Genfed Financial Credit Union Inc

“The credit union is comprised of a single class of approximately 25,114 member-owners, each of which has equal rights in ownership, governance and voting rights at the annual meeting with the exception of the member-owners who are elected to the board of directors.”

“Not less than 120 days prior to the annual meeting, the chairman shall appoint a nominating committee of not less than three members. The nominating committee nominates at least one member for each vacancy for which regular terms expire. The committee files its nominations with the secretary of the credit union at least 90 days before the annual meeting, and notifies in writing all members eligible to vote at least 75 days before the annual meeting that nominations for vacancies may also be made by petition signed by 1% of the membership, or 500 members, whichever is less. All persons nominated by either the nominating committee or by petition must be placed before the members. All elections are determined by plurality vote by ballot.”

“Any action which may be authorized or taken at a meeting of the members may be done so without a meeting with the affirmative vote or approval of, and in writing signed by all the directors or 2/3 of the voting members, who would be entitled to notice of meeting for such purposes. Any such writing shall be filed with or entered upon the records of the credit union. Changes to the articles of incorporation and/or the code of regulations can be approved at a duly held member meeting by an affirmative 2/3 vote of voting members. The board of directors can amend the articles related to field of membership, name of corp, place of principal business and authorized number of shares. Any amendments are only effective after approval by the superintendent of financial institutions.”

“The board of directors will review the 990 at a regular monthly (or specially called, if necessary) meeting prior to it being filed.”

“The compliance officer obtains signed "party in interest" forms each year detailing accounts held at the institution by employees and official volunteers. The documentation is maintained, reviewed, and updated regularly.”

“The executive committee determines the ceo's wage and any annual bonus after performing an annual evaluation. The committee uses a current ceo compensation survey of credit unions and community banks for comparison. The ceo's annual salary and bonus information along with the letter from the board chairperson (who is also the chair of the exec. Committee) officially stating the same is available for review to the board of directors and outside auditors during the annual audits.”

“The ceo determines the wages of the other officers and key employees. The most recent cuna salary survey is used to determine position midpoints. An annual appraisal is completed for each officer or key employee. Annual bonuses for officers (other than ceo) and key staff are calculated using a consistent formula. Officer and key employee wages are available for review to the board of directors and to outside auditors during annual audits.”

“Genfed provides the annual report at the annual meeting each year, posts it on the website and in branches and it may be requested through a branch employee at any other time throughout the year. Monthly financials are posted in all branches. The articles of incorporation are posted on ohio state's website for anyone to view.”

“Change in defined benefit plan 142,646”