2024-05-07T12:54:01-07:00 2023-12-31 990 2023-01-01 870188878 CREDIT UNIONS CHARTERED IN THE STATE OF UTAH CRED 8017088900 957 East 6600 South Salt Lake City UT 84121 Russell Payne VP, Accounting & Finance 8017088922 2024-05-07 Russell Payne 999009999 1 1 11 0 AAL2 2023 2023-04-26 12:10:37Z Utah Power Credit Union Ryan Pollick 957 East 6600 South Salt Lake City UT 84121 29816489 0 X www.utahpowercu.org X 1935 UT The Credit Union provides financial services to its members on a cooperative, not for profit basis. Profits are primarily returned to members as dividends or interest. 9 9 74 17 0 0 0 0 14360715 18388240 8134936 7168558 4124078 4259691 26619729 29816489 0 0 0 0 5566930 5763130 0 0 0 13201068 19642270 18767998 25405400 7851731 4411089 898181100 923376279 3493346 4256033 894687754 919120246 As a credit union, we return a majority of our profits to our members in the form of dividends. 0 0 The Credit Union serves PacifiCorp employees, Union Pacific/Southern Pacific Railroad or Utah Railway company employees (living and/or working in Carbon or Emery County), Deseret Power employees and its subsidiaries/cooperatives, the following related organizations: Intermountain Consumer Power Association, Utah Associated Municipal Power Systems, Intermountain Power Agency, and Utah Rural Electric Association, and their families. Money deposited from members is loaned out to other members. Funds not loaned out are invested. Income received from loan and investment interest allows us to provide low loan rates and high savings rates to our members. We return profits back to members in the form of dividends and any remaining profits go into a required reserve account. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 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 10 0 1 74 1 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 0 1 1 1 0 X Ryan Pollick 8017088909 957 East 6600 South Salt Lake City UT 84121 Ryan Pollick President/CEO 50 X 259917 0 0 Chris Brems SVP Technology & Strategy 50 X 193972 0 0 Stephen A Hastings Board Chairman 3 X 0 0 0 Chris Spencer Board Vice-Chairman 3 X 0 0 0 Esther Giezendanner Board Secretary 3 X 0 0 0 Bruce Larsen Board Member 2 X 0 0 0 Cindy Nagasawa-Cruz Board Member 2 X 0 0 0 Jason Beane Board Member 2.00 X 0 0 0 Jason Moffat Board Member 2 X 0 0 0 Larry A Ellertson Board Member 2 X 0 0 0 Russell K Johnson Board Member 2.00 X 0 0 0 Joe Juliano Alternate Board Member 2 X 0 0 0 Susan Simkins Alternate Board Member 2 X 0 0 0 453889 0 0 6 0 1 0 0 0 Interest on Loans to Members 522130 18388240 18388240 0 0 0 0 0 0 18388240 7168558 7168558 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fee Income 522130 1133181 1133181 0 0 Other Operating Income 522130 2817185 2817185 0 0 Insurance Income 522130 309325 309325 0 0 0 0 0 0 4259691 29816489 29816489 0 0 0 0 0 0 1213049 0 2721469 334498 1214283 279831 0 12595 94538 0 0 0 88810 69000 749271 673693 0 359547 21991 0 114441 30043 117480 484007 7838 Loan Servicing Expense 2282492 CUSO Expense 511806 Provision for Credit Loss Expense 23410 Dividend & Interest Expense 13855880 145428 25405400 0 0 0 3007320 2636375 -2343578 20108329 0 3376762 3418687 0 0 0 0 410826642 443447973 0 0 1370728 1506140 12554763 5167646 6857255 7387117 501396992 458780195 0 0 0 0 0 0 -26311021 -13908537 898181100 923376279 3464446 4195666 0 0 28900 60367 0 0 0 0 0 0 0 0 0 0 3493346 4256033 X 812365789 816676895 0 0 82321965 102443351 894687754 919120246 898181100 923376279 X 4411089 -27983727 0 0 0 48005130 X 1 X 1 X 1 0 1999504 0 1999504 6735422 0 2401055 4334367 83040 0 83040 0 2922402 0 2223836 698566 814395 0 459715 354680 7387117 29816489 0 0 0 0 0 29816489 0 0 0 29816489 25405400 0 0 0 0 0 25405400 0 0 0 25405400 0 0 0 Ryan Pollick President/CEO 243517 0 16400 0 0 0 0 0 0 0 259917 0 0 0 Chris Brems SVP Technology & Strategy 182472 0 11500 0 0 0 0 0 0 0 193972 0 0 0 Christopher Brems Senior Vice President Credit Card X 20000 4481 0 1 1 Christopher Brems Senior Vice President Mortgage X 299000 159862 0 1 1 Crystal Dorrell Vice President Credit Card X 10000 650 0 1 1 Crystal Dorrell Vice President Mortgage X 600000 597718 0 1 1 Danette Fox Vice President Overdraft X 500 116 0 1 1 Danette Fox Vice President Credit Card X 14500 13266 0 1 1 Danette Fox Vice President Mortgage X 290000 263773 0 1 1 Danette Fox Vice President ATV X 10000 7176 0 1 1 Esther Giezendanner Board Secretary Mortgage X 255000 243517 0 1 1 Jason Moffat Board Member Auto X 15347 5508 0 1 1 Jason Moffat Board Member Home Equity X 115000 28431 0 1 1 Jason Moffat Board Member Auto X 35859 29879 0 1 1 Jeanine Thomson Supervisory Committee Member Credit Card X 12500 993 0 1 1 Jeanine Thomson Supervisory Committee Member Auto X 48086 45269 0 1 1 Jeanine Thomson Supervisory Committee Member Credit Card X 6000 4795 0 1 1 Jeanine Thomson Supervisory Committee Member Home Equity X 45000 36538 0 1 1 Joseph Juliano Alternate Board Member Credit Card X 10000 386 0 1 1 Joseph Juliano Alternate Board Member Credit Card X 7500 540 0 1 1 Larry Ellertson Board Member Credit Card X 10000 7321 0 1 1 Lloyd Ukena Supervisory Committee Chairman Home Equity X 39332 26136 0 1 1 Pamela Schumacher Vice President Overdraft X 1500 441 0 1 1 Pamela Schumcaher Vice President Cred Card X 13500 8363 0 1 1 Pamela Schumacher Vice President Mortgage X 220000 200669 0 1 1 Pamela Schumacher Vice President Home Equity X 100000 16881 0 1 1 Pamela Schumacher Vice President Auto X 25399 21455 0 1 1 Pamela Schumacher Vice President Credit Card X 5000 4348 0 1 1 Russell Johnson Board Member Credit Card X 15000 6 0 1 1 Russell Johnson Board Member Mortgage X 284000 24902 0 1 1 Russell Payne Vice President Credit Card X 13000 5675 0 1 1 Russell Payne Vice President Mortgage X 210000 196707 0 1 1 Russell Payne Vice President Auto X 9300 6568 0 1 1 Ryan Pollick President Mortgage X 367000 333655 0 1 1 Ryan Pollick President Home Equity X 60000 16186 0 1 1 Ryan Pollick President Mortgage X 150000 149884 0 1 1 Ryan Pollick President Credit Card X 10500 5194 0 1 1 Stephen Hastings Board Chairman Auto X 18035 10211 0 1 1 Stephen Hastings Board Chairman X 15000 8540 0 1 1 Stephen Hastings Board Chairman Home Equity X 80000 44633 0 1 1 Susan Simkins Alternate Board Member Credit Card X 15000 1127 0 1 1 Bruce Larsen Board Member Auto X 33493 10351 0 1 1 2542151 Form 990, Part VI, Section A, Line 6 As a credit union, account (share) holders are considered members of the Credit Union. Form 990, Part VI, Section A, Line 7a Our by-laws require us to hold an annual meeting so members can elect the Board of Directors. Form 990, Part VI, Section A, Line 7b Certain decisions, such as mergers, removal of directors, and dissolution of the Credit Union require the ratification of a majority of the members present in the meeting. Form 990, Part VI, Section B, Line 11b An email copy is sent to the President and all members of the Board of Directors before submission of the Form 990. Form 990, Part VI, Section B, Line 12c Officers & Directors are expected to report conflicts as they arise. Form 990, Part VI, Section B, Line 15 The CEO's salary is determined by the Executive Committee of the Board of Directors and ratified by the full Board. The Executive Committee members are the Chairman, Vice Chairman, and Secretary of the Board. Management (SVP's and VP's) salaries are set by the CEO. Industry salary information of institutions of similar size are used to determine salary ranges of all employees, including management. The Board determines the number of dollars available for salary expense during the annual budget approval process. Management is expected to stay within the budgeted amount. Form 990, Part VI, Section C, Line 19 Upon request. Form 990, Part XI, Line 9 Remaining net assets after subtracting Part XI: line 10 (end of year net assets), line 4 (beginning of year net assets), line 3 (revenue less expense), and line 5 (net unrealized gains/losses on investments).