Eecu

“Members in the credit union are owners and entitled to vote and elect representation on the Board of Directors at the annual meeting. Individuals who qualify for membership may become members by opening an account for $5.00.”

“Members elect a Board of Directors from amongst their numbers. Members vote at the annual meeting to fill seats for those Board members whose terms have expired.”

“The members approve changes in the credit union Bylaws. Other decisions such as a vote to merge the credit union must be approved by the membership. The members approve the prior annual meeting minutes at each annual meeting.”

“The credit union has a local credit union chapter, but EECU does not govern the activities of the chapter. EECU has an two advisory directors on the Fort Worth chapter that assist with events and meetings. The chapter serves primarily as a training/educational tool for local credit unions. The chapter meets once a month.”

“A copy of the Form 990 was approved by the Board of Directors before filing. The Form 990 was prepared by the credit union's Chief Financial Officer and reviewed by the Chief Executive Officer before presenting it for approval by the Board of Directors.”

“The Board members have a conflict of interest policy and annually attest to their review and agreement with the requirements of the statements.”

“Compensation of the CEO and officers is reviewed annually by outside, third-party human resource consultants who compare position compensation levels to prevalent industry practices and trends. Salary recommendations are recommended based upon the asset size, complexity of the organization, and financial performance. This analysis is used for the CEO and senior management staff on an annual basis. The analyses and recommendations are presented to the compensation committee for approval. Rank and file employee compensation is determined by independent human resource consultants either on an annual basis or every other year based upon position salary ranges. Independent consultants also recommend overall merit increase adjustments based upon trends in the local and national economy.”

“The credit union's laws, rules, bylaws, audited financial statements, and Board policies are available for review upon request by the members in EECU's corporate office. The financial statements are posted monthly in each branch office and annual audited financial statements are presented to the members at the annual meeting. The audited financial statements are published in the annual report and provided to those members in attendance at the annual meeting. The annual report is also available for review by the members on the credit union's website.”

“The audit committee assumes responsibility for oversight of the independent audit, regulatory examinations, compliance audits, and internal audits. The committee meets on a quarterly basis. There has been no change in the oversight process.”