Latino Community Credit Union

“Lccu had 144,214 member-owners as of december 31, 2024.”

“Lccu's member-owners elect the board of directors at the annual meeting.”

“Members of the credit union have the right to approve the governing body's election.”

“Lccu has a comprehensive process to review the 990. The 990 is first completed by the finance department after the organization's audited financial statements are complete. The 990 is then reviewed by the ceo and sent to the board of directors for their review before being submitted to the irs.”

“Lccu's conflict of interest policy states that the responsibility for avoiding and disclosing both actual and potential conflicts of interest falls on the individual directors and committee members themselves. Failure to comply with lccu policies concerning conflict of interest may subject the director or committee member to removal according to the by-laws of lccu. A conflict of interest is present whenever a director or committee member has a material financial interest in a proposed contract or transaction to which lccu may be a party. A conflict of interest may also exist where the private interests of a director or committee member and his or her official lccu responsibilities conflict. The definition of a director or committee member also includes the individual's immediate family, which includes a person's spouse, parents, siblings, children, life partner and anyone living within the person's household as a family member. The board of directors, without the participation or vote of the director involved, will evaluate disclosures and any other information concerning actual and potential conflicts of interest and take appropriate action in the best interests of lccu. The board may ask disinterested parties to review the actual or potential conflicts of interest and recommend a course of action based on statutes, regulations, by-law provisions and internal policies.”

“The process of determining compensation for lccu's ceo is handled by the board of directors. The board chair determines the annual evaluation format and includes the ceo in the process. The board chair presents this data to the full board without the presence of the ceo. A new salary is decided based on job performance, credit union performance, and compensation data for similar positions held, and is effective as of the start of the new fiscal year. This process is documented by the secretary of the board of directors and the new salary is communicated by the board chair to the human resources department, which documents and implements the salary change.”

“Lccu makes its governing documents and conflict of interest policy available to the public upon request. Lccu makes its financial statements available to the public by posting a copy in its branches monthly. A more complete version of its financials is available to the public upon request.”

“Other professional services 1,604,084.”

“Association dues 61,709. Fraud expenses 51,348.”

“The oversight and selection process has not changed from the prior tax year.”