333 Golden Circle Credit Union Inc

“The credit union is comprised of a single class of approximately 9,000 members 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.”

“The member owners of the credit union have the authority to elect the members of the Board of Directors for 3 year terms on a rotating basis. Candidates are elected by a simple plurality vote. The Board of Directors appoints volunteers to the Supervisory Audit Committee which 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.”

“Changing the governing documents (By-laws) must be approved by the member owners after having been approved by the Board of Directors and the regulatory agency. Approvals occur when a simple majority of the members vote to approve at the annual meeting or at a special meeting for the purpose.”

“Prior to filing with the IRS, a copy of the IRS Form 990 and related schedules are reviewed by the CEO including confirmation of the accuracy of every answer and oversight to appropriate changes. Upon completion of the CEO's review, the forms are reviewed and voted on at the Board Meeting prior to transmission to the IRS.”

“Board members and officers annually complete a survey 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. Conflicts of interest are determined by a review of the potential conflicts by the CEO and Board of Directors. If a conflict exists, the conflicted Board Member is excluded from the discussion and votes related to any potential or existing conflict of interest. If it is determined that a conflict of interest was intentionally hidden by a Board Member, the situation would be investigated by the Supervisory Audit Committee and the Board Member could be suspended subject to dismissal at a special meeting of the 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 be to the detriment of the credit union, then all legal remedies will be considered.”

“The CEO is currently under an employment contract which was executed in December 2011 for a five year period with five year renewal options. The CEO's salary and any annual adjustments are set forth in the contract. The process used to set the CEO's salary in the contract is based on a combination of comparison to comparable sized area credit unions using information obtained by the Executive Committee. the Credit Union National Association (CUNA) Annual Compensation Survey and attainment of business goals and objectives as set forth in the credit union's annual business plan. This process is performed by the Executive Committee and presented to the full board for approval.”

“The credit union By-laws, Conflict of Interest Policy, and financial statements may be reviewed by appointment at the main office.”