Arrha Credit Union

“Depositors with a minimum balance of $25 in their savings account are members.”

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

“Election of directors, charter changes and mergers require a vote by the members in person.”

“The board of directors has delegated authority for the review of the form 990 to the chief financial officer (cfo) and chief executive officer (ceo). The cfo engages the services of an independent accounting firm for the preparation of the form 990. Upon completion, the form 990 is reviewed by the cfo and ceo, signed by the ceo and filed with the irs. A copy of the form 990 is provided to the board of directors for their review after the form 990 has been filed.”

“The board of directors annually must complete an conflicts of interest form and disclose whether any conflicts are present. In addition, management monitors the accounts payable vendors each month for entities known to be related to board members. Management also requests that a board member abstain from voting when a related party is involved in the pending transaction.”

“The credit union uses compensation survey's for general pay scales and for comparable compensation for similar persons. The board of directors are required to approve the compensation agreements at meetings of which records are kept.”

“Financial statements are posted monthly in the lobby of the credit union. The credit union does not make its governing documents and conflict of interest policy available to the general public.”

“The audit committee is responsible for the approval and selection of the independent auditors. The audit committee oversees the audit process and approves the audited financial statements on behalf of the credit union.”

“The employer has paid one or more premiums into a life insurance policy owned by the employee. The premiums are treated for tax purposes as nonrecourse split dollar loans under 29 c.f.r. Section 1.7872-15. The employer and employee represent that a reasonable person would expect that the employer will be paid all of its premium payments.”