Wcu Credit Union

“The 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 reside within morgan or lawrence counties in alabama.”

“The members of wolverine employees credit union elect its board of directors at their annual meetings. The members of the credit union are informed of the board positions which are up for election by the nominating committee. The members then proceed to vote to fill the open board positions. In order for a board member to be elected, a quorum must be present at the meeting.”

“The following types of decisions are subject to approval by the credit union's members: dissolution of the credit union, election and termination of board members, conversion from state to federal charter, and conversion from federal to private insurance as well as amendment to by-laws.”

“The credit union does not have committees with the responsibility to act on behalf of the governing body.”

“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 each year with the credit union's manager. At this meeting, the staff members are free to ask any questions regarding this policy. The credit union manager consistently monitors the staff to make sure everyone is in compliance with the policy. It is the responsibility of the staff or directors to immediately notify the credit union managers of any potential conflict of interest.”

“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.”

“Wolverine employees 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.”

“On a yearly basis, the national credit union association and the alabama credit union administration examine 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 annually.”