Space Coast Credit Union

“The credit union is owned by its members.”

“The board members serve three-year terms and the term expirations are staggered amongst the board members. Annually, nominations are called for, and a committee of the board is appointed to review candidate qualifications. Qualified candidates are included on the slate of candidates that we publish to our members. Each member gets one vote and these votes are tallied by an independent cpa firm.”

“The only decisions that would have to be approved by members would be a change in ownership of the credit union, such as merging into another credit union or converting to another type of charter. Selling member shares and other deposit relationships to another entity would require a vote by the membership.”

“The form 990 is not reviewed by the board of directors before filing. It is prepared by external cpa's and reviewed by the cfo prior to filing.”

“Compliance with the conflict of interest policy is partially monitored via "flagging" of officers, directors, and key employee accounts and the subsequent internal audit review of activity in those accounts.”

“The ceo's compensation and other officers' and key employees' compensation have been determined through a combination of the human resource department's review of credit union and banking industry salary surveys and the use of an outside compensation and benefits consultant.”

“The credit union makes its financial statements available to the membership upon request. Our financial information is also available in a regulatory format at the national credit union administration's website (www.ncua.gov).”

“Misc charge offs: total expenses 2,342,324. Atm expense: total expenses 2,264,031. Other nonoperating expense: total expenses 2,095,175. Collection expense: total expenses 1,976,273. Statement expense: total expenses 1,766,065. Bill payment expense: total expenses 840,244. Bank service charges: total expenses 563,418. Oreo property expense: total expenses 430,803. Miscellaneous expense: total expenses 354,987. State exam fees: total expenses 328,952. Training & development: total expenses 271,168. Recruiting: total expenses 228,595. Dues & subscriptions: total expenses 224,768. Cubs expense: total expenses 158,476. Member account expense: total expenses 90,124. Loss on disposal of fixed assets: total expenses 47,740. Cash over/short: total expenses 33,081.”

“Fasb asc 715 pension liability adjustment 7,604,698.”

“The credit union dissolved its cuso in 2012 and therefore the 2013 financial statements were not prepared on the consolidated basis.”