Educators Credit Union

“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 are elected by the membership utilizing their one vote per member.”

“A merger in which educators credit union was not the surviving credit union.”

“Minutes are not taken for subcommittees of the board, with the exception of the alm committee and the audit committee. The actions recommended by the subcommittees are presented to the full board for approval and included in their minutes.”

“Information is gathered by the accounting manager and the human resources manager. The form 990 is reviewed by the cfo and the audit manager. A copy of the 990 is provided to the board.”

“Employees are required annually to sign the oath of office and report any conflicts of interest. We obtain annual salary data from a 3rd party vendor. The budgeting process and board approve percentage increases for overall salary increases. Annual increases are given based on salary range, position in range, performance, length of employment, time in position, and the board approved average percentage increase.”

“We obtain annual salary data from a 3rd party vendor. The budgeting process and board approve percentage increase for overall salary increases. Annual increases are given based on salary range, position in range, perfomance, length of employment, time in position, and the board approved average percentage increase.”

“Governing documents, conflict of interest policy, and financial statements are made available upon requests.”

“Credit card rebate program 1,293,528. Loan servicing 1,178,330. Assessment expense 996,557.”

“Income from cuso 44,621. Equity from merger with lakeside credit union 1,741,610.”

“The board is in charge of oversight of the audit process. There has been no change in the oversight process from the prior year.”