First Community Credit Union of Beloit

“The organization consists of members. To be a member, one must have a share/savings account. Each member has one vote to elect the governing body (board of directors).”

“The board of directors is elected by the membership utilizing their one vote per member.”

“Each member has one vote to utilize in ratifying significant decisions beyond the authority of the board as outlined in the organization's bylaws. Any decision to dissolve or merge the organization requires approval of membership, unless mandated by regulatory agency (i.e. Ncua wisconsin office of credit unions).”

“Management reviews the prepared 990 and then it is presented to the board for review before it is filed with the irs.”

“The conflict of interest policy is reviewed at least annually by the directors. All directors and officers are required to complete and sign a conflict of interest statement annually. A director or officer with a conflict of interest is prohibited from participating in deliberations and decisions regarding the transaction.”

“The president's compensation is reviewed by all members of the board of directors. Compensation is based on peer data and credit union performance. The executive vice president's salaries are based upon many factors including credit union performance compared to peers, similar positions at other institutions and performance relative to internal goals established at the beginning of each year.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. A copy of the organization's financial statements are also posted annually in the lobby.”