Educational Community Credit Union

“The Educational Community Credit Union has 8061 members having a deposit of $25 (1 share) or greater in their account(s) (1 share represents equal ownership interest) at year end. The average member savings balance is $7135”

“All members have the opportunity through mail balloting to participate in the annual election of officers. Officers elected will serve on the nine member governing body of the credit union. The election deadline is prior to the annual membership meeting. Each elected board member is announced at the annual membership meeting and serves a three year term. Terms are staggered so that three positions expire each year, thereby, providing a consistent input of member needs, continuity of actions taken, and the result is effective growth and leadership.”

“Since this credit union is a state regulated and federally insured financial institution the 990 form is completed by the Chief Financial Officer in the same manner as other government tax payments and reporting is done on a monthly, quarterly, and annual basis. Tax reporting includes Federal Forms 941, W2, W3, 940 (FUTA), 945, and State Withholding, Tax Unemployment Tax (SUTA), and Missouri Franchise Tax. Additionally I am responsible for the NCUA 5300 Call Report on a quarterly basis from which most of the information for the 990 is derived. After completion of this 990 form a copy is given to the Board Chairman and a copy is made available for our membership in our main lobby information center.”

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

“Also available in lobby waiting area or via email if the member requests a copy.”

“The credit union makes it governing documents, conflict 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 annual reports data packet. The packet is also on file in our lobby for members to pick up. The Annual Audit report from our CPAs covers a 12 month period ending 12/31/2018 and is available upon request.”

“Form 990, Part Xl, Line 9-This change of $2,463,686 represents as follows: Increase in Member Savings of $2,791,969. Decrease in IRA Savings & CD of $10,369. Decrease in Member CDs of $702,191. Decrease in Money Market Accounts of $308,108. Increase in Share Draft Accounts of $692,385.”