Western Payments Alliance

“The organization's membership includes depository financial institutions (banks, savings and loan associations and credit unions), individuals or organizations that are stakeholders in payment systems and processes, advisors to the organization and payment cooperatives.”

“"reserved directors" are selected by regular members meeting certain criteria. Also, each regular member not represented by a "reserved director" is entitled to nominate candidates to serve as at-large directors.”

“Form 990 is prepared by an independent cpa firm in conjunction with the association's accounting manager. A draft of form 990 is reviewed by the accounting manager, and any corrections or modifications are made by the outside cpa. The revised draft is then reviewed by the accounting manager and the president/ceo, any concerns raised by the president/ceo are raised with the cpa firm and a consensus is achieved. The full board of directors reviews the final audited financial statements each may and approves the association's financials and the filing of federal and state tax returns. Upon completion of federal and state tax returns by the independent cpa firm, the board is notified of the completion and are given the opportunity to review the returns prior to filing. Any issues are resolved upon identification. The return is then finalized and electronically filed with the taxing authorities.”

“The conflict of interest policy and disclosure form are distributed to directors, advisors and staff each september. Each individual is required to complete the disclosure form and return it to the ceo. The ceo reviews each completed form for possible conflicts of interest. There have been no significant conflicts requiring actions. All forms are maintained for 7 years following the completion date.”

“Final determination of the ceo's compensation is the responsibility of the personnel committee, a board-level committee. In making the annual determination, the personnel committee uses input from a compensation survey completed by an independent firm and updated periodically. The personnel committee also reviews the compensation of seven ceos from comparable 501(c)(6) associations that are identified in federal tax filings, form 990. Following the meeting of the personnel committee, the comensation-related decisions are documented by the committee chair and shared via email with the accounting manager to update the payroll system. Compensation of other key employees is determined by the ceo. Guidelines for staff compensation are based on an independent compensation analysis that was completed by an independent firm for every position within the company. The independent firm gathered and analyzed data from recently published compensation surveys for comparable organizations. The benchmarking analysis was based on published surveys that report detailed compensation data on various labor markets with whom wespay competes for talent.”

“AVAILABLE UPON REQUEST.”

“There was no change in the audit committee's oversight process.”