Gas & Electric Credit Union

“We added The Iowa-American Water Company to our field of membership, which required a bylaw amendment. That was the only change for the year.”

“As of December 31, 2021, we had 5390 members with at least one share in the credit union.”

“All Directors serve a one-year term and are elected in person or by proxy at our annual meeting held in March.”

“Directors are elected annually by the membership, and certain bylaw changes and any decision to merge into another credit union must be approved by the membership.”

“The President is responsible for the filing of the Form 990 in a timely and accurate manner. He prepared the return based on year-end financial statements and other records of the credit union.”

“The personnel committee and Chairman of the Board of Directors, who act as unpaid volunteers, review the President's performance based on pre-established criteria and goals. They refer to industry salary and benefits surveys to ensure his salary is in line with peers and also decide on any bonuses or goals reached. The President review other officers' salaries also using industry salary surveys and has the authority to increase their salaries with the approved of the Personnel Committee.”

“Monthly financial statements are available to any member upon request. Our year-end financial statements are available upon request and a summary report is printed in our annual report and presented to the membership at our annual meeting in March, and is in the lobby at all times. Our bylaws and articles of incorporation would also be made available up request to all members.”

“We have a defined benefit pension plan, and had a net gain in our Other Comprehensive Income related to this plan of $94,901 for the year, bringing the total Other Comprehensive Income balance to $-717553 (from -$812,454).”