Riverfall Credit Union

“The credit union is a non-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, work, worship or attend school in either tuscaloosa, pickens, fayette, greene, hale or bibb counties in alabama.”

“Members of the credit union elect members of the governing body by plurality vote at the annual meeting.”

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

“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 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.”

“Change in accumulated other comprehensive income for pension adjustment 567,836. Cecl adjustment -400,000.”

“On a yearly basis, the national credit union administration and alabama credit union administration examine the financial statements of the credit union. Additionally, a cpa audit was performed as of september 30.”

“Riverfall credit union po box 1756 tuscaloosa, al 35403 employer identification number: 63-0436631 for the year ending december 31, 2024 riverfall credit union is making the de minimis safe harbor election under reg. Sec. 1.263(a)-1(f).”

“Riverfall credit union po box 1756 tuscaloosa, al 35403 employer identification number: 63-0436631 for the year ending december 31, 2024 riverfall credit union is making the election to capitalize repair and maintenance costs under reg. Sec. 1.263(a)-3(n).”