946588 99892459 750000000 650000000 5866508220 6808714707 6711454808 7558607166 X 0 0 0 0 650759679 700397763 650759679 700397763 7362214487 8259004929 43617404 6020680 0 X X 0 1 X 1 0 24399344 24399344 24812455 14214288 10598167 15184139 10589020 4595119 30638050 27056543 3581507 7089545 7053231 36314 43210451 SHARES 1414628987 SHARE DRAFTS 1216075123 MONEY MARKET 1474137697 CERTIFICATES 2492725637 IRA ACCOUNTS 211147263 6808714707 X 411740872 0 411740872 0 411740872 368123468 0 368123468 0 368123468 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY ON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN IRC SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE CHARTERED CREDIT UNIONS. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2022, 2021, AND 2020 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS). THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. 1 BELLCO FOUNDATION 7600 E ORCHARD ROAD GREENWOOD VILLAGE CO 80111 474045582 501(C)(3) 465029 0 CHARITABLE CONTRIBUTION 1 0 PART I, LINE 2: THESE ARE CHARITABLE CONTRIBUTIONS TO THE CREDIT UNION-SPONSORED PRIVATE FOUNDATION, BELLCO FOUNDATION. THE BOARD OF THE FOUNDATION IS COMPRISED OF EMPLOYEES OF BELLCO CREDIT UNION. THE BOARD PROVIDES OVERSIGHT TO ENSURE THE FUNDS CONTRIBUTED TO THE FOUNDATION ARE USED APPROPRIATELY IN CARRYING OUT THE FOUNDATION'S MISSION. X X X X 1 1 X X X X 0 1 0 ALVIN MCCARTHY COMMERCIAL BUSINESS OFFICER 135626 0 1426749 0 1988 0 33098 0 14814 0 1612275 0 0 0 DOUGLAS FERRARO PRESIDENT/CEO/DIRECTOR 935348 0 575000 0 5056 0 33900 0 21953 0 1571257 0 0 0 DANIEL KAMPEN EVP/CFO 672812 0 414700 0 6310 0 326400 0 11608 0 1431830 0 0 0 GREGORY LUNDSTROM COMMERCIAL BUSINESS OFFICER 132075 0 1144776 0 693 0 38522 0 14813 0 1330879 0 0 0 JACK PARGEON SVP-FINANCE 318846 0 139000 0 2772 0 227424 0 19282 0 707324 0 0 0 JOHN RIVERA SVP/CRO 334718 0 144400 0 1806 0 203212 0 19923 0 704059 0 0 0 REBECCA STEMBEL SVP-CMEO 275850 0 119875 0 630 0 141591 0 29724 0 567670 0 0 0 CARRIE FREDENBURG SVP-CHRO 174343 0 112375 0 214 0 121528 0 8322 0 416782 0 0 0 JUAN CARLOS CAMPOS VP GENERAL COUNSEL/COMPLIANCE OFFICE 295496 0 62000 0 1806 0 27267 0 25939 0 412508 0 0 0 MATT KAHN SVP-CONSUMER LENDING 277692 0 39000 0 473 0 16689 0 22180 0 356034 0 0 0 SUSAN RICE SVP-COMMERCIAL LENDING 252194 0 53000 0 966 0 28589 0 11196 0 345945 0 0 0 TIM BILLINGS VP TREASURY & ANALYTICS 240258 0 49000 0 1805 0 19728 0 9547 0 320338 0 0 0 JENNA MCFARLANE VP-MARKETING 212707 0 44100 0 630 0 18383 0 9547 0 285367 0 0 0 STACIE ZIDAN VP-RETAIL DELIVERY 195965 0 43000 0 390 0 16796 0 17172 0 273323 0 0 0 MELANIE LEIKER-BUSCEMI SR. DIRECTOR- ASSISTANT CONTROLLER 171041 0 29275 0 1486 0 16371 0 10611 0 228784 0 0 0 PART I, LINE 4B DOUGLAS FERRARO, DAN KAMPEN, JACK PARGEON, JOHN RIVERA, CARRIE FREDENBURG, AND REBECCA STEMBEL PARTICIPATE IN A NON QUALIFIED DEFERRED COMPENSATION PLAN. NO PARTICIPANTS RECEIVED A BENEFIT PAYOUT DURING 2023. THE CREDIT UNION ACCRUED DEFERRED COMPENSATION BENEFIT EXPENSES FOR THE FOLLOWING PARTICIPANTS DURING 2023: D. KAMPEN: $300,000 J. PARGEON: $207,284 J. RIVERA: $164,587 R. STEMBEL: $100,000 C. FREDENBURG: $100,000 JOHN RIVERA SVP/CRO MORTGAGE LOAN X 376000 277644 0 0 1 JUAN CARLOS CAMPOS VP GENERAL COUNSEL/COMPLIANCE OFFICER MORTGAGE LOAN X 210000 130792 0 0 1 JACK PARGEON SVP-FINANCE FIXED CHOICE LOC X 331735 284353 0 0 1 DANIEL KAMPEN EVP/CFO FIXED CHOICE LOC X 684250 383393 0 0 1 JACK PARGEON SVP-FINANCE MORTGAGE LOAN X 531000 463243 0 0 1 SUSAN RICE SVP-COMMERCIAL LENDING MORTGAGE LOAN X 560850 560491 0 0 1 JOHN RIVERA SVP/CRO FIXED CHOICE LOC X 35001 31448 0 0 1 JACK PARGEON SVP-FINANCE AUTO LOAN X 45422 29309 0 0 1 TIM BILLINGS VP TREASURY & ANALYTICS AUTO LOAN X 34550 22753 0 0 1 REBECCA STEMBEL SVP-CMEO LINE OF CREDIT X 9500 9466 0 0 1 JENNA MCFARLANE VP-MARKETING VARIABLE LOC X 50000 5942 0 0 1 JENNA MCFARLANE VP-MARKETING MORTGAGE LOAN X 600000 588906 0 0 1 JENNA MCFARLANE VP-MARKETING AUTO LOAN X 68784 60173 0 0 1 STACIE ZIDAN VP-RETAIL DELIVERY MORTGAGE LOAN X 675000 628137 0 0 1 STACIE ZIDAN VP-RETAIL DELIVERY FIXED CHOICE LOC X 25000 23043 0 0 1 STACIE ZIDAN VP-RETAIL DELIVERY FIXED CHOICE LOC X 31134 31134 0 0 1 MELANIE LEIKER BUSCEMI SR. DIRECTOR-ASSISTANT CONTROLLER MORTGAGE LOAN X 240000 166294 0 0 1 3696521 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. 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 SENIOR DIRECTOR AND ASSISTANT CONTROLLER IS RESPONSIBLE FOR THE PREPARATION OF THE RETURN. UPON COMPLETION, THE RETURN IS REVIEWED BY EXECUTIVE MANAGEMENT AND THE PRESIDENT/CEO. ONCE ALL PARTIES HAVE COMPLETED THEIR REVIEWS AND ANY NECESSARY CORRECTIONS ARE MADE, THE RETURN IS FILED. THE BOARD OF DIRECTORS WILL REVIEW THE FORM 990 SUBSEQUENT TO FILING. FORM 990, PART VI, SECTION B, LINE 12C HUMAN RESOURCES IS NOTIFIED BY RISK MANAGEMENT AND OTHERS ABOUT POTENTIAL CODE OF ETHICS VIOLATIONS WHICH THEY FULLY INVESTIGATE. A DECISION IS THEN MADE CONCERNING THE ACTIONS THAT SHOULD BE TAKEN FOR THE VIOLATION. FORM 990, PART VI, SECTION B, LINE 15 MARKET DATA IS PREPARED BY THE CHIEF ADMINISTRATIVE OFFICER FOR ALL EXECUTIVE POSITIONS. SUBSTANTIATION OF THE DECISION IS GIVEN IN WRITTEN PERFORMANCE EVALUATIONS FOR ALL EXECUTIVES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 11G PROFESSIONAL & OUTSIDE SERVICES 1,192,554. FORM 990, PART IX, LINE 24E MISCELLANEOUS 2,408,338. ASSOCIATION DUES 522,506. STATIONERY AND SUPPLIES 365,836. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES TO THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. BELLCO FOUNDATION 7600 E ORCHARD ROAD GREENWOOD VILLAGE CO 80111 474045582 TO FURTHER BELLCO CREDIT UNION'S CHARITABLE ACTIVITIES CO 501(C)(3) PF BELLCO CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 BELLCO FOUNDATION B 465029 ACTUAL CASH CONTRIBUTION