Select Employees Credit Union

“The organization is comprised of members, most of whom are employees or retired employees of several local employee groups within the sterling - rock falls, illinois area. The members elect the governing body (the board of directors). The board of directors is charged with and have control over the general management of the operations, funds, and records of the credit union pursuant to provisions outlined in the il credit union act and the department's rules and regulations. The members may receive from time to time a share of the organization's profits or excess dues or a share of the organization's net assets upon the organization's dissolution.”

“During the annual meeting of the members is when the board of directors is elected. There are 8 directors. Fifteen members must be present at the time of the meeting in order to elect the board. Every shareholder has the right to vote the number of shares owned by him/her for as many persons as there are directors to be elected, or to cumulate the shares and give one candidate as many votes as the number of directors multiplied by the number of his/her shares shall equal; or distribute them on the same principle among as many candidates as he/she desires. A society, assocation, club, partnership having membership in the credit union shall be entitled to cast only one vote regardless of the number of shares owned.”

“The organization's ceo reviews the 990 then makes copies available to all members of the board before signing it and submitting it to the irs.”

“To identify any potential conflicts of interest, every insider is to provide an annual statement outlining specific relations and situations. Also, all new hires will complete prior to employment and all new vendors (if deemed necessary by management) prior to initial purchase of contract. The president will be responsible for all directors, committee members and vendors. The board treasurer will obtain all employee statements.”

“Documents are provided upon request”

“The organization does receive audited financial statements, however the audit is prepared using the numbers from 7/1 - 6/30 (fiscal year basis), whereas the tax return is prepared using the numers from 1/1 - 12/31 (calendar year basis).”