Kitsap Credit Union

“The organization operates as a credit union consisting of one class of members.”

“Directors are elected for a 3-year term and can run for re-election. New directors are approved by existing directors typically, but members will approve the directors if the number of directors nominated exceeds the openings. Ballots are mailed to members only when necessary.”

“The accounting director, accounting supervisor, svp/cfo, vp accounting, and finance committee review the return for accuracy prior to filing. A full copy of the return is provided to the board before filing.”

“The code of conduct is required to be reviewed and signed (with or without disclosures) or acknowledged (by electronic signature) upon hire for new employees and annually thereafter for all staff, officials, and directors. No director or committee member of the credit union will participate in the deliberation of any question affecting his/her own, immediate family member's, or household member's pecuniary interest. Such director or committee member will withdraw from the deliberation and decision upon such interest. Any potential conflict concerning a board member would be addressed by the board chair, and if appropriate, the board and/or ceo. A board member who does not abide by the code of conduct may be suspended or removed from his or her position. A potential conflict involving a staff member would be addressed by management.”

“Compensation for all employees is influenced and guided by our external compensation management partner balancedcomp who uses comparable market data to help us determine compensation.”

“Kitsap credit union makes the quarterly financial statements available via ncua after quarterly call report is filed. The conflict of interest policy and governing documents, such as articles of incorporation, are available upon request.”

“Asc 326 adopted expected credit loss adjustment -5,984,821.”