Lincoln County Credit Union

“Lincoln county credit union has seven members on the board and all are elected by the members of the credit union at the annual meeting. They each serve three year terms which rotate so that every two years they elect two members and every year they elect three members. If a director resigned midterm one is appointed by the board until the next election at which time they must run to fill out the unexpired term of the position they are in. If there is more than one applicant for each open position the elections are done by secret ballot. Notices of the election and annual meeting are mailed to the members in compliance with the credit unions by-laws.”

“The board votes to approve based on the recommendation from the president.”

“Conflict of interest policies are reviewed annually by the directors. Once the policies are reviewed, the directors sign an agreement acknowledgement.”

“The president, lindsay beaty, provides the board with compensation data gathered by the montana credit union league. The board reviews this material and meets with lindsay to conduct a performance review. Next, the board meets in an executive session without lindsay present to set the compensation. Finally, the board's decision is noted in the minutes of the board meeting.”

“Available upon request during business hours at lincoln county credit union's office.”

“Available upon request during business hours at lincoln county credit union's office.”

“Lincoln county credit union and chari lucas entered into a split-dollar life insurance arrangement that is treated as a split-dollar loan under treas. Reg. Section 1.7872-15. Payment of the amount due the lender under the arrangement is secured by a collateral assignment with respect to the policy that is the subject of the arrangement, but is non-recourse to the borrower. The lender and the borrower hereby make the representation that a reasonable person would expect that all payments under the loan will be made. Additonal information concerning the lender, the borrower and the arrangement is set forth below. Address of lender: po box 1586 libby, mt 59923 tax i.d. Number of lender: 81-0290653 address of borrower: xxx xxxxx xxxxx xxxxx xxxxx, xx xxxxx soc. Sec. Number of borrower: xxx-xx-xxxx date of first loan under the arrangement: march 25,2010 signed by both parties on november 2, 2011”

“Professional and outside services 827,937.”

“Change in membership equity -2,634,683.”