| FORM 990, PART VI, SECTION A, LINE 6 |
EASTMAN CREDIT UNION IS A MEMBER OWNED NON-PROFIT TAX EXEMPT CORPORATION IN WHICH EACH MEMBER OWNS AN EQUAL SHARE. |
| FORM 990, PART VI, SECTION A, LINE 7A |
AT THE ANNUAL MEETING OF THE MEMBERS, EASTMAN CREDIT UNION'S MEMBERS ELECT INDIVIDUALS FROM THE CREDIT UNION'S MEMBERSHIP TO SERVE ON THE BOARD OF DIRECTORS FOR THREE YEAR TERMS. IN THE EVENT THERE IS A VACANCY ON THE BOARD, THE DIRECTORS MAY APPOINT AN INTERIM MEMBER TO SERVE OUT THE TERM OF THE VACANT BOARD POSITION. |
| FORM 990, PART VI, SECTION A, LINE 7B |
EASTMAN CREDIT UNION'S MEMBERS HAVE THE RIGHT TO VOTE, ON A PER CAPITA BASIS, ON DISSOLUTION OF THE CREDIT UNION, MERGER WITH ANOTHER CREDIT UNION, EXPULSION OF A MEMBER, CONVERSION FROM A STATE TO A FEDERALLY CHARTERED CREDIT UNION, CONVERSION TO ANOTHER TYPE OF FINANCIAL INSTITUTION, OR TO OVERRULE A DECISION OF THE CREDIT UNION'S BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION B, LINE 11B |
EASTMAN CREDIT UNION'S FORM 990 IS PREPARED BY AN OUTSIDE CPA FIRM AND THEN REVIEWED BY ECU'S CEO, CFO, VP, CHIEF LEGAL OFFICER AND GENERAL COUNSEL, VP, CHIEF HUMAN RESOURCE OFFICER, AND CONTROLLER. A COMPLETE COPY OF THIS FORM 990 IS PROVIDED TO ALL MEMBERS OF THE ECU BOARD OF DIRECTORS BEFORE FILING THE FORM. |
| FORM 990, PART VI, SECTION B, LINE 12C |
PRIOR TO EMPLOYMENT ALL EMPLOYEES AND OFFICERS OF EASTMAN CREDIT UNION ARE REQUIRED TO DISCLOSE ALL POTENTIAL CONFLICTS OF INTEREST AND MUST AGREE TO UPDATE THE DISCLOSURE IN THE EVENT ANY CONFLICTS ARISE SUBSEQUENT TO EMPLOYMENT. PRIOR TO SERVING ON THE BOARD OF DIRECTORS, ALL PROSPECTIVE BOARD MEMBERS ARE REQUIRED TO DISCLOSE ALL POTENTIAL CONFLICTS OF INTEREST. ALL EMPLOYEES AND MEMBERS OF THE BOARD OF DIRECTORS ARE ALSO REQUIRED TO COMPLETE AN UPDATED DISCLOSURE AT LEAST ANNUALLY. IT IS THE RESPONSIBILITY OF THE PRESIDENT OR CHAIR OF THE BOARD OF DIRECTORS TO DETERMINE THE RESOLUTION OF ALL ACTUAL OR POTENTIAL CONFLICTS OF INTEREST. MEMBERS OF THE BOARD OF DIRECTORS DO NOT PARTICIPATE IN THE DELIBERATIONS OR VOTING ON MATTERS WHERE AN ACTUAL OR APPARENT CONFLICT OF INTEREST EXISTS. |
| FORM 990, PART VI, SECTION B, LINE 15 |
EASTMAN CREDIT UNION ANNUALLY PARTICIPATES IN EXECUTIVE COMPENSATION SURVEYS OF REPUTABLE COMPENSATION CONSULTANTS BY PROVIDING CURRENT BASE AND TOTAL COMPENSATION INFORMATION OF THE ECU OFFICERS. THE CONSULTING GROUPS FOCUS ON COMPARATIVE COMPENSATION INFORMATION WITHIN THE CREDIT UNION INDUSTRY. AS A RESULT OF PARTICIPATION, ECU RECEIVES DATA COMPILATION REPORTS AND ANALYSES FROM THE STUDIES CONDUCTED BY THESE COMPENSATION EXPERTS. RANKING AND COMPARATIVE INFORMATION FOR EACH RELEVANT POSITION IS PROVIDED IN BOTH STUDIES. ECU STUDIES AND UTILIZES PEER GROUP INFORMATION RELATIVE TO ECU'S ASSET SIZE AS BENCHMARK DATA. EASTMAN CREDIT UNION WORKS WITH CONSULTANTS FROM EACH RESPECTIVE CONSULTING FIRM TO OBTAIN SPECIAL DATA CUTS, CLARIFYING INFORMATION, AND ADVICE REGARDING MATCHING OF ECU POSITIONS TO BENCHMARK JOBS, INDUSTRY AVERAGE INCREASE IN EXECUTIVE COMPENSATION, AND OTHER INFORMATION RELATED TO EXECUTIVE BASE AND TOTAL COMPENSATION FACTORS. THE VICE PRESIDENT OF HUMAN RESOURCES PROVIDES A RECAP OF COMPENSATION STUDY INFORMATION IN A PRESENTATION FORMAT DURING A MEETING OF THE COMPENSATION COMMITTEE (SUBCOMMITTEE OF THE ECU BOARD OF DIRECTORS). THE COMPENSATION COMMITTEE REVIEWS THE DATA AND DISCUSSES AND PRESENTS QUESTIONS RELATED TO THE INFORMATION PROVIDED. WHEN NECESSARY, THE VP, CHIEF HUMAN RESOURCE OFFICER WILL FOLLOW UP WITH COMPENSATION CONSULTANTS FOR ADDITIONAL INFORMATION TO BE PRESENTED FOR DISCUSSION AND CONSIDERATION. THE COMPENSATION COMMITTEE APPROVES AN AVERAGE SALARY INCREASE FOR THE CEO'S DIRECT REPORTS AND AUTHORIZES THE CEO TO AWARD INDIVIDUAL SALARY INCREASES ACCORDINGLY. FINAL AWARDS ARE DOCUMENTED AND SIGNED BY BOTH THE CEO AND THE CHAIR OF THE COMPENSATION COMMITTEE. THIS DOCUMENT IS SUBMITTED TO PAYROLL VIA THE VP, CHIEF HUMAN RESOURCE OFFICER. THE COMPENSATION COMMITTEE MEETS IN EXECUTIVE SESSION TO FURTHER CONSIDER COMPENSATION DATA FOR THE CEO. FINAL AWARD IS DOCUMENTED AND SIGNED AS APPROVED BY THE CHAIR OF THE COMPENSATION COMMITTEE. THIS DOCUMENT IS SUBMITTED TO PAYROLL VIA THE VP, CHIEF HUMAN RESOURCE OFFICER. ORIGINAL DOCUMENTS ARE MAINTAINED ON FILE IN THE HUMAN RESOURCES DEPARTMENT. |
| FORM 990, PART VI, SECTION C, LINE 19 |
THE GOVERNING DOCUMENTS AND OTHER RECORDS AND POLICIES OF ECU ARE NOT GENERALLY MADE AVAILABLE TO THE PUBLIC. ECU MEMBERS ARE ENTITLED TO INSPECT CERTAIN RECORDS OF THE CREDIT UNION AFTER COMPLYING WITH THE REQUIREMENTS OF STATE LAW. FINANCIAL INFORMATION IS PUBLISHED IN THE ANNUAL REPORT AND IS MADE AVAILABLE TO THE PUBLIC ON A QUARTERLY BASIS VIA NCUA'S WEBSITE. |
| FORM 990, PART XI, LINE 9: |
NET DEFINED BENEFIT PENSION PLAN COST ADJUSTMENT 870,181. NET POST-RETIREMENT BENEFIT PLAN COST ADJUSTMENT 116,877. ASC 326 ADOPTED EXPECTED LOSS ADJUSTMENT -8,200,000. |