Dominion Energy Credit Union

“The credit union was organized as a nonstock corporation with only one class of members. The credit union's members each have one vote (regardless of their dollar balances) in the election of board members at the annual meeting of members.”

“Directors are elected for a term of three years, except that, at the first election and at each election after a change in the number of the members of the board, the terms of office are established so that an approximately equal number of directors are elected each year. Any vacancy on the board is filled by a vote of a majority of remaining directors and directors so appointed hold office only until the next annual meeting at which any unexpired terms are filled by a vote of the members.”

“Committees do not have the authority to act on behalf of the governing body.”

“The board of directors is provided a draft copy of the form 990 before it is filed. After they have had an opportunity to review, ask questions, and discuss it's content, any necessary changes are made, and the appropriate credit union officer signs the completed, final version.”

“The credit union monitors compliance through board oversight and independent supervisory committee reporting mechanisms and audits.”

“The board of directors hires an independent credit union industry human resources firm to provide appropriate salary surveys, comparisons, and suggested ranges which form the basis for board decisions related to compensation of the organization's ceo and top management officials. The ceo hires an independent credit union industry human resources firm to provide appropriate salary surveys, comparisons, and suggested ranges which form the basis for the ceo decisions regarding compensation of other officers and key employees.”

“Current financial statements are posted per regulatory requirements. Other govening documents are available upon request.”

“Other professional fees 1,633,471.”

“Loans are made to credit union members in amounts up to $15,000 for unsecured loans; vehicle, mortgage and home equity loans are available at higher amounts. In addition, visa credit cards are available to members for which unpaid balances represent unsecured loans. At december 31,2024, the total net outstanding balance of loans receivable was $175,528,423.”