Railroad Community Credit Union

“Leslie c. Smith, chairperson of railroad community credit union's board of directors, and cynthia s. Sims, member of the credit union's supervisory committee, are sibilings.”

“Alabama banking code, section 5-17-5 states that, "credit union membership shall consist of the incorporators and such other persons as may be elected to membership and who subscribe to at least one share and pay the initial installment thereon and the entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit union membership may be members. Credit union organization shall be limited to groups, of both large and small membership, having a common bond of occupation or association or to groups within a well-defined neighborhood, community or rural district." the membership of railroad community credit union as of december 31, 2024, was open to anyone that is under the existing employer group of norfolk southern, city of irondale and morris shea bridge, and residents or persons working or attending school within jefferson, blount, st. Clair, shelby, walker and tuscaloosa counties. The credit union consisted of approximately 4,840 members.”

“The board of directors are elected by the credit union's membership at the annual meeting. The credit union's bylaws govern the election procedures. The terms of the board of directors, as set by the bylaws, are 3 years and are staggered so that an equal number expire at each annual meeting. Prior to the annual meeting, the board chairman appoints a nominating committee to nominate a candidate for each vacancy. Nominations can also be called for from the floor at the annual meeting. Election by the membership is performed through written ballots, unless there is only one nominee. All elections are determined by a plurality vote. Proxy voting is not allowed but absentee ballets are allowed. In the event of a vacancy, the board of directors may appoint a new director to serve until the next annual membership meeting.”

“The following types of decisions are subject to approval by the credit union's members: dissolution and merger of the credit union, election and termination of board members, election and termination of supervisory committee members, and conversion from state to federal charter.”

“The credit union's board of directors reviews the annual forms 990 and 990-t in their entirety prior to filing during the regular monthly board meeting, as long as the returns are received prior to that meeting. Otherwise, the returns are reviewed by management prior to filing, and by the board after filing.”

“The board of directors, supervisory committee, and employees of the credit union are required to sign a statement attesting to the requirements of the conflict of interest policy annually. The policy is reviewed and approved by the board of directors annually.”

“Management's compensation is determined by the credit union's board of directors.”

“The credit union makes its form 990 and 990-t documents available to the public upon request.”

“The credit union makes its governing documents available to the public upon request. The credit union's financial statements are posted monthly in the lobby for viewing.”

“The alabama credit union administration performs an annual regulatory examination of the financial statements and safety and soundness of the credit union. The national credit union administration, at its discretion, may perform a joint examination to consider the credit union's safety and soundness. Additionally, the credit union's financial statements are subject to a supervisory committee audit/agreed upon procedures performed by an external third party as of august 31 each year.”

“The credit union has a supervisory committee that is responsible for ensuring that the board of directors and management of the credit union - (1) meet required financial reporting objectives and (2) establish practices and procedures sufficient to safeguard members' assets. This includes overseeing the annual financial statement audit/agreed upon procedures and the selection of the independent auditor/accountant.”