Shoreline Credit Union

“The credit union is a non-profit financial institution that is owned and operated by its members. Shoreline credit union membership is open to employees of the alabama state docks department and its component parts, employees in and out of mobile, credit union employees, major suppliers, contractors, and tenants doing business with the alabama state docks or having offices within the docks complex. Membership is also extended to immediate family members of these individuals and to anyone living or working in mobile, baldwin or escambia county and all employees of the state of alabama who work or live in baldwin or mobile county, excluding teachers.”

“The members of shoreline credit union elect its board members at their annual meeting. The members of the credit union are informed of the board positions which are up for election and the nominees for each vacant position 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 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 reviewed by the board of directors. The board members are free to ask any questions regarding any topic covered in the return. Once the governing body has reviewed the form 990, the return is filed with the internal revenue service.”

“The credit union is required to follow the national credit union association's conflict of interest regulations.”

“Compensation for the ceo is determined on a yearly basis. Before compensation is set, the board of directors examines the type and amount of work performed by the employee while taking into account the credit union's prior year income and the cuna salary survey. The ceo then uses these same guidelines to determine the salaries for other employees.”

“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.”

“Adjustment for cy activity in donated equity account -12,000.”

“On a yearly basis, the national credit union administration and 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 semi-annually.”