Credit Unions Chartered in Colorado

“The organization amended the bylaws to allow for attendance via video presentations at virtual meetings of the board of directors annual meeting when when defining an absence for voting purposes.”

“The credit union is a member owned financial cooperative that is operated for the benefit of: 1)employees, pensioners, students and graduates of denver schools district no. 1, jefferson county school district, and mapleton public schools 2)employees of safeway stores, inc. And subsidiary and affiliated companies in the denver division of safeway stores, inc. 3)persons who live or work within the boundaries of the city of aurora, the city and county of denver, and arapahoe, jefferson, adams, douglas, boulder and broomfield counties, 4)all persons who were members or qualified to be members of the safeway rocky mountain federal credit union, gateway credit union, jeffco credit union and smw no. 9 federal credit union at the time of their mergers with westerra credit union, 5)various select employee groups, 6)organizations of the above named members, and 7)members of the immediate family or household of any person who is eligible for membership in the credit union.”

“The members of the credit union elect the board of directors at the annual meeting or by mail ballot to fill each vacancy; however, if only one qualified member is nominated for each expired term to be filled, the chairman may take a voice vote or declare each nominee elected by general consent or acclamation at the annual meeting.”

“Various decisions made by the board of directors for a credit union are subject to approval by the members of the credit union as set forth in ncua rules and regulations and applicable state regulations.”

“The credit union has contracted with a certified public accounting firm for assistance in completion of the form 990. As part of the firm's processes, the form 990 is reviewed by two partners. The completed form 990 is also reviewed by credit union management prior to filing. The chief financial officer presents the form 990 to the board of directors at a monthly meeting prior to filing the form 990.”

“The credit union has a written ethics policy which addresses conflicts of interest. Directors, volunteers and management are required to make the credit union aware of any potential conflicts. Any issues are discussed with the key officers and those charged with governance for resolution.”

“The board of directors conducts an annual performance review of the president/chief executive officer and sets the compensation. The board of directors and the board's compensation committee works closely with an independent and nationally recognized outside compensation consultant to provide the board with expertise on reasonable, sound and competitive compensation practices to help it evaluate and compare the credit union's compensation program with that of its peers. In addition, the credit union utilizes local independent third-party resources inside and outside the credit union industry to obtain local and national market data for all management positions in the credit union. Working within the budget parameters established by the board of directors and utilizing independent market data and outside compensation consultants, the president/chief executive officer approves the compensation for all other management positions within the credit union.”

“The credit union's governing documents and conflict of interest policies may be available for review upon request at the credit union. Monthly financial statements are available upon request. Summarized financial information is available on the credit union's website. Quarterly financial data is accessible to the public at www.ncua.gov.”

“This process has not changed from the prior year.”