Educational Community Credit Union

“The credit union has 7348 members having a deposit of $25 or greater in their account (represents one ownership share) at year end. The average member savings balance is $6,925.”

“All members have the opportunity through mail balloting to participate in the annual election of who will serve on the nine (9) member governing body of the credit union. The election deadline is in early March prior to the Annual Membership Meeting. Each elected board members is announced at the Membership Meeting and serves a three (3) year term. Terms are staggered so the three (3) position expire each year. Thereby, providing continuity of leadership.”

“A membership vote is required regarding Bylaw changes, for instance "Field of Membership" (who is eligible to join), "Par Value of membership shares" (currently $25) and "Number of members on the Board" (currently 9), "Supervisory or Audit Committee" (currently 5), and "Credit Committee" (currently 0, voted to replace credit committee with a paid Credit Manager).”

“Since the credit union is a state regulated and federally insured financial institution the 990 form is completed by the President (per duties & responsibilities approved by the board) in the same manner as other government tax payments and reporting. Tax Reporting includes federal form 941, W2, W3, FUTA (940), State Withholding Tax, SUTA (Unemployment Tax), and Missouri Franchise Tax. Additionally I complete the Federal NCUA 5300Call Report on a quarterly basis, that is where most of the information is derived from regarding the completion of the 990 form. After submission of the 990 form I copy the Board Chairperson, keep a copy on file and make available the 990 form for membership review in our main lobby information center.”

“Annually all employee must read and sign an acknowledgement that they will comply with our current personnel policies. Management and supervisors monitor staff on a daily basis for compliance. Board reviews policies annually for improvement, corrections, and updates.”

“We currently utilize a third party (HRM Performance Solutions) that provides regional wage analysis and input into our salary administration program. The Executive Committee of the board does the individual evaluation of the President based upon his current Duties and Responsibilities. The President in turn reviews key employees and other supervised staff using a similar evaluation/rating system. The percent of the annual raise is based on the budget and approve by the board in November or December each year.”

“The credit union makes it governing documents, conflicts of interest policy, and financial statements available to the membership and to the public by written request of management, and by providing Annual Membership Meeting information in packets and handouts. The annual Audit Report from our CPAs (Bush, Ramlow, & Shore LLC covers a 12 month period ending 3/31) is also available upon request, and at our main lobby information center for most of the above materials.”

“Increase in Member Deposits of $3,551,938, Increase in Regular Reserves of $106,450, and Decrease in Undivided Earnings (Retain Earnings) after the addition of net income of $(105,983). For a total increase of $3,552,405.”