Belco Community Credit Union

“The credit union is owned by its members.”

“The credit union has a single class of members. Each member has a single vote in the election of members to the credit union's board of directors.”

“The credit union's members must approve: (1) the merger of the credit union (2) the dissolution or conversion of the credit union and (3) changes to the credit union's charter, articles and bylaws.”

“The credit union's board of directors and supervisory committee are provided with a copy of the form 990 prior to the filing of the return.”

“Members of the board of directors and supervisory committee, and key belco employees must disclose all potential conflicts of interest, including those where the person had inadvertently been placed in a situation due to either a business or personal relationship. Each member of the board of directors and supervisory committee, and all key employees covered under this policy will annually sign the "conflict of interest statement" which affirms that each person: (1) has received a copy of the belco conflict of interest policy, (2) has read and understands the belco conflict of interest policy, (3) has agreed to comply with the belco conflict of interest policy, (4) was not a participant, directly or indirectly, in any arrangement, agreement, investment, or other activity with any vendor, supplier, or other party doing business with belco that has resulted or could result in personal benefit to them, which was not disclosed to and approved by the board of directors, and (5) was not a recipient, directly or indirectly, of any salary payments, loans, gifts of any kind, any free service or discounts, or other fees from or on behalf of any person or entity engaged in any transaction with belco, which was not disclosed to and approved by the board of directors.”

“15a: the base salary for the president/ceo is based on the following source, balancedcomp compensation system and annual balancedcomp salary survey results report. The balancedcomp data is pulled from 22 different salary surveys and our data comparison is filtered by asset size, we compare our information to credit unions that are $600m to $1b. Balancedcomp provides a minimum, mid-point, and maximum base salary data. The balancedcomp annual reporting also includes average bonuses and incentives based on the same criteria above, such as asset size, number of branches, number of fte's, etc. 15b: base salary for all employees is based on the data provided by balancedcomp. As each employee's annual performance evaluation arrives, the performance score determines their salary increase, this is processed and applied. Then a full salary analysis is completed utilizing the data in balancedcomp system. The employee's current compa-ratio rating combined with their performance review score (via a matrix) determines the overall salary increase recommendation. This includes the merit increase and any additional amount that may be required in order to arrive at the full amount recommended based on the performance review score and compa-ratio rating. Belco's compensation philosophy states that a non-exempt employee should be at 99% compa-ratio for their position salary grade range when they have achieved three years of experience in their role. For exempt & executive employees, the philosophy states that an employee should be at 97.5% compa-ratio once they have achieved five years of experience within their position. The vice president of human resources & training makes annual recommendations to the president/ceo for changes to the matrix that determines overall salary increases to bring employees in line, over time, with belco's compensation philosophy.”

“Upon request, copies of the governing documents and conflict of interest policy are made available to the public. The credit union's financial statements are posted in the lobbies of all branches on a monthly basis. Quarterly financial statements (call reports) are available on www.ncua.gov.”

“The organization did have instances where backup withholding was required. The credit union handled the reporting as required.”

“Net change pension liability -889,993. Equity acquired in acquisition 642,414.”

“The credit union has a supervisory committee that assumes responsibility for oversight of the audit and selection of the independent accountant. This process has not changed from the prior year.”