City 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 be an employee or a family member of an employee of the city of tuscaloosa.”

“If there is an open position on the board of directors, the nominating committee annually chooses an individual for this position. General members of the credit union can also nominate an individual. If there are several nominees, then a vote is cast. A majority vote determines who the newly elected board member is. If no other nominations are made by the members and the nominating committee's nominee is the only nominee, the appointment by the nominating committee is automatically confirmed.”

“The credit union does not have committees with the responsibility 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 and key employees of the organization 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 and a credit union industry annual salary survey.”

“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.”

“On a yearly basis, the alabama credit union administration examines the financial statements of the credit union. The national credit union administration and the league of southeastern credit unions perform similar procedures.”

“City credit union 2302 jack warner parkway tuscaloosa, al 35401 employer identification number: 63-0456978 for the year ending december 31, 2016 city credit union is making the de minimis safe harbor election under reg. Sec. 1.263(a)-1(f).”

“City credit union 2302 jack warner parkway tuscaloosa, al 35401 employer identification number: 63-0456978 for the year ending december 31, 2016 city credit union is making the election to capitalize repair and maintenance costs under reg. Sec. 1.263(a)-3(n).”