Best Reward Credit Union

“The credit union is comprised of a single class of approximately 12,173 member-owners, each of which has equal rights in ownership, governance and voting (for members 18 and older) rights at the annual meeting.”

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

“Changes to the governing documents (bylaws) generally require approval by the member-owners after they have been approved by the board of directors and the regulatory agency. Approval occurs when at least 50% of the member-owners vote to approve.”

“Prior to being filed with the irs, a copy of the form 990 and related schedules are reviewed by the president/ceo including a confirmation of the accuracy of every answer and oversight of the appropriate changes. Upon completion of the president's review, the forms are reviewed and voted on at a board meeting.”

“Board members and officers annually complete a conflict of interest statement related to loans, business relationship and family members that could or do create a conflict of interest. These are summarized and maintained on site and available to board members. Conflict of interest is determined by a review of potential conflicts by the ceo and as an agenda item at each board meeting. If a conflict exists the conflicted board member or officer is excluded from discussions and votes related to any potential or existing relationships involving the conflict of interest.”

“The process to set the ceo salary is based on a combination of comparable size credit unions through the use of an independent salary consultant bauschke & associates and attainment in the current year of predefined performance objectives set for the ceo personally and the credit union. The process is performed by a subcommittee of the board and presented to the full board for approval.”

“No documents available to the public”

“Professional & outside svcs 471,058 0 0 atm program exp 120,486 0 0 total 591,544 0 0”

“-22,105,475”