Holyoke Credit Union

“Members consist of depositors with a minimum of a $25 balance in a deposit account. Members have voting rights which are limited to the annual meeting and any special meetings held due to charter changes, mergers, etc.”

“The board of directors are voted on by the members at the annual meeting.”

“Election of directors, charter changes and mergers require a vote by the members. Only members that attend the annual meeting or special meeting are allowed to vote.”

“The board of directors have delegated authority for the review of the form 990 to the president/ceo. The credit union engages the services of an independent accounting firm for the preparation of the form 990. Upon completion, the form 990 is reviewed and signed by the president/ceo and filed with the irs.”

“Each year the code of ethics, which incorporates a conflict of interest policy, is updated and ratified by the board of directors. Annually, all employees and board members sign an acknowledgement that they have received and read the code of ethics. Furthermore, all employees and board members must identify, in writing, all deposit and loan accounts in which they have a related interest. Loans granted to senior management, directors, or their related parites must be approved by the board. If the loan is for a board member or his/her related interest the board member must leave the board room during discussion and vote. The board member is recused from the vote.”

“The credit union's board of directors assigns the responsibility to the board's personnel committee to interview members of senior management for the preparation of a written performance evaluation of the credit union's president. The personnel committee is comprised of independent directors. The personnel committee will then present the written evaluation to the full board, along with a recommendation for compensation. The compensation level is based on a combination of the president's perceived value to the credit union and job performance. Based on the personnel committee's recommendation, the full board approves the president's compensation. For members of senior management, written performance evaluations are prepared by the immediate supervisor and reviewed by the board's personnel committee. Compensation is based on value to the credit union and job performance. The personnel committee then makes a recommendation to the full board for its approval.”

“The credit union's financial information is available by accessing the credit union's call report which is available through the ncua's website. The credit union does make its governing documents and conflict of interest policy available to the public.”