2024-11-13T10:20:41-06:00 2023-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-01-01 951209332 BLUPEAK CREDIT UNION BLUP 8587956000 10120 PACIFIC HEIGHTS BLVD 100 SAN DIEGO CA 92121 TODD THARP PRESIDENT & CEO 8587956000 2024-11-12 1 0 JENIFER L CHASE P01306883 5638884000 2024-11-12 2023 2024-10-15 13:58:12Z TODD THARP 10120 PACIFIC HEIGHTS BLVD 100 SAN DIEGO CA 92121 69623484 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. 8 8 172 11 41225 0 0 0 38152384 46598261 8300524 15826856 -437198 -46399 46015710 62378718 6500 20700 0 0 18684911 16898110 0 0 0 24041438 43195799 42732849 60114609 3282861 2264109 1240251202 1472619773 1162663505 1389310887 77587697 83308886 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, 2023, MEMBERS HELD 74,892 DEPOSIT ACCOUNTS TOTALING OVER $1,320 MILLION. THESE ACCOUNTS INCLUDED FREE CHECKING, LOW-BALANCE SAVINGS, IRA'S, AND HIGH-YIELD 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, 2023, BLUPEAK MEMBERS HELD 15,691 MORTGAGE, HOME EQUITY, VEHICLE, AND VARIOUS OTHER PERSONAL LOANS TOTALING OVER $893 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 29,700 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) TAX PREPARATION SERVICES, 3) MONEY-SAVING AUTO, HOME, HEALTH AND LIFE INSURANCE PROGRAMS, 4) FREE FINANCIAL EDUCATION SEMINARS, AND 5) MERCHANT, RECREATION AND TRAVEL 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 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 16332 0 1 172 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 0 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 VICE CHAIR 3.00 X 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 CHAIR 3.00 X X 0 0 0 STEVEN LEI DIRECTOR 3.00 X 0 0 0 YVONNE MARSH DIRECTOR 3.00 X 0 0 0 LES OVERMAN DIRECTOR 3.00 X 0 0 0 BEVERLY RANDEZ DIRECTOR 3.00 X 0 0 0 TODD THARP PRESIDENT/CEO 40.00 X 712968 0 55132 MARGARITA GUERRA FORMER SVP/CFO/SECRETARY 40.00 X 188922 0 17607 MATTHEW LYONS EVP/CHIEF OPERATING OFFICER 40.00 X 492326 0 28722 AMBER FIELDER FORMER SVP/CHIEF MARKETING OFFICER 40.00 X 234423 0 20265 CHARLES WILLIAMS SVP/CHIEF RISK OFFICER 40.00 X 287348 0 27291 KAREN SMITH VP/CHIEF CREDIT OFFICER 40.00 X 257555 0 29395 RISHI DAVE VP ENTERPRISE TECH. & ARCHITECTURE 40.00 X 213559 0 43003 MELVINREY DE GUZMAN VP OF REAL ESTATE & CAPITAL MARKETS 40.00 X 233336 0 21316 RYAN HARRIS SOFTWARE ENGINEER II 40.00 X 183964 0 20019 CARRIE KNUTSON VP FINANCE 40.00 X 171344 0 38386 ANDREW JUDGE VP INTERNAL AUDIT 40.00 X 170962 0 25059 GLORIA NUNES VP OF HUMAN RESOURCES 40.00 X 168777 0 21703 3315484 0 347898 37 0 1 0 THE RDI CORPORATION 4350 GLENDALE-MILFORD ROAD SUITE 2 CINCINNATI OH 45242 CALL CENTER SERVICES 1550968 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CARD PROCESSING/CALL CENTER SERVICES 1246455 NCR CORPORATION 858 SPRING STEET NW ATLANTA GA 30308 ONLINE BANKING/WEBSITE HOSTING SERVICES 1103170 MOMENTUM INC 109 BELL STREET SUITE B SEATTLE WA 98121 DESIGN/CONSTRUCTION SERVICES 1020807 MASTERCARD INTERNATIONAL 2200 MASTERCARD BOULEVARD OFALLON MO 63368 CARD PROCESSING SERVICES 990682 24 LOAN INTEREST INCOME 522100 40345324 40345324 INTERCHANGE INCOME 522100 3307132 3307132 SERVICE CHARGES AND FEE INCOME 522100 2945805 2904580 41225 46598261 15255795 15255795 702736 749135 -46399 -46399 -46399 1670463 5396229 1736113 4759518 -65650 636711 571061 571061 62378718 46557036 41225 15780457 20700 2608516 11384111 474086 1395031 1036366 130086 273078 4180982 2209731 1532133 4151516 1931069 73397 150705 6050350 2185982 157338 DIVIDENDS PAID TO MEMBE 11769533 PROVISION FOR LOAN LOSS 2878995 LOAN PROGRAM/SERVICING 2332391 ATM EXPENSES 1865062 1323451 60114609 112940023 315326344 0 6024460 854241500 885843207 2655518 2672646 62127934 32203575 24260379 29924359 164103292 156055523 82050490 76773234 1240251202 1472619773 3256988 4021973 2102456 1431517 33500000 50000000 1123804061 1333857397 1162663505 1389310887 X 0 0 0 0 77587697 83308886 77587697 83308886 1240251202 1472619773 X 2264109 4390560 -933480 X X 0 1 X 1 0 5000 0 0 5000 5000 1 CCUL PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 942329967 5000 0 PART I-A, LINE 1: BLUPEAK CREDIT UNION'S (BLUPEAK) POLITICAL ACTIVITIES ARE PRIMARILY CENTERED AROUND SPECIFIC LEGISLATIVE BILLS OF SPECIFIC INTEREST TO BLUPEAK AND/OR THE CREDIT UNION INDUSTRY. BLUPEAK PARTICIPATES WITH THE CALIFORNIA/NEVADA CREDIT UNION LEAGUE AND CUNA BY SENDING LETTERS OF SUPPORT OR OPPOSITION TO PROPOSED LEGISLATION. 0 1 X 8257243 8257243 24983103 10490120 14492983 7002136 5333722 1668414 19759680 16379733 3379947 2125772 2125772 29924359 FEDERAL HOME LOAN BANK STOCK 6343200 C FEDERAL AGENCIES SECURITIES 24945991 F MORTGAGE-BACKED SECURITIES 61798077 F SMALL BUSINESS ADMINISTRATION LOAN POOLS 6394748 F AGENCY NOTES & BONDS 53468630 F NCUA CENTRAL LIQUIDITY FACILITY (CLF) STOCK 3104877 F 156055523 ACCRUED INTEREST RECEIVABLE 3696084 NCUA SHARE INSURANCE DEPOSITS 10163641 ACH SETTLEMENT CLEARING 34891599 INSURANCE CONTRACTS 14122316 OTHER ASSETS 13899594 76773234 MEMBER SHARES 1193784154 OTHER LIABILITIES 11525676 NON MEMBERS' SHARES 128547567 1333857397 X PART IV, LINE 2B: BLUPEAK CREDIT UNION MAINTAINS ESCROW ACCOUNTS FOR MORTGAGE LOANS HELD BY MEMBERS. THE CREDIT UNION ALSO HOLDS CUSTODIAL ACCOUNTS TO FACILITATE THE SERVICING OF LOANS SOLD TO ENTITIES SUCH AS FANNIE MAE. AT 12/31/2023 ESCROW BALANCES TOTALED $1,431,517, AND THE VALUE OF ASSETS FOR WHICH THE CREDIT UNION SERVES AS CUSTODIAN WAS $85,963. 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 A STATE-CHARTERED CREDIT UNION, AS DESCRIBED IN 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, EXCEPT FOR UNRELATED BUSINESS INCOME, AS DEFINED IN IRC SECTION 512 AND IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007 TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE INTERNAL REVENUE SERVICE RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, BLUPEAK HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. MANAGEMENT HAS DETERMINED THAT ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON BLUPEAK'S CONSOLIDATED FINANCIAL CONDITION OR RESULTS OF OPERATIONS. BLUPEAK'S WHOLLY OWNED SUBSIDIARY IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. OPERATIONS OF THE SUBSIDIARY RESULTED IN IMMATERIAL INCOME TAXES PAID FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. FASB CODIFICATION TOPIC 740, 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 BLUPEAK'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE MORE-LIKELY-THAN-NOT TO BE SUSTAINED "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 DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 THE CAMPANILE FOUNDATION 5500 CAMPANILE DRIVE MC1968 SAN DIEGO CA 92182 330868418 501(C)(3) 20700 0 COLLEGE SCHOLARSHIPS 1 0 PART I, LINE 2: BLUPEAK CREDIT UNION ISSUES FUNDS TO THE COMPANILE FOUNDATION TO PROVIDE COLLEGE SCHOLARSHIPS TO INDIVIDUALS. X X X 1 0 0 TODD THARP PRESIDENT/CEO 540637 0 105000 0 67331 0 15144 0 39988 0 768100 0 0 0 MATTHEW LYONS EVP/CHIEF OPERATING OFFICER 302575 0 70000 0 119751 0 5348 0 23374 0 521048 0 0 0 CHARLES WILLIAMS SVP/CHIEF RISK OFFICER 221765 0 38500 0 27083 0 11356 0 15935 0 314639 0 0 0 KAREN SMITH VP/CHIEF CREDIT OFFICER 218711 0 0 0 38844 0 10106 0 19289 0 286950 0 0 0 RISHI DAVE VP ENTERPRISE TECH. & ARCHITECTURE 212582 0 0 0 977 0 11073 0 31930 0 256562 0 0 0 AMBER FIELDER FORMER SVP/CHIEF MARKETING OFFICER 124717 0 0 0 109706 0 8673 0 11592 0 254688 0 0 0 MELVINREY DE GUZMAN VP OF REAL ESTATE & CAPITAL MARKETS 202620 0 0 0 30716 0 7442 0 13874 0 254652 0 0 0 CARRIE KNUTSON VP FINANCE 167114 0 0 0 4230 0 7341 0 31045 0 209730 0 0 0 MARGARITA GUERRA FORMER SVP/CFO/SECRETARY 124706 0 0 0 64216 0 8947 0 8660 0 206529 0 0 0 RYAN HARRIS SOFTWARE ENGINEER II 133570 0 0 0 50394 0 9195 0 10824 0 203983 0 0 0 ANDREW JUDGE VP INTERNAL AUDIT 170188 0 0 0 774 0 6735 0 18324 0 196021 0 0 0 GLORIA NUNES VP OF HUMAN RESOURCES 141470 0 0 0 27307 0 8519 0 13184 0 190480 0 0 0 PART I, LINE 4A BLUPEAK CREDIT UNION PAID AMBER FIELDER, FORMER SVP/CHIEF MARKETING OFFICER, $53,790 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2023. TODD THARP OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 6000000 6024460 0 1 1 6024460 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 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 THE 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 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 THE CREDIT UNION'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 JUDGED 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 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 XI, LINE 9: CURRENT EXPECTED CREDIT LOSS IMPLEMENTATION -933,480. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. FORM 990, PART X, COLUMN (A), LINES 17 & 25: IN TAX YEAR 2023, BLUPEAK CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN COLUMN (B) (END OF YEAR) FOR LINE 17 (ACCOUNTS PAYABLE) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990 IN LINE 25 (OTHER LIABILITIES), RESPECTIVELY. CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE 2023 BEGINNING OF YEAR AMOUNTS LISTED IN COLUMN (A) OF PART X. USE FINANCIAL SERVICES LLC 10120 PACIFIC HEIGHTS BLVD SUITE 10 SAN DIEGO CA 92121 FINANCIAL SERVICES (INACTIVE) CA 0 0 BLUPEAK CREDIT UNION