Keypoint Credit Union

“The credit union has an executive committee consisting of no fewer than three (3) directors. The committee has the power to approve membership applications. With the written approval of the commissioner, the executive committee may act for the board of directors in the purchase and sale of securities, investment and withdrawal of funds, in borrowing funds, and to make loans to other credit unions in accordance with applicable law and regulations.”

“Participation in this credit union is limited to those who qualify for membership as defined in the credit union's charter and bylaws. This generally consists of those who live, work, worship, or go to school in santa clara, alameda, contra costa, el dorado, placer, san mateo, santa barbara, and sacramento counties, california. In addition to a regularly qualified member, the spouse of a member, the blood or adoptive relatives of either of them, and their spouses may be members.”

“The governing board of keypoint credit union is comprised of volunteer directors who are directly elected by its members. Each member of the governing board serves for a period of three years and until their successors shall have been elected.”

“At the end of each term of the board members, elections are held and board members are voted by the members of the credit union pursuant to its by-laws. Member votes are also required to ratify decisions dealing with reorganizations as in the case of merger or dissolution.”

“The form 990 is prepared by the organization's public accounting firm based on information provided by management. Once the draft is available, it is reviewed by management and any changes incorporated into the filing prior to filing with the irs. The board of directors do not receive a copy prior to filing.”

“Per the credit union's conflict of interest policy, directors, volunteers and employees are required to disclose their interests that could give rise to conflicts of interest. For the enforcement of the conflict of interest policy, the vp of risk management reviews account activity for all directors, volunteers, and employees and their interests. In addition, the accounts payable system is reviewed to ensure propriety of any potential conflicts of interest as applicable. The credit union also maintains a policy that no immediate family members of the board of directors or supervisory committee members may become employees of the credit union until two years have elapsed since their volunteer service with the credit union ended. The credit union does allow directors, volunteers and employees to apply for loans that the credit union offers to its membership. All loan applications for vice-presidents and above, volunteers and board members require the approval of the board of directors. Directors are restricted from participating in the deliberations and voting in a transaction that pertains to them.”

“The compensation of the ceo is determined by the compensation committee of the credit union, who use comparability data to determine the appropriate compensation. Compensation is documented in the hr software and the review process was last completed during 2024. All vp positions and above are reviewed for market place compensation and salary ranges are recommended for adjustment based on survey information. The ceo approves the recommendation for salary structure change. After a performance review is written and rating is determined, a merit increase is determined by the performance level as long as the salary remains in the range. The recommendation for merit increase is approved overall by the individual department vp or evp. The overall group is approved by the ceo. The annual review was last performed during 2023 and documented in the hr software. The process described here was last completed in 2024.”

“Governing documents and conflict of interest policy are not made available to the public. Financial statements are posted in the branch offices monthly.”

“Loss on cuso investment -128,541.”