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
2020
Open to Public
Inspection
Inspection
Name of the organization
ECO CREDIT UNION
Employer identification number
63-0288906
63-0288906
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 4 | ECO CREDIT UNION'S BOARD OF DIRECTORS VOTED TO ADOPT THE ACUA'S STANDARD CREDIT UNION BYLAWS (WITHOUT AN ELECTED CREDIT COMMITTEE) IN A BOARD MEETING ON DECEMBER 17, 2020. REPORTABLE CHANGES ARE AS FOLLOWS: ARTICLE I NAME, PURPOSE, PRINCIPAL OFFICE SEC. 2: THIS SECTION OF THE PRIOR BYLAWS, WHICH STATED THAT THE CREDIT UNION ("CU") WOULD CONDUCT ITS BUSINESS IN LOCALITIES WITHIN THE STATE OF ALABAMA AS DESIGNATED IN THE CU'S CERTIFICATE OF ORGANIZATION, WAS ENTIRELY REPLACED WITH LANGUAGE DESCRIBING THE CU'S CHARTER UNDER THE ALABAMA CREDIT UNION ACT, THE CU'S PRIMARY PURPOSE, AND THAT THE CU WILL ACHIEVE THIS PURPOSE BY CONDUCTING BUSINESS TO BENEFIT ITS MEMBERS UNDER THE LAWS, RULES, AND REGULATIONS OF THE STATE OF ALABAMA. SEC. 3: SECTION ADDED GIVING THE CU'S BOARD OF DIRECTORS ("BOARD") THE AUTHORITY TO CHANGE THE CU'S PRINCIPAL OFFICE AND ESTABLISH BRANCHES WITHIN THE STATE OF ALABAMA TO SERVE ITS EXISTING FIELD OF MEMBERSHIP; AND ALLOWING THE CU TO OPEN BRANCHES IN OTHER STATES WITH THE WRITTEN APPROVAL OF THE ALABAMA CREDIT UNION ADMINISTRATION. ARTICLE II QUALIFICATION FOR MEMBERSHIP SEC. 1(B): AMENDED TO ADD PERSONS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN CULLMAN, JEFFERSON, BLOUNT, SHELBY, AND WALKER COUNTIES, ALABAMA TO THE CU'S FIELD OR MEMBERSHIP. SEC. 5: NEW SECTION ADDED TO ALLOW THE BOARD TO EXPEL A MEMBER FOR CAUSE BY A MAJORITY VOTE OF A QUORUM OF DIRECTORS, GOVERNED BY A WRITTEN POLICY MADE AVAILABLE TO ALL MEMBERS, AND TO GRANT EXPELLED MEMBERS THE RIGHT TO A WRITTEN APPEAL TO THE BOARD. SEC. 7: SECTION ADDED TO REMOVE A TERMINATED MEMBER'S RIGHTS IN THE CU BUT RETAIN SUCH TERMINATED MEMBER'S OBLIGATIONS TO THE CU. SEC. 8: NEW SECTION ADDED TO ESTABLISH THE TERMS UNDER WHICH AN EXPELLED MEMBER MAY BE READMITTED TO MEMBERSHIP, INCLUDING APPROVAL BY A VOTE OF THE BOARD. ARTICLE III SHARES, DEPOSITS AND LIABILITY SEC. 3: STREAMLINED THE LANGUAGE GOVERNING THE TERMS UNDER WHICH A MEMBER MAY WITHDRAW THEIR SHARES AND DEPOSITS FROM DETAILED RULES TO A DIRECT REFERENCE TO THE CODE OF ALABAMA, SECTION 5-17-6, AND RESTRICTING THE AUTHORITY OF THE BOARD TO ACT IN THESE CASES BY THAT AND OTHER LAWS AND/OR REGULATIONS GOVERNING SUCH WITHDRAWALS. ARTICLE V ELECTIONS SEC. 1(A): UPDATED TO REQUIRE THE CHAIRMAN OF THE BOARD TO APPOINT THE NOMINATING COMMITTEE AT LEAST 120 DAYS PRIOR TO THE ANNUAL MEETING OF THE MEMBERS INSTEAD OF THE CU'S PRESIDENT ("PRESIDENT") APPOINTING THIS COMMITTEE 30 DAYS AHEAD OF SUCH MEETING. SEC. 1(B) & 1(C): LANGUAGE ADDED TO ESTABLISH DEADLINES FOR THE NOMINATING COMMITTEE AND MEMBERS TO MAKE NOMINATIONS; TO REQUIRE NOMINATIONS BY MEMBERS TO BE MADE BY PETITION; AND TO DISALLOW PETITIONS BY PROXY, BLANK PETITIONS, AND NOMINATIONS FROM THE FLOOR UNDER MOST CIRCUMSTANCES. SEC. 2(A): LANGUAGE ADDED REQUIRING ALL NOMINATIONS TO BE PLACED BEFORE MEMBERS. SEC. 2(B): LANGUAGE ADDED GOVERNING CIRCUMSTANCES IN WHICH NOMINATIONS FROM THE FLOOR ARE PERMITTED. SEC. 3: SECTION ADDED TO DESCRIBE THE ORDER OF NOMINATIONS. SEC. 5: REMOVED THE LANGUAGE BARRING A TRUSTEE OR OTHER PERSON ACTING IN A REPRESENTATIVE CAPACITY FROM VOTING. SEC. 6: LANGUAGE ADDED SPECIFYING THAT EACH MEMBER PRESENT AT THE MEMBER MEETINGS IS ENTITLED TO ONE VOTE ON EACH MATTER SUBMITTED FOR A MEMBER-VOTE. SEC. 7: LANGUAGE ADDED GOVERNING THE VOTING PROCEDURES FOR MATTERS BROUGHT BEFORE THE MEMBERS THAT ARE NOT OTHERWISE SPECIFIED IN THE BYLAWS OR APPLICABLE LAWS. SEC. 9: THIS WAS SEC. 7 OF THE PRIOR BYLAWS. IT WAS UPDATED TO INCREASE THE MINIMUM VOTING AGE FOR MEMBERS FROM 16 TO 19 YEARS OF AGE, AND TO APPLY THIS AGE REQUIREMENT TO HOLDING ELECTED POSITIONS, APPOINTED OFFICES, AND SIGNING MEMBER PETITIONS. ARTICLE VI BOARD OF DIRECTORS SEC. 1: REDUCES THE NUMBER OF DIRECTORS ON THE BOARD FROM NINE TO SEVEN. SEC. 3: THE CREDIT COMMITTEE WAS REMOVED FROM THE LIST OF VACANCIES THAT THAT THE BOARD MUST VOTE TO FILL BETWEEN ELECTIONS. SEC. 6: THE LANGUAGE IN THIS PARAGRAPH WAS REWRITTEN TO ADD THE TERM LENGTH OF THE EXECUTIVE COMMITTEE; TO ADD THE REQUIREMENT THAT THE DUTIES DELEGATED FROM THE BOARD TO THE EXECUTIVE COMMITTEE BE SPECIFIC, FULLY DOCUMENTED, AND FORMALLY APPROVED BY THE BOARD; TO SPECIFY THE LENGTH OF TIME THE DELEGATION OF DUTIES WILL BE EFFECTIVE; TO ALLOW THE BOARD TO ABOLISH THE EXECUTIVE COMMITTEE AND/OR ITS DUTIES AT ANY TIME; TO NO LONGER ALLOW THE EXECUTIVE COMMITTEE'S MEETINGS TO SUBSTITUTE FOR REGULAR BOARD MEETINGS; AND TO STATE THAT THE EXECUTIVE COMMITTEE ITSELF NEVER CONSTITUTES A QUORUM OF THE BOARD. SEC. 7(B): LANGUAGE ADDED GOVERNING TO WHOM THE BOARD MAY DELEGATE ITS AUTHORITY AND REQUIRING IT TO SUPERVISE THE EXERCISING OF SUCH DELEGATED AUTHORITY. SEC. 8: THE LANGUAGE OF THIS SECTION GOVERNING THE SUSPENSION AND/OR REMOVAL OF A MEMBER OF THE BOARD WAS STREAMLINED TO ELIMINATE THE RULES ALLOWING A BOARD MEMBER TO BE REMOVED "FOR CAUSE;" TO ELIMINATE THE BARRING OF SUCH INDIVIDUAL FROM A FUTURE SEAT ON THE BOARD; TO REMOVE ALL REFERENCES TO A "CREDIT COMMITTEE; AND TO SPECIFY THE TERM LENGTH OF THE PERSON APPOINTED BY THE BOARD TO THE VACATED POSITION. SEC. 9: THIS PARAGRAPH GOVERNING THE ESTABLISHMENT OF A LOAN POLICY FOR DIRECTORS, OFFICERS, EMPLOYEES, AND COMMITTEE MEMBERS WAS MOVED FROM ARTICLE X, SEC. 4 OF THE PRIOR BYLAWS AND UPDATED TO REQUIRE THE BOARD TO REVIEW, UPDATE, AND RATIFY THIS POLICY AT LEASE ANNUALLY. ARTICLE VII EXECUTIVE OFFICERS, EXECUTIVE COMMITTEE, MEMBERSHIP OFFICER, ASSISTANT TREASURERS, AND THEIR DUTIES SEC. 4: UPDATED TO ALLOW THE PRESIDENT TO SIGN ALL CONVEYANCES OF PROPERTY, AND REMOVE THE REQUIREMENT FOR THE CHAIRMAN TO SIGN IN THE PRESIDENT'S PLACE IF THE PRESIDENT IS NOT A BOARD MEMBER. SEC. 5(A): UPDATED TO CHANGE THE GENERAL MANAGER OF THE CU FROM THE TREASURER TO THE PRESIDENT, AND ALSO REMOVE THE REQUIREMENT FOR THE TREASURER TO BE BONDED BEFORE BEGINNING THEIR DUTIES. SEC. 5(B): REMOVED THE REQUIREMENT FOR THE TREASURER TO PREPARE AND SUBMIT FINANCIAL STATEMENTS TO THE BOARD WITHIN FIFTEEN DAYS OF EACH MONTH-END, OR TO POST SUCH FINANCIALS IN THE CU'S OFFICE. SEC. 7: LANGUAGE ADDED REQUIRING THE SECRETARY TO ACT ON BEHALF OF THE MEMBERS AS PROVIDED IN THE BYLAWS AND TO CERTIFY ALL ELECTIONS. SEC. 8: THIS PARAGRAPH REPLACES THE FORMER BONDING REQUIREMENTS FOR THE TREASURER AND ASSISTANT TREASURERS WITH A BONDING REQUIREMENT THAT APPLIES TO ANY DIRECTOR AUTHORIZED TO HANDLE THE CU'S MONEY OR NEGOTIABLE ASSETS, ALL OFFICERS, AND ALL EMPLOYEES, AND IT REQUIRES BOARD APPROVAL OF THE BONDS. ARTICLE IX SUPERVISORY COMMITTEE SEC. 3: THE LANGUAGE REQUIRING THE BOARD OF DIRECTORS TO PROVIDE REASONABLE COMPENSATION FOR THE CLERICAL AND AUDITING ASSISTANCE EMPLOYED BY THE SUPERVISORY COMMITTEE ("SVC") WAS REPLACED WITH LANGUAGE STATING THAT THE SVC MAY EMPLOY REASONABLE ASSISTANCE. SEC. 4: (A) REMOVED THE REQUIREMENT FOR THE SVC TO HOLD A HEARING TO SUSPEND ONE OF ITS MEMBERS, NOR TO NOTIFY THAT MEMBER IN WRITING OF THEIR SUSPENSION AND HEARING. THE NEW BYLAWS ALSO EXPAND WHAT A SVC MEMBER CAN BE SUSPENDED FOR TO ANY FAILURE TO PERFORM THEIR DUTIES, AND IT TO CALL A SPECIAL MEMBERSHIP MEETING TO RATIFY SUCH REMOVAL WITHIN THIRTY DAYS. SEC. 5(A): LANGUAGE WAS ADDED TO ALLOW THE SVC, BY UNANIMOUS VOTE, TO SUSPEND ANY OFFICER, DIRECTOR, OR MEMBER OF THE CREDIT COMMITTEE, AND TO REQUIRE A SPECIAL MEETING WITHIN THIRTY DAYS FOR THE MEMBERS TO REINSTATE OR PERMANENTLY REMOVE THE SUSPENDED INDIVIDUAL. ARTICLE X LOANS TO MEMBERS SEC. 4: THE PARAGRAPH ALLOWING LOANS TO BE MADE TO DIRECTORS, OFFICERS AND COMMITTEE MEMBERS ONLY IF SUCH LOANS ARE EXPLICITLY PERMITTED IN THE CU'S LOAN POLICY WAS MOVED TO ARTICLE VI, SEC. 9 OF THE NEW BYLAWS. ARTICLE XI RESERVES SEC. 3: THE NEW BYLAWS REMOVE THE MEMBERS' AUTHORITY TO ESTABLISH ANY SPECIAL RESERVES, KEEPING THIS AUTHORITY SOLELY TO THE BOARD. ARTICLE XIII DEPOSITS AND INVESTMENTS THE NEW BYLAWS ENTIRELY REMOVED THIS ARTICLE. THIS ARTICLE FORMERLY GOVERNED THE AMOUNTS, TIMING, AND TYPES OF INSTITUTIONS INTO WHICH THE CU'S FUNDS WERE DEPOSITED, AS DESIGNATED BY THE BOARD. ARTICLE XIII GENERAL SEC. 2(B): THIS PARAGRAPH ADDS A REQUIREMENT FOR THE BOARD TO FILL ANY DIRECTOR VACANCIES THAT ARE CREATED BY A SPECIAL MEETING UNTIL THE NEXT ANNUAL MEMBERSHIP MEETING. |
| 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 CREDIT UNION'S FIELD OF MEMBERSHIP INCLUDES PRIMARILY EMPLOYEES AND RETIREES OF EIGHT BOARDS OF EDUCATION, FOUR HIGHER EDUCATION INSTITUTIONS, AND ONE PRIVATE PRIMARY SCHOOL WHO WORK IN JEFFERSON OR SHELBY COUNTIES, ALABAMA, AND THEIR IMMEDIATE FAMILIES; UN-REMARRIED WIDOWS OF PERSONS WITHIN THE FIELD OF MEMBERSHIP; EMPLOYEES AND RETIREES OF THE CREDIT UNION; STUDENTS OF THE ABOVE SCHOOL SYSTEMS; ORGANIZATIONS OF SUCH PERSONS; AND ALL SUPPORTING AND ALUMNI ORGANIZATIONS OF THE ABOVE NAMED EDUCATIONAL INSTITUTIONS NOT OTHERWISE PROVIDED CREDIT UNION SERVICE. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES PERSONS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN CULLMAN, JEFFERSON, BLOUNT, SHELBY, AND WALKER COUNTIES, ALABAMA. AS OF DECEMBER 31, 2020, THE CREDIT UNION HAD MEMBERSHIP AND PROVIDED SERVICES TO APPROXIMATELY 15,799 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. PRIOR TO THE ANNUAL MEETING, THE BOARD CHAIRMAN APPOINTS A NOMINATING COMMITTEE TO NOMINATE A CANDIDATE FOR EACH VACANCY. NOMINATIONS MAY ALSO BE MADE BY A PETITION SIGNED BY 1% OF THE MEMBERS, NO LATER THAN 40 DAYS BEFORE THE ANNUAL MEETING. NOMINATIONS MAY NOT BE CALLED FOR FROM THE FLOOR WHEN THE NUMBER OF NOMINEES EQUALS THE NUMBER OF VACANCIES. ELECTION BY THE MEMBERSHIP IS PERFORMED THROUGH BALLOTS, UNLESS THERE IS ONLY ONE NOMINEE FOR EACH POSITION. ALL ELECTIONS ARE DETERMINED BY A PLURALITY VOTE. NO MEMBER SHALL BE ENTITLED TO VOTE BY PROXY, BUT THE BOARD OF DIRECTORS MAY AUTHORIZE WRITTEN ABSENTEE BALLOTS TO BE CAST PRIOR TO THE ANNUAL MEETING. EACH MEMBER IS ENTITLED TO ONE VOTE, IRRESPECTIVE OF THE NUMBER OF SHARES THEY HOLD. MEMBERS MUST BE AT LEAST 19 YEARS OF AGE BY THE ANNUAL MEETING TO PARTICIPATE IN ELECTIONS. |
| 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 | CREDIT UNION EMPLOYEES ARE REQUIRED TO REVIEW THE CREDIT UNION'S CONFLICT OF INTEREST POLICY THAT IS INCLUDED IN THE EMPLOYMENT HANDBOOK PRIOR TO EMPLOYMENT. MANAGEMENT MONITORS FOR POTENTIAL CONFLICTS OF INTEREST REGULARLY. |
| FORM 990, PART VI, SECTION B, LINE 15 | COMPENSATION FOR THE CREDIT UNION'S CEO IS REVIEWED ANNUALLY BY THE PERSONNEL COMMITTEE THAT IS DESIGNATED BY THE BOARD. TO DETERMINE THE CEO'S SALARY, THE COMPENSATION COMMITTEE CONSIDERS AMONG OTHER THINGS, PUBLISHED PEER SALARY GUIDE/DATA AND THE CREDIT UNION'S FINANCIAL CONDITION AND RESULTS OF OPERATIONS. THE CEO SETS ALL OTHER MANAGEMENT AND EMPLOYEE SALARIES BASED ON SIMILAR GUIDELINES ESTABLISHED BY THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. ADDITIONALLY, 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 OTHER COMPREHENSIVE INCOME FROM PENSION PLAN -790,978. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2020
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