Form 990, Part VI, Section A, Line 4 |
In 2023 Alpha Credit Union opened it's field of membership to eligible family members, increasing our potential membership numbers. |
Form 990, Part VI, Section A, Line 6 |
Credit unions are comprised of members. Every account holder is a member. |
Form 990, Part VI, Section A, Line 7a |
The membership elects and votes on a governing body. |
Form 990, Part VI, Section A, Line 7b |
Each member/account has one vote at the election of the Board of Directors. If a joint account, still only one vote per account number. Governance decisions are reserved for the Board of Directors. |
Form 990, Part VI, Section B, Line 11b |
The form 990 is reviewed by the Board Chair prior to submission. |
Form 990, Part VI, Section B, Line 12c |
The directors are asked to disclose any conflicts of interest on an annual basis, per policy. |
Form 990, Part VI, Section B, Line 15 |
The Board of Directors review the salary of the CEO based on the CEO's overall performance and its peer and industry averages, prior to determining salary. The last review was conducted in January 2024. |
Form 990, Part VI, Section C, Line 19 |
Financial statements are posted in the lobby of the credit union. The 990 and conflict of interest policy are available upon request. |
Form 990, Part XI, Line 9 |
One-time adjustment to Undivided Earnings due to FASB required methodology change in Allowance for Loan Loss calculation; current expected credit losses (CECL). |