Credit Unions in the State of Alabama Family Savings Credit Union

“The credit union is a not-for-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, worship, work (or regularly conduct business), or attend school in etowah, marshall, dekalb, jackson, cherokee, calhoun, cleburne, madison, blount, or st. Clair counties in alabama or live in bartow, catoosa, chattooga, dade, floyd, gordon, haralson, paulding, polk, or walker counties in georgia. Businesses and other legal entities located in these counties may also be members. Family relatives of members, related by blood, adoption, legal guardianship, or marriage to anyone within family savings credit union's field of membership may also be members.”

“The members of family savings credit union elect its board of directors at their annual membership meeting. 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.”

“Members must approve board of director decisons on matters of conversion, changes, or merger.”

“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, which is included in the credit union code of conduct, 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 constantly monitors the staff to make sure everyone is in compliance with the policy. It is the responsibility of 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. Comparative independent salary surveys are available to the board during the compensation process.”

“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.”

“The credit union has june 30 year end audited financials prepared by an independent cpa. Additionally, on a yearly basis, the alabama credit union administration and supervisory committee examine the financial statements of the credit union.”