Secure First Credit Union

“Secure first credit union is a non-profit financial institution that is owned and operated by its members. In order to become a member of the credit union, an individual must live, work, worship, or attend school in jefferson or tuscaloosa counties in the state of alabama.”

“Members of the credit union elect members of the governing body each year at the annual meeting. Board of directors are only appointed by the governing body if a position becomes available during the year prior to an annual meeting.”

“The following decisions of the governing body are subject to approval of members: changing of the credit union's charter from state to federal or federal to state, amending of the credit union's bylaws, and dissolving the credit union.”

“Upon completion of the credit union's form 990, the return is presented to the board at a board of directors meeting. At the meeting, the board members review the tax return and are free to ask any questions or engage in discussion regarding any topic covered in the return. Once the governing body has reviewed and approved the form 990, the return is filed with the internal revenue service.”

“Credit union staff review the conflict of interest policy with the credit union's manager upon employment with the credit union. The credit union manager constantly monitors the staff to make sure everyone is in compliance with the policy via reports created by an account monitoring software. Additionally, the credit union's updated post-closing loan review supports these efforts.”

“Compensation for officers, key employees & top management officials is determined on a yearly basis. Before compensation is set, the board of directors examines the type and amount of work performed by the employees while taking into account the credit union's prior year income. The board uses national peer group salary guides provided by cuna as an independent salary guide.”

“The credit union makes available its financial statements via the ncua website which can be found at www.ncua.gov. Other documents are available to the public upon request.”

“Accumulated other comprehensive income - pbo adjustment 48,815.”

“The audited financial statements are prepared on a 9/30 annual basis. On a yearly basis, the national credit union administration examines the financial statements of the credit union. Additionally, the league of southeastern credit unions performs similar procedures and review of the credit union's financial statements yearly.”