Commonwealth Credit Union

“Any individual that has an account with the credit union is a member. In total, there are 110,113 members of the credit union. Elgibility to join commonwealth credit union is as follows: if a person or someone they are related to lives, works, worships, attends school or volunteers in the kipda and bluegrass regions, which includes the following 24 counties: anderson, bourbon, boyle, bullitt, clark, estill, fayette, franklin, garrard, harrison, henry, jefferson, jessamine, lincoln, madison, mercer, nicholas, oldham, powell, scott, shelby, spencer, trimble, and woodford.”

“Commonwealth credit union board of directors are elected by the membership at an annual meeting held in january of each year. Each primary member is entitled to one vote to elect the board.”

“Members of the credit union have the right to approve the election and removal or members of the governing body, as well as other matters that are subject to approval by the members as they occur.”

“Commonwealth credit union board of directors were provided with a copy of the form prior to the board meeting. They were asked to review the form and contact the ceo with questions. At the board meeting, the ceo provided explanations and answered questions from the board during the review of the form.”

“A statement of the credit union's compliance with kentucky revised statue 290.195 is included in the associate handbook which each employee signs as having read and agrees to abide by krs290.195 which provides that no director, officer or associates participate in interests that could give rise to conflict. Also, at the beginning of each year, every employee must sign a conflict of interest policy. The human resource department ensures that each employee signs and agrees to this policy and monitors that it is done.”

“Integrity hr is used as an outside consultant to provide an independent review of the positions, salaries, levels, and overall compensation. Integrity hr uses several sources of comparable data including cuna salary surveys, as well as local, regional and national salary data. In addition to integrity hr, cardwell consultants was also used for compensation studies.”

“The financials are made available and distributed to the public every year at the annual meeting in pamphlet form. Governing documents, conflict of interest policy and financials would also be distributed on a request basis to the public.”

“The amounts of compensation reported as paid to jack henry & associates, inc. And crosshair media placement, llc during 2021 were incorrect. Compensation for jack henry & associates, inc. Was corrected from $138,309,571 which was reported in the original return to $1,484,631 in the amended return. Compensation reported for crosshair media placement, llc was corrected from $1,484,631 which was reported in the original return to $1,383,096 in the amended return. Additionally, the bowen v ccu settlement fund was reported as an independent contractor; however, it was determined shortly after filing that the funds ($2,400,000) did not constitute a payment to an independent contractor. Therefore, the bowen v ccu settlement fund was removed in the amended return and replaced with the next highest compensated independent contractor, k4 interiors, llc.”

“As a result of removing one of the previously reported "independent contractors" as it was subsequently determined not to meet the definition of an independent contractor, the total number of independent contractors compensated more than $100,000 reported in line 2 was reduced by 1 from 52 to 51 in the amended return.”

“U of l partnership 1,042,724. Miscellaneous 1,012,114. Education 85,888.”

“Net change in defined benefit pension plan -2,088,763.”

“The process has not changed from the prior year.”