Coast Central Credit Union

“Coast central credit union has members as specified in its bylaws.”

“Coast central credit union members have the power to elect the members of the governing body.”

“Coast central credit union members have the power to elect or remove the members of the governing body.”

“The form 990 is presented to the board chair, and then a copy is made available to all board members prior to filing with the internal revenue service.”

“An interested person covered under the conflict of interest policy is any director or member of a volunteer committee, who has a direct or indirect interest. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors considering the proposed transaction or arrangement. Each director or volunteer committee member shall annually sign a statement, which affirms such person has received a copy of the conflicts of interest and full disclosure policy, has read and understands the policy, has agreed to comply with the policy, and understands the organization is a credit union and must engage primarily in activities, which accomplish the functions of a credit union. After disclosure of the financial interest and all material facts, and after any discussions with the interested person, he/she shall leave the meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board shall decide if a conflict of interest exists. An interested person may make a presentation to the governing board, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chairperson of the governing board shall if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board shall determine whether the organization 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 governing board 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 governing board has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board determines the member has failed to disclose an actual or potential conflict of interest, it shall take appropriate disciplinary and corrective action.”

“Annually during the budget process, the board of directors reviews and approves the compensation ranges for the chief executive officer. These ranges are developed by the human resources department using comparable data collected from compensation surveys. The comparable data includes credit union comparisons as well as compensation ranges for positions at similarly situated local organizations. The chief executive salary is by contract and reviewed and approved by the board of directors. This is documented in the board meeting minutes. The last time this process occurred was in september 2024.”

“Coast central 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.”

“Coast central credit union's 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 march 31st, while the organization's tax year-end is december 31st.”