True Community Credit Union

“All account holders are referred to as members.”

“Credit union members elect the board members.”

“Members of the credit union have the right to approve the election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur.”

“Review will be performed by ceo and vp of finance.”

“Policies are reviewed annually and all volunteers complete conflict of interest forms after the annual meeting each year.”

“President/ceo - the board of director's performs an annual performance evaluation of the president/ceo. Based on the goals achieved and results of the review, a merit adjustment is calculated. The results of the review and the proposed merit adjustment is reviewed by the board of directors. At the same time, the board also obtains a salary study from a salary consultant (balanced comp) for presidents and chief financial officers in similar sized institutions. A variety of survey data is used by the consultant to prepare the recommended pay range and placement of the pay for the president/ceo. In addition, the committee reviews 990 data, and other industry resources for information to determine if any additional adjustment is required to ensure the president/ceo is being paid appropriately. Once a final merit adjustment is agreed upon, the board of directors takes a formal vote. This adjustment information is presented to the president/ceo and provided to human resources to process the proper adjustment to the president/ceo's compensation. Cfo and other officers/key employees - pay grades for the position are also recommended by balanced comp, a salary consultant. They use various professional survey data to determine appropriate minimum, midpoint and maximum pay rates. Merit increases are calculated based on a matrix recommended through balanced comp that considers longevity, goal achievement and position within the pay grade. The overall merit budget is approved by the board of director's in the budget approval process. No merit adjustment is given until board approval is official.”

“The credit union's governing documents and conflict of interest policy are not made available to the public. Financial statements are available to the public via the quarterly call report on ncua.gov.”

“Other professional services 2,007,699.”

“Visa expense 1,055,253. Maintenance/repairs 1,036,526. Fraud 928,587. Collection expense 60,113.”

“Net change in unrealized gains/(losses) on post-retirement benefit plan 2,738,978. Equity acquired in merger 14,572,432.”

“The financial statements are audited on a fiscal year end and form 990 is reported on a calendar year end.”

“We have a committee that assumes responsibility for the oversight of the audit of its financial statements and the selection of an independent accountant. This process has not changed.”