Educational Community Credit Union

“The credit union has 7069 members having a deposit of $25 or greater in their account (represents on ownership share) at year end. The average member savings balance is $7,165.”

“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 member is announced at the Membership Meeting and serves a three (3) year term. Terms are staggered so that three (3) position expire each year. Thereby, providing a consistent input of member needs, continuity of actions taken, and the resultant is effective leadership.”

“A membership vote is required regarding State of Missouri Bylaw changes as follows: 1. Field of Membership (who is eligible to join) 2. Par Value of Membership Shares (currently $25) 3. Number of members on the board (currently 9) 4. Number of members on the Supervisory or Audit Committee (currently 5). 5. Number of members on the Credit Committee (currently 0), and was replaced by Full-Time Credit Manager.”

“Since the credit 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, 940 (FUTA), State Withholding Tax, Unemployment Tax (SUTA), and Missouri Franchise Tax. Additionally I complete the Federal NCUA 5300 Call Report on a quarterly basis, that is where most of the information is derived from in regard to completing 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 approved by the board in November or December of the previous year. President receives same maximum raise as all staff.”

“The credit union makes it governing documents, conflicts of interest policy, and financial statements available to the membership and to the public upon written request to management, and by providing information at the Annual Membership Meeting in the form of summarized data in packet form as a handout. The annual Audit Report from our CPAs covers a 12 month period ending 3/31/15 and is available upon request, and at our main lobby information center.”