Impact Credit Union

“The Credit Union has a single class of members with equal rights of ownership, governance and voting.”

“The member owners of the Credit Union have the authority to elect members of the Board of Directors for a three year term. Candidates are elected by a simple ballot vote. The Board of Directors appoints volunteers to serve on the Executive Committee which is vested with monitoring safety and soundness of the Credit Union. If deemed appropriate, the Executive Committee can suspense Board members and can call special meetings to evaluate the issue and vote to either dismiss or reinstate Board members.”

“Changes to the governing documents (By-Laws) may be amended by a majority vote of the voting members at the annual meeting, if notice is given that the one purpose of the meeting is to vote such amendments, at a special meeting or in writing. Such amendments shall be effective only after the same have been approved by the Superintendent of Credit Unions. The Board of Directors may, at ay duly held meeting, adopt amendment to the regulations by an affirmation vote of 2/3 of the number of directors authorized by such articles.”

“The Form 990 was reviewed by the CEO and Executive Vice President/CFO prior to filing and is then presented to the Board of Directors at their next regular meeting.”

“On an annual basis each Credit Union official and employee will submit in writing an acknowledgment of all conflict of interest, including those in which they have been inadvertently placed due to whether business or personal relationships with members, vendors, business associates or competitors of the Credit Union. Conflicts of interest are determined by a review of potential conflicts by the CEO, if a conflict exists with a Board Member, then they are excluded from any discussion and votes relating to any potential or existing conflict of interest.”

“The process used to set the CEO's compensation is based on a combination of comparison to comparable sized Credit Unions through the use of Bauschke & Associates LTD annual compensation survey as well as attainment in the current year of predetermined performance objectives set for the CEO personally and the Credit Union. The process is performed and approved by the Executive Committee of the Board prior to Feb 1st of each year. Other Officers and Key Employee's salary and annual performance evaluations. The process is approved by the CEO. Reviews were completed in 2014.”

“The Credit Union's Financial Statements are disclosed monthly in the lobby of each office. The Credit Union's By-Laws and Conflict of Interest Policy can be reviewed by appointment at the Credit Union Main Office.”

“Change in Unrecognized Pension Cost $-260,162”