Brainerd Bn Credit Union

“The credit union has members and is organized as a nonprofit.”

“At the annual meeting, members of the credit union elect one or more members to open positions on the organization's governing body. Each member has one vote.”

“Members would need to approve the governing body's election or removal of members of the governing body or a decision to dissolve the organization.”

“The 990 was reviewed by the organization's ceo before it was filed. After filing the return, it was also provided and reviewed with the organization's governing body and committee members at the next board meeting. The review was conducted by the cfo who prepared the return.”

“The conflict of interest policy includes all employees of the credit union. The management team oversees this policy and decides whether a conflict exists and if it does they review the situation with the supervisory committee. This policy is reviewed annually with all employees.”

“Ceo: annually the board of directors reviews the ceo's job performance to help determine the compensation for the new year. A specific performance review process is used. Also used is survey results which compare compensation for similarly qualified persons in functionally comparable positions at similarly situated organizations. The process was last undertaken in late 2020.”

“Officers (excluding the ceo): annually a performance review is completed for each officer. A formal detailed document is completed by each officer and the ceo. An indepth discussion occurs with a review of both completed documents. The results of this performance review is used in conjunction with compensation survey results (comparable compensation from similarly qualified persons in functionally comparable positions at similarly situated organizations) to help determine the compensation level for the new year. The new total compensation amount is presented to the board of directors. The process was last undertaken in late 2020.”

“Governing documents: documents are not available to the public. Conflict of interest policy: available upon request for public viewing. Financial statements: posted monthly on a bulletin board at the credit union for public viewing.”

“- loan servicing (expenses 39,074) expenses related to providing loans to members. - corporate credit union expenses (expenses 5,143) expenses related to providing financial service to members such as wiring funds, cashing checks, and ach transactions. - annual meeting (expenses 6,594) expenses related to annual meeting to vote for board of directors and committee members and present the prior year financial results to members.”