State Chartered Credit Unions in Ms

“Members exchange credit union is a non-profit financial institution that is owned and operated by its members. Membership is open to persons who live, work, worship, volunteer or attend school in copiah, hinds, madison, rankin, or simpson counties in mississippi. Immediate family of the credit union's members and the businesses and other legal entities of members are also eligible to become members.”

“The credit union will call for nominees from the membership in the credit union's 2nd quarter newsletter after the current year's annual meeting. Anyone interested in serving will submit a brief biography detailing why he/she would like to serve on the board. Approximately ninety days prior to each annual meeting, the chairman of the board of directors appoints a nominating committee of three or more members that are not currently up for re-election. It is the duty of the nominating committee to review the submissions and determine eligibility. They will then nominate at least one member for each board vacancy, including any unexpired term vacancy, for which the elections are being held. The nominating committee will then publish the nominees in the 4th quarter newsletter, and in february, ballots listing the nominees will be delivered to the members. Once returned, all votes will be determined by plurality vote, and shall be by ballot except where there is only one nominee for the office. Elections may be by separate ballots following the same order as the above nominations or, if preferred, may be one ballot for all offices.”

“Members take part in the voting process for directors serving on the governing body.”

“Upon completion of members exchange 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 staff and board at members exchange credit union review and sign a conflict of interest form on a yearly basis.”

“Compensation for officers, employees and top management officials is determined on a yearly basis. Members exchange credit union contracts with a compensation and performance consulting firm as part of the process for determining compensation. The consulting firm provides the credit union with performance and compensation software which is used to obtain information regarding salary ranges for various positions. The software contains salary range data of similar institutions of similar size and location. From this data, the credit union's salary ranges are updated for the current year. Once updated, the ranges are submitted to the board of directors for review and approval. The executive committee of the board of directors performs the president/ceo's performance evaluation annually. They report to the entire board of directors, who then vote on a merit increase percentage. The president/ceo is then responsible for overseeing all other employee evaluations and annual merit increases.”

“Members exchange 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.”

“The financial statements and data of members exchange credit union are examined every 18 months by the mississippi state department of banking and consumer finance as well as the national credit union association. These organizations examine the credit union's financial data through access to various financial reports and information. In addition to these examinations, members exchange credit union engages an independent accounting firm to perform quarterly supervisory committee audits. The accounting firm also performs annual agreed upon procedures on the credit union's financial statements. These procedures are not sufficient to express an opinion.”

“Members exchange credit union po box 31049 jackson, ms 39286-1049 employer identification number: 64-0344965 for the year ending december 31, 2020 members exchange credit union is making the de minimis safe harbor election under reg. Sec. 1.263(a)-1(f).”

“Members exchange credit union po box 31049 jackson, ms 39286-1049 employer identification number: 64-0344965 for the year ending december 31, 2020 members exchange credit union is making the election to capitalize repair and maintenance costs under reg. Sec. 1.263(a)-3(n).”