Sharon & Crescent United Credit Union

“The credit union is a members only financial institution. Its members meet annually and vote for a board of directors and all business brought before the membership must be approved.”

“SEE ANSWER TO LINE 6.”

“SEE ANSWER TO LINE 6.”

“The board of directors has delegated authority for the review of the form 990 to the chief financial officer (cfo). The cfo engages the services of an independent accounting form for the preparation of the form 990. Upon completion, the form 990, is reviewed by the cfo, signed by the cfo, 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. The code of ethics pertains to employees as well as the board of directors. Annually, all employees and board of members sign an acknowledgement that they have received and read the code of ethics. Further, 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 parties 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 boardroom during discussion and vote. The board member is recused from the vote.”

“The credit union's board of directors assigns responsibility to the board's personnel committee for input in the preparation of a performance evaluation of the credit union's president. The personnel committee is comprised of independent directors. The personnel committee will then present the 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; job performance; and a comparison to a peer group salary survey conducted by pearl meyer & partners. Based on the personnel committee's recommendation, the full board approves the president's compensation. For members of senior management (i.e. Coo, senior lending officer, senior branch administrator, cfo, senior marketing officer and senior information officer), 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, job performance and comparison to salary ranges in the pearl meyer & partners salary survey. The personnel committee then makes a recommendation to the full board for its approval.”

“The credit union's by-laws, code of ethics, conflict of interest policy, etc. Are available for inspection at the credit union's annual meeting or available at anytime upon a member's request. The credit union's privacy policy is mailed to each member, annually. A statement of condition is posted in each branch every month. The credit union's call report data is available to the general public via the ncua's website.”