Visterra Credit Union

“Visterra 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. Visterra credit union does not have stockholders.”

“The governing board of visterra 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 form and related documents will be reviewed by the cfo, then it will be reviewed by the ceo, finally it will be presented to the board of directors for final review and approval before being filed.”

“Each board member, employee, and volunteer has the responsibility to promptly report any offer or solicitation from anyone who does business with the credit union of an activity involving personal profit, gain, or benefit to any company employee or official. Employees shall report any situations covered by the policy to his/her immediate supervisor or manager. Reports received by supervisors and managers will be forwarded to the president or his designee. Officials shall report situations covered by this policy to the chairman of the board of directors. The president shall maintain a file for all reports of potential or actual conflicts.”

“It is the policy of the credit union to maintain a wage and salary program that is competitive with those in our industry and in our community. It is also our desire to recognize the contribution of each individual to the success of the organization. Therefore, the credit union has established job grades and pay ranges for each of our job positions. A pay range includes a minimum, 25th percentile, 50th percentile, 75th percentile, and maximum wage for a job grade. All pay ranges for all job grades are held in complete confidence by the vice president of human resources. Management personnel are distributed the job grades and pay ranges for their areas of responsibility. New employees are typically hired at a pay rate that falls between the minimum and the 50th percentile for the job grade. When a candidate has extensive and/or specialized experience, a higher starting rate may be justified. Over time, employees who are considered fully qualified in their position typically receive a rate that falls between the 50th and 75th percentiles. Employees who are receiving a rate in excess of the 75th percentile have demonstrated a sustained performance above a fully qualified level. Job grades and pay ranges are reviewd each year to determine their adequacy and competitiveness for business conditions. The president will conduct the review by december 31st for the following year and submit modifications, if any, to the board of directors for approval. When adjustments to the minimum pay range in any job grade are approved, the wages of active employees earning less than new pay range minimum will also be adjusted as directed by the president. The performance appraisal process and the granting of merit increases are intertwined. Annual performance reviews are conducted on or about the employee's anniversary date of hire or most recent promotion, qualifying transfer, or demotion. The overall rating that an employee receives determines the percentage of his/her merit increase. A merit increase becomes effective on the first day of the pay period following an employee's performance appraisal review date. Employees who receive a rating of needs improvement or unacceptable in any individual area rated or overall will not receive a merit increase. Employees who are earning at or above the pay range maximum for their job grade will not be eligible for a merit increase. In unusual circumstances, the review of an employee's current pay may also result in the granting of a merit increase. Should business conditions warrant, changes to this policy, or a suspension of the entire program, may be made by management, as approved by the board of directors, at any time. In that event, employees will be notified in as timely a manner as possible.”

“Governing documents and conflict of interest policies are available upon request. Financial statements are posted in the lobby each month after preparation and handed out at the annual membership meeting.”

“The organization has not changed either its oversight process or selection process during the tax year. See attached form 3115 for visterra credit union, ein: 95-1803229”