St Thomas Credit Union

“Credit union is a membership co-operative. Our Board of Directors are volunteers who are also members voted by membership to serve a three (3) year term during annual election.”

“Annual meetings are held annually whereby members of the credit union have an opportunity to vote for other members running to serve as Board of Directors of the credit union. Elected Board members serve a three year-year term, each board members can serve for three (3) consecutive terms.”

“Daily operations are managed by executive management who are paid staff. They report directly to the Board of Directors. Any decisions which could significantly impact the credit union, for example, a merger, has to be approved by two-thirds of the membership base.”

“Noted in Board of Directors monthly meeting of the filing and its availability for review.”

“Policy is reviewed annually, and all volunteers and staff are required to turn in a signed acknowledgement form kept at the credit union by the Compliance Officer.”

“Salaries of key management and staff are reviewed annually and compared with other similar asset sized credit unions from an annual survey conducted and distributed to the credit union by an independent party vendor.”

“Conditions of financial statements are disclosed in the annual report to the membership during the annual meeting, and the annual report is uploaded onto the organization website. All other policies and related documents are provided upon request.”

“professional and outside services expenses: security, data processing, audit, atm, etc.”

“$1 joining fee at initial account opening.”