Truwest Credit Union

“The credit union has an executive committee that has been given authority to make various decision on behalf of the governing body, such as compensation and 457f plan contribution and distributions.”

“Participation in this credit union is limited to those who qualify for membership as defined in the credit union's charter and bylaws. This generally consists of those who live, attend school, work, or conduct business in maricopa, pinal, yavapai, and pima counties in arizona, those who live, attend school, work, or conduct business in travis and williamson counties in texas, and those who are members of an approved common bond interest group. 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 members of the credit union elect the governing body of the institution.”

“Certain decisions such as mergers and conversions to a different charter type require membership approval.”

“The form 990 is prepared by the organization's public accounting firm based on information provided by management. Once the draft is available, it is reviewed by management and any changes incorporated into the filing. Once this detailed review is complete, the draft of the form 990 is presented to the executive committee for their review and comments prior to filing with the irs. The board is then given a copy of the return for their review prior to filing with the irs.”

“The credit union regularly monitors and reviews activity of the entity for potential conflicts. For example, all loans to members of the board of directors are underwritten by staff using standard underwriting guidelines for all members, with the same rates and terms available to all members, and then reported to and ratified by the full board of directors. This process was last completed during 2024.”

“Hrn performance solutions is a third party company that specializes in compensation. Hrn gathers data from 700 credit unions across the united states and develops the credit unions salary ranges based on comparable asset size and geographical location. The credit union also utilizes cues salary survey and cuna executive compensation survey to review the ceo's compensation. The ceo's compensation is reviewed and approved by the executive committee. Once a decision is made, the chairman of the board emails the senior vice president of human resources with the decision. Additionally, every june, hrn's compensation analysts review each senior leaders job description to ensure their roles are graded properly compared to the market. If additional increases need to occur, the ceo may budget for additional increases. Each senior leader receives an annual merit increase based on the previous year-end performance review. All increases are added to the final budget and reviewed and approved by the board. These processes were last completed during 2024.”

“The credit union's monthly financial statements are displayed at all the branch locations. The audited financials, governing documents and conflict of interest policy are made available upon request.”

“Change in membership shares -459,340.”