Velocity Credit Union

“The organization has members.”

“The board of directors are elected by the membership.”

“Certain decisions must be approved by the membership.”

“The ceo and cfo will review the form 990 with the board of directors. The review will be documented in the meeting minutes.”

“Directors sign an oath of office when elected or re-elected which addresses conflicts of interest. The conflict of interest policy is reviewed in-depth during new employee orientation and mandatory trainings. We monitor employee accounts, lending activities, fee reversals, etc. To monitor for possible conflicts.”

“In order to determine the ceo's salary, the board of directors wil review compensation data provided by the sr. Vp of human resources and obtained from cuna (credit union national association), cues (credit union executives society), ccul (cornerstone credit union league), compease salary adminstration and other various sources as available at least every other year. The salary is set based upon a review of what credit union ceos in the organization's region with similar asset size were paid in the previous year. In order to determine top management salaries, the ceo in conjunction with the sr. Vp of human resources, utilize the compease salary administration program.”

“Unaudited financial statements are made available by posting at each branch. The annual report is provided to all members at the credit union's annual meeting and upon request throughout the year. The annual report is also available on the organization's website. The governing documents and conflict of interest policy would be released to members upon request.”

“Change in prior service cost reserve account -2,636,327. Change in serp oci 33,599.”

“The organization's financial statements were audited by an independent accountant for the fiscal year ended september 30, 2014. The organization did not obtain audited financial statements for the tax year.”