Service Credit Union

“The board may appoint an executive committee of not fewer than three directors to serve at its pleasure, to act for it with respect to specifically delegated functions authorized by rsa 383-a and 383-e and applicable law and regulations. The board may also authorize such executive committee or a membership officer appointed by the board from the membership other than a board member paid as an officer, the financial officer, any assistant to the paid officer of the board or to the financial officer or any loan officer, to serve at its pleasure to approve applications for membership under such conditions as the board and these bylaws may prescribe. No executive committee member or membership officer may be compensated as such.”

“Service credit union membership is open to those living or working in the state of new hampshire or the falmouth, ma area (defined as falmouth, bourne, mashpee and sandwich, ma) and their families. Also eligible are active duty military, veterans and their families, and those who are working (or worked) for the department of defense, as well as their families.”

“Annually, service credit union holds a shareholder meeting. At this meeting, the members have the ability to vote on the board of directors.”

“The form 990 is prepared by the organization's public accounting firm based on information provided by management. Once the draft is available, it is reviewed by management and any changes incorporated into the filing. Once this detailed review is complete, the draft of the form 990 is presented to the board of directors for their review and comments prior to filing with the irs.”

“The policy requires self disclosure to the board of directors annually any involvement with organizations which do business with the credit union. This is also subject to internal audit.”

“The ceo's compensation is reviewed by a compensation committee that includes three board members. The committee gathers data from a 3rd party compensation study, which gathers data from outsides sources from other financial institutions. The committee reviews this information and then determines compensation based on this information and performance and then gives the compensation recommendation to the full board for approval. This is documented in the committee minutes. For all other officers and key employees, the credit union uses a third party compensation study in which the human resources department uses to help determine compensation. Compensation is also based on metrics for that job description and performance. Human resources gives a recommendation to the ceo who makes the compensation determination. This determination is documented in the employee's personnel files.”

“Service credit union's financials are provided monthly for all members by being posted in each branch location. Our annual report is distributed to all attendees at the annual meeting, provided in each branch location, and is also posted on our website. Members have the right to request and receive pertinent documentation as demanded. Service credit union is a member-owned cooperative and as such pertinent business documentation is always provided as requested by members.”

“Change in value of serp 206,528. Euro currency change -160,673. Change in pension and postretirement health plan -6,434,566. Other comprehensive gain 184,383.”