Star One Credit Union

“Star one 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. Star one credit union does not have stockholders.”

“The governing board of star one credit union is comprised of volunteer members who are directly elected by its members. Each member of the governing board serves for a period as prescribed by our by-laws.”

“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 controller, executive vps, ceo, and board of directors receive a completed draft of the form 990 for review prior to filing each year.”

“Each year, all employees are required to read, sign, and submit the code of conduct pledge to human resources.”

“Star one credit union uses consulting firms and industry specific surveys to deliberate company employees' compensation. The governing board approves the ceo's compensation package after it has been thoroughly reviewed and recommended by the compensation committee.”

“Background: form 990 is an annual return filed with the irs by tax-exempt organizations to report information about their operations. It is a public document used primarily by the irs for tax administration needs as well as state tax authorities, the press and researchers. All state-licensed/chartered credit unions are required to file form 990. With filing extensions, credit unions have until november 15th to file form 990 for the prior tax year. Disclosure requirements: the three most recent returns filed must be made available to the public. The documents made available for inspection must be an exact copy of the return filed with the irs, including attachments and schedules. The disclosure must be provided to all individuals, members and non-members, who request inspection or copies of the form. Requests made in person: form 990 will be made available for public inspection at the bordeaux administration office during regular business hours. The branches are exempt from the in-person disclosure requirement, as they are not considered regional or district offices. During the form 990 inspection, a credit union employee may be present in the room. The individual requesting the inspection may take notes during the inspection. Fees may be charged for copies of the form 990 (fees may be at the rate of $.20 per page, the first 50 pages for free and/or postage fees). In-person requests should be fulfilled on the same business day. The irs allows exceptions in cases of unusual circumstances. If an unusual circumstance exists, the credit union is permitted to provide copies no later than the next business day following the day that the unusual circumstance ceases to exist or the fifth business day after the date of the request, whichever occurs first. Examples of unusual circumstances include requests received shortly before the end of regular business hours that require an extensive amount of copying or requests on a day when the organization's managerial staff capable of fulfilling the request is conducting special duties, rather than its regular administrative duties. Requests made in writing: if a credit union receives a written request (mail, e-mail, fax, etc.) for a copy of form 990, the copy must be mailed within 30 days from the date the request was received (applicable fees may apply). Summary: the credit union will respond to individual requests for copies and will not make the form 990 'widely available' by posting it to a public website or database.”

“CHANGE IN OCI 1,307,591.”

“The organization has not changed either its oversight process or selection process during the tax year.”