Florida State University Credit Union

“The credit union is owned by its members.”

“The credit union's board of directors consist of nine members. The board members are elected to vacant positions by the membership at the annual meeting each year. They are allowed to serve five three-year terms and then must leave the board for at least one year before being eligible to run again.”

“Form 990 is prepared by our cpa and then reviewed by the ceo/president and cfo prior to filing with the irs.”

“Management is responsible for coordinating the continuing internal review of all compensation and for making sure that each job is evaluated and assigned a job grade and salary range. A biannual review of projected labor market wage/salary structure will be conducted. The projected labor market wage/salary structure changes will be considered to determine the wage/salary ranges for the following year. Salaries will be compared to those paid for similar work at other credit unions and organizations selected as a basis for comparison. Wage/salary midpoints will be established as closely as possible to reflect market consensus values. The competitive wage/salary philosophy and the organizational financial condition will be used to establish overall compensation ranges. Exempt positions will be compared against organizations in similar industries with heavy emphasis on associations and other organizations that provide services to credit unions. Non-exempt position salary levels will be based on a compilation of data from the relevant local markets. When new salary ranges are determined, employees below the minimum range of their range will be brought to the minimum on the effective date of the new ranges. Exceptions to bringing employees to the minimum range must be noted (i.e. Trainee) and every effort to bring these individuals to the minimum of the range should be made. The board negotiates a contract with the president based on the salary administration plan mentioned above. The coo is a contract employee based on a contract signed by the president of the credit union. All other employees' salaries are based on pay grade and comparables using compease for like institutions. The president gives final approval for employees.”

“The current statement of financial condition is displayed in the lobby of each branch. This as well as the income statement are printed in the annual report while summary data is presented in the quarterly newsletter. Other information is presented upon request.”

“The credit union receives an annual financial statement opinion audit from licensed auditors. However, the audit period is from october 1st through september 30th. The last audited financial statements are as of september 30, 2013.”

“The credit union has a supervisory committee which consists of three member volunteers. This committee assumes the responsibility for oversight of the finanicial statement audit and selection of the independent accountant performing the audit.”