TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2019
Open to Public
Inspection
Inspection
Name of the organization
JEFFERSON CREDIT UNION
Employer identification number
63-0390327
63-0390327
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 4 | THE MEMBERS OF JEFFERSON CREDIT UNION VOTED TO AMEND JCU'S BYLAWS ON APRIL 11, 2019. THE ADMINISTRATOR OF THE ALABAMA CREDIT UNION ADMINISTRATION APPROVED THE AMENDED BYLAWS ON APRIL 26, 2019. REPORTABLE CHANGES ARE AS FOLLOWS. ARTICLE IV MEETING OF MEMBERS SEC. 5: UPDATED TO CHANGE THE NUMBER OF MEMBERS CONSTITUTING A QUORUM AT ANNUAL OR SPECIAL MEETINGS FROM 25 TO 15. ARTICLE V ELECTIONS SEC. 1: UPDATED THE APPOINTMENT OF A NOMINATING COMMITTEE FROM 30 DAYS TO 120 DAYS PRIOR TO THE ANNUAL MEETING. UPDATED TO REQUIRE THE CHAIRMAN OF THE BOARD OF DIRECTORS ("BOD") TO APPOINT THE NOMINATING COMMITTEE ("NC") INSTEAD OF THE CREDIT UNION ("CU") PRESIDENT. UPDATED TO REQUIRE THE NC TO SELECT THE NOMINEES AT LEAST 90 DAYS BEFORE THE ANNUAL MEETING AND THE SECRETARY TO NOTIFY THE MEMBERS OF THE NOMINATIONS AT LEAST 75 DAYS BEFORE THE ANNUAL MEETING INSTEAD OF THE NC ANNOUNCING THE NOMINEES AT THE ANNUAL MEETING. SEC. 2: UPDATED TO NOT ALLOW NOMINATIONS FROM THE FLOOR DURING THE ANNUAL MEETING EXCEPT IN THE CASE OF POSITIONS FOR WHICH NO OTHER NOMINATION HAS BEN MADE. REMOVES PROVISIONS FOR ABSENTEE BALLOTS. UPDATES THE AMOUNT OF MEMBERS NEEDED TO NOMINATE SOMEONE OTHER THAN ONE OF THE NC'S NOMINEES FROM THREE MEMBERS TO 1% OF THE MEMBERS (W/ A MAXIMUM OF 500 PETITIONERS). UPDATED TO REQUIRE THE CHAIRMAN OF THE BOD TO APPOINT THE TELLERS AT THE ANNUAL MEETING INSTEAD OF THE ("CU") PRESIDENT. ARTICLE VI BOARD OF DIRECTORS SEC. 4: REMOVED THE ABILITY OF THE CU PRESIDENT TO CALL SPECIAL BOD MEETINGS AND RESERVED THIS POWER TO THE BOD CHAIRMAN/VICE-CHAIRMAN. ARTICLE VII EXECUTIVE OFFICERS, EXECUTIVE COMMITTEE, MEMBERSHIP OFFICER, ASSISTANT TREASURERS, AND THEIR DUTIES SEC. 1: (A) UPDATED FOR THE CU PRESIDENT TO BE AN EMPLOYEE OF THE CU, INSTEAD OF A MEMBER OF THE BOD OR A CU EMPLOYEE. (B) UPDATED REQUIRING THE BOD TO ALWAYS SELECT A CHAIRMAN AND VICE-CHAIRMAN INSTEAD OF ONLY DOING SO WHEN THE CU PRESIDENT WAS NOT A BOD MEMBER. SEC. 2: UPDATED TO REQUIRE THE CHAIRMAN/VICE-CHAIRMAN TO PRESIDE AT ALL MEMBER AND BOD MEETINGS INSTEAD OF THE CU PRESIDENT. SEC. 5: CHANGED THE GENERAL MANAGER OF THE CU FROM THE TREASURER TO THE PRESIDENT. ARTICLE IX SUPERVISORY COMMITTEE SEC. 1: CHANGED THE TERMS OF THE SUPERVISORY COMMITTEE FROM 1 TO 3 YEARS AND STAGGERED THE TERMS' EXPIRATIONS SO ONLY ONE WOULD EXPIRE EACH YEAR. ARTICLE XIV AMENDMENTS OF BYLAWS AND CHARTER SEC. 1: UPDATED TO REQUIRE CHANGES TO THE BYLAWS TO BE APPROVED BY 2/3 OF THE BOD AT ANY BOD MEETING, AND TO REQUIRE THE BOD BE GIVEN A WRITTEN NOTICE OF THE MEETING THAT INCLUDES THE PROPOSED AMENDMENT(S) AT LEAST 10 DAYS PRIOR THERETO, INSTEAD OF 3/4 OF MEMBERS PRESENT AT A MEETING TO AMEND THE BYLAWS BEING ALLOWED TO APPROVE THE AMENDMENT(S) WITH A 14 DAY NOTIFICATION PERIOD. |
| FORM 990, PART VI, SECTION A, LINE 6 | ALABAMA BANKING CODE, SECTION 5-17-5 STATES THAT, "CREDIT UNION MEMBERSHIP SHALL CONSIST OF THE INCORPORATORS AND SUCH OTHER PERSONS AS MAY BE ELECTED TO MEMBERSHIP AND WHO SUBSCRIBE TO AT LEAST ONE SHARE AND PAY THE INITIAL INSTALLMENT THEREON AND THE ENTRANCE FEE. ORGANIZATIONS, INCORPORATED OR OTHERWISE, COMPOSED FOR THE MOST PART OF THE SAME GENERAL GROUP AS THE CREDIT UNION MEMBERSHIP MAY BE MEMBERS. CREDIT UNION ORGANIZATION SHALL BE LIMITED TO GROUPS, OF BOTH LARGE AND SMALL MEMBERSHIP, HAVING A COMMON BOND OF OCCUPATION OR ASSOCIATION OR TO GROUPS WITHIN A WELL-DEFINED NEIGHBORHOOD, COMMUNITY OR RURAL DISTRICT." THE MEMBERSHIP OF JEFFERSON CREDIT UNION AS OF DECEMBER 31, 2019, WAS OPEN TO ANYONE THAT IS AN EMPLOYEE, OR THEIR RELATIVES, OF JEFFERSON COUNTY, ALABAMA, AND CONSISTED OF APPROXIMATELY 7,592 MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE BOARD OF DIRECTORS ARE ELECTED BY THE CREDIT UNION'S MEMBERSHIP AT THE ANNUAL MEETING. THE CREDIT UNION'S BYLAWS GOVERN THE ELECTION PROCEDURES. THE TERMS OF THE BOARD OF DIRECTORS, AS SET BY THE BYLAWS,ARE 3 YEARS AND ARE STAGGERED SO THAT AN EQUAL NUMBER EXPIRE AT EACH ANNUAL MEETING. 120 DAYS PRIOR TO THE ANNUAL MEETING, THE BOARD CHAIRMAN APPOINTS A NOMINATING COMMITTEE ("NC") TO NOMINATE A CANDIDATE FOR EACH VACANCY. 90 DAYS PRIOR TO THE ANNUAL MEETING, THE NC MUST FILE THE NOMINATIONS WITH THE SECRETARY, WHO MUST NOTIFY THE MEMBERS OF THE NOMINATIONS 75 DAYS PRIOR TO THE ANNUAL MEETING. NOMINATIONS MAY NOT BE CALLED FOR FROM THE FLOOR AT THE ANNUAL MEETING EXCEPT FOR POSITIONS FOR WHICH NOONE HAS BEEN NOMINATED. ELECTION BY THE MEMBERSHIP IS PERFORMED THROUGH WRITTEN BALLOTS, UNLESS THERE IS ONLY ONE NOMINEE. ALL ELECTIONS ARE DETERMINED BY A PLURALITY VOTE. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE FOLLOWING TYPES OF DECISIONS ARE SUBJECT TO APPROVAL BY THE CREDIT UNION'S MEMBERS: DISSOLUTION AND MERGER OF THE CREDIT UNION, ELECTION AND TERMINATION OF BOARD MEMBERS, ELECTION AND TERMINATION OF SUPERVISORY COMMITTEE MEMBERS, AND CONVERSION FROM STATE TO FEDERAL CHARTER. |
| FORM 990, PART VI, SECTION B, LINE 11B | MANAGEMENT PERFORMS A REVIEW OF THE FORM 990 PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | SELF MONITORING AND ANNUAL REVIEW OF THE POLICY. |
| FORM 990, PART VI, SECTION B, LINE 15 | MANAGEMENT'S COMPENSATION IS DETERMINED BY THE CREDIT UNION'S BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE CREDIT UNION'S FINANCIAL STATEMENTS CAN BE FOUND ON THE WEBSITE OF THE NCUA AT NCUA.GOV. |
| FORM 990, PART XI, LINE 9: | CHANGE IN COMPREHENSIVE INCOME FOR DEFINED BENEFIT PENSION PLAN 120,088. |
| FORM 990, PART XII, LINE 2B: | ON AN ANNUAL BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND/OR THE NATIONAL CREDIT UNION ADMINISTRATION PERFORM A REGULATORY EXAMINATION OF THE FINANCIAL STATEMENTS AND SAFETY AND SOUNDNESS OF THE CREDIT UNION. ADDITIONALLY, THE CREDIT UNION'S FINANCIAL STATEMENTS ARE SUBJECT TO A SUPERVISORY COMMITTEE AUDIT/AGREED UPON PROCEDURES PERFORMED BY AN INDEPENDENT THIRD PARTY AS OF JUNE 30 EACH YEAR. |
| FORM 990, PART XII, LINE 2C: | THE CREDIT UNION HAS A SUPERVISORY COMMITTEE THAT IS RESPONSIBLE FOR ENSURING THAT THE BOARD OF DIRECTORS AND MANAGEMENT OF THE CREDIT UNION - (1)MEET REQUIRED FINANCIAL REPORTING OBJECTIVES AND (2) ESTABLISH PRACTICES AND PROCEDURES SUFFICIENT TO SAFEGUARD MEMBERS' ASSETS. THIS INCLUDES OVERSEEING THE SUPERVISORY COMMITTEE AUDIT/AGREED UPON PROCEDURES AND THE SELECTION OF THE INDEPENDENT AUDITOR/ACCOUNTANT. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2019
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