Verity Credit Union

“The credit union's members have rights to elect members of the governing body. The credit union's members also receive a share of the organization's profits in the form of cash dividends.”

“The governing board of verity credit union is comprised of volunteer members who are directly elected by its members. Each member of the governing board serves for a period as prescribed in our by-laws.”

“At the end of each term of the board members, elections are held and board members are voted by the members of the credit union pursuant to our by-laws. Member votes are also required to ratify decisions dealing with reorganizations as in the case of merger or dissolution.”

“The cfo or controller reviews the reports for accuracy, comparing to internal financial statements and other internal reports.”

“All board and committee members will review and sign the statement of receipt & understanding before consideration for office. Annually they will sign the statement of receipts & understanding at the may board meeting. Credit union board and committee members must immediately disclose the existence of any known conflict of interest either with the credit union or its members. They must then recuse themselves from consideration of any contract, transaction or relationship in which they or their family members have an interest. Complaints relating to alleged violations are to be put in writing and submitted to any officer, board or supervisory committee member. Complaints will then be forwarded to the highest ranking individual on the board or supervisory committee who was not named in the complaint to be resolved.”

“The ceo's compensation is set by the board of directors annually utilizing compensation surveys and studies. Senior management's compensation is determined by the ceo, who reviews salary survey data annually using two data sets for all senior management positions. These data sets are the entire credit union industry and the puget sound financial industry. For all remaining managers and staff, each position is slotted into 1 of 6 salary ranges. The salary ranges are reviewed annually by the human resources department to ensure that the job title is in the correct range. The salary ranges are adjusted every 2-3 years for inflation.”

“Financial statements, governing documents and conflict of interest policies are made available upon request.”

“A cooperative, organized for the purpose of promoting thrift and savings among its members, creating a source of credit for them at rates of interest set by the board of directors, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social conditions. As a cooperative, verity credit union conducts its business for the mutual benefit and general welfare of its members with the earnings, savings, benefits, or services of the credit union being distributed to its members as patrons.”

“Partnership income book/tax adjustments -201,717.”