Vibrant Credit Union

“Vibrant credit union has members as provided in its bylaws.”

“Vibrant credit union members have the right to elect the members of the governing body.”

“Vibrant credit union members have the right to elect and remove the members of the governing body.”

“The form 990 will be reviewed by the organization's chief financial officer, and a final copy will be provided to the board prior to filing with the internal revenue service.”

“A conflict of interest which is unacceptable is broadly defined as an insider taking advantage of their unique position for personal gain at the expense of the credit union. Insiders are broadly defined as board members, committee members, management, staff, and substantial third party vendors, and are more thoroughly defined below. The test for determining who is an insider requires the following two basic elements: - the existence of a relationship giving access, directly or indirectly to information intended to be available only for a corporate purpose and not for the personal benefit of anyone. - the inherent unfairness involved where an insider takes advantage of such information knowing it is unavailable to those with whom he/she is dealing. To identify any potential conflicts of interest, it will be necessary for every insider to provide an annual statement outlining specific relations and situations. All new hires and new directors will complete the conflict of interest statements prior to employment or election. The president/ceo or his/her designee will be responsible for the collection and retention of all directors, management, and employee statements. Review of director, management, and employee statements is the responsibility of the audit department. Each situation must be handled on a case by case basis by the board of directors, president/ceo, and outside counsel, if required.”

“For vibrant credit union's chief executive officer (ceo), compensation decisions are informed by an independent compensation benchmarking study conducted by gallagher, a nationally recognized consulting firm. The chief operating officer (coo) reviews the results of the study, which includes market comparables, peer credit union data, and total compensation benchmarks (base salary, incentives, and benefits). The coo then presents a summary and recommendation to the executive committee of the board of directors. The executive committee reviews the analysis, considers organizational performance, individual leadership results, and market competitiveness, and approves the ceo's compensation accordingly. The executive committee has delegated authority to the ceo to determine and approve compensation for all other executive officers, within board-approved budget parameters and consistent with the organization's compensation philosophy and practices. This process last occured in 2025.”

“The vibrant credit union's governing documents and conflict of interest policy are not made available to the public.”

“Defined benefit plan net asset -48,743.”

“Vibrant credit union's oversight and selection process has not changed from the prior tax year.”