Apco Employees Credit Union

“Mark wilkinson and ann wilkinson, board of directors chairman and member of the supervisory committee, respectively, are spouses.”

“Apco employees credit union's board of directors adopted amended bylaws in june 2022, and they were subsequently approved by the administrator of the alabama credit union administration. Reportable changes are as follows. Article vi board of directors sec. 6: amended language governing the operations of the executive committee by defining the term the committee serves, requiring that the board of directors specify and formally approve the duties delegated to the committee in writing, defining the term of this delegation, specifying the board's right to abolish the committee and/or its delegated duties at the board's pleasure, specifying that the committee does not constitute a quorum of the board of directors, and eliminating the rule specifying which board members constitute the executive committee. (reportable change - authority and duties of the governing body).”

“Alabama banking code, section 5-17-5 states that, "credit union membership shall consist of the incorporators and such other persons as may be elected to membership and who subscribe to at least one share and pay the initial installment thereon and the entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit union membership may be members. Credit union organization shall be limited to groups, of both large and small membership, having a common bond of occupation or association or to groups within a well-defined neighborhood, community or rural district." apco employees credit union, an alabama state chartered credit union, was established to provide these services to its members who are employees and their relatives of alabama power company. The credit union's membership also includes affiliates of alabama power and selected employee groups within the region. As of december 31, 2022, the credit union provided services to approximately 73,138 members.”

“The board of directors are elected by the credit union's membership at the annual meeting. The credit union's bylaws govern the election procedures. The terms of the board of directors, as set by the bylaws, are 3 years and are staggered so that an equal number expire at each annual meeting. Prior to the annual meeting, the board chairman appoints a nominating committee to nominate a candidate for each vacancy. Nominations can also be taken through absentee ballots or called for from the floor at the annual meeting. Election by the membership is performed through written ballots, unless there is only one nominee. All elections are determined by a plurality vote. Any vacancies arising on the board of directors in the interim shall be filled by vote of a majority of the directors then holding office.”

“The following types of decisions are subject to approval by the credit union's members: dissolution and merger decisions, election and termination of board members, election and termination of supervisory committee members, and conversion from state to federal charter.”

“Management performs a review of the 990 & 990-t prior to filing. 990 & 990-t provided to the board of directors at a later date.”

“Annual review of policy by officers and board of directors. The code of ethics policy required officers, directors, key employees, etc. To immediately disclose any potential conflicts of interest.”

“Management's compensation is determined annually by the credit union's board of directors and is based on performance and independent comparable industry compensation data. Officer salary ranges established by the board of directors. Ceo salary set by the board. Other officer salaries set by ceo.”

“The credit union makes its forms 990 and 990-t available for public inspection upon request. The credit union's form 990 is also available on the irs website through the tax-exempt organization search tool.”

“The credit union makes its governing documents available to the public upon request. The credit union's financial statements can be found on the website of the ncua at www.ncua.gov and are available in the lobbies of the branches, the cu's newsletter, and the cu's annual report.”

“The board of directors approves travel each year for any board member or officer of the credit union and if a spouse will be permitted to travel. All expenses are reviewed by the treasurer and board chair.”

“Change in other comprehensive income -1,075,812.”

“On a routine basis, the alabama credit union administration and the national credit union administration perform a regulatory examination of the financial statements and safety and soundness of the credit union. Additionally, the credit union's financial statements are audited by an independent accountant as of june 30 each year.”

“The credit union has a supervisory committee that is responsible for ensuring that the board of directors and management of the credit union - (1)meet required financial reporting objectives and (2) establish practices and procedures sufficient to safeguard members' assets. This includes overseeing the annual financial statement audit and the selection of the independent accountant.”