Tech Credit Union

“A member is defined as any individual or business that has loan or deposit account at the credit union.”

“In accordance with the bylaws, the board of directors is elected by a vote of the membership, usually conducted annually. Prior to any meeting at which an election is to be held, a nominating committee may be appointed by the board of directors whose duty it shall be to nominate a complete list of candidates for the various positions to be filled at such meeting.”

“Major decisions, such as whether or not to merge into another credit union, would require ratification by the membership to be approved.”

“Management reviews form 990 before it is filed with the irs. Board does not review the form 990 before filing.”

“All board members and executive staff complete a conflict of interest statement on an annual basis. The credit union's internal auditor reviews these statements to ensure completion and compliance. In the event a conflict is identified, the board member will be absent from all discussions, recommendations, determinations and decisions regarding the matter.”

“Compensation is determined as part of each individuals' annual review. The compensation amounts are included in the budget that is approved by the board of directors.”

“The credit union's governing documents are on file with the indiana secretary of state's office. A copy of these documents can be obtained through this office. The credit union's financial statements are on display in the lobby of the credit union's home office. The credit union's conflict of interest policy is not made available to the general public.”

“Net unrealized loss on defined benefit pension plan -68,445.”

“This process has not changed significantly from the prior year. The credit union's supervisory committee assumes responsibility for oversight of the audit and selection of the independent accountant.”

“Schedule l is not required for loans receivable balances on form 990, part x, line 5 if the loans are made by the credit union to the directors, officers, and key employees on the same terms offered to other members of the credit union. Therefore, the credit union has included approximately $1,893,000 and $1,237,000 of receivables from current officers, directors, trustees, key employees, and highest compensated employees for 2022 and 2021, respectively, within form 990, part x, line 7.”