2024-11-13T11:27:46-06:00 2023-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-01-01 880059939 BOULDER DAM CREDIT UNION BOUL 7022937777 PO BOX 61530 BOULDER CITY NV 890061530 STEELE HENDRIX PRESIDENT & CEO 7022937777 2024-11-12 1 0 JENIFER L CHASE P01306883 5638884000 2024-11-08 2023 2024-10-15 13:58:12Z STEELE HENDRIX PO BOX 61530 BOULDER CITY NV 890061530 35773093 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 50 9 142819 0 0 0 12350288 13625441 10599563 21572107 441940 575545 23391791 35773093 0 0 0 0 5918250 6003288 0 0 0 9335827 22823139 15254077 28826427 8137714 6946666 835531285 808419660 760437757 724453384 75093528 83966276 WE ARE PEOPLE HELPING PEOPLE BUILD THEIR FUTURES AND REALIZE THEIR DREAMS. 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 12/31/2023, THE CREDIT UNION HAD 3,020 LOANS WITH A BALANCE OF APPROXIMATELY $270.4 MILLION AND 2,287 VISA CARDS WITH A BALANCE OF APPROXIMATELY $1.88 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 12/31/2023, THE CREDIT UNION HAD 20,274 MEMBERS TOTALING $723,242,404 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, 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 12969 0 1 50 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 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 DOUG SCHEPPMANN CHAIR 2.00 X X 0 0 0 TERRY STEVENS DIRECTOR 2.00 X 0 0 0 ERIC ESTES FORMER PRESIDENT / CEO 40.00 X 480132 0 100953 STEELE HENDRIX PRESIDENT / CEO 40.00 X 320944 0 105554 MARY BETH CLIFT MEMBER SERVICE COORDINATOR 40.00 X 161716 0 44630 TERI SIMMONS ASSISTANT OPERATIONS COORDINATOR 40.00 X 136003 0 43429 BARBARA BENNETT LOAN COORDINATOR 40.00 X 146411 0 50467 KYLE JOHNSON COMPLIANCE MANAGER 40.00 X 122378 0 51163 JARON SINGLETON ACCOUNTING MANAGER 40.00 X 131146 0 42574 1498730 0 438770 11 0 1 0 FISERV 2601 NETWORK BLVD SUITE 600 FRISCO TX 75034 DATA PROCESSING 2570673 QUALITY CONSTRUCTION MANAGERS 1011 INDUSTRIAL RD STE 5 BOULDER CITY NV 89005 CONSTRUCTION 840235 DYNTEK SERVICES INC 5241 CALIFORNIA AVE STE 150 IRVINE CA 92617 COMPUTER 166455 DIEBOLD NIXDORF PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICES AND SUPPORT 164818 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STATEMENT PROCESSING AND MAILING 155962 7 LOAN INTEREST 522100 12415834 12415834 SERVICE CHARGES & OTHER FEES 522100 1209607 1066788 142819 13625441 21572107 21572107 23100 0 23100 23100 23100 OTHER NONINTEREST INCOME 522100 552445 552445 552445 35773093 14035067 142819 21595207 1007583 3551377 547457 568369 328502 2030229 214016 676817 1112181 175433 31035 17 248274 130681 DIVIDENDS PAID TO MEMBE 16326266 ATM/CARD EXPENSE 1328024 LOAN SERVICING EXPENSES 323722 ASSOCIATION DUES 93588 132856 28826427 49424500 46772203 6525640 6681752 224809064 271173158 3802 4398 5652958 4554296 1103796 1098662 553650181 482675229 14302 14258 835531285 808419660 1550455 1210980 758887302 723242404 760437757 724453384 X 0 0 0 0 75093528 83966276 75093528 83966276 835531285 808419660 6946666 1926082 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 4306022 4306022 0 248274 248274 0 1098662 ACCRUED INTEREST/INCOME 2643856 C SHARE INSURANCE DEPOSIT 10315572 C AVAILABLE FOR SALE 385032122 F US GOV'T OBLIGATIONS & FED AGENCY SECURITIES 51323539 C FED AGENCY SEC/RESIDENTIAL MTG-BACKED SEC/SBA POOLS/COLLATERALIZED MTG 11114410 C CU COOPERATIVE SYSTEMS STOCK 20000 C FHLB DEPOSIT / CAPITAL ACCOUNT 22225730 C 482675229 MEMBER SHARES AND DEPOSITS 723242404 723242404 X 35160170 0 35160170 612923 612923 35773093 28213504 0 28213504 612923 612923 28826427 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, 2023, AND 2022 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 612,923. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST REFUND TO MEMBERS RECLASSIFIED TO FUNCTIONAL EXPENSE 612,923. X X 0 0 0 ERIC ESTES FORMER PRESIDENT / CEO 476778 0 0 0 3354 0 66000 0 34953 0 581085 0 0 0 STEELE HENDRIX PRESIDENT / CEO 319233 0 0 0 1711 0 58540 0 47014 0 426498 0 0 0 MARY BETH CLIFT MEMBER SERVICE COORDINATOR 159244 0 0 0 2472 0 31905 0 12725 0 206346 0 0 0 BARBARA BENNETT LOAN COORDINATOR 143486 0 0 0 2925 0 29235 0 21232 0 196878 0 0 0 TERI SIMMONS ASSISTANT OPERATIONS COORDINATOR 134522 0 0 0 1481 0 26584 0 16845 0 179432 0 0 0 JARON SINGLETON ACCOUNTING MANAGER 130909 0 0 0 237 0 27904 0 14670 0 173720 0 0 0 KYLE JOHNSON COMPLIANCE MANAGER 121779 0 0 0 599 0 27063 0 24100 0 173541 0 0 0 ERIC ESTES FORMER OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 2100000 2471069 0 1 1 STEELE HENDRIX OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 4200000 4210683 0 1 1 6681752 FORM 990, PART II, LOANS TO INTERESTED PERSONS: BOULDER DAM CREDIT UNION (THE CREDIT UNION) HAS ENTERED INTO COLLATERAL SPLIT-DOLLAR LIFE INSURANCE AGREEMENTS FOR TWO OFFICERS. THE CREDIT UNION PROVIDED A LOAN TO THE INDIVIDUALS TO FUND THE PURCHASE OF A LIFE INSURANCE POLICY, WHICH IS OWNED AND CONTROLLED BY THE INDIVIDUALS. BY WAY OF THE COLLATERAL ASSIGNMENT AND SIDE ACCOUNT ASSIGNMENT FROM THE INDIVIDUALS 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 INDIVIDUALS AND THE INDIVIDUALS' 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 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 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 2024. 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 CONFLICT OF INTEREST POLICY. FORM 990, PART XI, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PREVIOUS TAX YEAR.