Wescom'S Wecare Foundation

“During the tax year 2020, the organization amdended their bylaws in order to reflect the following changes: - update to reflect executive director's duty to manage and have custody of the foundation funds. - update to reflect the volunteer name change from members-at-large to associate directors as well as increasing the permissible number from two to no more than six.”

“Vacancies on the board of director may be filled by (1) election by the board or, if the number of directors then in office is less than a quorum, by (a) the unanimous written consent of the directors then in office, (b) the affirmative vote of a majority of the directors then in office or (c) a sole remaining director; and (2) final approval by the president of the credit union. The board may not fill vacancies occurring in the board by reason of the removal of directors, such vacancies may be filled only by approval of the credit union employees. Credit union employees may elect a director at any time to fill any vacancy not filled by the directors. If the board of directors elects a director to fill a vacancy, the director so elected shall hold office only until the next annual meeting at which time the credit union employees shall elect a director to hold office until the expiration of the term for which elected. If the credit union employees elect a director to fill a vacancy, the directors so elected shall hold office until the expiration of the term for which elected.”

“The governing body has not delegated broad authority to any committee to act on its behalf.”

“The finance committee of the board shall receive a completed draft of the form 990 for review prior to filing each year.”

“The organization does not have a separate written conflict of interest policy. However directors and trustees are required to disclose conflicts of interests as and when they arise. The organization regularly and consistently monitors and enforces compliance with disclosure requirement of conflicts of interests, if any. The governance committee will explore establishing a formal conflict of interest policy in 2021.”

“Governing documents and financial statements are made available to the public upon request.”

“As a related entity outlined in schedule j, all members of the foundation's board of directors and foundation staff will have compensation information listed in part vii section a. The executive director maintained 70% of his time as executive director for wescom foundation and 30% as an employee for wescom central credit union. Though the board of directors serve on a volunteer basis and receive zero compensation from the foundation, they are paid employees of a related, tax exempt entity and, hence, do not fall under the volunteer exception. As such, the foundation is reporting each board member's compensation received from the related organization during the tax year.”