Maine Credit Union League

“In 2024, the league entered into an agreement with synergent in which both organizations will bill respective employees based on the estimated time spent on the other organization. Synergent employees provide management and administrative services, education and training, marketing/statewide awareness/communications and government affairs and compliance services to the league. The following current or former officers and key employees listed in part vii, section a were compensated by synergent during 2024. The compensation listed on part vii, section a represents compensation these individuals received for services provided to the league and synergent (a related organization as well as the management company): -cris wescot”

“The league made the following updates to the bylaws in 2024: 1. Modernization of objectives & purposes updated language to align with current league services and objectives. 2. Delegate representation change reduced delegates per credit union from two to one. Delegates will no longer vote in board elections; instead, presidents of member credit unions will vote electronically before the annual meeting. 3. Associate membership approval flexibility new language allows the board greater discretion in approving out-of-state credit unions as associate members. 4. Dues payment relief the board now has the discretion to amend or waive dues for members experiencing financial hardship. 5. Annual meeting flexibility removed rigid agenda details and provided more flexibility in setting meeting dates. 6. Voting and special meetings clarified requirements for calling special meetings and removed the ability of the president or board chair to call a meeting unilaterally. 7. Board elections & composition overhaul transition period defined for board restructuring; new board will consist of nine directors split into five asset directors (based on credit union size) and four regional directors (based on location). 8. Board transition process transition period (20242025) detailed, with initial staggered terms for board members to ensure smooth turnover. 9. New board eligibility & vacancy rules defined requirements for board membership, vacancy handling, and scenarios such as mergers, relocations, and employment changes. 10. Nomination & election process update moved elections to an electronic voting system, eliminated floor nominations, and clarified nomination deadlines. 11. Committee structure changes the board now determines the necessity of committees annually, and committee chairs are appointed by the board chair. 12. Indemnification clause added protection for directors, officers, and employees against legal actions related to their duties, except in cases of proven misconduct. 13. Amendment procedures adjusted now allows amendments to be passed by majority vote with advance notice or by a three-fourths vote without prior notice.”

“The league had 52 credit union members as of december 31, 2024.”

“The delegates appointed by the credit union members have the right to elect members of the board of directors.”

“Management reviews and approves the form 990 tax return before it is filed.”

“The cfo of maine credit union league is paid by synergent, which purchases data on comparable salary raises from an independent firm. President of maine credit union league is paid by league.”

“Governing documents, policies and financial statements are available to the public upon request.”

“Credit union house llc k-1 activity 584.”