Washington State Employees Credit Union

“Credit union members have the right to elect the 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.”

“Credit union members have the right to elect one or more members of the organization's governing body, whether periodically, or as vacancies arise, or otherwise.”

“Members of the credit union have the right to approve the election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur.”

“Accounting personnel review form 990 for accuracy compared to internal reports and make adjustments as necessary under the guidance of our tax accountants. The form is reviewed by the ceo prior to signing of the final draft. The return is available to all members of the board of directors for review.”

“The credit union sends out an annual hr policies acknowledgment to all staff and requires acknowledgment from each person each year, as well as upon hire. This policies acknowledgment includes the wsecu code of conduct, which covers the conflict of interest policy. The conflict of interest policy is enforced in various ways. Depending on the particular conflict for employment conflicts, the credit union requires a notification to hr of any second jobs and approval by the employee's leader. For potential conflicts of employees working with relatives, the credit union requires a senior management approval before they hire, promote, or transfer anyone who might be working with a relative of a wsecu employee. If the organization is notified of other types of conflicts, they deal with them as they arise, involving company leadership. Conflict questionnaires are signed annually by the board of directors. If a potential conflict is identified, it is reported to the board, which then reviews all information and determines if an actual conflict exists. Directors with the potential conflict recuse themselves from voting on any related issues. The organization's policy has assisted the credit union in prohibiting conflicts before they impact the company.”

“Wsecu uses a third-party, outside consultant to evaluate executive compensation. The review that the consultant completes includes a reasonableness test, market (comparable) data for the financial services/credit union industry and the geographic area, and includes the entire salary and benefits package. Periodically, human resources uses industry and regional executive salary surveys to verify executive compensation. The ceo contract, including compensation, is reviewed by the wsecu board of directors.”

“The credit union's governing documents, conflict of interest policy and financial statements are not made available to the public.”

“Passthrough book/tax difference -209,603.”