Royal 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 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).”

“The return preparer provides a copy of the final form 990 to the senior accountant for review. The cfo performs a final review prior to signing and submission to the irs. The cfo reports the completion of the form 990 by the required deadlines to management and the board of directors.”

“The conflict of interest policy is included in the code of ethics policy. The policy prevents team members from transacting business on their accounts. The code of ethics also prohibits team members from transacting on accounts they are associated with, regardless of ownership. Board members disclose conflicts of interest to the chairperson of the board, which are disclosed to the board. Employees disclose conflicts of interest to their supervisor. On an annual basis, board members submit conflict of interest forms. The code of ethics is reviewed annually by the board of directors. The review schedule includes management review, enterprise risk management committee review, compliance/governance committee review, and then board of directors review.”

“Royal credit union's board utilizes various salary surveys and an outside consultant to determine compensation for the ceo. Royal credit union utilizes market salary surveys and an outside compensation consultant to assist them in determining market appropriate salary grades and the placement of positions into them for the executive team. The vp and evp of the talent services team then reviewed and approved the consultant's recommendation for the executive team's market salary ranges and bonus tier recommendations in alignment to our compensation philosophy. Any significant changes are also approved by the ceo. The process described here was last completed in 2024.”

“Royal credit union's annual financial statements are posted in all branch offices. Year-end financial statements are also provided in the annual report and presented at the annual meeting in april. Governing documents would be made available upon request.”