Lauderdale County Teachers Credit Union

“Board vice chairperson freda coleman-reed and supervisory committee member arthur reed are husband and wife. Board treasurer betty fannin and supervisory committee chairperson william randy fannin are husband and wife.”

“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 lauderdale county teachers credit union as of december 31, 2022, was open to the employees and family members of the lauderdale county board of education, several local private schools, school system retirees, and the credit union, and consisted of approximately 2,146 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 taken through absentee ballots or 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.”

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

“Management performs a review of the form 990 prior to filing.”

“Annual review of policy by officers and board of directors. Each person is required to acknowledge any changes.”

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

“The credit union makes its governing documents available to the public upon request. The credit union's financial statements can be found on the website of the ncua at ncua.gov.”

“On an annual basis, the alabama credit union administration and/or the national credit union administration perform a regulatory examination of the financial statements and safety and soundness of the credit union. Additionally, the credit union's financial statements are subject to a supervisory committee audit/agreed upon procedures performed by an independent third party as of june 30 each year.”

“The credit union's 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 supervisory committee audit/agreed upon procedures and the selection of the independent auditor/accountant.”