Service 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 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 organizations 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).”

“Directors are provided with a copy of the Form 990 and given the opportunity to ask questions and discuss prior to voting on its approval.”

“Board members are asked to review the Code of Ethics document and to sign a statement that they do not have a conflict of interest. These forms are reviewed by our internal auditor as well.”

“A member of the compensation committee researched information on the average salary increases for credit unions in general and those the size of SCU. The three person committee reviewed the information and made a recommendation for a percentage increase for the President and a percentage increase for the staff. The President then was able to distribute that percentage increase to the staff as indicated. Minutes were kept of the discussion. The full Board then approved the minutes and the increases as suggested.”

“A copy of the Year End financial statements are posted on the bulletin board in the credit union office. That same information is provided at the Annual Meeting. The Conflict of interest policy would be provided upon request of a member as would the by-laws of the credit union.”