Credit Unions in the State of Washington

“STCU is a state chartered credit union organized under the provisions of the Washington Credit Union Act. The membership base of STCU consists of people who live, work, worship, or attend school in the State of Washington or counties in Northern Idaho. STCU members elect the board of directors and the supervisory committee members.”

“STCU members elect directors and the supervisory committee. Each serves a three year term. The nine members of the board of directors set direction and policy for STCU and hire, evaluate and set compensation for the president of STCU. The supervisory committee consists of three members who are responsible for ensuring the completion of required audits and member account verification. Elections for both directors and supervisory committee member positions are held each February.”

“The from 990 is prepared by the Accounting Manager. It is reviewed by the Vice President of Accounting and Finance, Chief Financial Officer, and by the Chief Executive Officer, the form 990 is reviewed with the board of directors prior to filing.”

“Members of the board of directors, supervisory committee and any affiliate members will be required to review the Code of Ethics and Personal Conduct Policy and sign the acknowledgement and agree on the Conflict of Interest Disclosure form on an annual basis. These will be reviewed by the board chair and vice chair. Any conflict of interest concerns will be reviewed by the board executive committee. In the event a conflict exists in the judgement of the board executive committee, the board chair or vice chair and the board member will take appropriate steps to eliminate the conflict. Members of the executive management are required to complete on an annual basis a Conflict of Interest Disclosure form. The chair and vice chair of the board of directors and the CEO are responsible to review the forms for any potential conflict of interest. In the event a conflict exists, the chair, vice chair, and CEO and the employee will take appropriate steps to resolve the conflict.”

“The board of directors is responsible for determining the compensation of the CEO. The executive compensation committee of the board of directors engages an outside compensation consultant to review the compensation of the CEO, provide data of of comparable compensation for other similarly qualified positions in the credit union or financial services industry, and to assist in the review and/or development of the compensation philosophy. The executive compensation committee recommends the total compensation package for the CEO to the board of directors for approval. In order to attract and retain quality employees, STCU is committed to paying salaries which are nondiscriminatory, equitable, and competitive with the salaries paid by other companies in our industry and surrounding area. The Human Resources department staff participates in a variety of annual salary surveys for other executive management positions, key employees and all other staff positions and submits recommendations for any compensation adjustments to the CEO or the executive management team for approval and effective date of changes. Positions are evaluated to determine relevant job titles, job descriptions and salary ranges.”

“Governing documents, policies and financial statement may be requested by writing to Ezra Eckhardt, CEO, STCU, 1620 N Signal Drive, Liberty Lake, WA 99019.”

“Total change in available for sale market allowance, $-431,429.”