Paymentsfirst Inc

“Any organization, the main office or any branch of which is chartered under authority of federal or state law to engage in business as a commercial bank, a savings and loan institution or a credit union, may become a financial institution member of the association, provided that: (i) its application for membership in the association has been approved by the chief executive officer, board of directors or the executive committee of the association; (ii) it has agreed to be bound by the bylaws as may be amended from time to time; and (iii) it has paid such contributions to capital, dues and assessments, if any, as shall have been prescribed by the board of directors of the association. Institutions that are owned or belong to a holding company must maintain individual memberships if they maintain a separate bank or credit union charter. An individual or an organization that is not eligible to be a financial institution member of the association may become an affiliate member of the association provided that: (i) its application for membership in the association has been approved by the chief executive officer ("ceo") of the association; (ii) it has agreed to be bound by these bylaws as may be amended from time to time; and (iii) it has paid such dues and fees, if any, as shall have been prescribed by the board of directors of the association.”

“The board of directors shall be elected by the members of the association at the annual membership meeting from a slate of qualified nominees. The slate shall consist of persons recommended by the nominating committee to serve as directors of the association. The number of nominees recommended by the nominating committee shall equal or exceed the number of seats designated by the board of directors to be filled (the "designated open seats"). In nominating persons to fill the designated open seats, consideration shall be given for diversity in geographic representation and institution type and size. The election of directors shall be conducted by written ballot or any other allowable electronic means.”

“Upon completion of the organization's form 990, the board members review the tax return and are free to ask any questions or engage in discussion regarding any topic covered in the return. Once the governing body has reviewed and approved the form 990, the return is filed with the internal revenue service.”

“Employees and board members of the organization must review and sign the written conflict of interest policy annually. Additionally, the organization will complete periodic reviews of compensation arrangements and arrangements with management organizations to make sure that no conflicts of interest have developed.”

“Each employee's hourly wage or salary is reviewed, at a minimum, annually in conjuction with goal status review. Increases in salary are determined on the basis of comparable industry market performance, adherence to organization policies and procedures, and the employee's ability to achieve or exceed performance goals as detailed in job descriptions. The chairman of the board of directors reviews the ceo's salary and makes a salary recommendation to the executive committee based on the goal status review and review of comparable industry market salaries. Once it is approved, the board chairman meets with the ceo and reviews all information. The ceo reviews all employee salaries.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“The organization has neither changed its oversight process nor its selection process during the tax year.”