Chicago Fire Officers' Association

“The Credit Union is a membership Organization with over 1,000 members at 12/31/17. All members are employees of the Chicago Fire Department. Each member must have a minimum share balance of $25.”

“Members elect seven directors from their membership by attendence or proxy at the annual meeting. Chairman, Vice-Chairman, Secretary and Treasurer are elected at an Organizational meeting held within 30 days of the annual meeting.”

“Form 990 and related schedules were initially reviewed by the Board Treasurer and then presented at the monthly board meeting prior to filing the return.”

“Each officer/director takes an oath of directors at the annual organizational meeting. Conflict of interest policy is distributed and signed by each officer/director.”

“Financial statements available upon request”

“There are three Directors who are also employees. Compensation of these individuals is voted on at the December meeting. The director/employees do not participate in the vote.”

“The financial statements were audited by an independent accountant for the year ended September 30, 2017. The FIN 48 note in the audited financials is as follows: The Credit Union was granted an exemption from federal income taxes by the Internal Revenue Service pursuant to the provisions of Internal Revenue Code Section 501(c)(14). The tax exempt purpose of the Credit Union and the nature in which it operates is described above. Management believes the Credit Union continues to operate in compliance with its tax exempt purpose. The Credit Union had no unrelated business income in 2017 or 2016 that management believes is subject to taxation. The Credit Union's annual informational returns filed with the Internal Revenue Service are open to examination generally for three years after filing.”