Sunwest Educational Credit Union

“Member-Owned, Not-for-Profit financial institution/Credit Union - 10,939 Members”

“An annual election is held for membership to elect the members of the Board of Directors. Any member in good standing over 18 years of age may run for an open position on the Board that is vacated due to an expiring term or other circumstance which may create a vacancy. All members in good standing over 18 years of age are eligible to vote. Each member is entitled to only one vote.”

“A copy of the completed Form 990 was provided for review to the Board of Directors at a meeting on April 22, 2015. A brief overview was conducted by the VP Finance. The 990 was then voted on and approved for submission by a quorum of the Board of Directors prior to submission.”

“All employees and volunteers are required to disclose any conflict of interest on an annual basis. Conflicts of interest are determined at an executive/Board level. Actual conflicts of interest are reviewed at an executive/Board level. Annual disclosure statements must be signed by all employees and volunteers.”

“A compensation committee, consisting of members of the Board of Directors, determines compensation for all employees based on industry standards. The review is performed annually and was last completed in 2014.”

“The governing documents, conflict of interest policy, and financial statements are available for inspection at the main office of the Credit Union upon request.”

“The number of employees is listed as zero. This is because the Credit Union uses a Professional Employer Organization (PEO) and all employees are reported as employees of the PEO, ADP TotalSource. No employees were reported under the EIN of SunWest Educational Credit Union and no W-2s are transmitted to the IRS with that number. During the year, there were 37 people employed by the Credit Union and there were 33 employees as of December 31, 2014.”

“The Credit Union has engaged an audit firm to conduct an agreed-upon procedures engagement for the period of July 1, 2014 through June 30, 2015. The engagement will meet at least the minimum requirements as established by Part 715 of the NCUA Rules and Regulations.”

“The number of employees is reported as zero. This is because the Credit union uses a PEO and all employees are considered employees of ADP TotalSource. There are no W-2s transmitted to the IRS using the tax identification number of SunWest Educational Credit Union. ADP TotalSource issued W-2s for 37 employees of SunWest Educational Credit Union in 2014.”

“No payroll taxes are included as an expense of the Credit Union because all payroll taxes are paid by ADP TotalSource as PEO.”

“The Credit Union has engaged an audit firm to conduct an agreed-upon procedures engagement for the period of July 1, 2014 through June 30, 2015. The engagement will meet at least the minimum requirements as established by Part 715 of the NCUA Rules and Regulations.”