University of Wisconsin Credit Union

“The university of wisconsin credit union delegates broad authority to act on behalf of the full board to an executive committee consisting of four board members including the board chair, vice chair, secretary and treasurer.”

“All members of the credit union are given one vote in election of board members, or the approval of significant decisions, without preference to the amount of funds they have on deposit with the credit union.”

“The university of wisconsin credit union is a member owned cooperative business organization, governed by a nine member board of directors. The board is comprised of active members of the credit union who are selected by the membership through a democratic election process.”

“At any membership meeting, members may submit a petition in advance to allow a majority of the members present to direct the board to consider policies proposed by the members, or reconsider any decision of the directors, officers, or committees or to amend the bylaws. Furthermore, the members must approve of any consolidations or mergers when it results in a change of membership.”

“The ceo, cfo, and controller perform a thorough review of the draft form 990 prior to the full board review. A draft copy of the form 990 is presented to the audit committee. A final copy of the return is provided to the full board prior to filing the return with the irs.”

“Board members, officers, and employees are required to annually disclose any conflicts of interests they may have with the organization. The chief legal officer reviews each policy statement signed by these individuals to determine if any conflicts have occurred and need to be brought to the attention of the board. If a conflict arises, the respective board member will abstain him/herself from any related discussion, vote or similar action in the matter.”

“As provided by the bylaws, the president is the chief executive officer and the top management official. The president serves at the pleasure of the board of directors. As prescribed by the bylaws the board of directors sets the compensation of the president. The board has executed a formal employment agreement with the president, which provides that either party may terminate the agreement at any time. Per the terms of the contract, biennially the board sets the compensation of the president using independently obtained data to benchmark the market value of the position, which was last undertaken in 2024. All employees of the credit union, including the president, are eligible to receive a base pay as well as a variable pay bonus based on the attainment of the organizational goals, which include member satisfaction and financial stewardship. The variable pay potential bonus pool funds are approved by the board of directors. All employees participate based on their individual performance and salary grade. The president receives the same life, medical, disability, and dental insurance, and 401(k) benefits that are available to all full-time employees of the credit union. The president is provided with other benefits which include a supplemental disability insurance policy and an automobile allowance. The board of directors' deliberations and determinations regarding compensation are recorded on a timely basis in the minutes of their meetings. The chief executive officer of the credit union approves the compensation of all subordinate officers of the credit union. Consistent with all other credit union employee positions, the credit union follows a compensation system that assigns a position grade and salary range for each position. At least biennially, independent benchmark data from at least two sources is obtained. Based on the median of the blended benchmarks, positions are assigned to a salary grade. For subordinate officers, compensation adjustments can be made by the chief executive officer based on individual performance within the confines of the established salary grade.”

“The organization's governing documents and financial statements are available on the credit unions public website. The conflict-of-interest policy is available to employees of the credit union on the internal intranet and is required to be reviewed and signed by them annually; the conflict-of-interest policy is not available to the public.”

“As a convenience to uw credit union, and to minimize the credit union's administrative burden related to processing and paying incidental out-of-pocket expenses such as telephone, mileage, parking, copying, postage, and supplies associated with duties of the board of director positions, the board has implemented a policy of per diem reimbursement of expenses. Directors are reimbursed $75 per month for an annual total of $900 per director. Alternatively, the directors have the option to forego the per diem method and be reimbursed under the accountable reimbursement method.”

“Mortgage market hedging valuation -160,938.”

“The organization has not changed the oversight process since the prior year.”