Members Preferred Credit Union

“There are approximately 4,196 members that utilize the financial services provided by members preferred credit union (mpcu). The members elect the members of the governing body. The members approve significant decisions of the governing body. The members can receive a share of the organization's profits or excess dues or a share of the organization's net assets upon the organization's dissolution.”

“Mpcu members are entitled to cast a vote during the election of the board of directors. Members concerns and suggestions are also taken into consideration throughout the year. Mpcu listens to the needs of its members and gears its services and promotions around those needs.”

“The board of directors has assigned management with the responsibility of ensuring that form 990 is accurately prepared and timely filed. The board does review the form 990 before it is finalized. Management works closely with its external accountant to prepare form 990. Management provides the information, both financial and non-financial, necessary to prepare the form. Management and the board are provided a complete copy of form 990 to review and sign. The return is not filed until this review is complete and the necessary signature is obtained.”

“Mpcu closely monitors and enforces its conflict of interest policy. This is done primarily by the board of directors at its monthly board meetings. Potential conflicts of interest are brought to the attention of the board at these meetings, and affected board members are precluded from voting or commenting on the item or issue.”

“Mpcu uses a third-party software program to assist in determining the compensation of management and other key empolyees. The software, compease from koker goodwin & asociates, has been developed specifically for the credit union industry. It contains detailed compensation information for credit unions that are similar in size to mpcu and are located in our geographical area. Based on the information from compease, management proposes a compensation amount to the board of directors. The board is responsible for the final approval or disapproval of the proposed compensation amount.”

“Mpcu makes its information available to the public in the following ways: 1.) annual member meeting to discuss financial results of operations, policies, and procedures, and election of board members. 2.) financial statements are posted in mpcu's lobby on a monthly basis. 3.) summarized financial information is available on mpcu's website. 4.) individual request to review governing documents and policy/procedure manuals can be made at the main branch.”