Jackson River Community Credit Union

“Credit unions are owned by its members. Each member has 1 share equaling the same value of every other member's share. Each member, over the age of 18 and has an account in good standing with the credit union receives 1 voting ballot for election of officers.”

“Each year at the credit union's annual meeting, any board member whose term has expired may be nominated for re-election of the open position. In addition, one month prior to the annual meeting, members in good standing and over the age of 18, may be nominated to run for the open position. Each member over the age of 18 and in good standing has the right to vote for the open seats on the board of directors. Voting is confidential and by ballot. Ballots are counted by several credit union members and in the presence of 1 credit union employee.”

“Form 990 is completed and reviewed by the CEO prior to submission to the IRS. The information used to produce and populate the 990 has previously been verified for accuracy by a independent auditing firm. The credit union is subject to state examinations by the Commonwealth of Virginia.”

“The credit union's board approved conflict of interest policy states that employees and any credit union volunteer must state a conflict of interest prior to a transaction or vote. Employees and volunteers are educated on this policy on a regular basis and understand the importance of avoiding and/or stating a conflict of interest.”

“The Board of Directors has a Personnel committee formed of current board members. Prior to the committee meeting, the CEO meets with the committee to recommend bonuses/raises/COLA and all other aspects of wage/benefits for employees. The committee will amend/concur with the recommendations and then present to the board for approval. The CEO compensation is discussed by the committee and presented to the board during an Executive Session. The board reviews wage and salary information from collective credit union data to examine the fairness and equality of pay.”

“Financial reports are prepared monthly and posted for member review. Detailed reports are presented to the board monthly. Other information can be produced and discussed upon request. Any information such as specific wage or benefits that are deemed private or sensitive will only be shared with appointed/approved individuals.”

“Financial reports, conflict of interest policy and governing documents can be reviewed by the credit union members as requested. Financial statements are posted inside the credit union, for member review. Sensitive information including but not limited to wages, benefits, etc are given to those with a need to know (ie. board of directors/personnel committee).”

“Change in Member Account Balances (Member Equity) and Change in Other Comprehensive Income (Employee Prepaid Retirement)”