Gecu

“The organization is a state chartered community credit union. Membership is established through the opening of share accounts at the institution. Members vote at an annual meeting to elect representatives to the board of directors of the institution.”

“The organization is a state charterd community credit union. Membership is established through the opening of share accounts at the institution. Members vote at an annual meeting to elect representativs to the board of directors of the institution.”

“As discussed in 7a, members hold elections at an annual meeting to elect members to the board of directors for those board members whose terms are ending.”

“Each year the board of directors, at a regular board meeting, will review and acknowledge irs form 990 - return of organization exempt from income tax. The ceo and controller review the tax return with the board members. The return is filed with the department of treasury, internal revenue service. No later than ten days after filing form 990, confirmation that the form has been reviewed by the board of directors and filed on time will be sent to the credit union department of the state of texas by mail, email or fax.”

“Any officer, director, advisory director or committee member of the credit union must disclose any conflict of interest prior to deliberation or determination of any loan, investment or any other matter affecting that individual and the individual can not participate, directly or indirectly, in such deliberation or determination.”

“The institution uses hrn, an independent compensation consultant, to supply comparative market data. Other reputable sources such as cuna, d. Hilton and credit union executive society are also used. A report is prepared for board of directors review. The board will set the salary for the ceo and executives as well as bonus amounts and other benefits.”

“Gecu does not make its governing documents or conflict of interest policy available to the public. Financial statements are posted in the lobby of each branch office each month and are available to the public upon request from any officer or manager.”

“The reportable compensation previously reported on form 990, part vii, section a, column (d), has been corrected for all of the officers listed. As a result of these changes, form 990, part vii, section a, line 1(b) and line 1(d) have been changed from $2,323,078 previously reported to $2,098,487.”

“The credit union began offering the following new program services: 1) housing assistance, 2) credit counseling, 3) budgeting, 4) free tax preparation, and 5) down payment assistance.”

“Impairment of ncusif insurance -1,372,095. Other comprehensive income -341,846.”

“No changes have been made with regards to the audit oversight or selection process during the current tax year.”