Memphis City Employees Credit Union

“The credit union is a member-owned cooperative that is owned, managed and utilized by its member-owners.”

“The members elect the board of directors.”

“Some governance decisions are reserved for the members to vote but most governance decisions are made by the board of directors, who are elected by the members.”

“The form 990 is available for review by the board of directors upon request.”

“The board of directors is responsible for monitoring and enforcing the conflict of interest policy.”

“Compensation of officers and highest compensated employees is determined by the board of directors.”

“AVAILABLE UPON REQUEST”

“State chartered credit union created to provide the highest quality of personal financial services in a friendly, professional manner; to encourage savings and the wise use of credit; to increase the knowledge and ability of our members to manage and control their finances.”

“The credit union provides various financial services to its members, most of whom are employees of the city of memphis, city of bartlett, mlgw, commercial appeal, scripps media comapny, wmc family of stations, memphis business journal, ronald barker construction company, collierville auto center and the memphis and shelby county library, and the employees' families.”

“Professional & outside services 4,982,868.”

“Oci adjustment related to pension plan -222,354. Oci adjustment related to early adoption of asc 326 (cecl) -135,057.”

“The taxpayer files its tax returns based on a tax year ending december 31. The taxpayer does receive a gaap audit of its financial statements but the audit is based on a june 30 accounting year. All required gaap disclosures are made in its audited financial statements. The taxpayer bases its tax return on its ncua certified december 31 call report.”