635 Members Choice Credit Union Inc

“The Credit union is comprised of a single class of approximately 3,300 members-owners, each of which has equal rights, of ownership, governance, and voting rights at the annual meeting, with exception of members owner who are elected to the Board of Directors”

“The member-owners of the credit union have authority to elect members of the Board of Directors for three-year terms on a rotating basis. Candidates are elected by a simple majority vote. The Board of Directors appoint volunteers to serve on the Audit Committee, which is vested with monitoring safety and soundness of the organization. If deemed appropriate the Audit committee can suspend board members and call a special meeting of the members to evaluate the issue and vote to either dismiss or reinstate the board member.”

“Changes to the governing documents (by laws) must be approved by the member-owners after laws have been approved by the Board of Directors. The regulatory agency approval occurs when at least 50% of the member-owners vote to approve.”

“A copy of the 990 and related schedules are reviewed by the Board of Directors, including accuracy of every answer, and oversight of appropriate changes. upon completion of the review by the Board of Directors, it is voted on at a Board of Directors meeting prior to be submitted to submitting to the IRS.”

“Each Director and Key Employee is required to fill out a conflict-of-interest form related to loans, business relationships, and family members that could or do create a conflict of interest. These are summarized and maintained in a document present at each board meeting. Conflict of interest is determined by a review of potential conflict by the CEO and Board of Directors. If a conflict exists, the conflicted board member or officer is excluded from discussion votes related to any potential or existing relationships involving the conflict of interest. If it has been determined that a conflict of interest was intentionally hidden by the board member, that situation would be investigate by the Audit Committee, and the board member would be suspended and subject to dismissal at a special meeting of all member-owners. Additionally, the remaining board members and officers will review for fairness all past transactions involving the conflict of interest. If a transaction appears to lack at length, either to the detriment of the Credit Union or the unfair advantage of the board member, then leagal remedies will be considered.”

“the process used to set the CEO's annual salary is a comparison to comparable sized credit unions through CUNA's annual compensations survey, internet research, board review, and then approved. The process is done each year. the process used to set the pay rate for all Key employees is a comparison to comparable sized credit unions and financial institutions through CUNA's annual compensation survey and internet research. This process is done each year by the CEO.”

“The Credit union by-laws, conflict of interest policy, and financial statements are available to the public by appointment at the Credit Union office.”