Arizona Financial Credit Union

“Michael Thorell and Gregory Thorell - Family relationship”

“The organization revised its bylaws - specifically Article VI, Section 8 (Suspension of Officers) and Article IX, Section 5 (Suspension of Directors or Committee Members) - to better align the Credit Union's governance and operations with the Credit Union Modernization Act and to ensure consistency with modern regulatory and governance standards.”

“AZFCU is chartered with the State of Arizona. Membership eligibility includes those who have a family or household member who is already a member of AZFCU those who are members of Local First Arizona and those who live, work, worship, attend school, or regularly conduct business in one of the following counties: Coconino, Gila, La Paz, Maricopa, Mohave, Navajo, Pima, Pinal, Yavapai, and Yuma. Voting Rights: Irrespective of the number of shares, no member has more than one vote. Application for Membership: Applications for membership from persons eligible for membership shall be signed by the applicant on forms approved by the board. Upon approval of an application by a membership officer and upon subscription to at least one share of this credit union and the payment of the initial installment, and the payment of a uniform entrance fee if required by the board, the applicant is admitted to membership.”

“There is only one class of membership. Each member has one vote to elect or appoint individual(s) to the governing body, irrespective of the number of shares owned.”

“There is no committee with authority to act on behalf of the governing body.”

“The Form 990 is prepared by the VP & Controller and reviewed by Crowe LLP based on information provided by AZFCU management. The draft of the return is reviewed by management with any changes incorporated. Following management review the full 990 is provided to the board of directors for review and approval from the board of directors executive committee prior to filing with the IRS.”

“Azfcu's conflict of interest policies are outlined in its employee handbook. Azfcu regularly monitors conflicts and enforcement with the policy. In addition, azfcu conducts an annual survey for all board of directors, supervisory committee members and senior management to report and monitor conflicts of interest. Questionnaires regarding related entities and potential conflicts of interest are administered at least annually to employees that are senior vice president and above and members of the board of directors and supervisory committee.”

“Regular salary reviews are conducted for the CEO utilizing Data from the Bureau of Labor Statistics and professional compensation organizations for comparative compensation purposes. All salary changes are based on organizational results as outlined in a performance review and is ultimately decided by the board of directors. The CEO's salary was reviewed and approved by the board in November of 2024.”

“An annual salary review is conducted for all employees, including officers and key employees using various market pricing tools and resources. Data from the Bureau of Labor statistics and professional compensation organizations is used for comparative compensation purposes. All salary changes are based on the results of competitive market data. Employee salaries were reviewed and approved by the board in November 2024.”

“The credit union's governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”