Winsouth Credit Union

“The credit union is owned by its members.”

“The members of the credit union elect 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.”

“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. The conflict of interest policy is reviewed with the board annually. It is the responsibility of the staff or board of 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 types and amount of work performed by the employees while taking into account the credit union's prior year income and the cuna salary survey. The board approves the ceo's salary, and the ceo approves all other employees.”

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

“Pension adjustment 1,864,458.”

“On an annual basis, the alabama credit union administration and/or the national credit union adminstration 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 march 31 of each year.”

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

“Winsouth credit union 110 south 26th street gadsden, al 35904 employer identification number: 63-0371386 for the year ending december 31, 2024 winsouth credit union is making the de minimis safe harbor election under reg. Sec. 1.263(a)-1(f).”

“Winsouth credit union 110 south 26th street gadsden, al 35904 employer identification number: 63-0371386 for the year ending december 31, 2024 winsouth credit union is making the election to capitalize repair and maintenance costs under reg. Sec. 1.263(a)-3(n).”