Southeastern Credit Union

“The credit union has members.”

“The annual meeting of members of the credit union shall be held during the month of march, for the purpose of electing directors and transacting any and all business that may properly come before the meeting. Any vacancy on the board or supervisory committee shall be filled by vote of a majority of the directors then holding office, even though less than a quorum. Directors so appointed shall hold office only until the next annual meeting, at which any unexpired terms shall be filled by vote of the members, and until the qualification of their successors. Members of the supervisory committee so appointed shall hold office until the first regular meeting of the board following the next annual meeting of members at which the regular term expires and until the appointment and qualification of their successors.”

“Members of the credit union have the right to approve the governing body's election and removal of directors and field of membership. Bylaws adopted by the board of directors may be altered, amended or repealed, and new bylaws adopted by the members. The members may prescribe that any bylaw or bylaws adopted by them shall not be altered, amended or repealed, by the board of directors. As well as other matters that are subject to the approval of members of the credit union as they occur.”

“The return is prepared by a third party cpa firm. The return is reviewed by the full board prior to filing. Once the review and any necessary corrections are completed, the return is filed.”

“The organization monitors adherence to the conflict of interest policy through employee disclosure and management of employees. In the event of a potential conflict, the interested person shall recuse himself/herself from all discussions and vote.”

“The personnel committee of the credit union engaged an independent third party to conduct an analysis of ceo compensation in 2020 to determine reasonableness. The compensation for all other key employees is reviewed by a third party consultant at least annually to determine reasonableness. All decisions and comparability data are documented in meeting minutes.”

“Governing documents and conflict of interest policies are not made available to the public. Financial statements are made available to the public on the ncua's website via the 5300 call report filing.”

“Professional & outside services 1,252,717.”

“Share/fraud losses 35,610. State bank exam fee 35,254. Miscellaneous 17,290. Repo 17,290. Cash over & short 3,286.”

“There were no changes in the process of the committee that assumes responsibility of the oversight of the audit and selection of the independent auditor.”