Valley Credit Union

“Valley credit union is a non-profit financial institution that is owned and operated entirely by its members. To become a member of the credit union, an individual must live, work, attend school, or worship in colbert, franklin, lawrence or lauderdale counties in alabama.”

“The members of valley 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.”

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

“Upon completion of valley 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.”

“The board of directors are responsible for adhering to the conflict of interest policy. The conflict of interest policy is reviewed annually by the board of directors at one of their meetings. It is at this time the board reviews the policy and makes any changes as they see fit. Board members are also responsible for communicating any potential conflicts of interest as soon as they occur.”

“Compensation for the officer and all employees is determined on a yearly basis. Salaries are based on position and determined by following the guidelines of either the cuna salary survey or the southeastern credit union salary survey. The ceo abstains from voting on his salary which is determined solely by the board.”

“Valley 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 alabama credit union administration examines the financial statements of the credit union. Other procedures are performed by an independent accounting firm in regard to the supervisory report and other financial issues. .”

“Valley credit union po box 388 tuscumbia, al 35674 employer identification number: 63-0421601 for the year ending december 31, 2014 valley credit union is making the de minimis safe harbor election under reg. Sec. 1.263(a)-1(f).”

“Valley credit union po box 388 tuscumbia, al 35674 employer identification number: 63-0421601 for the year ending december 31, 2014 valley credit union is making the election to capitalize repair and maintenance costs under reg. Sec. 1.263(a)-3(n).”