Beacon Credit Union

“Each person or organization who establishes a savings account with at least $25 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 a prior board approval. If a Board of Director's Member has a conflict of interest, they abstain from discussion and voting on the item(s) arising from the conflict. All policies are made readily available to all employees at any time via the company intranet. All newly hired employees are provided with a complete set of policies at orientation and are required to sign an acknowledgement of receipt and that they have read and understand all policies. Any violations of policies are reported to the employee supervisor and/or Human Resources. Violations are reviewed with the employee by the supervisor and/or Human Resources and depending on the nature and seriousness of the policy, written reprimands or termination may occur. All written review and reprimands require the employee to sign/acknowledge and copies are retained in the employee personnel fie in perpetuity.”

“Beacon Credit Union utlizies the salary administration product "Compease" as managed by an independent party, Koker, Goodwin, and Associates 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 and parameters are put into place at the end of each calendar year during the annual review process in which an employee's compensation may increase based on their past performance and where their current salary falls within the range for the position and other applicable criteria. A "Compease" report is also generated periodically for the CEO and is provided by Human Rescoures to the Board of Directors (pulled when employment contract is up for renewal typically every three years.) The Board of Directors will establish the CEO compensation and other benefits level and an agreement will be drafted by the Credit Union's legal counsel for the period agreed upon by the CEO and Board of Directors.”

“The organization 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.”

“The Credit Union does offer loans to its interested persons based on the same terms and conditions as offered to other members of the Credit Union. Per exception as indicated on page 2 of the instructions for Schedule L, the Credit Union does not need to list the loans from the Credit Union to the member.”

“The ($1,947,731) represents three different components. The change in Pension Plan Funding during 2020 was ($2,070,013). As reported on Part XII of Schedule D, ($7,364) was the difference of the book value versus tax expense of Customer List Intangible Amortization. As reported on Part XII of the Schedule D, $129,646 was the Amortization of Goodwill over 15 years not reported on the Audited Financial Statement. These 3 dollar amounts: ($2,070,013) + ($7,364) + $129,646 equal ($1,947,731).”