Keypoint Credit Union

“Keypoint credit union is a cooperative financial institution that is owned and controlled by its members, and operated for the purpose of promoting thrift and savings to its members. The credit union does not have stockholders.”

“The governing board of keypoint credit union is comprised of volunteer members 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.”

“A copy of the 990 is made available to board members who wish to have a copy or review it. A copy of the 990 is reviewed by the organization's director of financial reporting, vp of finance, and cfo before it is filed.”

“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. The policy was reviewed and approved by the board of directors. 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. 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. An annual review of compensation is completed in april every year.”

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

“Keypoint credit union is a cooperative, organized for the purpose of promoting thrift and savings among its members, creating a source of credit for them at competiitive rates of interest, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social conditions. As a cooperative, keypoint credit union conducts its business for the mutual benefit and general welfare of its members with the earnings, savings, benefit, or service of the credit union being distributed to its members are patrons.”

“Book to tax difference in investment income 67,454.”