Summit Credit Union

“The credit union is comprised of a single class of more than 200,000 member-owners, each of which has equal rights in ownership, governance and voting rights at the annual meetings, with the exception of the member-owners who are elected to the board of directors.”

“The member-owners of the credit union have the authority to elect the members of the board of directors for three-year terms on a rotating basis. Candidates are elected by a simple plurality vote.”

“The by-laws may be amended, altered or repealed in any manner not inconsistent with applicable law by a majority vote of the board at any duly convened meeting of the board. These by-laws may be amended by three-fourths majority vote of the members present at any annual or special meeting of the members, if all notice and other requirements applicable to amendment of these by-laws are satisfied. No amendment, alteration, or repeal of these bylaws shall become effective until filed with and approval by the office of credit unions. Members also vote on approval of a name change.”

“The form 990 is reviewed by the vp-risk management and cfo prior to filing. If there is uncertainty about a response, they will consult with the appropriate subject matter expert.”

“All employees and volunteers are covered by the conflict of interest policy, which prohibits engaging in transactions with parties where a conflict exists. All staff receive annual training on conflict of interest and are required to re-read the document annually. The core system also prohibits employees from completing transactions on accounts that contain their social security number or address. Various monthly fraud monitoring reports are reviewed by risk management. Potential conflicts are discussed with the svp risk management and facilities, and escalated to the svp hr and organizational development, cfo, and ceo/president as needed.”

“All positions are classified within salary bands. Each year, all salary bands are reviewed and may be adjusted to reflect job market changes to ensure that positions are classified appropriately. Every two to three years all positions are re-evaluated using multiple external resources in this process. The ceo's compensation is reviewed by the board each year and multiple sources are used. The process described here was last completed in 2024.”

“Governing documents are provided to members upon request. Financial statements are presented in the annual report and available for download from ncua.”

“CHANGE IN OCI 4,561,278.”

“The process has not changed from the prior year.”