Beacon Credit Union

“Each person or organization who establishes a savings/share account with a least $5 becomes a member per our Articles of Incorporation”

“Each member is entitled to one vote to elect members to the Board of Directors and Supervisory Committee per the Articles of Incorporation”

“Changes to the Articles of Incorporation require a vote by our membership. Changes to the Articles of Incorporation are also subject to the Board of Directors' approval prior to being brought to the membership for a vote.”

“The Board of Directors will be provided a copy of the 990 tax return prior to the return being filed. The standard Board meeting is scheduled prior to the form 990 completion and filing. A detailed review is also performed by an independent accounting firm.”

“All policies are reviewed annually by the Board of Directors. Any policy revisions require the Board read and understood all polices. Any violations of policies are reported to the employee's supervisor and/HR. Violations are reviewed with the employee by the supervisor and/or HR. Depending on the nature and seriousness of the policy, written reprimands or terminations may occur. All written review and reprimands require the employee to sign/acknowledge. The copies are retained in the employee personnel file in perpetuity.”

“Beacon Credit Union utilizes a salary administration product managed by an independent party to determine appropriate salary ranges for each employee position based on responsibilities, education, number of employees supervised, etc. Salary ranges are then approved by the President/CEO. Parameters are put into place at the end of each calendar year for an annual review. In this process, an employee's compensation may increase based on their past performance and where their current salary falls within the range for the position and applicable criteria. A report is also generated periodically for the CEO and is provided by HR to the Board of Directors (pulled when employment contract is up for renewal which is typically every three years). The Board of Directors will establish the CEO compensation and other benefits. An agreement will then be drafted by the Credit Union's legal counsel for the period agreed upon by the CEO and Board of Directors. The compensation review from the independent vendor was completed in 2024.”

“Beacon Credit Union utilizes a salary administration product managed by an independent party to determine appropriate salary ranges for each employee position based on responsibilities, education, number of employees supervised, etc. Salary ranges are then approved by the President/CEO. Parameters are put into place at the end of each calendar year for an annual review. In this process, an employee's compensation may increase based on their past performance and where their current salary falls within the range for the position and applicable criteria.”

“Beacon Credit Union does not make its governing documents or conflicts of interest policy available to the public. When requested by members, financial statements are made available to the public. An annual report containing year- end financial statements are published and made available upon request.”

“Change in Pension Plan Funding in 2024 - 1499988; Total - 1499988;”