Velocity Credit Union

“The board of directors may appoint from its own number an executive committee of not less than three (3) persons to exercise, between meetings of the board of directors, such authority as may be specifically delegated to it by the board of directors. The executive committee shall report to the board of directors the activities it has taken between meetings of the board of directors, and a report of such activities shall be placed in the minutes of the board of directors. The president, if also a director, may not serve on the executive committee.”

“Participation in this credit union is limited to those who qualify for membership as defined in the credit union's charter and bylaws. This generally consists of a community charter; persons who live, work, worship, attend school in, and businesses and other legal entities located in bastrop, caldwell, hays, williamson, or travis counties, texas.”

“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 prior to filing the return. 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. The credit union shall regularly and consistently monitor and enforce compliance with this policy.”

“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), cornerstone credit union league, compease salary administration and other various sources as available at least every other year. The salary is set based upon a review of what credit union ceo's in the organization's region, and across the country, with similar asset size were paid in the previous year. The board of directors also compares the ceo's salary with the current parameters set within our salary administration guidelines. The compensation decision is documented in the board minutes as well as the personnel file. To determine key employees' 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 -5,290,829.”

“The organization's financial statements were audited by an independent accountant for the fiscal year ended september 30, 2019. The organization did not obtain audited financial statements for the tax year.”