Arizona State Credit Union

“The board shall appoint a standing executive committee to act for it as permitted and authorized by applicable law. The executive committee shall consist of the chairperson, vice-chairperson, secretary and treasurer. The executive committee shall meet as often as necessary. The executive committee shall meet when called into session by the chairperson or any two (2) other members of the committee. Three (3) members of the executive committee shall constitute a quorum to take action. The duties of the executive committee shall be: (1) to establish, jointly with the president/ceo for recommendation to the board, the annual goals and objectives the credit union, (2) to review and report to the board on the president/ceo's performance and salary; (3) to act for the board, subject to its ratification, on matters of urgency when a meeting of the board cannot be convened in time; and (4) to perform any other function deemed useful, subject to the board's ratification. At all meetings of the executive committee, each director present shall have one vote on any matter and except as otherwise provided by applicable law or these bylaws, the action of a majority of executive committee members at a meeting shall be the act of the executive committee.”

“Oneaz credit union is owned by the members who bank with us. Each member holds one share savings account with a minimum deposit of $5. Participation in this credit union is limited to those who qualify for membership as defined in the credit union's charter and bylaws. This consists of those who live, work, worship, or go to school in one of the fifteen arizona counties. In addition to a regularly qualified member, the spouse of a member, the blood, or adoptive relatives of either of them, and their spouses may be members.”

“The board of directors are nomimated from the general membership through the following process: notice of the annual election is communicated to each member; interested members submit an application; a board appointed nominating committee screens and interveiws candidates to recommend for the ballot; electronic voting is opened to membership.”

“Certain organizational items, such as charter, merger, or board governance are subject to member approval.”

“Filing of form 990 has been delegated to management. As such, inputs are compiled by accounting and hr staff; reviewed by the evp cfo & coo and provided to our outsorced accounting firm for completion of the form 990. Prior to filing the final form 990, it is reviewed by the evp cfo & coo and shared with the ceo.”

“The credit union monitors and ensures conflict of interest compliance through both preventative and detective controls embeded in procedures such as human resources hiring, third-party vendor management and loan applications and underwriting processes. Annually a written acknowledgement by each associate and volunteer documenting their understanding and compliance with the code of conduct and business ethics policy is required.”

“We engage credit union compensation experts to determine salary ranges and market pricing for the phoenix area for all employees, including the ceo and executive officers. Salary ranges are reviewed every year to ensure market equity is in line with our "total compensation" philosophy. We also complete compensation surveys with other compensation analysts to ensure a broader sampling. Third-party and industry expert analysis around salary and compensation are provided to the board budget committee and the board compensation committee. These two board committees make recommendations to the full board for approval of accepting the ranges presented based on the data, ensuring compensation is in line with the market and the credit union "total compensation" philosophy. All discussions & decisions are documented in meeting minutes. Ceo compensation is set and approved by the compensation committee and board of directors based on the third-party national, regional and local compensation data providing salary ranges and other relative data points around total compensation and benefits overall. Executive officer compensation is delegated from the board of directors to the ceo and is set in consultation with chief administration officer based on third-party national, regional and local compensation data providing salary ranges and other relative data points around total compensation and benefits overall and the board's approval of the annual operating budget.”

“Regulatory financial reports provided by ncua.gov are provided upon request. The credit union also posts a copy of the monthly statement of financial condition in all of the branches. The governing documents and conflict of interest policy are not made available to the public.”

“Change in defined benefit pension plan assets 11,480,498. Recapture of loan losses 25,159,319.”