Credit Unions Chartered in the State of Michigan-Meijer Credit Union

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

“Board members are elected at the annual meeting held in march each year for three year terms. Nominations must be filed with the election committee by december of the previous year.”

“The form 990 is carefully reviewed by management is made available to the board of directors prior to filing.”

“An annual conflict of interest statement is signed by the directors and officers. Board members are required to recuse themselves from any discussion or voting matters where there may be a conflict of interest.”

“President and ceo compensation is reviewed and approved by the board of directors annually using the results of several compensation surveys. The approval of the ceo's compensation is documented in hr and the compensation budget is included in board minutes.”

“All other employee's compensation is determined by the president and ceo using the same survey used for president and ceo compensation. A compensation budget is prepared by the ceo for all other employees and is approved by the board.”

“The monthly financial statements are posted in the credit union lobby. Other documents are available upon request.”

“Core processing annual fees 150,570payroll services 2,713postal expense 6,646debit/credit/atm network fees 383,121misc outside services 21,597shared branching expense 125,497contract employee expense 2,058”

“Schedule l is not required for loans receivables balances shown on this line if the loans made by the credit union to the directors, officers, and key employees are offered on the same terms as other members of the credit union. Therefore, the credit union included $1,141,687 of receivables from current officers, directors, trustees, key employees, and highest paid compensated employees on form 990, page 11, line 7.”