First Us Community Credit Union

“First us community credit union has members as specified in its bylaws.”

“First us community credit union members have the power to elect the members of the governing body.”

“Members of first us community credit union have the right to approve the governing body's election and removal of members of the governing body.”

“Form 990 is reviewed in detail by the chief executive officer and chief financial officer, focusing on back-up supporting detail as needed. A copy of the form 990 is provided to the board of directors prior to filing with the internal revenue service.”

“First us community credit union (the credit union) requires its directors, officers and team members to observe high standards of business and personal ethics in the conduct of their duties and responsibilities. The purpose of this board of directors conflict of interest policy is to protect the credit union's interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of a director, officer or other person in a position of authority within the credit union or might result in a possible excess benefit transaction. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of their personal or financial interest and all material facts to the directors and members of committees with board-delegated powers considering the proposed transaction or arrangement. After disclosure of the personal or financial interest and all material facts, and after any discussion with the interested person, he or she shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. An interested person may make a presentation at the board or committee meeting, but after the presentation, he or she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chair of the board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the board or committee shall determine whether the credit union can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the credit union's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, it shall make its decision as to whether to enter into the transaction or arrangement. If the board or committee has reasonable cause to believe a director, officer or member of a committee with board-delegated powers has failed to discuss actual or possible conflicts of interest, it shall inform the person of the basis for such belief and afford the person an opportunity to explain the alleged failure to disclose. If, after hearing the person's response and after making further investigation as warranted by the circumstances, the board or committee determines the person has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“First us community credit union participates in several industry-related compensation surveys every year to determine the chief executive officers compensation. The data from these surveys is then reviewed and analyzed by the compensation committee, based on factors such as region, area, asset size, number of employees, number of members, etc. To attempt to match "comparable" pay data, and ranges are determined for the chief executive officer position with the midpoint representing market salary for an experienced incumbent. The compensation committee determines placement within the range based on a number of factors including education, years of experience, level of past experience, salaries of employees with comparable experience and responsibility of position. The board of directors review and approves the chief executive officer's compensation and contemporaneously documents the decision in the board minutes. The process last occurred in february 2025.”

“First us community credit union makes its governing documents, conflict of interest policy, and audited financial statements available to the public upon request in the same time and manner as other disclosures required under internal revenue code section 6104.”

“First us community credit union's (the credit union) financial statements are audited on a separate basis by an independent accountant. However, the financial statements are audited on a fiscal year-end basis of june 30th, while the credit union's tax year-end is december 31st.”