Credit Unions Chartered in the State of Michigan

“The credit union has a single class of members with equal rights of ownership, governance and voting.”

“The board of directors is elected based on an open ballot for 3 year terms.”

“Credit union decisions that are subject to membership approval are board of director elections, merger into another credit union, and charter changes. Field of membership changes and bylaws changes must be reported to the membership at the annual meeting.”

“A review is conducted by the internal auditor and cfo prior to submission to the irs. The returns are made available to the board of directors for review upon request.”

“On an annual basis, all directors, officers, and employees of the credit union must attest that they have no conflicts of interest. Any potential conflicts are reviewed by the audit committee and the full board to determine if an actual conflict exists. Board members with a conflict of interest will be excused from participating in deliberations and voting on transactions where the conflict(s) exists.”

“The full board prepares an evaluation of the president/ceo annually. Each board member completes the evaluation form in writing. The board secretary compiles the results and prepares a consolidated evaluation. Salary is based on credit union president/ceo salary surveys and determined by credit union size, complexity and performance. A credit union consulting firm is utilized to obtain this information. The president/ceo prepares and conducts the evaluation process for key employees. The evaluation process is delegated to the cfo for certain key employees, with final review performed by the president/ceo. Those salaries are based on available salary survey information and are performance based. The last compensation review was completed in 2017.”

“Financial statements are posted in the credit union lobby. Other documents and policies are available upon request.”

“Other comprehensive income 113,879. Increase in cash surrender value of life insurance 452,716.”

“Audit oversight process has not changed from the prior year.”

“Schedule l is not required for loans receivable balances on form 990, part x, line 5 if the loans are made by the credit union to the directors, officers, key employees, and highest compensated employees on the same terms offered to other members of the credit union. Therefore, the credit union has included $1,354,739 and $1,418,661 of receivables from current officers, directors, trustees, key employees, and highest compensated employees for 2017 and 2016, respectively, within form 990, part x, line 7.”