Spco Credit Union

“Spco is a state chartered credit union comprised of owner/members from a common field of membership and who have made deposits in their share accounts for the minimum authorized membership fee.”

“The members hold annual meetings at which time the members present elect open positions for board of directors.”

“A copy of form 990 is provided to each board member for review. After review and discussion, the form is approved for remittance to the irs.”

“All board of directors and key employees are required to file an annual conflict of interest disclosure statement. Management monitors these statements to determine any outside entity activity and the nature of such interests. The state examiners as well as the auditors also review these forms annually.”

“Board of directors review the compensation paid to their key employees on an annual basis and compare compensation levels against industry standards, credit union size, and services. All deliberations are formally recorded in appropriate official minutes.”

“The credit union posts its financial statements in the credit union lobby for all members to review. The governance documents and tax returns are available to interested parties on request.”

“No other significant accomplishments noted during tax year other than those noted on "statement of program services" attached.”

“No taxable income recorded during year”

“Audit fees 8,400 0 0 security 87,069 0 0 management consulting 7,964 0 0 legal 5,988 0 0 data processing services 79,243 0 0 investment expense 2,914 0 0 state exam fee 6,782 0 0 armored car service 5,758 0 0 other prop./outside services 4,633 0 0 total 208,751 0 0”

“Unrealized gain/inv.securities 0 unrealized loss/inv.securities -44,853 total -44,853”