Boulder Dam Credit Union
- Assets
- $835.5m
- Revenue
- $23.4m
- Investments
- $553.7m
- Employees
- 53
- Location
- Boulder City, NV
- Founding
- 10/1980
- Data as of
- 12/2022
- EIN
- 88-0059939
Organization Overview
Boulder Dam Credit Union is located in Boulder City, NV. The organization was established in 1980. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Boulder Dam Credit Union employed 53 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Boulder Dam Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Boulder Dam Credit Union generated $23.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $15.3m during the year ending 12/2022. While expenses have increased by 0.3% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE PEOPLE HELPING PEOPLE BUILD THEIR FUTURES AND REALIZE THEIR DREAMS BY PROVIDING SHARE AND LOAN ACCOUNTS AND OTHER FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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 12/31/2022, THE CREDIT UNION HAD 2,630 LOANS WITH A BALANCE OF APPROXIMATELY $224 MILLION AND 2,362 VISA CARDS WITH A BALANCE OF APPROXIMATELY $1.943 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 12/31/2022, THE CREDIT UNION HAD 20,334 MEMBERS TOTALING $758,887,302 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cyndy Anderson Director | Trustee | 2 | $0 |
Helena Broadbent Former Director | Trustee | 2 | $0 |
Frank Disanza Treasurer | OfficerTrustee | 2 | $0 |
Charmaine Ferrari Secretary | OfficerTrustee | 2 | $0 |
Robert Merrell Vice Chair | OfficerTrustee | 2 | $0 |
Tina Mullis Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Data Processing | 12/30/22 | $1,849,424 |
Business Data Inc Statement Processing And Mailing | 12/30/22 | $156,898 |
Microfacs Inc Document Preservation | 12/30/22 | $110,271 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $12,350,288 |
| Investment income | $10,835,410 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $23,100 |
| Net Gain/Loss on Asset Sales | -$235,847 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,391,791 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $914,405 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,595,834 |
| Pension plan accruals and contributions | $568,819 |
| Other employee benefits | $524,751 |
| Payroll taxes | $314,441 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $35,362 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,607,115 |
| Advertising and promotion | $229,240 |
| Office expenses | $698,929 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $295,460 |
| Travel | $210,146 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,036 |
| Interest | $1 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $469,294 |
| All other expenses | $253,856 |
| Total functional expenses | $15,254,077 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $49,424,500 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $6,525,640 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $224,809,064 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,802 |
| Net Land, buildings, and equipment | $1,103,796 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $553,650,181 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,302 |
| Total assets | $835,531,285 |
| Accounts payable and accrued expenses | $1,550,455 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $758,887,302 |
| Total liabilities | $760,437,757 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $75,093,528 |
| Total liabilities and net assets/fund balances | $835,531,285 |