First Credit Union

“The organization has an executive committee which consists of the chair, vice-chair, secretary, and treasurer. They can act on behalf of the board as official signers of board-approved documents and in approving president/ceo annual salary increase and bonus structure.”

“The credit union amended their bylaws to clarify its supervisory committee composition and update the field of membership to add new entities, update business name changes, and remove those businesses that are no longer active.”

“The credit union is a cooperative. As such, the members are the owners. First credit union offers membership to persons who live, work, and worship within a ten mile radius of any first credit union branch. In addition, membership is available to employees of certain specified entities in the following categories: federal government, medical centers, municipalities, private, public, religious, and charitable organizations.”

“The governing body (board of directors) is elected by the members, who can cast one vote each.”

“Bylaw changes are subject to approval by members.”

“The form 990 is reviewed by the cfo and ceo and will be made available to the board of directors for their review prior to filing.”

“The credit union has a conflict of interest policy for the board, which they review annually and sign a declaration as to whether they have any conflicts and identify as such. For employees, the credit union has a section in the employee handbook that states the policy for staff. A conflict of interest occurs when a director's personal interests interfere or appear to interfere with the interests of the credit union as a whole. Conflicts of interest also arise when a director or a member of his or her immediate family or an entity with which the director is affiliated receives improper personal benefits as a result of his or her position. The mere appearance of a conflict of interest should be avoided at any cost. Any situation that involves or may reasonably be expected to involve a conflict of interest with the credit union shall be disclosed immediately to the board. Disclosure: a director shall promptly disclose to the board any known interest, relationship or responsibility held by the director, any member of his or her immediate family, or any of his or her business associates with respect to any potential or actual consideration, even if such interest, relationship or responsibility has otherwise generally been disclosed to the board. Additionally, directors must disclose information regarding their financial interests in organizations doing business with the credit union. Board action: in the event of a potential conflict, the board, with the abstention of the interested director, may decide whether or not that director may participate in any discussion or vote on the issue that gave rise to the potential conflict. Recusal: any director with such an interest, relationship or responsibility which conflicts or potentially conflicts with the interest of the credit union shall recuse himself or herself from any discussion and vote on the issue that gave rise to the conflict.”

“The ceo's compensation is based on a formal review that is completed by all board members along with self evaluation by ceo. There is a review of industry specific salary survey information that is performed by independent members of the executive committee with the compensation decision documented in the ceo's file and is presented to the full board. Other officer and key employee's compensation is based on a formal review that is completed by the ceo. There is a review of industry specific salary survey information and is performed by the ceo with the decision documented in the employee file and payroll system.”

“The credit union makes the governing documents, conflict of interest policy and financial statements availabe upon request.”

“Change in pension plan assets -1,119,779. Bafcu merger equity 1,497,521. San tan merger equity 588,630.”

“During 2022, the credit union finalized mergers with two other credit unions. Those mergers increased equity by $1,497,521 and $588,630 respectively.”