Velocity Credit Union

“The organization has members.”

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

“Certain decisions must be approved by the membership. For example, the membership must vote on 1) charter conversions (state to federal and/or conversion from a credit union to a bank); 2) changes in deposit insurance; 3) board elections when there is more than one candidate presented for each position; 4) mergers when the cu would be the acquired credit union.”

“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 to office which addresses conflicts of interest. In addition, all directors and employees are required to review and sign our conflict of interest policy on an annual basis in order to ensure they are aware of their responsibilities regarding disclosure. The conflict of interest policy requires disclosure of any interests that could give rise to conflicts. We consistently monitor employee accounts, lending activities, fee reversals, vendor relationships, etc. To monitor for possible conflicts that may not be disclosed. Velocity also has a comprehensive whistle blower policy and an external vendor for reporting to allow for confidential disclosure if and when needed.”

“In order to determine the ceo's salary, the board of directors will 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 -3,856,107. Change in serp oci 20,276.”

“The organization's financial statements were audited by an independent accountant for the fiscal year ended september 30, 2016. The organization did not obtain audited financial statements for the tax year.”