Teachers Credit Union

“All members are considered equal and have one vote based on voting requirements.”

“Board members are elected based on the policy of the Credit Union and Board of Directors.”

“The 990-Information used to prepare the tax return is gathered from within the accounting department. The return is compiled using an external accounting firm. The return is reviewed by the Chief Financial Officer and the Controller prior to review of the Board of Directors. Any changes to the tax return or in the instructions of the returns are brought to the attention of the Board of Directors for review.”

“Everwise reviews the conflict-of-interest policy annually with all members of the Board of Directors, Senior Executive Management, Vice Presidents, and Assistant Vice Presidents. All persons in job classification are required to complete disclosure forms to accounts held, active loans, and any additional outside occupations. These documents are submitted for review to the Director of Administration. The policy includes steps to avoid conflict of interest and if changes occur regarding potential conflict of interest, it is the responsibility of the director, committee members, or the employee to report such changes to the proper channel.”

“An independent consulting agency is used to calculate and compare managements compensation. For the Chief Executive Officer, there is also a written contract stating a term and salary that must then be approved by the Board of Directors.”

“Same as Line 15A”

“The governing documents of Everwise Credit Union are available upon request. Financial statements are available to the membership as presented in the annual reporting, which is published in the first quarter of each year or available upon request. Each year, management of Everwise Credit Union reviews the conflict-of-interest policy, and it is available to others upon request.”

“The estimated amount of other compensation of the Board of Directors is the reporting year's accrued expenses for deferred compensation. The deferred compensation will be paid out to the board members upon retirement from the Board of Directors.”

“Membership fees received during the year of $110,960 are a charge to become part of the membership at Everwise Credit Union. They are not treated as income rather are directly added to equity as ownership within the organization for each membership account that is opened during the year. - 110960; Total - 110960;”